Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/50651 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
External MPC Unit Discussion Paper No. 28
Verlag: 
Bank of England, External Monetary Policy Committee Unit, London
Zusammenfassung: 
Using 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.
Schlagwörter: 
output growth
inflation
geographic identification
dynamic factor model
JEL: 
E30
F40
N10
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
320.79 kB





Publikationen in EconStor sind urheberrechtlich geschützt.