International Business Cycles
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International Trade And Business Cycles
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Author : Marianne Baxter
language : en
Publisher:
Release Date : 1995
International Trade And Business Cycles written by Marianne Baxter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business cycles categories.
Virtually all economies experience recurrent fluctuations in economic activity that persist for periods of several quarters to several years. Further, there is a definite tendency for the business cycles of developed countries to move together--there is a world component to business cycles. This paper argues that capital accumulation and international capital flows are central to understanding world trade and business cycles. In particular, fluctuations in net exports and the current account are shown to be dominated by trade in capital goods. The paper develops a two country model of international trade within which capital accumulation and international investment flows play a central role. We explore the channels by which technology shocks and fiscal shocks are transmitted to the domestic and foreign economies, and discuss the extent to which these results are sensitive to individuals' opportunities for international trade in financial assets. Overall, we find that the models capture many of the salient features of international business cycles. However, it has proven consistently difficult to generate sufficient comovement across countries in labor input and investment. The paper concludes with a discussion of fruitful directions for future research.
Global Business Cycles And Developing Countries
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Author : Eri Ikeda
language : en
Publisher: Routledge
Release Date : 2019-09-17
Global Business Cycles And Developing Countries written by Eri Ikeda and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-17 with Business & Economics categories.
This book investigates how global business cycles impact the economies of developing countries. Global business cycles, the wave-like movements of economic expansion followed by contraction in aggregate economic activities, impact all economies comprising the global economy. The patterns being shown in developing countries correspond increasingly to those in the global north, and yet there is a relative dearth of studies exploring whether global business cycles exist and how they operate in developing economies. This book explores how cycles operate at the global and sub-global developing country levels, with a particular focus on the level of development and the structure of the economies. Drawing an important distinction between cycles and fluctuations, the book criticises mainstream conceptualisation and identification of cycle phenomena, and instead proposes an alternative conception and methodology for the identification of cycles. Along the way, the book also delves into the manufacturing and rise of China, and other potential competitors in the industrial arena, as increasingly important drivers of global cycles and global economic growth. This book will be an important read for researchers and upper-level students of development economics and international political economy.
Technology Shocks
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Author : Andrea Raffo
language : en
Publisher: DIANE Publishing
Release Date : 2010
Technology Shocks written by Andrea Raffo and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Understanding the joint dynamics of internat. prices and quantities remains a central issue in internat. bus. cycles. Internat. relative prices appreciate when domestic consumption and output increase more than their foreign counterparts. In addition, both trade flows and trade prices display sizable volatility. This paper incorporates Hicks-neutral and investment-specific TS into a standard two-country general equilibrium model with variable capacity utilization and weak wealth effects on labor supply. Investment-specific TS introduce a source of fluctuations in absorption similar to taste shocks, thus reconciling theory and data. Also presents implications for the transmission mechanism of TS across countries. Illus. This is a print on demand pub.
International Business Cycles G7 And Oecd Countries
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Author : Marcelle Chauvet
language : en
Publisher: DIANE Publishing
Release Date : 2009-05
International Business Cycles G7 And Oecd Countries written by Marcelle Chauvet and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05 with Business & Economics categories.
The globalization of markets has sparked a worldwide interest in using economic indicators to analyze cyclical fluctuations. Governments and the private sector could benefit from internat. indicators that serve as a warning system to detect recessions in major economic partners and in industrialized countries as whole. This article constructs just such a warning system. The authors construct business cycle indicators for G7 countries and for an aggregate measure of output by 29 member countries of the OECD. The model yields probabilities of the current bus. cycle phase for each G7 country and for the aggregate OECD and G7 output measures and reveals a common cycle underlying the OECD countries that characterizes an internat. bus. cycle.
Globalization The Business Cycle And Macroeconomic Monitoring
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Author : Mr.Marco Terrones
language : en
Publisher: International Monetary Fund
Release Date : 2011-02-01
Globalization The Business Cycle And Macroeconomic Monitoring written by Mr.Marco Terrones and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-01 with Business & Economics categories.
We propose and implement a framework for characterizing and monitoring the global business cycle. Our framework utilizes high-frequency data, allows us to account for a potentially large amount of missing observations, and is designed to facilitate the updating of global activity estimates as data are released and revisions become available. We apply the framework to the G-7 countries and study various aspects of national and global business cycles, obtaining three main results. First, our measure of the global business cycle, the common G-7 real activity factor, explains a significant amount of cross-country variation and tracks the major global cyclical events of the past forty years. Second, the common G-7 factor and the idiosyncratic country factors play different roles at different times in shaping national economic activity. Finally, the degree of G-7 business cycle synchronization among country factors has changed over time.
