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International real business cycles

  • David K. Backus
  • Patrick J. Kehoe
  • Finn E. Kydland

We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of discrepancies between theory and data. The most striking discrepancy concerns the correlations of consumption and output across countries. In the data, outputs are generally more highly correlated across countries than consumptions. In the model we see the opposite.

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Paper provided by Federal Reserve Bank of Minneapolis in its series Working Papers with number 426.

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Date of creation: 1987
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Publication status: Published in Federal Reserve Bank of Minneapolis Staff Report 146
Handle: RePEc:fip:fedmwp:426
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  1. Quantitative Macroeconomics and Real Business Cycles (QM&RBC)

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