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Understanding the Persistence Properties of International Macroeconomic Aggregates

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  • Martin Boileau

Abstract

In this paper, the ability of a two-country model of growth and cycles is evaluated to explain the persistence properties of output and consumption across countries. Simulated output and consumption levels replicate the observed appearance of noncointegration across countries. Simulated output growth rates, however, do not explain the observed positive serial correlation of output growth rates. The reallocation of resources in response to technology shocks generates a negative serial correlation for output growth rates.

Suggested Citation

  • Martin Boileau, 1998. "Understanding the Persistence Properties of International Macroeconomic Aggregates," Canadian Journal of Economics, Canadian Economics Association, vol. 31(4), pages 865-885, November.
    • Handle: RePEc:cje:issued:v:31:y:1998:i:4:p:865-885
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    Cited by:

    1. Kwark, Noh-Sun, 1999. "Sources of international business fluctuations: Country-specific shocks or worldwide shocks?," Journal of International Economics, Elsevier, vol. 48(2), pages 367-385, August.

    More about this item

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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