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Real Business Cycles in Open Economies

Author

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  • Martin Macháèek

Abstract

This paper surveys recent literature on real business cycles in open economies. It focuses on the empirical regularities of international macroeconomic fluctuations and provides a short discussion of the differences between the stylized facts of business cycles in advanced and in developing countries. The paper reviews various real-business-cycle models, discerning one-sector models from their multi-good modifications. It also highlights discrepancies between theoretical predictions and data, such as consumption/output correlation puzzle, investment correlation puzzle, and price anomaly. The paper concludes with a brief consideration of prospective directions for future research.

Suggested Citation

  • Martin Macháèek, 2001. "Real Business Cycles in Open Economies," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 51(2), pages 81-98, February.
    • Handle: RePEc:fau:fauart:v:51:y:2001:i:2:p:81-98
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    More about this item

    Keywords

    real business cycle; open economy; stylized facts; macroeconomic models;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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