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International transmission of medium-term technology cycles: Evidence from Spain as a recipient country

  • Monica Correa Lopez
  • Beatriz De Blas
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    This paper documents stylized facts of international medium-term business cycles by exploring the pattern of comovement between a catching-up economy, Spain, and each of the obvious candidate countries to technological leadership of the 1950-2007 period, the U.S., France, Germany, Italy and the U.K. A remarkable feature of the international medium-term business cycle is the strong, positive lead displayed by the U.S. technology and terms of trade cycles over Spain\\\'s macroeconomic aggregates. The corresponding evidence when the counterpart to Spain is a large European economy is weaker, particularly in the case of Europe\\\'s medium-term technology cycles. Nonparametric tests results suggest that, over the medium-term cycle, a shift towards more economic integration may not necessarily be associated with increased international comovement.

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    Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1132.

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    Length: 31 pages
    Date of creation: Nov 2011
    Date of revision:
    Handle: RePEc:bbv:wpaper:1132
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    1. Angel de la Fuente & José E. Boscá, 2011. "Gasto educativo por regiones y niveles en 2005," UFAE and IAE Working Papers 873.11, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
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