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Empirical studies of macroeconomic interdependence

In: Handbook of International Economics

  • Helliwell, John F.
  • Padmore, Tim

In this paper we examine the structure and empirical results from several groups of linked econometric models. The main focus of the paper is on the international transmission of fiscal policies, monetary policies, and oil price shocks, under both fixed and flexible exchange rates. The linkage models are divided into four groups: projects based on available national models; projects using structural models designed with monetary and exchange rate linkages in mind; projects focussed mainly on trade linkages; and projects using very small national models with common structure. Each group comprises from two to four projects. Comparable results on the transmission of fiscal policy under fixed exchange rates are available for eight projects, while four projects provide evidence on the domestic and international effects of monetary policy and oil price shocks.

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This chapter was published in:
  • R. W. Jones & P. B. Kenen (ed.), 1985. "Handbook of International Economics," Handbook of International Economics, Elsevier, edition 1, volume 2, number 2, 00.
  • This item is provided by Elsevier in its series Handbook of International Economics with number 2-21.
    Handle: RePEc:eee:intchp:2-21
    Contact details of provider: Web page: http://www.elsevier.com/wps/find/bookseriesdescription.cws_home/BS_HE/description

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    1. Jean Waelbroeck & André Dramais, 1974. "Desmos: a model for the coordination of economic policies in the EEC countries," ULB Institutional Repository 2013/10932, ULB -- Universite Libre de Bruxelles.
    2. Darby, Michael R. & Lothian, James R. & Gandolfi, Arthur E. & Schwartz, Anna J., 1983. "The International Transmission of Inflation," National Bureau of Economic Research Books, University of Chicago Press, edition 0, number 9780226136417.
    3. Fair, Ray C, 1982. "Estimated Output, Price, Interest Rate, and Exchange Rate Linkages among Countries," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 507-35, June.
    4. Ranuzzi, P., 1981. "The experience of the EEC Eurolink Project in modeling bilateral trade linkage equations," Journal of Policy Modeling, Elsevier, vol. 3(2), pages 153-173, May.
    5. Ray C. Fair, 1981. "Estimated Effects of Relative Prices on Trade Shares," NBER Working Papers 0696, National Bureau of Economic Research, Inc.
    6. Barten, A. P. & d'Alcantara, G. & Carrin, G. J., 1976. "COMET : A medium-term macroeconomic model for the European economic community," European Economic Review, Elsevier, vol. 7(1), pages 63-115.
    7. David P. Baron, 1975. "Flexible Exchange Rates," Discussion Papers 127, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. Jeffrey D. Sachs, 1980. "Energy and Growth under Flexible Exchange Rates: A Simulation Study," NBER Working Papers 0582, National Bureau of Economic Research, Inc.
    9. Hickman, Bert G. & Lau, Lawrence J., 1973. "Elasticities of substitution and export demands in a world trade model," European Economic Review, Elsevier, vol. 4(4), pages 347-380, December.
    10. Ray C. Fair, 1979. "A Multicountry Econometric Model," Cowles Foundation Discussion Papers 541R, Cowles Foundation for Research in Economics, Yale University, revised 1981.
    11. Moriguchi, C, 1973. "Forecasting and Simulation Analysis of the World Economy," American Economic Review, American Economic Association, vol. 63(2), pages 402-09, May.
    12. Howard Howe & Ernesto Hernandez-Cata & Guy Stevens & Richard Berner & Peter Clark & Sung Y. Kwack, 1979. "Assessing international interdependence with a multi-country model," International Finance Discussion Papers 138, Board of Governors of the Federal Reserve System (U.S.).
    13. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-48, December.
    14. Michael R. Darby, 1980. "International Transmission under Pegged and Floating Exchange Rates: An Empirical Comparison," NBER Working Papers 0585, National Bureau of Economic Research, Inc.
    15. Bert Hickman & Stefan Schleicher, 1978. "The interdependence of national economies and the synchronization of economic fluctuations: Evidence from the LINK project," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 114(4), pages 642-708, December.
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