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Erscheinungsjahr: 
1996
Schriftenreihe/Nr.: 
Queen's Economics Department Working Paper No. 931
Verlag: 
Queen's University, Department of Economics, Kingston (Ontario)
Zusammenfassung: 
Dynamic factor analysis and Kalman filtering are used to construct a measure of common economic activity for the G7 countries. Common movements are important in productivity, but account for a substantially smaller share of movements in investment, and virtually none of the variation in the current accounts. For all seven countries, country-specific investment fluctuations have a significant negative impact on the current account, while country-specific productivity movements have little effect. A multi-country dynamic general equilibrium model is analyzed which is consistent with our qualitative findings. The model overstates, however, the quantitative importance of investment fluctuations for movements in the current account.
Schlagwörter: 
kalman filter
current account
Solow residual
investment
G7
JEL: 
F41
C32
Dokumentart: 
Working Paper

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