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150128 ||| eng |
| 020 |
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|a 9781451873597
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| 100 |
1 |
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|a Tuesta, Vicente
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| 245 |
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|a Cointegrated TFP Processes and International Business Cycles
|c Vicente Tuesta, Juan Rubio-Ramirez, Pau Rabanal
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2009
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| 300 |
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|a 54 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Wealth
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| 653 |
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|a Multiple or Simultaneous Equation Models
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| 653 |
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|a Vector error correction models
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| 653 |
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|a Economic development
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| 653 |
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|a Currency; Foreign exchange
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| 653 |
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|a Saving
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| 653 |
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|a Capital and Total Factor Productivity
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| 653 |
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|a Cost
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| 653 |
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|a Industrial productivity
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| 653 |
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|a Production
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| 653 |
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|a Total factor productivity
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Consumption; Economics
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| 653 |
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|a Econometric models
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| 653 |
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|a Economic growth
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| 653 |
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|a Consumption
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| 653 |
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|a Environment and Growth
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Sustainable growth
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| 653 |
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|a Real exchange rates
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| 653 |
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|a Capacity
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| 653 |
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|a Econometrics
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| 653 |
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|a Econometrics & economic statistics
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Multiple Variables: General
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| 653 |
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|a Production and Operations Management
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| 700 |
1 |
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|a Rubio-Ramirez, Juan
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| 700 |
1 |
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|a Rabanal, Pau
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781451873597.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2009/212/001.2009.issue-212-en.xml?cid=23309-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a 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 correction (VECM) and that adding cointegrated technology shocks to the standard IRBC model helps explaining the observed high real exchange rate volatility. Also we show that the observed increase of the real exchange rate volatility with respect to output in the last 20 year can be explained by changes in the parameter of the VECM.
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