Cointegrated TFP Processes and International Business Cycles /

A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the "rest of the world," is characterized by a vector error co...

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Bibliografski detalji
Glavni autor: Tuesta, Vicente
Daljnji autori: Rabanal, Pau, Rubio-Ramirez, Juan
Format: Žurnal
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 2009.
Serija:IMF Working Papers; Working Paper ; No. 2009/212
Online pristup:Full text available on IMF