Medium Term Business Cycles in Developing Countries
通过一个两国不对称DSGE模型，研究了发达国家向发展中国家的技术流动如何传导商业周期波动，发现发达国家冲击对发展中国家影响大，且发达国家商业周期领先于发展中国家中期波动。
We study the transmission of business cycle fluctuations for developed (N) to developing economies (S) with a two-country, asymmetric, DSGE model with endogenous development of new technologies in N, and sunk costs of exporting and transferring the production of the intermediate goods to S. Consistent with the data, the flow of technologies from N to S co-moves positively with output in N and S; shocks to N have a large effect on S; business cycles in N lead over medium term fluctuations in S; the cross-correlation of outputs is larger than consumption; and interest rates in S are countercyclical.