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

Author

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  • 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.)

Abstract

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.

Suggested Citation

  • Correa-López, Mónica & de Blas, Beatriz, 2011. "International Transmission of Medium-Term Technology Cycles: Evidence from Spain as a Recipient Country," Working Papers in Economic Theory 2011/09, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
  • Handle: RePEc:uam:wpaper:201109
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    References listed on IDEAS

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    Cited by:

    1. Jasper de Winter & Siem Jan Koopman & Irma Hindrayanto & Anjali Chouhan, 2017. "Modeling the business and financial cycle in a multivariate structural time series model," DNB Working Papers 573, Netherlands Central Bank, Research Department.

    More about this item

    Keywords

    Medium-term business cycles; Stylized facts; International comovement; Technology diffusion.;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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