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International Macroeconomic Interdependence

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  • Svein Andresen
  • Luc Everaert

Abstract

Dynamic latent variable models, coherences and correlation analysis applied to real and nominal aggregates are used to compare wide sense cyclical interdependence between OECD economies across exchange rate regimes. The results indicate that while there are important domestic components in the fluctuations of national macroeconomic aggregates, international elements have attained greater importance in these fluctuations under flexible exchange rates. The nature of interdependence has shifted toward greater synchronization of national cyclical activity, underscoring the greater incidence of common shocks in an increasingly integrated world economy. Our results are in contrast to the traditional theory of transmission under floating rates, and lend support to the notion that national economic activity is increasingly subjected to an underlying world business cycle, with an overlying domestic cycle.

Suggested Citation

  • Svein Andresen & Luc Everaert, 1987. "International Macroeconomic Interdependence," Annals of Economics and Statistics, GENES, issue 6-7, pages 161-181.
  • Handle: RePEc:adr:anecst:y:1987:i:6-7:p:161-181
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    File URL: http://www.jstor.org/stable/20075652
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    Cited by:

    1. Federico Changanaqui & Patrick Messerlin, 1992. "The Economic Effects of Minimum Import Prices: With an Application to Uruguay," Working Papers hal-03607576, HAL.
    2. Francisco Nadal de Simone & Jose Tongzon, 1997. "Is there a business cycle in Singapore? Is there a Singaporean business cycle?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 25(1), pages 60-79, March.
    3. Federico Changanaqui & Patrick Messerlin, 1992. "The Economic Effects of Minimum Import Prices: With an Application to Uruguay," SciencePo Working papers hal-03607576, HAL.
    4. Federico Changanaqui & Patrick Messerlin, 1992. "The Economic Effects of Minimum Import Prices: With an Application to Uruguay," SciencePo Working papers Main hal-03607576, HAL.

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