Explaining International Comovements of Output and Asset Returns

Released on by Robert Miguel W. K. Kollman
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  • Explaining International Comovements of Output and Asset Returns Book Detail

  • Author : Robert Miguel W. K. Kollman
  • Release Date : 1999-06-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 51
  • ISBN 13 : 145185062X
  • File Size : 73,73 MB
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Explaining International Comovements of Output and Asset Returns by Robert Miguel W. K. Kollman PDF Summary

Book Description: Empirically, output and asset returns are highly positively correlated across the United States and the other major industrialized countries. Standard business cycle models that assume flexible prices and wages, in the Real Business Cycle tradition, have great difficulties explaining this fact. This paper presents a dynamic-optimizing stochastic general equilibrium model of a two-country world with sticky nominal prices and wages and a flexible exchange rate. The structure here predicts positive international transmission of country-specific monetary policy and technology shocks, and it generates sizable cross-country correlations of output and of asset returns.

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The Internationalization of Equity Markets

The Internationalization of Equity Markets

File Size : 84,84 MB
Total View : 4530 Views
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This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through for