International Business Cycles

Shaghil Ahmed, Barry W. Ickes, Ping Wang and Byung Sam Yoo

American Economic Review, 1993, vol. 83, issue 3, 335-59

Abstract: The authors estimate a dynamic two-country model in which economic fluctuations are driven by a worldwide supply shock; country-specific supply shocks; and relative fiscal, money, and preference shocks. Identification is achieved using only long-run restrictions based on a theoretical model. The main results are: (1) supply shocks, particularly country-specific ones, are very important in generating international business cycles and (2) although the post-1973 flexible-exchange-rate period has been inherently more volatile, there are no differences in transmission properties of economic disturbances across exchange-rate regimes for the endogenous variables they focus on. Copyright 1993 by American Economic Association.

Date: 1993
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Working Paper: INTERNATIONAL BUSINESS CYCLES (1989)
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