This paper uses a panel structural vector autoregressive (VAR) model to investigate the extent to which global financial conditions, i.e., a global risk-free interest rate and global financial risk, and country spreads contribute to macroeconomic fluctuations in emerging countries. The main findings are: (1) Global financial risk shocks explain about 20 percent of movements both in the country ...

Can financial integration, particularly the cross-border investments of multinational firms, help explain the synchronization of business cycles? This paper presents evidence on the comovement of returns and investment within U.S. multinational firms to address this question. These firms constitute significant fractions of economic output and investment in most large economies, suggesting that ...

in the era of globalization, particularly, since early 1990s, economies around the world have been affected considerably by co-movements in one or more countries. in the literature this phenomenon is recognized as synchronization in business cycles, while joint policies being conducted by trading partners can modify such effects properly. the objective of this paper has been to evaluate a possi...

Social Software (SoS) is a term commonly used to describe a group of web based services that have capability to connect, disseminate information, network or blog. The popular SoS has created environments to attract millions of users and a favorable environment for businesses to exploit the benefit of having access to the users by adopting it as a business support tool. Studies indicate that SoS...

We study how trade linkages affect the conduct of monetary policy in a two-country model with heterogeneous firms, endogenous producer entry, and labor market frictions. show that ability to replicate key empirical regularities following integration—synchronization business cycles across trading partners reallocation shares toward more productive firms—is central understanding costs trade-offs....

Entrepreneurship policy mainly aims to promote innovative Schumpeterian entrepreneurship. However, the rate of entrepreneurship is commonly proxied using quantity-based metrics, such as small business activity, the self-employment rate, or the number of startups. We argue that those metrics give rise to misleading inferences regarding high-impact Schumpeterian entrepreneurship. To unambiguously...

Output growth in the U.S., a commodity-importing country, increases its demand for imports of commodities and therefore commodity prices, which benefits commodityexporting countries but has adverse effects on commodity-importing countries. Hence, in the data, U.S. output is more positively correlated with outputs of commodity-exporting countries than commodity-importing countries. In other word...

Article History Received: 7 April 2017 Revised: 2 May 2017 Accepted: 29 May 2017 Published: 19 June 2017

This paper studies an agent-based model that bridges Keynesian theories of demandgeneration and Schumpeterian theories of technology-fueled economic growth. We employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply, demand and the “fundamentals” of the economy. We find that the complementarities between factors influencing aggregate d...