Demand-Driven Business Cycles: Explaining Domestic and International Comovements
AbstractWhen capacity utilization is allowed to vary, standard equilibrium theory predicts that demand shocks can generate not only closed-economy business cycles that are previously thought explainable only by technology shocks, but also international business cycles that are more consistent with the data than what can be generated by technology shocks.
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Find related papers by JEL classification:
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- F11 - International Economics - - Trade - - - Neoclassical Models of Trade
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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