Macro'economic Fluctuations in Developing Countries
记录了12个发展中国家宏观经济波动的主要典型特征，分析了国内工业产出与财政、货币、贸易等变量的交叉相关性，并考察了工业国经济条件对样本国产出波动的影响。
This article documents the main stylized features of macroeconomic fluctuations for 12 developing countries. It presents cross-correlations between domestic industrial output and a large group of macroeconomic variables, including fiscal variables, wages, inflation, money, credit, trade, and exchange rates. Also analyzed are the effects of economic conditions in industrial countries on output fluctuations in the sample developing countries. The results point to many similarities between macroeconomic fluctuations in developing and industrial countries (procyclical real wages, countercyclical variation in government expenditures) and some important differences (countercyclical variation the velocity of monetary aggregates). Their robustness is examined using different detrending procedures.