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Please use this identifier to cite or link to this item: http://hdl.handle.net/2344/933

タイトル: International real business cycles : a re-visit
著者: Nguyen, Quoc Hung
キーワード: International real business cycles
Income effects
GHH preferences
Business cycles
International economic relations
Consumption
Investments
Employment
Issue Date: Dec-2010
出版者: Institute of Developing Economies, JETRO
引用: IDE Discussion Paper. No. 269. 2010.12
抄録: It is well known that several quantitative properties of international real business cycle models with are at odds with the data. First, the cross-country correlations are much higher for consumption than for output, while in the data the opposite is true (the BKK puzzle). Second, cross-country correlations of employment and investment are negative, while in the data they are positive. This paper quantitatively shows that preferences with a zero income effect on labor supply help generate a correct cross-country correlation in employment even without any restrictions on financial markets. In a bond economy, a zero income effect in labor supply, combined with time-to-build investment, can generate a positive cross-country correlation in investment, and the BKK puzzle is also resolved when the inter-temporal elasticity of substitution in labor supply is low.
URI: http://hdl.handle.net/2344/933
Appears in Collections:04.IDE Discussion Paper
01.経済、産業(Economy and Industry)/特定地域なし(Non Region-specific Studies)

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