Simonelli, Saverio; Mumtaz, Haroon; Surico, Paolo - Society for Economic Dynamics - SED - 2009
, international comovements within regions have accounted for the bulk of fluctuations in business cycle and inflation. Fourth, prices …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 …