Otsu, Keisuke (2010) International Business Cycle Accounting. Discussion paper. University of Kent School of Economics Discussion Papers (KAR id:44635)
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Official URL: http://www.kent.ac.uk/economics/research/papers/in... |
Abstract
In this paper, I extend the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a two-country international business cycle model and quantify the effect of the disturbances in relevant markets on the business cycle correlation between Japan and the US over the 1980-2008 period. I find that disturbances in the labor market and production efficiency are important in accounting for the recent increase in the cross-country output correlation. Financial globalization can be the cause of the recent increase in cross-country output correlation if it operated through an increase in the cross-country correlation of disturbances in the labor market and production efficiency, not in the domestic or international capital markets.
Item Type: | Reports and Papers (Discussion paper) |
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Projects: | A Quantitative Analysis of the Business Cycle Correlation between Japan and the US |
Subjects: | H Social Sciences > HB Economic Theory |
Divisions: | Divisions > Division of Human and Social Sciences > School of Economics |
Funders: | [UNSPECIFIED] Murata Science Fundation |
Depositing User: | K. Otsu |
Date Deposited: | 15 Nov 2014 21:32 UTC |
Last Modified: | 16 Nov 2021 10:17 UTC |
Resource URI: | https://kar.kent.ac.uk/id/eprint/44635 (The current URI for this page, for reference purposes) |
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