International Recessions
نویسندگان
چکیده
The 2008-2009 US crisis is characterized by un unprecedent degree of international synchronization with all other G7 countries experiencing large contractions at almost the same time as the US. Another feature of the crisis is the sharp fall in US employment but not in US productivity. These two features—international synchronization and absence of significant productivity fall—are not present in many of the previous US contractions. We study a two-country model with financial markets frictions and show that the changes listed above are consistent with ‘credit shocks’ playing a more prominent role as a source of business cycle fluctuations, in an environment with international mobility of capital.
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