01854cas a2200253 a 4500 AALejournalIMF009465 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867466 1018-5941 BD-DhAAL BD-DhAAL Bayoumi, Tamim. Foreign Entanglements : Estimating the Source and Size of Spillovers Across Industrial Countries / Tamim Bayoumi, Andrew Swiston. Washington, D.C. : International Monetary Fund, 2007. 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 VARs of real growth since 1970 are used to estimate spillovers between the U.S., euro area, Japan, and an aggregate of small industrial countries, which proxies for global shocks. U.S. and global shocks generate significant spillovers, while those from the euro area and Japan are small. This paper also calculates the standard errors of impulse-response functions including uncertainty over the proper Cholesky ordering. Extensions adding real net exports, commodity prices, and financial variables indicate that financial effects dominate spillovers. The results by subperiod underline the importance of the great moderation in U.S. output fluctuations and associated financial stability in lowering output volatility elsewhere. Mode of access: Internet Swiston, Andrew. IMF Working Papers; Working Paper ; No. 2007/182 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/182/001.2007.issue-182-en.xml IMF e-Library