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Abstract

This paper provides a theory of the international business cycle grounded on firms- entry and sticky prices. It shows that under simple monetary rules pro-cyclical entry and counter-cyclical markups can generate fluctuations in macroeconomic aggregates and trade variables as large as those observed in the data while at the same time providing positive international comovements. Both firms- entry and sticky prices are essential for reproducing the synchronization of the business cycles found in the data.



Item Type: MPRA Paper -

Original Title: Firms- entry, monetary policy and the international business cycle-

Language: English-

Keywords: firm entry, international business cycle, international comovements; variable markup; Taylor rule; exchange rate regimes-

Subjects: E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations ; CyclesE - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary PolicyF - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F41 - Open Economy Macroeconomics-





Autor: Cavallari, Lilia

Fuente: https://mpra.ub.uni-muenchen.de/41876/







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