Understanding the Evolution of World Business Cycles /

Understanding the Evolution of World Business Cycles /

This paper studies the changes in world business cycles during 1960-2003. We employ a Bayesian dynamic latent factor model to estimate common and country-specific components in the main macroeconomic aggregates of the Group of Seven (G-7) countries. We then quantify the relative importance of these...

Szczegółowa specyfikacja

Opis bibliograficzny
1. autor: Kose, Ayhan
Kolejni autorzy: Otrok, Christopher, Whiteman, Charles
Format: Czasopismo
Język:English
Wydane: Washington, D.C. : International Monetary Fund, 2005.
Seria:IMF Working Papers; Working Paper ; No. 2005/211
Dostęp online:Full text available on IMF
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100 1 |a Kose, Ayhan. 
245 1 0 |a Understanding the Evolution of World Business Cycles /  |c Ayhan Kose, Christopher Otrok, Charles Whiteman. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2005. 
300 |a 1 online resource (36 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper studies the changes in world business cycles during 1960-2003. We employ a Bayesian dynamic latent factor model to estimate common and country-specific components in the main macroeconomic aggregates of the Group of Seven (G-7) countries. We then quantify the relative importance of these components in explaining comovement in each observable aggregate over three distinct time periods: the Bretton Woods (BW) period (1960-72), the period of common shocks (1972-86), and the globalization period (1986-2003). The results indicate that the common (G-7) factor explains a larger fraction of output, consumption, and investment volatility in the globalization period than in the BW period. These findings suggest that the degree of comovement of business cycles in major macroeconomic aggregates across the G-7 countries has increased during the globalization period. 
538 |a Mode of access: Internet 
700 1 |a Otrok, Christopher. 
700 1 |a Whiteman, Charles. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2005/211 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2005/211/001.2005.issue-211-en.xml  |z IMF e-Library 

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