Dynamics of global business cycle interdependence
分析了后大缓和时期主要经济体经济周期相互依赖的时变特征，发现2000年代初全球相互依赖显著增强，主要源于新兴市场与世界经济同步性提高，且与各国产业结构差异缩小密切相关。
In this paper, we provide a comprehensive analysis of the time-varying interdependence among the economic cycles of the major world economies during the post-Great Moderation period. We document a significant increase in the global business cycle interdependence occurred in the early 2000s. Such increase is mainly attributed to the emerging market economies, since their business cycles became more synchronized with the rest of the world around that time. Moreover, we find that the increase in global interdependence is highly related to decreasing differences in sectoral composition among countries.