Real Business Cycles are often studied in the context of the general equlibrium framework with competitive markets, flexible wages and prices. This restricts the effective application of intertemporal models to the real world business cycles. Stickiness of wages and prices have been considered in recent monopolistic competition models. In this paper, we go a step further and separate labor supp...

this paper identifies characteristics of business cycles in iran, applying hodrick-prescott (hp) and band-pass (bp) filters. using seasonal and anual data for 1970-2003, it is found that oil income is the key driving factor of business cycles in the iranian economy. furthermore, it is indicated that iran's economy has experienced seven business cycles during this period, in which the econo...

Abstract We agree with Aguinis and Gabriel that, contrary to Eden Nielsen, international business (IB) is not uniquely complex, but argue that it faces two unique challenges. First, because deals cross-country phenomena, IB data are less plentiful reliable. Second, uses many imported theories, they tend be influenced by the national environment of their authors, often have, taken as is, limited...

In economic theory, various determinants are considered to explore their effects on trade patterns. Accordingly, business cycles indicate turbulences in economic activities. Business cycles and their fluctuations cause a change in demand for goods and services from the other country then it can affect trade flows. In this study, by using a gravity model, we study the effects of business cycles ...

The empirical literature on common international business cycles has largely ignored model misspecification in estimated factor models as the various are typically imposed but not tested for. This paper proposes a Bayesian stochastic selection approach for multilevel models. procedure is applied to three-level dynamic with global factor, six regional factors and three development level factors....