| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11257 |
| DP11257 International correlation of business cycles in a behavioral macroeconomic model | |
| Paul De Grauwe; Yuemei Ji | |
| 发表日期 | 2016-05-02 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Business cycles among industrial countries are highly correlated. We develop a two-country behavioral macroeconomic model where the synchronization of the business cycle is produced endogenously. The main channel of synchronization occurs through a propagation of “animal spirits”, i.e. waves of optimism and pessimism that become correlated internationally. We find that this propagation occurs with relatively low levels of trade integration. We do not need a correlation of exogenous shocks to generate synchronization. We also empirically test the main predictions of the model. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Animal spirits Behavioral macroeconomics Business cycles |
| URL | https://cepr.org/publications/dp11257 |
| 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/540075 |
| 推荐引用方式 GB/T 7714 | Paul De Grauwe,Yuemei Ji. DP11257 International correlation of business cycles in a behavioral macroeconomic model. 2016. |
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