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Gains from Synchronization

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Author Info

  • William Barnett

    (University of Kansas)

  • Mehmet Dalkir

    (University of Kansas)

Abstract

This paper investigates the transmission mechanisms of noise and volatility between economies through trade links, and the effects of synchronization on business cycles. We investigate the transmission of outside noise and the fluctuations that the noise generates. We identify conditions under which international economic links reduce the economic output noise emanating from noise within the individual economies. Under certain conditions, devaluation of a country's currency causes reduction in the business cycle noise and volatility as seen by that country's exporters, while increased valuation of a country's currency produces higher noise and volatility, as seen by the country's importers.

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File URL: http://128.118.178.162/eps/it/papers/0504/0504004.pdf
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Bibliographic Info

Paper provided by EconWPA in its series International Trade with number 0504004.

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Length: 26 pages
Date of creation: 12 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwpit:0504004

Note: Type of Document - pdf; pages: 26
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Web page: http://128.118.178.162

Related research

Keywords: business cycles; synchronization; international trade; stochastic systems;

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References

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  1. Maurice Obstfeld and Kenneth Rogoff., 2001. "Global Implications of Self-Oriented National Monetary Rules," Center for International and Development Economics Research (CIDER) Working Papers C01-120, University of California at Berkeley.
  2. William A. Barnett & Yijun He & ., 1999. "Stabilization Policy as Bifurcation Selection: Would Keynesian Policy Work if the World Really were Keynesian?," Macroeconomics 9906008, EconWPA.
  3. repec:cup:macdyn:v:8:y:2004:i:5:p:559-81 is not listed on IDEAS
  4. William Barnett & Apostolos Serletis, 2012. "Martingales, Nonlinearity, And Chaos," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201225, University of Kansas, Department of Economics, revised Sep 2012.
  5. James H. Stock & Mark W. Watson, 2003. "Has the business cycle changed?," Proceedings, Federal Reserve Bank of Kansas City, pages 9-56.
  6. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
  7. Maliar, Lilia & Maliar, Serguei, 2004. "Endogenous Growth And Endogenous Business Cycles," Macroeconomic Dynamics, Cambridge University Press, vol. 8(05), pages 559-581, November.
  8. Barnett,William A. & Kirman,Alan P. & Salmon,Mark, 1997. "Nonlinear Dynamics and Economics," Cambridge Books, Cambridge University Press, number 9780521471411.
  9. David D. Selover & Roderick V. Jensen & John Kroll, 2003. "Industrial Sector Mode-Locking and Business Cycle Formation," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 7(3), pages 2.
  10. Michael D. Bordo & Thomas Helbling, 2003. "Have National Business Cycles Become More Synchronized?," NBER Working Papers 10130, National Bureau of Economic Research, Inc.
  11. Feenstra, Robert C, 2002. "Border Effects and the Gravity Equation: Consistent Methods for Estimation," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(5), pages 491-506, December.
  12. repec:cup:macdyn:v:6:y:2002:i:5:p:713-47 is not listed on IDEAS
  13. Barnett, William A. & He, Yijun, 2002. "Stabilization Policy As Bifurcation Selection: Would Stabilization Policy Work If The Economy Really Were Unstable?," Macroeconomic Dynamics, Cambridge University Press, vol. 6(05), pages 713-747, November.
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