Wang, Pengfei (contributor); Wen, Yi (contributor) - 2006 - Rev.
Department of Economics
Cornell University
Yi Wen
Research Department
Federal Reserve Bank of St. Louis
July 3, 2006
Abstract
We … imply a low correlation in in�ations since business
cycles can propagate across country borders even though they may be …-Pass
�lter to de�ne the output gap (business cycle components of GDP). The results are similar if the
HP �lter is used instead …