Henriksen, Espen, Kydland, Finn E. and Sustek, Roman (2009) Globally correlated nominal fluctuations (National Bureau of Economic Research, 15123) Cambridge, US. National Bureau of Economic Research 44pp.
Abstract
Cyclical fluctuations in nominal variables—aggregate price levels and nominal interest rates—are documented to be substantially more synchronized across countries than cyclical fluctuations in real output. A transparent mechanism that can account for this striking feature of the nominal environment is highlighted. It is based on (small) cross-country spillovers of shocks and an interaction between Taylor rules and no-arbitrage conditions. The mechanism is quantitatively important for a wide range of plausible parameterizations and is found to be robust to modifications of the economic environment that help account for other important features of domestic and international aggregate fluctuations
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- Faculties (pre 2011 reorg) > Faculty of Law Arts & Social Sciences (pre 2011 reorg) > Social Sciences (pre 2011 reorg)
Current Faculties > Faculty of Social Sciences > School of Economic Social and Political Science > Social Sciences (pre 2011 reorg)
School of Economic Social and Political Science > Social Sciences (pre 2011 reorg) - Faculties (pre 2018 reorg) > Faculty of Social, Human and Mathematical Sciences (pre 2018 reorg) > Social Sciences (pre 2018 reorg) > Economics (pre 2018 reorg)
Current Faculties > Faculty of Social Sciences > School of Economic Social and Political Science > Social Sciences (pre 2018 reorg) > Economics (pre 2018 reorg)
School of Economic Social and Political Science > Social Sciences (pre 2018 reorg) > Economics (pre 2018 reorg)
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