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Domestic, Foreign or Common Shocks?

Author

Listed:
  • Ms. Stefania Fabrizio
  • J. Humberto Lopez

Abstract

A stochastic general equilibrium model of the world economy is used to analyze the origin of international business cycles using data for Germany, Japan and the United States. The findings indicate that after 1973, common shocks play a major role in accounting for similarities in output fluctuations. However, trade interdependencies with the United States may have also played a very important role; more than 20 percent of output fluctuations of the German and Japanese economies could have been imported from the United States.

Suggested Citation

  • Ms. Stefania Fabrizio & J. Humberto Lopez, 1996. "Domestic, Foreign or Common Shocks?," IMF Working Papers 1996/107, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1996/107
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    Cited by:

    1. Andrea Bonilla Bolanos, 2014. "An Examination of the Convergence in the Output of South American Countries: The Influence of the Region’s Integration Projects," Working Papers 1424, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    2. Andrea Bonilla, 2014. "An Examination of the Convergence in the Output of South American Countries: The Influence of the Region's Integration Projects," Working Papers halshs-01069353, HAL.

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