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Do country-specific shocks matter? Evidence from Australia and high income countries

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  • Philip Inyeob Ji

Abstract

A stylized fact of global upward trend in domestic-world output ratio for major small open economies is recognized in comparison with Australia's dichotomous experience with the ratio. This fact is used to shed light on the importance of country-specific shocks for small open economies using a simple real business cycle model. While it has been previously found that country-specific shocks are more significant source of business cycle fluctuations than worldwide shocks for Australia before the 1990s, this article suggests that the country-specific shocks may have become an important driver of output growth only in the early 1990s for Australia.

Suggested Citation

  • Philip Inyeob Ji, 2013. "Do country-specific shocks matter? Evidence from Australia and high income countries," Applied Economics, Taylor & Francis Journals, vol. 45(6), pages 729-739, February.
  • Handle: RePEc:taf:applec:45:y:2013:i:6:p:729-739
    DOI: 10.1080/00036846.2011.610753
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    1. Gregory, Allan W & Head, Allen C & Raynauld, Jacques, 1997. "Measuring World Business Cycles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 677-701, August.
    2. Matthew Shapiro & Mark Watson, 1988. "Sources of Business Cycles Fluctuations," NBER Chapters,in: NBER Macroeconomics Annual 1988, Volume 3, pages 111-156 National Bureau of Economic Research, Inc.
    3. Murray, Christian J. & Papell, David H., 2002. "The purchasing power parity persistence paradigm," Journal of International Economics, Elsevier, vol. 56(1), pages 1-19, January.
    4. Mendoza, Enrique G, 1991. "Real Business Cycles in a Small Open Economy," American Economic Review, American Economic Association, vol. 81(4), pages 797-818, September.
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