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Does Asymmetry of International Shocks Matter for the U.S. Business Cycle?

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  • Edward N. Gamber
  • Juann H. Hung
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    Abstract

    This article proposes and investigates the asymmetry hypothesis, which predicts that an international asymmetric shock tends to have a stronger and longer effect on the U.S. business cycle than a symmetric shock. The hypothesis finds empirical support in the impulse responses of U.S. output and inflation to symmetric and asymmetric shocks; those responses are estimated in a four-variable structural vector autoregression. The hypothesis also finds support in stylized facts: The longest U.S. expansions have tended to occur when the rest of the world was growing below potential. (JEL E3, E5, E4) Copyright 2004, Oxford University Press.

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    File URL: http://hdl.handle.net/10.1093/ei/cbh087
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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Economic Inquiry.

    Volume (Year): 42 (2004)
    Issue (Month): 4 (October)
    Pages: 647-666

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    Handle: RePEc:oup:ecinqu:v:42:y:2004:i:4:p:647-666

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