The international transmission of economic fluctuations

摘要: Abstract This paper suggests that for a wide class of international real-business-cycle models, including models with imperfect competition, the traditional channels transmission business cycles through world-interest-rate and terms-of-trade variations cannot explain cyclical response Canadian economy to innovations in U.S. output. Empirically testable quantitative effects on economic activity shocks are developed their empirical relevance is tested by comparing impulse responses estimated from vector autoregressions predictions theoretical models.