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- W2185656141 abstract "It is well known that the two-country real business cycle model (as initially proposed by Backus, Kehoe and Kydland (1992)) has di‐culty producing positive cross-country correlations of hours worked and investment. Recently, Baxter and Farr (2005) found that adding endogenous capital utilization rates to a two-country model raises these correlations. However, their results show that for realistic parameter values, the model still cannot match both correlations simultaneously as the cross-country correlation of investment is consistently too low. A flrst contribution of this paper is to show that learning-by-doing is another mechanism that raises the cross-country correlations of investment and hours. A second contribution is the flnding that a two-country model with learning-by-doing and endogenous capital utilization produces positive cross-country correlations of hours and investment that are in the range observed empirically. A third contribution is to show that the model with learning-by-doing and capital utilization can produce positive cross-country correlations of output, consumption, investment and hours when technology shocks are uncorrelated across countries and there are international spillovers in the accumulation of organizational capital." @default.
- W2185656141 created "2016-06-24" @default.
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- W2185656141 date "2007-01-01" @default.
- W2185656141 modified "2023-09-27" @default.
- W2185656141 title "Revisiting Cross-Country Correlation Anomalies" @default.
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