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Online Appendix to Human Capital and International Real Business Cycles

  • Marco Maffezzoli

    (IGIER)

Standard international real business cycle models are generally unable to replicate the observed comovements of all the main aggregate variables: in particular, they generate low or negative international comovements in output, investment, and labour. I simulated a two-country, two-sector stochastic endogenous growth model that embodies an externality linking human capital across countries. This model is able to reproduce positive international correlations for all the main variables, and is partially able to reproduce their ranking. These results are robust to changes in the entire set of parameters, as shown in a global sensitivity analysis performed by applying Canova's methodology.

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File URL: https://economicdynamics.org/appendix/maffezzoli00.pdf
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Paper provided by Review of Economic Dynamics in its series Technical Appendices with number maffezzoli00.

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Length: 31 pages
Date of creation: May 1998
Date of revision:
Handle: RePEc:red:append:maffezzoli00
Note: The original article was published in the Review of Economic Dynamics, volume 3 (2000), pages 137-165
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