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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | International macroeconomic fluctuations and the current account |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Canadian Journal of Economics / Revue Canadienne d'Economique |
| Publisher | Wiley-Blackwell |
| Geographical Reach | international |
| ISSN | 0008-4085 |
| Volume | 36 |
| Number | 2 |
| Page Range | 401 - 420 |
| Date | 2003 |
| Abstract Text | Intertemporal models of the current account generally assume that global shocks do not affect the current account. We use this assumption to identify global and country-specific shocks in a bivariate VAR of output and the current account. Cross-country evidence from the G7 economies suggests that this identification works surprisingly well. We then employ our method to collect stylized facts on international macroeconomic fluctuations. We find that long-term output growth is driven mainly by global factors in most G7 countries and that country-specific shocks are less persistent and generally less volatile than global shocks. |
| Digital Object Identifier | 10.1111/1540-5982.t01-1-00006 |
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