Explaining International Comovements of Output and Asset Returns : The Role of Money and Nominal Rigidities »
Series: IMF Working Papers
Author(s): Robert Kollman
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 June 1999
Keywords: Cross-country correlation of output and asset returns, money, nominal rigidities, international transmission of business cycles, money supply, monetary policy, price level, money stock, inflation
Empirically, output and asset returns are highly positively correlated across the United States and the other major industrialized countries. Standard business cycle models that assume flexible prices and wages, in...