Paper #188

Título:

Sources and propagation of international cycles: Common shocks or transmission?

Autores:

Fabio Canova y Jane Marrinan

Data:

Noviembre 1996

Resumen:

This paper studies the generation and transmission of international cycles in a multi-country model with production and consumption interdependencies. Two sources of disturbance are considered and three channels of propagation are compared. In the short run the contemporaneous correlation of disturbances determines the main features of the transmission. In the medium run production interdependencies account for the transmission of technology shocks and consumption interdependencies account for the transmission of government shocks. Technology disturbances, which are mildly correlated across countries, are more successful than government expenditure disturbances in reproducing actual data. The model also accounts for the low cross country consumption correlations observed in the data.

Palabras clave:

Technology and government disturbances, production interdependencies, consumption interdependencies, transmission

Códigos JEL:

C68, E32, F11

Área de investigación:

Macroeconomía y Economía Internacional

Publicado en:

Journal of International Economics, 46, 1, (1998), pp. 133-166
Con el título:
Macroeconomic Dynamics Sources and Propagation of Output Cycles: Common Shocks or Transmission

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