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- Backus–Kehoe–Kydland_puzzle abstract "In economics, the Backus–Kehoe–Kydland consumption correlation puzzle, also known as the BKK puzzle, is the observation that consumption is much less correlated across countries than output.In an Arrow–Debreu economy, i.e. an economy with a complete set of state-contingent markets, country-specific output risks should be pooled and domestic consumption growth should not depend heavily on country-specific income shocks. So according to theory we should observe that consumption is much more correlated across countries than output. What Backus, Kehoe and Kydland found in their article from 1992 was the opposite, namely that consumption is much less correlated across countries than output.Backus, Kehoe, and Kydland (1992) calculate the correlation of HP-filtered consumption and output for 11 advanced countries relative to the US. The measured average consumption correlation was .19, whereas the average output correlation was .31. Obstfeld and Rogoff (1996) reports average correlation of OECD countries with world consumption (35 “benchmark” countries) of .43, whereas the average OECD country’s output correlation with world benchmark is 0.52. The really puzzling part of these results is not that consumption levels are not perfectly correlated, but that they are less correlated than output. Apparently, there is hardly any risk sharing.Obstfeld and Rogoff (2000) identifies this as one of the six major puzzles in international economics. The others are the home bias in trade puzzle, the equity home bias puzzle, the Feldstein-Horioka savings-investment correlations puzzle, the purchasing power and exchange rate disconnect puzzle, and the Baxter-Stockman neutrality of exchange rate regime puzzle. It is also related to the Backus-Smith consumption-real exchange rate puzzle.".
- Backus–Kehoe–Kydland_puzzle wikiPageID "14290091".
- Backus–Kehoe–Kydland_puzzle wikiPageLength "5242".
- Backus–Kehoe–Kydland_puzzle wikiPageOutDegree "19".
- Backus–Kehoe–Kydland_puzzle wikiPageRevisionID "622446637".
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Arrow–Debreu_model.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Backus-Smith_puzzle.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Backus–Smith_puzzle.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Category:Economic_puzzles.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Category:International_finance.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Category:International_macroeconomics.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Complete_market.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Consumption_(economics).
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Consumption_smoothing.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Correlation.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Correlation_and_dependence.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Equity_home_bias_puzzle.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Feldstein-Horioka_puzzle.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Feldstein–Horioka_puzzle.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Finn_E._Kydland.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Finn_Kydland.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Hodrick–Prescott_filter.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Home_bias_in_trade_puzzle.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Kenneth_Rogoff.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Maurice_Obstfeld.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Output_(economics).
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Patrick_J._Kehoe.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLink Real_exchange-rate_puzzles.
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLinkText "Backus–Kehoe–Kydland puzzle".
- Backus–Kehoe–Kydland_puzzle wikiPageWikiLinkText "consumption correlations puzzle".
- Backus–Kehoe–Kydland_puzzle hasPhotoCollection Backus–Kehoe–Kydland_puzzle.
- Backus–Kehoe–Kydland_puzzle wikiPageUsesTemplate Template:Macroeconomics-stub.
- Backus–Kehoe–Kydland_puzzle wikiPageUsesTemplate Template:Reflist.
- Backus–Kehoe–Kydland_puzzle subject Category:Economic_puzzles.
- Backus–Kehoe–Kydland_puzzle subject Category:International_finance.
- Backus–Kehoe–Kydland_puzzle subject Category:International_macroeconomics.
- Backus–Kehoe–Kydland_puzzle comment "In economics, the Backus–Kehoe–Kydland consumption correlation puzzle, also known as the BKK puzzle, is the observation that consumption is much less correlated across countries than output.In an Arrow–Debreu economy, i.e. an economy with a complete set of state-contingent markets, country-specific output risks should be pooled and domestic consumption growth should not depend heavily on country-specific income shocks.".
- Backus–Kehoe–Kydland_puzzle label "Backus–Kehoe–Kydland puzzle".
- Backus–Kehoe–Kydland_puzzle sameAs m.03c_jwr.
- Backus–Kehoe–Kydland_puzzle sameAs Q4839809.
- Backus–Kehoe–Kydland_puzzle sameAs Q4839809.
- Backus–Kehoe–Kydland_puzzle wasDerivedFrom Backus–Kehoe–Kydland_puzzle?oldid=622446637.
- Backus–Kehoe–Kydland_puzzle isPrimaryTopicOf Backus–Kehoe–Kydland_puzzle.