- (2013): “International asset pricing with recursive preferences,†The Journal of Finance, 68(6), 2651–2686.
Paper not yet in RePEc: Add citation now
- (2018): “Real Exchange Rates and Sectoral Productivity in the Eurozone,†American Economic Review, 108(6), 1543–81.
Paper not yet in RePEc: Add citation now
- (2019): “Mussa puzzle redux,†.
Paper not yet in RePEc: Add citation now
- Adjemian, S., H. Bastani, M. Juillard, F. Mihoubi, G. Perendia, M. Ratto, and S. Villemot (2011): “Dynare: Reference manual, version 4,†.
Paper not yet in RePEc: Add citation now
- Adolfson, M., S. LaseÃŒÂen, J. LindeÃŒÂ, and M. Villani (2008): “Evaluating an estimated new Keynesian small open economy model,†Journal of Economic Dynamics and Control, 32(8), 2690– 2721.
Paper not yet in RePEc: Add citation now
Akcigit, U., S. T. Ates, and G. Impullitti (2018): “Innovation and Trade Policy in a Globalized World,†Discussion paper, National Bureau of Economic Research.
Alessandria, G. A., and H. Choi (2019): “The dynamics of the US trade balance and real exchange rate: The J curve and trade costs?,†Discussion paper, National Bureau of Economic Research.
Alfaro, L., A. Cunat, H. Fadinger, and Y. Liu (2018): “The Real Exchange Rate, Innovation and Productivity: Heterogeneity, Asymmetries and Hysteresis,†Discussion paper, National Bureau of Economic Research.
An, S., and F. Schorfheide (2007): “Bayesian analysis of DSGE models,†Econometric reviews, 26(2-4), 113–172.
Anzoategui, D., D. Comin, M. Gertler, and J. Martinez (2019): “Endogenous technology adoption and R&D as sources of business cycle persistence,†American Economic Journal: Macroeconomics, 11(3), 67–110. Ates, S., and F. Saffie (forthcoming): “Fewer but better: Sudden stops, firm entry, and financial selection,†American Economic Journal: Macroeconomics.
Backus, D. K., P. J. Kehoe, and F. E. Kydland (1992): “International real business cycles,†Journal of political Economy, 100(4), 745–775.
Baxter, M., and M. J. Crucini (1995): “Business Cycles and the Asset Structure of Foreign Trade,†International Economic Review, 36(4), 821–854.
Beaudry, P., D. Galizia, and F. Portier (2020): “Putting the cycle back into business cycle analysis,†American Economic Review, 110(1), 1–47.
Benguria, F., H. Matsumoto, and F. Saffie (2020): “Productivity and Trade Dynamics in Sudden Stops,†Available at SSRN.
Berka, M., M. B. Devereux, and C. Engel (2012): “Real Exchange Rate Adjustment in and out of the Eurozone,†American Economic Review, 102(3), 179–85.
Boehm, C. E., A. A. Levchenko, and N. Pandalai-Nayar (2020): “The Long and Short (Run) of Trade Elasticities,†Discussion paper.
Campbell, J. R., J. D. Fisher, A. Justiniano, and L. Melosi (2017): “Forward guidance and macroeconomic outcomes since the financial crisis,†NBER Macroeconomics Annual, 31(1), 283–357.
Cascaldi-Garcia, D., and M. Vukotic̠(2020): “Patent-based news shocks,†.
Chari, V. V., P. J. Kehoe, and E. R. McGrattan (2002): “Can sticky price models generate volatile and persistent real exchange rates?,†The review of economic studies, 69(3), 533–563.
Colacito, R., and M. M. Croce (2011): “Risks for the long run and the real exchange rate,†Journal of Political economy, 119(1), 153–181.
Comin, D., and M. Gertler (2006): “Medium-term business cycles,†American Economic Review, 96(3), 523–551.
Corsetti, G., L. Dedola, and S. Leduc (2008): “International risk sharing and the transmission of productivity shocks,†The Review of Economic Studies, 75(2), 443–473.
- Drozd, L. A., S. Kolbin, J. B. Nosal, et al. (2019): “The Trade-Comovement Puzzle,†Discussion paper.
Paper not yet in RePEc: Add citation now
Eaton, J., and S. Kortum (1999): “International technology diffusion: Theory and measurement, †International Economic Review, 40(3), 537–570. Eichenbaum, M., B. K. Johannsen, and S. Rebelo (forthcoming): “Monetary policy and the predictability of nominal exchange rates,†The Review of Economic Studies.
Erceg, C. J., L. Guerrieri, and C. Gust (2006): “SIGMA: A New Open Economy Model for Policy Analysis,†International Journal of Central Banking.
Farhi, E., and X. Gabaix (2015): “Rare disasters and exchange rates,†The Quarterly Journal of Economics, 131(1), 1–52.
- Fisher, J. (2014): “On the Structural Interpretation of the Smets-Wouters “Risk Premium†Shock,†Discussion paper, Working Paper No. 2014-08, Federal Reserve Bank of Chicago.
Paper not yet in RePEc: Add citation now
GalıÌÂ, J., F. Smets, and R. Wouters (2012): “Unemployment in an estimated new keynesian model,†NBER macroeconomics annual, 26(1), 329–360.
