| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3034 |
| DP3034 Sovereign Risk and Return in Global Equity Markets | |
| Magnus Dahlquist; Ravi Bansal | |
| 发表日期 | 2001-10-23 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | It is well known that business cycles in OECD countries exhibit a remarkable degree of synchronization. Much less known is that the peak of the OECD cycle is associated with high prices of labour-intensive products and low prices of capital-intensive ones. We document this cyclical behaviour of product prices and argue that it offers an important clue as to why business cycles are so synchronized. Positive shocks in one or more countries raise the prices of labour-intensive products and, as a result, the demand for labour throughout the industrialized world. This generates increases in wages, employment and output in all industrial countries. Through this channel, shocks are positively transmitted across countries, creating a force towards the synchronization of business cycles. |
| 主题 | International Macroeconomics |
| 关键词 | Oecd cycle International transmission of shocks Commodity trade |
| URL | https://cepr.org/publications/dp3034 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532057 |
| 推荐引用方式 GB/T 7714 | Magnus Dahlquist,Ravi Bansal. DP3034 Sovereign Risk and Return in Global Equity Markets. 2001. |
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