The international transmission of economic fluctuations: Effects of US business cycles on the Canadian economy

• 成果类型: Article
• 署名作者: Schmitt-Grohe, S
• 署名单位: Federal Reserve System - USA
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(97)00031-7
• 发表日期: 1998
• 页码: 257-287
• 关键词: International transmission of business cycles

摘要

This paper suggests that for a wide class of international real-business-cycle models, including models with imperfect competition, the traditional channels of international transmission of business cycles through world-interest-rate and terms-of-trade variations cannot explain the cyclical response of the Canadian economy to innovations in U.S. output. Empirically testable quantitative models of the effects on Canadian economic activity of shocks to the U.S. economy are developed and their empirical relevance is tested by comparing impulse responses estimated from vector autoregressions to the quantitative predictions of the theoretical models. (C) 1998 Elsevier Science B.V.