Abstract (may include machine translation)
We document massive heterogeneity in basic cyclical patterns between (and within) groups of developed and emerging market economies. In order to evaluate the relative importance of shocks vs. financial frictions in explaining cross-country heterogeneities in the business cycle, we then estimate a canonical small open
economy model of the business cycle. Finally, we quantify to what extent fluctuations are due to differences in shocks to productivity, or financial propagation.
economy model of the business cycle. Finally, we quantify to what extent fluctuations are due to differences in shocks to productivity, or financial propagation.
Original language | English |
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Place of Publication | Budapest |
Publisher | Central European University (CEU) |
State | Published - 2012 |