Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/173842
Autoren: 
Fernández Díaz, Andrés
Schmitt-Grohé, Stephanie
Uribe, Martín
Datum: 
2017
Reihe/Nr.: 
IDB Working Paper Series IDB-WP-768
Zusammenfassung: 
SVAR models that include a single world price (such as the terms-of-trade) predict that world shocks explain a small fraction of movements in domestic output (typically less than 10 percent). This paper presents an empirical framework in which multiple commodity prices transmit world disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 percent of output fluctuations in individual economies. This figure doubles when the model is estimated on post-2000 data. The findings reported here suggest that one-world-price specifications significantly underestimate the importance of world shocks for domestic business cycles.
Schlagwörter: 
World shocks
Commodity prices
Business cycles
JEL: 
F41
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
http://creativecommons.org/licenses/by-nc-nd/3.0/igo/legalcode
Dokumentart: 
Working Paper
Nennungen in sozialen Medien:

36



Datei(en):
Datei
Größe
609.94 kB





Publikationen in EconStor sind urheberrechtlich geschützt.