2012 Spillover Report - Background Papers

Date: July 10, 2012
Electronic Access: Full Text

Summary:This note conducts a business cycle accounting analysis for systemic economies, with an emphasis on spillover effects from macroeconomic versus financial shocks. The systemic economies under consideration are China, the Euro Area, Japan, the United Kingdom, and the United States. This analysis is based on historical decompositions of output growth derived from the estimated structural macroeconometric model of the world economy, disaggregated into thirty five national economies, documented in Vitek (2012). Within this framework, each economy is represented by interconnected real, external, monetary, fiscal, and financial sectors. Spillovers are transmitted across economies via trade, financial, and commodity price linkages.

Series : Policy Paper
Subject(s): Spillovers | Europe | United States | China | Japan | United Kingdom | Euro Area | External shocks | Capital markets | Asset prices | Business cycles | Financial risk | Background papers