dc.contributor.author | Crucini, Mario J. | |
dc.contributor.author | Kose, M. Ayhan | |
dc.contributor.author | Otrok, Christropher | |
dc.date.accessioned | 2020-09-14T01:04:37Z | |
dc.date.available | 2020-09-14T01:04:37Z | |
dc.date.issued | 2008 | |
dc.identifier.uri | http://hdl.handle.net/1803/15832 | |
dc.description.abstract | We examine the driving forces of G-7 business cycles. We decompose national business cycles into common and nation-specific components using a dynamic factor model. We also do this for driving variables found in business cycle models: productivity; measures of fiscal and monetary policy; the terms of trade and oil prices. We find a large common factor in oil prices, productivity, and the terms of trade. Productivity is the main driving force, with other drivers isolated to particular nations or sub-periods. Along these lines, we document shifts in the correlation of the G-7 component of each driver with the overall G-7 cycle. | |
dc.language.iso | en_US | |
dc.publisher | Vanderbilt University | en |
dc.subject | International business cycle | |
dc.subject | Bayesian factor model | |
dc.subject | productivity | |
dc.subject | monetary policy | |
dc.subject | fiscal policy | |
dc.subject | JEL Classification Number: E32 | |
dc.subject | JEL Classification Number: F00 | |
dc.subject | JEL Classification Number: F41 | |
dc.subject.other | | |
dc.title | What Are the Driving Forces of International Business Cycles? | |
dc.type | Working Paper | en |
dc.description.department | Economics | |