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What Are the Driving Forces of International Business Cycles? / Mario J. Crucini, M. Ayhan Kose, Christopher Otrok.
- Format:
- Book
- Author/Creator:
- Crucini, Mario J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w14380.
- NBER working paper series no. w14380
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2008.
- Summary:
- We examine the driving forces of G-7 business cycles. We decompose national business cycles into common and nation-specific components using a dynamic factor model. We also do this for driving variables found in business cycle models: productivity; measures of fiscal and monetary policy; the terms of trade and oil prices. We find a large common factor in oil prices, productivity, and the terms of trade. Productivity is the main driving force, with other drivers isolated to particular nations or sub-periods. Along these lines, we document shifts in the correlation of the G-7 component of each driver with the overall G-7 cycle.
- Notes:
- Print version record
- October 2008.
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