- Gavazzoni, F., and A. M. Santacreu (2019): “International R&D spillovers and asset prices,†Journal of Financial Economics.
Paper not yet in RePEc: Add citation now
Ghironi, F., and M. J. Melitz (2005): “International trade and macroeconomic dynamics with heterogeneous firms,†The Quarterly Journal of Economics, 120(3), 865–915.
- GO Pc i,c,2005 GO PUS i,US,2005 × exch.ratec,2005 =
Paper not yet in RePEc: Add citation now
- GO Pindex i,c,t GO Pindex i,US,t × Ai,c exch.ratec,t where the constant Ai,c = GO Pc i,c,base/GO PUS i,US,base. Note that exch.ratec,t comes directly from the nominal exchange rate data, and GO Pindex is available for all countries in the KLEMS data (the gross output price index series is called GO P). Thus, the only thing remaining to calculate FXi,c,t is the time-constant Ai,c. GGDC gives gross output price estimates relative to US GDP for the year 2005 (in US dollars): GO RPi,c,2005 ≡ GO PUS i,c,2005/GDPUS US,2005. I calculate Ai,c by taking the following ratio: GO RPi,c,2005 GO RPi,US,2005 =
Paper not yet in RePEc: Add citation now
- GO PUS i,c,2005 GO PUS i,US,2005 =
Paper not yet in RePEc: Add citation now
- GO PUS i,c,2005/GDPUS US,2005 GO PUS i,US,2005/GDPUS US,2005 =
Paper not yet in RePEc: Add citation now
- Goldschlag, N., T. J. Lybbert, and N. J. Zolas (2018): “Tracking the Technological Composition of Industries with Algorithmic Patent Concordances,†.
Paper not yet in RePEc: Add citation now
Greenwood, J., Z. Hercowitz, and G. W. Huffman (1988): “Investment, capacity utilization, and the real business cycle,†The American Economic Review, pp. 402–417.
Grossman, G. M., and E. Helpman (1991): “Quality ladders in the theory of growth,†The review of economic studies, 58(1), 43–61.
- Grüning, P. (2017): “International endogenous growth, macro anomalies, and asset prices,†Journal of Economic Dynamics and Control, 78, 118–148.
Paper not yet in RePEc: Add citation now
Guerron-Quintana, P. A., and R. Jinnai (2019): “Financial frictions, trends, and the great recession,†Quantitative Economics, 10(2), 735–773.
Heathcote, J., and F. Perri (2002): “Financial autarky and international business cycles,†Journal of monetary Economics, 49(3), 601–627.
Huo, Z., A. Levchenko, and N. Pandalai-Nayar (2018): “The Global Business Cycle: Measurement and Transmission,†Discussion paper, Working Paper.
Inklaar, R., and M. P. Timmer (2014): “The relative price of services,†Review of Income and Wealth, 60(4), 727–746.
Irwin, D. A., and P. J. Klenow (1994): “Learning-by-doing spillovers in the semiconductor industry,†Journal of political Economy, 102(6), 1200–1227.
Itskhoki, O., and D. Mukhin (2017): “Exchange rate disconnect in general equilibrium,†Discussion paper, National Bureau of Economic Research.
Jaimovich, N., and S. Rebelo (2009): “Can news about the future drive the business cycle?,†American Economic Review, 99(4), 1097–1118.
- Jordà, Ò. (2005): “Estimation and inference of impulse responses by local projections,†American economic review, 95(1), 161–182.
Paper not yet in RePEc: Add citation now
Karabarbounis, L. (2014): “Home production, labor wedges, and international business cycles,†Journal of Monetary Economics, 64, 68–84.
Lewis, L., R. Monarch, M. Sposi, and J. Zhang (2018): “Structural Change and Global Trade,†.
Meese, R. A., and K. Rogoff (1983): “Empirical exchange rate models of the seventies: Do they fit out of sample,†Journal of International Economics, 14(3), 24.
Ohanian, L. E., and A. Raffo (2012): “Aggregate hours worked in OECD countries: New measurement and implications for business cycles,†Journal of Monetary Economics, 59(1), 40–56.
Rabanal, P., and J. F. Rubio-Ramirez (2015): “Can international macroeconomic models explain low-frequency movements of real exchange rates?,†Journal of International Economics, 96(1), 199–211.
Raffo, A. (2010): Technology shocks: novel implications for international business cycles, vol. 7980. Diane Publishing.
Romer, P. M. (1990): “Endogenous technological change,†Journal of political Economy, 98(5, Part 2), S71–S102.
Schmitt-GroheÃŒÂ, S., and M. Uribe (2003): “Closing small open economy models,†Journal of international Economics, 61(1), 163–185.
Smets, F., and R. Wouters (2007): “Shocks and frictions in US business cycles: A Bayesian DSGE approach,†American economic review, 97(3), 586–606.
- Thus, we calculate industry-level exchange rates using the formula FXi,c,t = GO Pindex i,c,t GO Pindex i,US,t × GO RPi,c,2005 GO RPi,US,2005 × exch.ratec,2005 exch.ratec,t . KLEMS databases are from the EU, Canada, Japan, Russia, and India.
Paper not yet in RePEc: Add citation now
Create a citation alert || Missing content? Let us know