International Recessions

Vincenzo Quadrini and Fabrizio Perri

No 123, 2011 Meeting Papers from Society for Economic Dynamics

Abstract: The 2008-2009 US crisis is characterized by an unprecedented degree of international synchronization, as all other G7 countries experienced large contractions. The international synchronization of the recent crisis is not present in many of the previous US contractions. We study a two-country model with financial markets frictions and show that economies display greater co-movements during recessions when `credit shocks' play an important role as a source of business cycle fluctuations and countries are financially integrated.

Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (30)

Downloads: (external link)
https://red-files-public.s3.amazonaws.com/meetpapers/2011/paper_123.pdf (application/pdf)

Related works:
Journal Article: International Recessions (2018)
Working Paper: International Recessions (2011)
Working Paper: International recessions (2011)
Working Paper: International Recessions (2011)
Working Paper: International Recessions (2011)
Working Paper: International recessions (2010)
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:red:sed011:123

Access Statistics for this paper

More papers in 2011 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
Bibliographic data for series maintained by Christian Zimmermann ().