Paper #204

Título:

International business cycles, financial markets and household production

Autores:

Fabio Canova y Ángel J. Ubide

Data:

Enero 1997

Resumen:

This paper investigates the properties of an international real business cycle model with household production. We show that a model with disturbances to both market and household technologies reproduces the main regularities of the data and improves existing models in matching international consumption, investment and output correlations without irrealistic assumptions on the structure of international financial markets. Sensitivity analysis shows the robustness of the results to alternative specifications of the stochastic processes for the disturbances and to variations of unmeasured parameters within a reasonable range.

Palabras clave:

Household production, international business cycles, taste shocks, consumption correlations

Códigos JEL:

C68, E32, F41

Área de investigación:

Macroeconomía y Economía Internacional

Publicado en:

Journal of Economic Dynamics and Control, 22(4), 1998, 545-572

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