Understanding the evolution of world business cycles /

Understanding the evolution of world business cycles /

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Bibliographic Details
Author / Creator:	Kose, M. Ayhan, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, Research Dept., 2005.
Description:	1 online resource (34 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/05/211 IMF working paper ; WP/05/211.
Subject:	Business cycles -- Econometric models. Globalization -- Econometric models. Business cycles -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12498436

Hidden Bibliographic Details
Other authors / contributors:	Otrok, Christopher, author. Whiteman, Charles H., author. International Monetary Fund. Research Department, issuing body.
ISBN:	1283512785 9781283512787 9781451907667 1451907664 1462332676 9781462332670 1451989377 9781451989373 9786613825230 6613825239
Notes:	Includes bibliographical references (pages 21-24). English. Print version record.
Summary:	This paper studies the changes in world business cycles during 1960-2003. We employ a Bayesian dynamic latent factor model to estimate common and country-specific components in the main macroeconomic aggregates of the Group of Seven (G-7) countries. We then quantify the relative importance of these components in explaining comovement in each observable aggregate over three distinct time periods: the Bretton Woods (BW) period (1960-72), the period of common shocks (1972-86), and the globalization period (1986-2003). The results indicate that the common (G-7) factor explains a larger fraction of output, consumption, and investment volatility in the globalization period than in the BW period. These findings suggest that the degree of comovement of business cycles in major macroeconomic aggregates across the G-7 countries has increased during the globalization period.
Other form:	Print version: Kose, M. Ayhan. Understanding the evolution of world business cycles. [Washington, D.C.] : International Monetary Fund, Research Dept., 2005

Table of Contents:

Contents
I. INTRODUCTION
II. METHODOLOGY
III. BUSINESS CYCLES IN THE G-7 COUNTRIES (1960:1â€?2003:4)
IV. CHANGING NATURE OF THE G-7 BUSINESS CYCLES
V. SOURCES OF CHANGES IN THE G-7 BUSINESS CYCLES
VI. SUMMARY AND CONCLUSION
REFERENCES