| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22833 |
| 来源ID | Working Paper 22833 |
| World Shocks, World Prices, and Business Cycles: An Empirical Investigation | |
| Andrés Fernández; Stephanie Schmitt-Grohé; Martín Uribe | |
| 发表日期 | 2016-11-14 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Most existing studies of the macroeconomic effects of global shocks assume that they are mediated by a single intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 percent of aggregate fluctuations in individual economies. This figure doubles when the model is estimated on post 2000 data. The increase is attributable mainly to a change in the domestic transmission mechanism as opposed to changes in the world commodity price process as argued in the literature on the financialization of world commodity markets. |
| 主题 | International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w22833 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580507 |
| 推荐引用方式 GB/T 7714 | Andrés Fernández,Stephanie Schmitt-Grohé,Martín Uribe. World Shocks, World Prices, and Business Cycles: An Empirical Investigation. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22833.pdf（207KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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