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Cyclical Co-movements of Output and Trade in the World Economy

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  • Harris Dellas

Abstract

An intertemporal maximization general equilibrium model of an industrial block and an LDC resource- rich block is constructed and used to examine the cyclical behavior o f trade flows, investment, and output in the world economy. It is dem onstrated that supply disturbances originating in the raw-materials m arket lead to positive across economic zones and persistent over time comovements in trade, investment, and output if the world real inter est rate moves countercyclically. It is also shown that the sign of t he response of the current account to a supply shock depends on the s ize of the distribution of gains from trade.

Suggested Citation

  • Harris Dellas, 1987. "Cyclical Co-movements of Output and Trade in the World Economy," Canadian Journal of Economics, Canadian Economics Association, vol. 20(4), pages 855-869, November.
    • Handle: RePEc:cje:issued:v:20:y:1987:i:4:p:855-69
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    Cited by:

    1. Selover, David D., 2004. "International co-movements and business cycle transmission between Korea and Japan," Journal of the Japanese and International Economies, Elsevier, vol. 18(1), pages 57-83, March.
    2. Anelí Bongers & José L. Torres & Jesús Rodríguez, 2010. "Caracterización del ciclo económico en Andalucía 1980 - 2008," Economic Working Papers at Centro de Estudios Andaluces E2010/08, Centro de Estudios Andaluces.
    3. Selover, David D., 1997. "Business cycle transmission between the United States and Japan: A vector error correction approach," Japan and the World Economy, Elsevier, vol. 9(3), pages 385-411, August.
    4. Selover, David D. & Round, David K., 1996. "Business cycle transmission and interdependence between Japan and Australia," Journal of Asian Economics, Elsevier, vol. 7(4), pages 569-602.

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