Business cycles are less volatile in rich countries than in poor ones. They are also more synchronized with the world cycle. The authors develop two alternative but noncompeting explanations for those facts. Both explanations proceed from the observation that the law of comparative advantage causes rich and poor countries to specialize in the production of different commodities. In particular, rich countries specialize in high-tech products produced...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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1998/07/31
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Рабочий документ в рамках исследования вопросов политики
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WPS1948
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1
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1
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2010/07/01
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Comparative advantage and the cross-section of business cycles
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log-level of average per capita
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