International real business cycles
Abstract
We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of discrepancies between theory and data. The most striking discrepancy concerns the correlations of consumption and output across countries. In the data, outputs are generally more highly correlated across countries than consumptions. In the model we see the opposite.Download Info
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Bibliographic Info
Paper provided by Federal Reserve Bank of Minneapolis in its series Working Papers with number 426.Length:
Date of creation: 1987
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Publication status: Published in Federal Reserve Bank of Minneapolis Staff Report 146
Handle: RePEc:fip:fedmwp:426
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Related research
Keywords:Other versions of this item:
- Backus, David K & Kehoe, Patrick J & Kydland, Finn E, 1992. "International Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 745-75, August.
- David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1991. "International real business cycles," Staff Report 146, Federal Reserve Bank of Minneapolis.
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As found on the RePEc Biblio, the curated bibliography for Economics:- > Macroeconomics > Economic Fluctuations > Real Business Cycle Theory
- > Macroeconomics > Economic Fluctuations > Real Business Cycle Theory > International RBC
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