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Sources and Propagation of International Business Cycles: Common Shocks or Transmission?

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  • Canova, Fabio

Abstract

This paper studies the generation and the transmission of international business cycles in a multi-country model with production and consumption interdependencies. Two sources of disturbances are considered and three channels for propagation of shocks are compared. Simulations are performed for symmetric countries and for countries that differ either in preferences, technologies, fiscal policies, wealth or exogenous processes. Production interdependencies determine the charateristics of the propagation of technology shocks while consumption interdependencies are responsible for the transmission of government shocks. Government shocks that are mildly correlated across countries are more successful than technology shocks in reproducing actual data.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 781.

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Date of creation: Jun 1993
Date of revision:
Handle: RePEc:cpr:ceprdp:781

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Related research

Keywords: Business Cycles; Government Expenditure; Interdependence; Technology Shocks; Transmission;

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Cited by:
  1. Jean IMBS, 1998. "Co-Fluctuations," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9819, Université de Lausanne, Faculté des HEC, DEEP.
  2. Ballabriga, Fernando & Sebastian, Miguel & Valles, Javier, 1999. "European asymmetries," Journal of International Economics, Elsevier, vol. 48(2), pages 233-253, August.
  3. Van Wincoop, E. & Marrinan, J., 1993. "Public and Private Saving and Investment," Papers 546, Stockholm - International Economic Studies.
  4. David Backus & Patrick J. Kehoe & Finn E. Kydland, 1993. "International Business Cycles: Theory and Evidence," NBER Working Papers 4493, National Bureau of Economic Research, Inc.
  5. Helg, Rodolfo & Manasse, Paolo & Monacelli, Tommaso & Rovelli, Riccardo, 1995. "How much (a)symmetry in Europe? Evidence from industrial sectors," European Economic Review, Elsevier, vol. 39(5), pages 1017-1041, May.
  6. Robert Kollmann, 1996. "Incomplete asset markets and the cross-country consumption correlation puzzle," ULB Institutional Repository 2013/7640, ULB -- Universite Libre de Bruxelles.
  7. Bernard Dumas, 1994. "A Test of the International CAPM Using Business Cycles Indicators as Instrumental Variables," NBER Working Papers 4657, National Bureau of Economic Research, Inc.
  8. Jean IMBS, 1998. "Fluctuations, Bilateral Trade and the Exchange Rate Regime," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9906, Université de Lausanne, Faculté des HEC, DEEP, revised Nov 1998.
  9. Ravn, Morten O., 1997. "International business cycles in theory and in practice," Journal of International Money and Finance, Elsevier, vol. 16(2), pages 255-283, April.

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