search query: @indexterm BUSINESS CYCLES / total: 529
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| Author: | Stock, J. H. Watson, M. W. |
| Title: | Understanding changes in international business cycle dynamics |
| Journal: | Journal of the European Economic Association
2005 : SEP, VOL. 3:5, p. 968-1006 |
| Index terms: | business cycles volatility |
| Language: | eng |
| Abstract: | In spite of large increases in trade and openness, G7 business cycles have not become more synchronized. The authors interpret G7 output data using a structural VAR that separately indentifies common international shocks, the domestic effects of spillovers from foreign idiosyncratic shocks, and the effects of domestic idiosyncratic shocks. This study indicates that, with the exception of Japan, a remarkable portion of the widespread reduction in volatility is related to a reduction in the magnitude of the common international shocks. |
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