Economic Cycles
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Author : Solomos Solomou
language : en
Publisher: Manchester University Press
Release Date : 1998
Economic Cycles written by Solomos Solomou and has been published by Manchester University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
The ups and downs of booms and slumps, often referred to as business cycles, are features of all modern economies. This book considers business cycles over three epochs 1870-1913, 1919-1938 and the post-World War II period. It provides an analysis of the key macroeconomic questions relating to economic fluctuations. Why are the ups and down more volatile in some epochs than others? Why are some business cycle shocks more persistent in their effects? Is there an international business cycle? Can present business cycle features predict future patterns? What impact will institutional changes, such as EMU have on future fluctuations?
Understanding Changes In International Business Cycles Dynamics
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Author : James H. Stock
language : en
Publisher:
Release Date : 2003
Understanding Changes In International Business Cycles Dynamics written by James H. Stock and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Understanding The Implications Of Trade And Financial Market Integration For Business Cycles
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Author : Mario J. Crucini
language : en
Publisher: World Scientific Publishing Company
Release Date : 2020
Understanding The Implications Of Trade And Financial Market Integration For Business Cycles written by Mario J. Crucini and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business cycles categories.
This volume is a collection of the author's scholarly work spanning a quarter century of inquiry into the causes of international business cycles. It starts with an introduction to international business cycle research. Part I reviews salient business cycle facts relating to quantities, prices and the driving forces of business cycles. Part II focuses on the role of risk-sharing and asset market structure in shaping business cycles and welfare. Part III deals with relative prices and the terms of trade stressing retail distribution, information frictions, and the need to tie commodity-specific shocks to particular nations or world regions. Part IV is a collection of work focusing on the inefficiencies brought about by the Hawley-Smoot tariffs and foreign retaliation. Further, because the tariffs were often specific (nominal amounts per physical quantity imported), they interacted with monetary policy in a way that exacerbated the Great Depression. The book provides the reader with an overview of key developments in international business cycle research that build upon the pioneering work of Nobel Laureates Finn Kydland and Edward Prescott, who built the first dynamic stochastic general equilibrium model of the closed economy, patterned along the lines of the US economy. As globalization has extended the span of international economic relationships, these modeling approaches have become essential for understanding business cycles today. These models and empirical methods are particularly relevant to our understanding of how domestic innovation, productivity change or policy action (fiscal, monetary and trade-related) feeds back across economies.
Trade Linkages And International Business Cycle Comovement Evidence From Korean Industry Data
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Author : Dongyeol Lee
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-24
Trade Linkages And International Business Cycle Comovement Evidence From Korean Industry Data written by Dongyeol Lee and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-24 with Business & Economics categories.
Through the 2000s, Korea’s export and import linkages to advanced and emerging markets increased significantly. At the same time, the correlation of output growth between Korea and these economies rose. This paper investigates the nature of the link between trade linkages and the comovement of international business cycles (BC) using Korean industry-level domestic and international input-output data. The results suggest that, at the industry-level, higher export linkages lead to a larger positive GDP growth comovement, while higher import linkages lead to higher negative employment growth comovement. Furthermore, the decomposition of aggregate BC comovement shows that the increase in trade with China has contributed the most to aggregate BC comovement, while the impact of trade linkages on BC comovement is propagated domestically via vertical linkages. These findings suggest that the Korean economy can be significantly affected by a few countries that are highly linked through trade to Korea and/or a few industries that are highly interconnected to other industries.
Understanding Changes In International Business Cycle Dynamics
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Author : James H. Stock
language : en
Publisher:
Release Date : 2003
Understanding Changes In International Business Cycle Dynamics written by James H. Stock and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business cycles categories.
The volatility of economic activity in most G7 economies has moderated over the past forty years. Also, despite large increases in trade and openness, G7 business cycles have not become more synchronized. After documenting these twin facts, we interpret G7 output data using a structural VAR that separately identifies common international shocks, the domestic effects of spillovers from foreign idiosyncratic shocks, and the effects of domestic idiosyncratic shocks. This analysis suggests that, with the exception of Japan, the widespread reduction in volatility is in large part associated with a reduction in the magnitude of the common international shocks. Had the common international shocks in the 1980s and 1990s been as large as they were in the 1960s and 1970s, G7 business cycles would have been substantially more volatile and more highly synchronized than they actually were