Stylized facts of business cycles in the G7 from a real business cycles perspective

Fiorito, Riccardo; Kollintzas, Tryphon

doi:10.1016/0014-2921(94)90057-4

Cited by 223 publications

(152 citation statements)

References 29 publications

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“…Some of the results presented in this section build upon the work of Backus and Kehoe (1992), Fiorito and Kollintzas (1994), Baxter (1995), and Zimmermann (1995), although we extend the results of these authors to a broader sample of OECD countries and to a larger set of variables related to international trade. Most of the variables examined here are nonstationary in levels over our sample period.…”

Section: Stylized Factssupporting

confidence: 58%

International Evidence on the Determinants of Trade Dynamics

Prasad¹,

Gable²

1998

Staff Papers - International Monetary Fund

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T HE CONCEPT OF "globalization" has recently been the subject of considerable attention in both academic and policy circles. This phenomenon broadly refers to the increasing integration of the world economy through financial and trade flows. As economies become more open to international trade, the transmission and propagation of economic fluctuations through trade links has assumed increased importance. An analysis of the cyclical dynamics of international trade therefore has implications in a number of different dimensions, including macroeconomic forecasting, short-run policymaking, and international policy coordination.

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Section: Stylized Factssupporting

confidence: 58%

International Evidence on the Determinants of Trade Dynamics

Prasad¹,

Gable²

1998

Staff Papers - International Monetary Fund

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“…This new empirical literature began with Galí (1994), Fiorito and Kollintzas (1994), and Fiorito (1997), who found that fiscal expenditures are counter-cyclical or a-cyclical in developed countries. In contrast Gavin and Perotti (1997) found that fiscal policy is highly pro-cyclical in Latin American countries.…”

Section: Introductionmentioning

confidence: 99%

Procyclicality of Fiscal Policy in Emerging Countries: The Cycle is the Trend

Strawczynski

Zeira

2012

SSRN Journal

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 La serie de Documentos de Trabajo en versión PDF puede obtenerse gratis en la dirección electrónica: http://www.bcentral.cl/esp/estpub/estudios/dtbc. Existe la posibilidad de solicitar una copia impresa con un costo de $500 si es dentro de Chile y US$12 si es para fuera de Chile. Las solicitudes se pueden hacer por fax: (56-2) 6702231 o a través de correo electrónico: bcch@bcentral.cl.Working Papers in PDF format can be downloaded free of charge from: http://www.bcentral.cl/eng/stdpub/studies/workingpaper. Printed versions can be ordered individually for US$12 per copy (for orders inside Chile the charge is Ch$500.) Orders can be placed by fax: (56-2) 6702231 or e-mail: bcch@bcentral.cl. BANCO CENTRAL DE CHILE CENTRAL BANK OF CHILELa serie Documentos de Trabajo es una publicación del Banco Central de Chile que divulga los trabajos de investigación económica realizados por profesionales de esta institución o encargados por ella a terceros. El objetivo de la serie es aportar al debate temas relevantes y presentar nuevos enfoques en el análisis de los mismos. La difusión de los Documentos de Trabajo sólo intenta facilitar el intercambio de ideas y dar a conocer investigaciones, con carácter preliminar, para su discusión y comentarios.La publicación de los Documentos de Trabajo no está sujeta a la aprobación previa de los miembros del Consejo del Banco Central de Chile. Tanto el contenido de los Documentos de Trabajo como también los análisis y conclusiones que de ellos se deriven, son de exclusiva responsabilidad de su o sus autores y no reflejan necesariamente la opinión del Banco Central de Chile o de sus Consejeros.The Working Papers series of the Central Bank of Chile disseminates economic research conducted by Central Bank staff or third parties under the sponsorship of the Bank. The purpose of the series is to contribute to the discussion of relevant issues and develop new analytical or empirical approaches in their analyses. The only aim of the Working Papers is to disseminate preliminary research for its discussion and comments.Publication of Working Papers is not subject to previous approval by the members of the Board of the Central Bank. The views and conclusions presented in the papers are exclusively those of the author(s) and do not necessarily reflect the position of the Central Bank of Chile or of the Board members. AbstractThis paper uses the Aguiar and Gopinath (2007) methodology in order to estimate whether "the cycle is the trend" in 23 emerging markets and 22 OECD economies. These estimates are then used to test whether procyclical fiscal policy in emerging countries is due to persistent shocks to per-capita GDP. We find support for this hypothesis. While both developed and emerging countries have a procyclical policy for investment expenditure, procyclicality is evident in emerging countries also for government consumption and transfers. Over the period of increasing globalization after the 1990s, these are signs of a reduction in the extent of procyclical expenditure policy in emerging cou...

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“…This pattern is observed in several countries. In HP-…ltered, quarterly manufacturing data , for which variance is scale-free, Fiorito and Kollintzas (1994) found that the variance of employment deviations from the smooth trend always exceed the corresponding variance in the hours per worker: by a factor of about eight in the US, about four in Canada and West Germany and between two and three in the UK and in Japan, respectively.…”

Section: Intensive Vs Extensive Marginmentioning

confidence: 99%

Labor Supply Elasticities: Can Micro Be Misleading for Macro?

Fiorito

Zanella

2008

SSRN Journal

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In this paper we compare in a consistent way micro and macro labor supply elasticities: the individual elasticity is obtained from the Panel Study of Income Dynamics (PSID); the aggregate, time-series, elasticity is estimated from the exact aggregation of the individual units, each year. Our aggregation procedure relies on a life-cycle labor supply model with home production. The individual (hours per worker) elasticity has a standard low value (0.18), while the aggregate (total hours) elasticity is much larger (0.81), with most of the di¤erence due to the extensive margin, i.e. participation/employment decisions. This result conforms to a well-known stylized fact of the labor market, though we derive it as a pure aggregation e¤ect. A broader suggestion is that micro evidence is not always a reliable guidance for calibrating aggregate macroeconomic parameters. JEL Classi…cation Codes: E13, E32, J22

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Stylized facts of business cycles in the G7 from a real business cycles perspective

Cited by 223 publications

References 29 publications

International Evidence on the Determinants of Trade Dynamics

International Evidence on the Determinants of Trade Dynamics

Procyclicality of Fiscal Policy in Emerging Countries: The Cycle is the Trend

Labor Supply Elasticities: Can Micro Be Misleading for Macro?

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