Cointegrated TFP Processes and International Business Cycles

Cointegrated TFP Processes and International Business Cycles
A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the "rest of the world," is characterized by a vector error correction (VECM) and that adding cointegrated technology... READ MORE...

Publication date: September 2009
ISBN 9781451873597
$18.00

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