The role of international factors in the business cycle: A multi-country study
Empirical research has been conducted on the various theories of the business cycle over many countries. However, very little research has attempted to undertake a multi-country disaggregate investigation into the sources of output change. This paper decomposes fluctuations in industry output in a p...
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| Veröffentlicht in: | Journal of international economics 1996-02, Vol.40 (1), p.85-104 |
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| container_title | Journal of international economics |
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| creator | Norrbin, Stefan C. Schlagenhauf, Don E. |
| description | Empirical research has been conducted on the various theories of the business cycle over many countries. However, very little research has attempted to undertake a multi-country disaggregate investigation into the sources of output change. This paper decomposes fluctuations in industry output in a particular country into: (1) a nation-specific shock; (2) an industry-specific shock; (3) a common shock; and (4) an idiosyncratic factor. Using a dynamic factor analysis state-space approach, the paper finds that the industry-specific impulse explains a significant but small part of the variance of the forecast error. This provides limited support for the disaggregated real business cycle paradigm. |
| doi_str_mv | 10.1016/0022-1996(95)01385-7 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0022-1996 |
| ispartof | Journal of international economics, 1996-02, Vol.40 (1), p.85-104 |
| issn | 0022-1996 1873-0353 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38944782 |
| source | RePEc; Elsevier ScienceDirect Journals Complete; Periodicals Index Online |
| subjects | Business cycles Dynamic factor analysis Econometrics Economic fluctuations Economic models Economic shock Economic theory Factor analysis Industrial production Manycountries Studies Time series |
| title | The role of international factors in the business cycle: A multi-country study |
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