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Autor:innen: 
Fichtner, Ferdinand
Datum: 
2003
Schriftenreihe/Nr.: 
IWP Discussion Paper No. 2003/1
Verlag: 
Universität zu Köln, Institut für Wirtschaftspolitik (iwp), Köln
Zusammenfassung: 
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.
Schlagwörter: 
European business cycle
Transmission
Open economy macroeconomics
Real business cycles
JEL: 
E32
F41
Dokumentart: 
Working Paper

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