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International Business Cycles, Financial Markets and Household Production

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Author Info
Fabio Canova ()
Ángel J. Ubide

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Abstract

This paper investigates the properties of an international real business cycle model with household production. We show that a model with disturbances to both market and household technologies reproduces the main regularities of the data and improves existing models in matching international consumption, investment and output correlations without irrealistic assumptions on the structure of international financial markets. Sensitivity analysis shows the robustness of the results to alternative specifications of the stochastic processes for the disturbances and to variations of unmeasured parameters within a reasonable range.

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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 204.

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Date of creation: Jan 1997
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Handle: RePEc:upf:upfgen:204

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Web page: http://www.econ.upf.edu/

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Related research
Keywords: Household production; international business cycles; taste shocks; consumption correlations;

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Find related papers by JEL classification:
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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  1. M. Ayhan Kose & William Blankenau, 2006. "How Different Is the Cyclical Behavior of Home Production Across Countries?," IMF Working Papers 06/46, International Monetary Fund. [Downloadable!]
    Other versions:
  2. Marco Maffezzoli, 2000. "Human Capital and International Real Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(1), pages 137-165. [Downloadable!] (restricted)
    Other versions:
  3. Marianne Baxter & Urban J. Jermann, 1999. "Household Production and the Excess Sensitivity of Consumption to Current Income," NBER Working Papers 7046, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Mario J. Crucini, 2006. "International Real Business Cycles," Working Papers 0617, Department of Economics, Vanderbilt University. [Downloadable!]
  5. Bastourre, Diego & Carrera, Jorge & Féliz, Mariano & Panigo, Demian, 2003. "Dollarization and real volatility," CEPREMAP Working Papers (Couverture Orange) 0311, CEPREMAP. [Downloadable!]
  6. Javier Gardeazabal & María Carmen Iglesias, . "¿Causan los ciclos del G7 el ciclo español?," Studies on the Spanish Economy 22, FEDEA. [Downloadable!]
  7. Jorge Eduardo Carrera & Mariano Feliz & Demian Panigo & Marcelo Saavedra, 2001. "Dollarization as an Asymmetric Monetary Union. The Case of Argentina," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 043, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
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