International Transmission of Medium-Term Technology Cycles: Evidence from Spain as a Recipient Country

Mónica Correa-López and Beatriz de Blas ()
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Mónica Correa-López: Economic Research Department, BBVA Research, and Department of Economics, School of Social Sciences, The University of Manchester.

No 2011/09, Working Papers in Economic Theory from Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History)

Abstract: This paper documents stylized facts of international medium-term business cycles by exploring the pattern of comovement between a catching-up economy, Spain, and each of the obvious candidate countries to technological leadership of the 1950-2007 period, the U.S., France, Germany, Italy and the U.K. A remarkable feature of the international medium-term business cycle is the strong, positive lead displayed by the U.S. technology and terms of trade cycles over Spain's macroeconomic aggregates. The corresponding evidence when the counterpart to Spain is a large European economy is weaker, particularly in the case of Europe's medium-term technology cycles. Non-parametric tests results suggest that, over the medium-term cycle, a shift towards more economic integration may not necessarily be associated with increased international comovement.

Keywords: Medium-term business cycles; Stylized facts; International comovement; Technology diffusion. (search for similar items in EconPapers)
JEL-codes: E32 F41 F44 O3 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2011-11
New Economics Papers: this item is included in nep-his and nep-mac
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Related works:
Journal Article: International Transmission of Medium-Term Technology Cycles: Evidence from Spain as a Recipient Country (2012)
Working Paper: International transmission of medium-term technology cycles: Evidence from Spain as a recipient country (2011)
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