Ha, Jongrim; Kose, M. Ayhan; Otrok, Chris; Prasad, Eswar S. - 2022
and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country …-specific macro factors and the part driven by spillovers from financial variables. We consider cycles in macroeconomic aggregates … global macro factor plays a major role in explaining G-7 business cycles, but there are also spillovers from equity and house …