01843cas a2200253 a 4500 AALejournalIMF001068 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451857214 1018-5941 BD-DhAAL BD-DhAAL Lumsdaine, Robin. Identifying the Common Component in International Economic Fluctuations : A New Approach / Robin Lumsdaine, Eswar Prasad. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (38 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper develops an aggregation procedure using time-varying weights for constructing the common component of international economic fluctuations. The methodology for deriving time-varying weights is based on some stylized features of the data documented in the paper. The model allows for a unified treatment of cyclical and seasonal fluctuations and also captures the dynamic propagation of shocks across countries. Correlations of individual country fluctuations with the common component provide evidence of a 'world business cycle' and a distinct European common component. The results suggest that macroeconomic fluctuations have become more closely linked across industrial economies in the post-Bretton Woods period. Mode of access: Internet Prasad, Eswar. IMF Working Papers; Working Paper ; No. 1999/154 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/154/001.1999.issue-154-en.xml IMF e-Library