Internationaland intranational business cycles

Gregory D. Hess, Kwanho Shin

Research output: Contribution to journalArticlepeer-review

22 Citations (Scopus)


This paper surveys and analyses the international real business cycle literature. We re-explore two international business cycle anomalies emphasized by Backus, Kehoe, and Kydland (1995) as well as establishing the pattern of productivity growth between industries and countries. We then compare these findings for the international business cycle to those obtained for data behveen regions within a country - the so-called 'intranational business cycle'. Importantly, the intranational business cycle is a natural environment for thinking about the interactions between economies when there are no trade frictions and when there are not multiple currencies. We summarize our findings with a comparison between the stylized facts for international and intranational business cycles and draw some policy conclusions.

Original languageEnglish
Pages (from-to)93-109
Number of pages17
JournalOxford Review of Economic Policy
Issue number3
Publication statusPublished - 1997
Externally publishedYes

ASJC Scopus subject areas

  • Economics and Econometrics
  • Management, Monitoring, Policy and Law


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