@techreport{Eickmeier2004Business,
abstract = {This paper investigates the transmission of US macroeconomic shocks to Germany by
employing a large-dimensional structural dynamic factor model. This framework allows
us to investigate many transmission channels simultaneously, including 'new' channels
like stock markets, foreign direct investment, bank lending and the confidence channel.
We find that US shocks affect the US and Germany largely symmetrically. Trade and
monetary policy reactions to strong price effects seem to be most relevant; financial
markets may have become more important over time. The speed of transmission does
not seem to have increased. Negative domestic influences apparently more than
compensated positive US influences in the German economy between 1995 and 2000,
but the US recession in 2001 seemed mainly responsible for the German slump.},
author = {Sandra Eickmeier},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {F41; C13; C32; F02; 330; International business cycles; international transmission channels; dynamic factor models; structural VAR techniques; Konjunkturzusammenhang; VAR-Modell; Sch\"{a}tzung; Vereinigte Staaten; Deutschland},
language = {eng},
number = {2004,12},
title = {Business Cycle Transmission from the US to Germany: a Structural Factor Approach},
type = {Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank},
url = {http://hdl.handle.net/10419/19479},
year = {2004}
}
