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Title:Germany and the European business cycle: An analysis of causal relations in an international real business cycle model PDF Logo
Authors:Fichtner, Ferdinand
Issue Date:2003
Series/Report no.:IWP Discussion Paper 2003/1
Abstract:This paper studies the role of the German economy for the existence of the so called European business cycle, a term referring to the regularly observed synchronization of the national business cycles in Europe. Using a three-country general equilibrium model, we are able to simulate impulse response functions mimicking the important features observed in the data. Focusing on the importance of shocks affecting the German GDP we show that trade-related transmission from Germany to the other European economies is only of minor importance for the synchronization of national business cycles. On the contrary, our findings suggest that the influence of common shocks and of technology spillovers accounts for most of the parallels in economic performance.
Subjects:European business cycle
Transmission
Open economy macroeconomics
Real business cycles
JEL:E32
F41
Document Type:Working Paper
Appears in Collections:iwp Discussion Papers, Institut für Wirtschaftspolitik, Universität Köln

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