Trade and business cycle synchronization in OECD countries-A re-examination

European Economic Review

Volumn 52, Issue 4, 2008, Pages 646-666

  Inklaar, Robert ^a   Jong A Pin, Richard ^a   de Haan, Jakob ^a,b  

^a UNIVERSITY OF GRONINGEN   (Netherlands)

^b CESIFO   (Germany)

Author keywords

Business cycles; Synchronization of business cycles; Trade

Indexed keywords

BUSINESS CYCLE; ESTIMATION METHOD; FISCAL POLICY; INTERNATIONAL TRADE; MONETARY POLICY; MULTIVARIATE ANALYSIS; OECD;

EID: 43149113484     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.euroecorev.2007.05.003     Document Type: Article

References (37)

1. Artis M. Is there a European business cycle?. In: Siebert H. (Ed). Macroeconomic Policies in the World Economy (2004), Springer, Heidelberg 53-79
2. Artis M.J., and Zhang W. International business cycles and the ERM. International Journal of Finance and Economics 2 (1997) 1-16
3. Barreto A.R., and Hughes A.W. Under performers and over achievers: A quantile regression analysis of growth. Economic Record 80 (2004) 17-35
4. Baxter M., and King R.G. Measuring business cycles: Approximate bandpass filters for economic time series. Review of Economics and Statistics 81 (1999) 575-593
5. Baxter M., and Kouparitsas M. Determinants of business cycle comovement: A robust analysis. Journal of Monetary Economics 52 (2005) 113-157
6. Beck, T., Demirgüç-Kunt, A., Levine, R., 1999. A new database on financial development and structure. World Bank Working Paper, No. 2146.
7. Calderón C., Chong A., and Stein E. Trade intensity and business cycle synchronization: Are developing countries any different?. Journal of International Economics 71 (2007) 2-21
8. Camacho, M., Perez-Quiros, G., Saiz, L., 2007. Are European business cycles close enough to be just one? Journal of Economic Dynamics and Control, forthcoming.
9. Clark T.E., and van Wincoop E. Borders and business cycles. Journal of International Economics 55 (2001) 59-85
10. Darvas, Z., Rose, A.K., Szapáry, G., 2007. Fiscal divergence and business cycle synchronization: Irresponsibility is idiosyncratic. In: Frankel, J.A., Pissarides, C. (Eds.), NBER International Seminar on Macroeconomics, MIT Press, Cambridge, MA, forthcoming.
11. David F.N. The moments of the z and F distributions. Biometrika 36 (1949) 394-403
12. De Grauwe, P., Mongelli, F.P., 2005. Endogeneities of optimum currency areas: What brings countries sharing a single currency closer together? ECB Working Paper, No. 468.
13. De Haan, J., Inklaar, R., Jong-A-Pin, R.M., 2007. Will business cycles in the Euro area converge? A critical survey of empirical research. Journal of Economic Surveys, forthcoming.
14. Frankel J.A. Real convergence and euro adoption in Central and Eastern Europe: Trade and business cycle correlations as endogenous criteria for joining EMU. In: Schadler S. (Ed). Euro Adoption in Central and Eastern Europe: Opportunities and Challenges (2005), International Monetary Fund, Washington, DC 9-21
15. Feenstra, R.C., Lipsey, R.E., Deng, H., Ma, A.C., Mo, H., 2005. World trade flows: 1962-2000. NBER Working Paper, No. 11040.
16. Frankel J.A., and Rose A.K. Is EMU more justifiable ex post than ex ante?. European Economic Review 41 (1997) 753-760
17. Frankel J.A., and Rose A.K. The endogeneity of the optimum currency area criteria. Economic Journal 108 (1998) 1009-1025
18. Groningen Growth and Development Centre (GGDC), 2004. 60-Industry Database, October 2004. http://www.ggdc.net.
19. Grubel H.G., and Lloyd P.J. The empirical measurement of intra-industry trade. Economic Record 47 (1971) 494-517
20. Gruben, W.C., Koo, J., Millis, E., 2002. How much does international trade affect business cycle synchronization? Federal Reserve Bank of Dallas, Working Paper, No. 0203.
21. Hausman J.A. Specification tests in econometrics. Econometrica 46 (1978) 1251-1271
22. Imbs J. Trade, finance, specialization and synchronization. Review of Economics and Statistics 86 (2004) 723-734
23. Kalemli-Ozcan S., Sørensen B.E., and Yosha O. Economic integration, industrial specialization, and the asymmetry of macroeconomic fluctuations. Journal of International Economics 55 (2001) 107-137
24. Koenker R., and Bassett G. Regression quantiles. Econometrica 46 (1978) 33-50
25. Koenker R., and Hallock K.F. Quantile regression. Journal of Economic Perspectives 15 (2001) 143-156
26. Krugman P. Geography and Trade (1991), MIT Press, Cambridge, MA
27. Lane P.R., and Milesi-Ferretti G.M. The external wealth of nations: Measures of foreign assets and liabilities in industrial and developing countries. Journal of International Economics 55 (2001) 263-294
28. Leamer E.E. Let's take the con out of econometrics. American Economic Review 73 (1983) 31-43
29. Levine R., and Renelt D. A sensitivity analysis of cross-country growth regressions. American Economic Review 82 (1992) 942-963
30. Massmann M., and Mitchell J. Reconsidering the evidence: Are Eurozone business cycles converging?. Journal of Business Cycle Measurement and Analysis 1 (2004) 275-308
31. OECD, 2002. Purchasing Power Parities and Real Expenditures, 1999 Benchmark Year. OECD, Paris.
32. Otto, G., Voss, G., Willard, L., 2001. Understanding OECD output correlations. Reserve Bank of Australia Research Discussion Paper, No. 2001-5.
33. Rose A., and Engel C. Currency unions and international integration. Journal of Money, Credit, and Banking 34 (2002) 1067-1089
34. Rousseeuw P.J. Least median of squares regression. Journal of the American Statistical Association 79 (1984) 871-880
35. Rousseeuw P.J. Multivariate estimation with high breakdown point. In: Grossmann W., Pflug G., Vincze I., and Wertz W. (Eds). Mathematical Statistics and Applications (1985), D. Reidel Publishing Co., Dordrecht 283-297
36. Sala-i-Martin X. I just ran two millions regressions. American Economic Review 87 (1997) 178-183
37. Sturm J.E., and De Haan J. Determinants of long-term growth: New results applying robust estimation and Extreme Bounds Analysis. Empirical Economics 30 (2005) 1-22