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The Identification of the Causes of Business Cycles Across Countries

Author

Listed:
  • Mr. Don E. Schlagenhauf
  • Stefan C. Norrbin

Abstract

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 world shock; and (4) an idiosyncratic factor. Using a dynamic factor analysis-state-space approach, the paper finds that the nation-specific shock is the most important impulse.

Suggested Citation

  • Mr. Don E. Schlagenhauf & Stefan C. Norrbin, 1990. "The Identification of the Causes of Business Cycles Across Countries," IMF Working Papers 1990/004, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/004
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    Cited by:

    1. Imbs, Jean, 2007. "Growth and volatility," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 1848-1862, October.

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