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Gains from Synchronization

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Author Info
William Barnett (University of Kansas)
Mehmet Dalkir (University of Kansas)

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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://129.3.20.41/eps/it/papers/0504/0504004.pdf
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Publisher Info
Paper provided by EconWPA in its series International Trade with number 0504004.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
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://129.3.20.41

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

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Find related papers by JEL classification:
D5 - Microeconomics - - General Equilibrium and Disequilibrium
D9 - Microeconomics - - Intertemporal Choice and Growth
E - Macroeconomics and Monetary Economics

This paper has been announced in the following NEP Reports:

References listed on IDEAS
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    Other versions:
  2. 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. [Downloadable!]
    Other versions:
  3. Jean Imbs, 2004. "Trade, Finance, Specialization, and Synchronization," The Review of Economics and Statistics, MIT Press, vol. 86(3), pages 723-734, October. [Downloadable!] (restricted)
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  7. repec:cup:macdyn:v:6:y:2002:i:5:p:713-47 is not listed on IDEAS
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  16. 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. [Downloadable!]
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  23. Theo Eicher & Leslie Hull, 2004. "Financial liberalization, openness and convergence," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 13(4), pages 443-459, December. [Downloadable!] (restricted)
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    Other versions:
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