Ticarete konu olmayan malların varlığında uluslar arası konjonktürel dalgalanmalar

This paper examines the international transmission of business cycles in a two-countrymodel with nontradable goods. The model is parameterized, calibrated, and simulated toexplore its ability to rationalize characteristics of observed business cycles. The predictionsof this model are compared to those of others under different financial structures. The findingsare interpreted as evidence that the structure of international trade of goods and assetsare interdependent, and therefore an endogenous approach in both dimensions is necessarywhen analyzing the transmission of macroeconomic fluctuations and financial integration.