haku: @author Bergman, M. / yhteensä: 2
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| Tekijä: | Bergman, M. |
| Otsikko: | International evidence on the sources of macroeconomic fluctuations |
| Lehti: | European Economic Review
1996 : JUN, VOL. 40:6, p. 1237-1258 |
| Asiasana: | BUSINESS CYCLES GROSS NATIONAL PRODUCT MACROECONOMICS MODELS |
| Kieli: | eng |
| Tiivistelmä: | The paper examines the causes of macroeconomic fluctuations in five economies, that is, in Germany, Sweden, Japan, the United Kingdom and the United States. Bivariate VAR model for output and inflation is used. The results demonstrate that both demand and supply shocks are important sources of business cycle fluctuations. In addition, at the business cycle frequency there are strong similarities btw. Germany, the United Kingdom and the United States where more than 50% of the forecast error variance in both output and inflation are due to supply shocks. On the other hand, in Sweden and Japan, over 90% of the error variance in output and less than 20% of that of inflation are due to supply shocks. |
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