We introduce a noisy information structure into an otherwise standard international real business cycle model with two countries. When domestic firms observe current foreign technology with some noise, predictions of the model on international correlation can be very different from those of a standard ...
international real business cyclesThe aggregate impact of decisions made at the level of the individual firm has recently attracted a lot of attention in both the macro and trade literatures. We adapt the benchmark international real business cycle model to a game-theoretic environment to add a ...
International real business cycle models tend to predict negative cross-country correlations of investment and employment. In the data these correlations are positive. To reconcile the theory with the data the literature has resorted to financial frictions and new sources of disturbances. We show ...
real business cyclesemerging economiesinternational growthinternational interest ratesT his paper is aimed at developing a business-cycle model for a small open emerging economy (SOEE). The model is parameterized, calibrated, and simulated to rationalize two important stylized facts in a SOEE. The ...
To further this discussion, we propose an international business cycle model with entry and fixed exporting costs. The model is a two-country version of Bilbiie et al. (2012) and extends Ghironi and Melitz (2005) to include physical capital accumulation and endogenous labor supply. There is ...
We then analyze how these components affect the fluctuations of key macroeconomic variables from two versions of an international real business cycle model. The complete markets version assumes that consumers trade a complete set of contingent assets, while the incomplete markets version assumes that ...
Most of economists look on the theory of real business cycles as the breakthrough of the traditional theory of monetary business cycles. 实际经济周期理论的提出和发展,被众多经济学家认为是对传统的货币经济周期理论的突破。 3. Moreover, their theory of real business cycle has become the microcosmic ...
In the classic international real business cycle (IRBC) model of Backus et al. (1992), international financial integration should reduce international co-movement of GDP, since it allows for greater inter-temporal substitution in labour supply, and increased cross country flows of investment (see ...
We re-explore two international business cycle anomalies emphasized by Ba... GD Hess,K Shin - 《Oxford Review of Economic Policy》 被引量: 97发表: 1997年 The International Transmission of Real Business Cycles We extend the real business cycle model to a two-country world. The international ...
International transmission of the business cycle in a multi-sectoral model European Economic Review (2002) J. Heathcote et al. Financial autarky and international business cycle Journal of Monetary Economics (2002) J. Heathcote et al. Financial globalization and real regionalization Journal of Economic...