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dc.contributor.authorMumtaz, Haroonen_US
dc.contributor.authorSimonelli, Saverioen_US
dc.contributor.authorSurico, Paoloen_US
dc.date.accessioned2011-10-24T07:51:12Z-
dc.date.available2011-10-24T07:51:12Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/50651-
dc.description.abstractUsing a dynamic factor model, we uncover four main empirical regularities on international comovements in a long-run panel of real and nominal variables. First, the contribution of world comovements to domestic output growth has decreased over the post-WWII period. The contribution of regional comovements, however, has increased significantly. Second, the share of inflation variation due to a global factor has become larger since 1985. Third, over most of the post-WWII period, international comovements within regions have accounted for the bulk of fluctuations in business cycle and inflation. Fourth, prices have become significantly less countercyclical during the post-1984 sample, with the largest contribution due to external developments.en_US
dc.language.isoengen_US
dc.publisherBank of England, Monetary Policy Committee Londonen_US
dc.relation.ispartofseriesExternal MPC unit discussion paper 28en_US
dc.subject.jelE30en_US
dc.subject.jelF40en_US
dc.subject.jelN10en_US
dc.subject.ddc330en_US
dc.subject.keywordoutput growthen_US
dc.subject.keywordinflationen_US
dc.subject.keywordgeographic identificationen_US
dc.subject.keyworddynamic factor modelen_US
dc.subject.stwKonjunkturzusammenhangen_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwInflationsrateen_US
dc.subject.stwWirtschaftsgeschichteen_US
dc.subject.stwWelten_US
dc.titleInternational comovements, business cycle and inflation: A historical perspectiveen_US
dc.typeWorking Paperen_US
dc.identifier.ppn609932292en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:External MPC Unit Discussion Papers, Bank of England

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