Trade Integration and Business Cycle Convergence: Is the Relation Robust across Time and Space?*
利用24个国家1959-2003年的面板数据，研究贸易强度与商业周期相关性之间的关系，发现两者正相关，但主要存在于欧洲国家。
Abstract In this paper we investigate the relationship between trade intensity and the business cycle correlation using a panel data set taken from 24 countries over the period 1959–2003. Most previous studies did not account for the possibility that the business cycle correlation may be influenced by unobservable country‐pair specific effects. Our estimates, using both fixed‐ and random‐effects methodologies, suggest that trade intensity and the business cycle correlation are positively related to one another. However, detailed investigation shows that this relationship exists mainly for the European countries.