02134cas a2200277 a 4500 AALejournalIMF007018 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455216727 1018-5941 BD-DhAAL BD-DhAAL Aruoba, S. Boragan. Globalization, the Business Cycle, and Macroeconomic Monitoring / S. Boragan Aruoba, Marco Terrones, Ayhan Kose, Francis Diebold. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (52 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 We propose and implement a framework for characterizing and monitoring the global business cycle. Our framework utilizes high-frequency data, allows us to account for a potentially large amount of missing observations, and is designed to facilitate the updating of global activity estimates as data are released and revisions become available. We apply the framework to the G-7 countries and study various aspects of national and global business cycles, obtaining three main results. First, our measure of the global business cycle, the common G-7 real activity factor, explains a significant amount of cross-country variation and tracks the major global cyclical events of the past forty years. Second, the common G-7 factor and the idiosyncratic country factors play different roles at different times in shaping national economic activity. Finally, the degree of G-7 business cycle synchronization among country factors has changed over time. Mode of access: Internet Diebold, Francis. Kose, Ayhan. Terrones, Marco. IMF Working Papers; Working Paper ; No. 2011/025 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/025/001.2011.issue-025-en.xml IMF e-Library