Applied Economics Journal

Applied Economics Journal

ISSN 0858-9291

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  • AEJ highlights the applications of concepts and theories to issues in micro- and macroeconomics
  • Double-blind peer review
  • Two issues a year (Jun, Dec)
  • Open access to all full-text content

Vol. 21 No. 2
Vol. 21 No. 2
Testing International Real Business Cycle Model in Thailand: Why is its cycle so volatile? (in Thai)


Jirawat Jaroensathapornkul


Categorizing Thailand as small country and the United States as large, the stylized fact reveals a striking difference: The fluctuation of aggregate cycle is higher in the small country. The research explores the reasons for this volatility using a two-country real business cycle model, where the social planner faces with the different country sizes. After parameterization and replication are performed, the benchmark economy roughly conforms to the stylized fact in important dimensions. In the experiment, the country size parameters of the United States are replaced on the parameter of Thailand. As the simulation results, the higher fluctuation of Thailandís aggregate cycle is almost totally attributable to the high variance of the shocks

Keywords:   Thailand Business Cycle, United states Business Cycle, Two-country real business cycle model, Country size

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Faculty of Economics Kasetsart University :  Center for Applied Economic Research (CAER) :  Other Journals :  Thai-Journal Citation Index Centre (TCI) (TCI)

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