A spectral analysis of the cross-country consumption correlation puzzle

Dynamic general equilibrium models predict high cross-country consumption correlations, whereas the data show that output correlations tend to be higher. Spectral decomposition reveals that this ranking varies across frequency bands, with consumption correlations often exceeding output correlations at higher frequencies.

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Year of publication:	2004
Authors:	Pakko, Michael R.
Institutions:	Federal Reserve Bank of St. Louis
Subject:	Business cycles \| Consumption (Economics)

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Published in Economics Letters, September 2004, 84(3), pp. 341-347 Number 2003-023
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005707742