INTERNATIONAL REAL BUSINESS CYCLES

• 成果类型: Article
• 署名作者: BACKUS, DK; KEHOE, PJ; KYDLAND, FE
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Carnegie Mellon University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/261838
• 发表日期: 1992
• 页码: 745-775
• 关键词: capital flows; exchange-rates; INVESTMENT; TRADE; time

摘要

We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of discrepancies between theory and data. The most striking discrepancy concerns the correlations of consumption and output across countries. In the data, outputs are generally more highly correlated across countries than consumptions. In the model we see the opposite.