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Macroeconomic Synchronization Between G3 Countries

  • Amado Peiró
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    This paper studies the existence of a world business cycle by examining quarterly and annual comovements in production, prices and interest rates in the three main world economies: Germany, Japan and the US. In accordance with earlier studies, contemporaneous relationships clearly dominate short-term dynamics. The evidence indicates the existence of strong comovements in prices and long-term interest rates, and, to a lesser degree, in GDP and short-term interest rates. They are, however, rather unstable over time. Copyright Verein fü Socialpolitik and Blackwell Publishers Ltd 2002.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1468-0475.00055
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    Article provided by Verein für Socialpolitik in its journal German Economic Review.

    Volume (Year): 3 (2002)
    Issue (Month): 2 (05)
    Pages: 137-153

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    Handle: RePEc:bla:germec:v:3:y:2002:i:2:p:137-153
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    1. Greenwood, J. & Williamson, S.D., 1988. "International Financial Intermediation And Aggregate Fluctuations Under Alternative Exchange Rate Regimes," RCER Working Papers 120, University of Rochester - Center for Economic Research (RCER).
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    7. Selahattin Dibooglu, 2000. "International Monetary Regimes and Incidence and Transmission of Macroeconomic Shocks: Evidence from the Bretton Woods and Modern Floating Periods," Southern Economic Journal, Southern Economic Association, vol. 66(3), pages 590-608, January.
    8. David K. Backus & Patrick J. Kehoe, 1991. "International evidence on the historical properties of business cycles," Staff Report 145, Federal Reserve Bank of Minneapolis.
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    11. Canova, Fabio & Marrinan, Jane, 1998. "Sources and propagation of international output cycles: Common shocks or transmission?," Journal of International Economics, Elsevier, vol. 46(1), pages 133-166, October.
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    13. Stephanie Schmitt-Grohe, 1995. "The international transmission of economic fluctuations: effects of U. S. business cycles on the Canadian economy," Finance and Economics Discussion Series 95-6, Board of Governors of the Federal Reserve System (U.S.).
    14. Dellas, Harris, 1986. "A real model of the world business cycle," Journal of International Money and Finance, Elsevier, vol. 5(3), pages 381-394, September.
    15. Gerlach, H M Stefan, 1988. "World Business Cycles under Fixed and Flexible Exchange Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(4), pages 621-32, November.
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