Growth fluctuations exhibit substantial synchronization across countries, which has been viewed as reflecting a global business cycle driven by shocks with worldwide reach, or spillovers resulting from local real and/or financial linkages between countries. This paper brings these two perspectives together by analyzing international growth fluctuations in a setting that allows for both global shocks and spatial dependence. Using annual data for 117...
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INFORMATION
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2019/03/21
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Document de travail de recherche sur les politiques
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WPS8786
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1
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1
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2019/03/21
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Disclosed
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Adding Space to the International Business Cycle
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real output growth
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