a b s t r a c tSeveral authors argue that international real business cycle (IRBC) models with incomplete financial markets offer a good explanation of the ranking of cross-country correlations. This conclusion is suspect, because it is based on an analysis of the near steady state dynamics using a linearized system of equations. The baseline IRBC model with incomplete markets does not possess a unique deterministic steady state and, as a result, its linear system of difference equations is not stationary. We show that the ranking of crosscountry correlations is robust to modifications that ensure a unique steady state and a stationary system of linear difference equations. We find, however, that the modifications affect the quantitative predictions of the model.
Subtle central corneal microstriae after LASIK can reduce the baseline CSF at medium to high spatial frequencies even with 20/20 visual acuity. The CSF normalizes as the microstriae fade over time.
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