Explaining International Comovements of Output and Asset Returns
By:Robert Miguel W. K. Kollman
Published on 1999-06-01 by International Monetary Fund
Empirically, output and asset returns are highly positively correlated across the United States and the other major industrialized countries. Standard business cycle models that assume flexible prices and wages, in the Real Business Cycle tradition, have great difficulties explaining this fact. This paper presents a dynamic-optimizing stochastic general equilibrium model of a two-country world with sticky nominal prices and wages and a flexible exchange rate. The structure here predicts positive international transmission of country-specific monetary policy and technology shocks, and it generates sizable cross-country correlations of output and of asset returns.
This Book was ranked at 9 by Google Books for keyword explaining international production.
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Book which was published by International Monetary Fund since 1999-06-01 have ISBNs, ISBN 13 Code is 9781451896770 and ISBN 10 Code is 1451896778
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