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International Business Cycle Accounting

Otsu, Keisuke (2010) International Business Cycle Accounting. Discussion paper. University of Kent School of Economics Discussion Papers (KAR id:44635)

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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: Monograph (Discussion paper)
Projects: [UNSPECIFIED] A Quantitative Analysis of the Business Cycle Correlation between Japan and the US
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculties > Social Sciences > School of Economics
Depositing User: K. Otsu
Date Deposited: 15 Nov 2014 21:32 UTC
Last Modified: 29 May 2019 13:31 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/44635 (The current URI for this page, for reference purposes)
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