Cointegrated TFP Processes and International Business Cycles /
A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the "rest of the world," is characterized by a vector error co...
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| Format: | Book |
| Language: | English |
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Washington, D.C. :
International Monetary Fund,
2009
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| Edition: | 1st ed |
| Series: | IMF Working Papers; Working Paper ;
No. 2009/212 |
| Subjects: |