The International Synchronisation of Business Cycles: the Role of Animal Spirits View Full Text


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Article Info

DATE

2017-04-12

AUTHORS

Paul De Grauwe, Yuemei Ji

ABSTRACT

Business cycles among industrial countries are highly correlated. We develop a two-country behavioral macroeconomic model where the synchronization of the business cycle is produced endogenously. The main channel of synchronization occurs through a propagation of “animal spirits”, i.e. waves of optimism and pessimism that become correlated internationally. We find that this propagation occurs with relatively low levels of trade integration. We do not need a correlation of exogenous shocks to generate synchronization. We also empirically test the main predictions of the model. More... »

PAGES

383-412

References to SciGraph publications

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s11079-017-9434-3

DOI

http://dx.doi.org/10.1007/s11079-017-9434-3

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1084738930


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