International Business Cycle

Firms' entry, monetary policy and the international business cycle

JEL codes: 
E32, E52
Version Date: 
Jul 2013
Author/s: 
Abstract: 

This paper proposes a two-country monetary model with firm entry as a means for alleviating the comovement puzzles in international business cycle models. It shows that business formation can generate fluctuations in output, employment, investment and trade flows close to those in the datawhile at the sametimeproviding positive international comovements.

Report file: 
Download the paper (415.03 KB)

Firms' entry, monetary policy and the international business cycle

JEL codes: 
E30, E32, E52
Version Date: 
Jun 2013
Author/s: 
Abstract: 

This paper proposes a two-country monetary model with firm entry as a means for alleviating the comovement puzzles in international business cycle models. It shows that business formation can generate fluctuations in output, employment, investment and trade flows close to those in the datawhile at the sametimeproviding positive international comovements.

Report file: 
Download the paper (415.03 KB)

Business Cycles in the Euro Area

JEL codes: 
E32
Version Date: 
Oct 2008
Author/s: 
Abstract: 

This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and their cross-correlations. Member countries which had similar levels of GDP per-capita in the seventies have also experienced similar business cycles since then and no significant change associated with the EMU can be detected.

Report file: 
Download the paper (873.92 KB)