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Empirical studies of macroeconomic interdependence

In: Handbook of International Economics

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  • Helliwell, John F.
  • Padmore, Tim

Abstract

In this paper we examine the structure and empirical results from several groups of linked econometric models. The main focus of the paper is on the international transmission of fiscal policies, monetary policies, and oil price shocks, under both fixed and flexible exchange rates. The linkage models are divided into four groups: projects based on available national models; projects using structural models designed with monetary and exchange rate linkages in mind; projects focussed mainly on trade linkages; and projects using very small national models with common structure. Each group comprises from two to four projects. Comparable results on the transmission of fiscal policy under fixed exchange rates are available for eight projects, while four projects provide evidence on the domestic and international effects of monetary policy and oil price shocks.

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This chapter was published in:

  • R. W. Jones & P. B. Kenen (ed.), 1985. "Handbook of International Economics," Handbook of International Economics, Elsevier, edition 1, volume 2, number 2.
    This item is provided by Elsevier in its series Handbook of International Economics with number 2-21.

    Handle: RePEc:eee:intchp:2-21

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    Web page: http://www.elsevier.com/wps/find/bookseriesdescription.cws_home/BS_HE/description

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    References

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    1. Howe, Howard & Hernandez-Cata, Ernesto & Stevens, Guy & Berner, Richard & Clark, Peter & Kwack, Sung Y., 1981. "Assessing international interdependence with a multi-country model," Journal of Econometrics, Elsevier, vol. 15(1), pages 65-92, January.
    2. Ray C. Fair, 1981. "Estimated Output, Price, Interest Rate, and Exchange Rate Linkages Among Countries," Cowles Foundation Discussion Papers 592, Cowles Foundation for Research in Economics, Yale University.
    3. Bert Hickman & Stefan Schleicher, 1978. "The interdependence of national economies and the synchronization of economic fluctuations: Evidence from the LINK project," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 114(4), pages 642-708, December.
    4. Michael R. Darby & James R. Lothian & Arthur E. Gandolfi & Anna J. Schwartz & Alan C. Stockman, 1983. "The International Transmission of Inflation," NBER Books, National Bureau of Economic Research, Inc, number darb83-1, October.
    5. Ray C. Fair, 1981. "Estimated Effects of Relative Prices on Trade Shares," NBER Working Papers 0696, National Bureau of Economic Research, Inc.
    6. Moriguchi, C, 1973. "Forecasting and Simulation Analysis of the World Economy," American Economic Review, American Economic Association, vol. 63(2), pages 402-09, May.
    7. Jeffrey D. Sachs, 1980. "Energy and Growth under Flexible Exchange Rates: A Simulation Study," NBER Working Papers 0582, National Bureau of Economic Research, Inc.
    8. Hickman, Bert G. & Lau, Lawrence J., 1973. "Elasticities of substitution and export demands in a world trade model," European Economic Review, Elsevier, vol. 4(4), pages 347-380, December.
    9. Michael R. Darby, 1983. "International Transmission under Pegged and Floating Exchange Rates: An Empirical Comparison," NBER Working Papers 0585, National Bureau of Economic Research, Inc.
    10. David P. Baron, 1975. "Flexible Exchange Rates," Discussion Papers 127, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    11. Ray C. Fair, 1979. "A Multicountry Econometric Model," Cowles Foundation Discussion Papers 541R, Cowles Foundation for Research in Economics, Yale University, revised 1981.
    12. Ranuzzi, P., 1981. "The experience of the EEC Eurolink Project in modeling bilateral trade linkage equations," Journal of Policy Modeling, Elsevier, vol. 3(2), pages 153-173, May.
    13. Barten, A. P. & d'Alcantara, G. & Carrin, G. J., 1976. "COMET : A medium-term macroeconomic model for the European economic community," European Economic Review, Elsevier, vol. 7(1), pages 63-115.
    14. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-48, December.
    15. Jean Waelbroeck & André Dramais, 1974. "Desmos: a model for the coordination of economic policies in the EEC countries," ULB Institutional Repository 2013/10932, ULB -- Universite Libre de Bruxelles.
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    Cited by:
    1. Giorgio Fagiolo, 2009. "The International-Trade Network: Gravity Equations and Topological Properties," Papers 0908.2086, arXiv.org.
    2. VirÉn, Matti, 2000. "Fiscal Policy, Automatic Stabilisers and Policy Coordination in EMU," Discussion Papers 744, The Research Institute of the Finnish Economy.
    3. Marco Duenas & Giorgio Fagiolo, 2011. "Modeling the International-Trade Network: A Gravity Approach," LEM Papers Series 2011/25, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    4. Douven, Rudy & Peeters, Marga, 1998. "GDP-spillovers in multi-country models," Economic Modelling, Elsevier, vol. 15(2), pages 163-195, April.
    5. Ralph C. Bryant & John Helliwell & Peter Hooper, 1989. "Domestic and cross-border consequences of U.S. macroeconomic policies," International Finance Discussion Papers 344, Board of Governors of the Federal Reserve System (U.S.).
    6. Hali J. Edison & Jaime R. Marquez & Ralph W. Tryon, 1986. "The structure and properties of the FRB multicountry model.Part I: Model description and simulation results," International Finance Discussion Papers 293, Board of Governors of the Federal Reserve System (U.S.).

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