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International Transmission of Medium-Term Technology Cycles: Evidence from Spain as a Recipient Country

  • Correa-López, Mónica

    (Economic Research Department, BBVA Research, and Department of Economics, School of Social Sciences, The University of Manchester.)

  • de Blas, Beatriz

    ()

    (Departamento de Análisis Económico (Teoría e Historia Económica), Universidad Autónoma de Madrid.)

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. Non-parametric 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 Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History) in its series Working Papers in Economic Theory with number 2011/09.

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Length: 45 pages
Date of creation: Nov 2011
Date of revision:
Handle: RePEc:uam:wpaper:201109
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