International Business Cycles.
The authors estimate a dynamic two-country model in which economic fluctuations are driven by a worldwide supply shock; country-specific supply shocks; and relative fiscal, money, and preference shocks. Identification is achieved using only long-run restrictions based on a theoretical model. The main results are: (1) supply shocks, particularly country-specific ones, are very important in generating international business cycles and (2) although the post-1973 flexible-exchange-rate period has been inherently more volatile, there are no differences in transmission properties of economic disturbances across exchange-rate regimes for the endogenous variables they focus on. Copyright 1993 by American Economic Association.
Year of publication: |
1993
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Authors: | Ahmed, Shaghil ; Ickes, Barry W. ; Wang, Ping ; Yoo, Byung Sam |
Published in: |
American Economic Review. - American Economic Association - AEA. - Vol. 83.1993, 3, p. 335-59
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Publisher: |
American Economic Association - AEA |
Saved in:
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