Real Business Cycles in Open Economies

Martin Macháèek

Czech Journal of Economics and Finance (Finance a uver), 2001, vol. 51, issue 2, 81-98

Abstract: This paper surveys recent literature on real business cycles in open economies. It focuses on the empirical regularities of international macroeconomic fluctuations and provides a short discussion of the differences between the stylized facts of business cycles in advanced and in developing countries. The paper reviews various real-business-cycle models, discerning one-sector models from their multi-good modifications. It also highlights discrepancies between theoretical predictions and data, such as consumption/output correlation puzzle, investment correlation puzzle, and price anomaly. The paper concludes with a brief consideration of prospective directions for future research.

Keywords: real business cycle; open economy; stylized facts; macroeconomic models (search for similar items in EconPapers)
JEL-codes: E32 F41 (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:fau:fauart:v:51:y:2001:i:2:p:81-98

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