04511oam 22012134 450 991078822630332120230721045716.01-4623-7796-31-4518-7359-X1-4527-5510-81-282-84418-09786612844188(CKB)3170000000055355(SSID)ssj0000940088(PQKBManifestationID)11519262(PQKBTitleCode)TC0000940088(PQKBWorkID)10948643(PQKB)10423893(OCoLC)649708896(MiAaPQ)EBC1608837(IMF)WPIEE2009212(EXLCZ)99317000000005535520020129d2009 uf 0engurcn|||||||||txtccrCointegrated TFP Processes and International Business Cycles /Vicente Tuesta, Juan Rubio-Ramirez, Pau RabanalWashington, D.C. :International Monetary Fund,2009.53 p. illIMF Working Papers"September 2009."1-4519-1781-3 A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the "rest of the world," is characterized by a vector error correction (VECM) and that adding cointegrated technology shocks to the standard IRBC model helps explaining the observed high real exchange rate volatility. Also we show that the observed increase of the real exchange rate volatility with respect to output in the last 20 year can be explained by changes in the parameter of the VECM.IMF Working Papers; Working Paper ;No. 2009/212Business cyclesEconometric modelsForeign exchange ratesEconometric modelsEconometricsimfForeign ExchangeimfMacroeconomicsimfProduction and Operations ManagementimfProductionimfCostimfCapital and Total Factor ProductivityimfCapacityimfMultiple or Simultaneous Equation ModelsimfMultiple Variables: GeneralimfMacroeconomics: ConsumptionimfSavingimfWealthimfEnvironment and GrowthimfCurrencyimfForeign exchangeimfEconometrics & economic statisticsimfEconomic growthimfReal exchange ratesimfTotal factor productivityimfVector error correction modelsimfConsumptionimfSustainable growthimfIndustrial productivityimfEconometric modelsimfEconomicsimfEconomic developmentimfUnited StatesimfBusiness cyclesEconometric models.Foreign exchange ratesEconometric models.EconometricsForeign ExchangeMacroeconomicsProduction and Operations ManagementProductionCostCapital and Total Factor ProductivityCapacityMultiple or Simultaneous Equation ModelsMultiple Variables: GeneralMacroeconomics: ConsumptionSavingWealthEnvironment and GrowthCurrencyForeign exchangeEconometrics & economic statisticsEconomic growthReal exchange ratesTotal factor productivityVector error correction modelsConsumptionSustainable growthIndustrial productivityEconometric modelsEconomicsEconomic developmentTuesta Vicente1509593Rubio-Ramirez Juan1509594Rabanal Pau1509574International Monetary Fund.Research Dept.DcWaIMFBOOK9910788226303321Cointegrated TFP Processes and International Business Cycles3741567UNINA