EconPapers    
Economics at your fingertips  
 

Business Cycles in Small, Open Economies: Evidence from Panel Data Between 1900 and 2013

Wataru Miyamoto () and Thuy Lan Nguyen

Staff Working Papers from Bank of Canada

Abstract: Using a novel data set for 17 countries dating from 1900 to 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods. We find that financial frictions are an important feature for not only developing countries but also small developed countries. Furthermore, business cycles in both groups of countries are marked with trend productivity shocks. Common disturbances explain one-third of the fluctuations in small, open economies (both developed and developing), especially during important worldwide phenomena.

Keywords: Business fluctuations and cycles; Economic models; International topics (search for similar items in EconPapers)
JEL-codes: E13 E32 F41 F44 (search for similar items in EconPapers)
Pages: 61 pages
Date: 2016
New Economics Papers: this item is included in nep-mac, nep-opm and nep-sbm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
https://www.bankofcanada.ca/wp-content/uploads/2016/11/swp2016-48.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bca:bocawp:16-48

Access Statistics for this paper

More papers in Staff Working Papers from Bank of Canada 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada. Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2021-07-15
Handle: RePEc:bca:bocawp:16-48