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Sources and propagation of international cycles: Common shocks or transmission?

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  • Fabio Canova

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  • Jane Marrinan

Abstract

This paper studies the generation and transmission of international cycles in a multi-country model with production and consumption interdependencies. Two sources of disturbance are considered and three channels of propagation are compared. In the short run the contemporaneous correlation of disturbances determines the main features of the transmission. In the medium run production interdependencies account for the transmission of technology shocks and consumption interdependencies account for the transmission of government shocks. Technology disturbances, which are mildly correlated across countries, are more successful than government expenditure disturbances in reproducing actual data. The model also accounts for the low cross country consumption correlations observed in the data.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/188.pdf
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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 188.

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Date of creation: Nov 1996
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Handle: RePEc:upf:upfgen:188

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Web page: http://www.econ.upf.edu/

Related research

Keywords: Technology and government disturbances; production interdependencies; consumption interdependencies; transmission;

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Cited by:
  1. Dées, Stéphane & di Mauro, Filippo & Pesaran, Hashem & Smith, Vanessa, 2005. "Exploring the international linkages of the euro area: a global VAR analysis," Working Paper Series 0568, European Central Bank.
  2. González, Manuel, 2004. "La Curva de Retorno y el Modelo C-CAPM: Evidencia para Chile," MPRA Paper 309, University Library of Munich, Germany.

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