Mumtaz, Haroon; Simonelli, Saverio; Surico, Paolo - In: Review of Economic Dynamics 14 (2011) 1, pp. 176-198
, international comovements regions have accounted for the bulk of fluctuations in business cycle and inflation. Fourth, prices have …Using a dynamic factor model, we uncover four main empirical regularities on international comovements in a long …-run panel of real and nominal variables. First, the contribution of world comovements to domestic output growth has decreased …