Abstract The Real Business Cycle (RBC) research program has grown specularly over the
last decade, as its concepts and methods have diffused into mainstream macroeconomics …

This paper surveys the performance of international capital markets and the literature on
measuring international capital mobility. Three main functions of a globally integrated and …

We ask whether a two-country real business cycle model can account simultaneously for
domestic and international aspects of business cycles. With this question in mind, we …

We examine the possibility that non-traded goods may account for several striking features
of international macroeconomic data: large, persistent deviations from purchasing power …

This paper studies the international transmission of business cycles by developing a two-
country real business-cycle model and confronting it with a broad set of empirical …

Recent research in international business cycles finds that international consumption
comovements do not match the risk-sharing predictions of standard complete markets …

Publisher Summary This chapter discusses the salient features of international trade and
business cycles and summarizes the contributions of a particular branch of the literature on …

This paper discusses a dynamic model that is consistent with the main empirical regularities
of economic fluctuations in open economies. While other models in this class have relied on …

What idiosyncratic consumption risks can countries trade away on international asset
markets? This paper develops an empirical methodology for answering the question. The …

International Real Business Cycle (IRBC) models that assume complete asset markets yield
strong restrictions for consumption and bilateral real exchange rate series. Empirical tests …