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| Author: | Schmitt-Grohé, S. |
| Title: | The international transmission of economic fluctuations: Effects of U.S. business cycles on the Canadian economy |
| Journal: | Journal of International Economics
1998 : APR, VOL. 44:2, p. 257-287 |
| Index terms: | BUSINESS CYCLES CANADA USA |
| Language: | eng |
| Abstract: | The 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 auto-regressions to the quantitative predictions of the theoretical models. |
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