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dc.contributor.authorOtsu, Keisukeen_US
dc.description.abstractIn this paper, I extend the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a two-country international business cycle model and quantify the effect of the disturbances in relevant markets on the business cycle correlation between Japan and the US over the 1980-2008 period. I find that disturbances in the labor market and production efficiency are important in accounting for the recent increase in the cross-country output correlation. Financial globalization can be the cause of the recent increase in cross-country output correlation if it operated through an increase in the cross-country correlation of disturbances in the labor market and production efficiency, not in the domestic or international capital markets.en_US
dc.publisher|aUniv. of Kent, School of Economics |cCanterburyen_US
dc.relation.ispartofseries|aSchool of Economics discussion papers |x10,10en_US
dc.subject.keywordbusiness cycle accountingen_US
dc.subject.keywordinternational business cyclesen_US
dc.subject.keywordfinancial globalizationen_US
dc.titleInternational business cycle accountingen_US
dc.typeWorking Paperen_US

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