Similar Search Results

Competitiveness, Wage Adjustment and Macroeconomic Policy in a Small Open Economy

Alogoskoufis, George - C.E.P.R. Discussion Papers - 1987

assuming that the traded goods sector is competitive while the non-traded goods sector is oligopolistic, I show that real wages …

Persistent link: https://www.econbiz.de/10005504264

Monetary Policy and the International Implications of the Phillips Curve in an Open Economy

Alogoskoufis, George - C.E.P.R. Discussion Papers - 1987

foreign sector. It is also assumed that wages are not only indexed to the price level, but also respond to the state of the … informational content to wages, over and above the information conveyed by other aggregate prices. The optimal policy in this model … wages are only partially correlated signals about the unobserved disturbances. …

Persistent link: https://www.econbiz.de/10005661914

A Macro-Theoretic Model of the Chinese Economy

Dixon, Huw David - C.E.P.R. Discussion Papers - 1996

A stylized model of the Chinese economy is developed with three production sectors: agriculture, non-traded industrial goods, and industrial exports. The state purchases food from farmers by dual-track pricing; urban food sales are subsidized through ration coupons. Marginal prices clear markets...

Persistent link: https://www.econbiz.de/10005123495

Growth in Open Economies

Rebelo, Sérgio - C.E.P.R. Discussion Papers - 1992

This paper provides a survey of recent growth models that attempt to explain the cross-country diversity in rates of economic growth. It shows that these models can only generate differences in growth rates in the absence of international capital markets. With free international capital mobility...

Persistent link: https://www.econbiz.de/10005123806

Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model

Söderström, Ulf - C.E.P.R. Discussion Papers - 2008

I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European Union. I first show that the Swedish business cycle since the mid-1990s has been closely correlated with the Euro area economies, suggesting that common shocks have been an...

Persistent link: https://www.econbiz.de/10005124237

Business Cycles in a Small Open Economy

Correia, Isabel; Neves, Joao C; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 1994

This paper discusses a dynamic model that is consistent with the main empirical regularities of economic fluctuations in open economies. While other models in this class have relied on non-separable preferences or finite horizons to generate a realistic consumption volatility, we show that there...

Persistent link: https://www.econbiz.de/10005124343

Price Stability as a Nash Equilibrium in Monetary Open-Economy Models

Benigno, Gianluca; Benigno, Pierpaolo - C.E.P.R. Discussion Papers - 2001

A two-country dynamic general-equilibrium model with imperfect competition and price stickiness is considered. This work shows the conditions under which price stability can implement the flexible-price allocation as a Nash equilibrium. This is possible if and only if both countries maintain a...

Persistent link: https://www.econbiz.de/10005136428

Caution or Activism? Monetary Policy Strategies in an Open Economy

Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - C.E.P.R. Discussion Papers - 2004

We examine optimal policy in a two-country model with uncertainty and learning, where monetary policy actions affect the real economy through the real exchange rate channel. Our results show that whether policy should be cautious or activist depends on the size of one country relative to...

Persistent link: https://www.econbiz.de/10005067656

Determinants of the Equilibrium Real Exchange Rate

Neary, J Peter - C.E.P.R. Discussion Papers - 1987

This paper presents a compact derivation of the determinants of changes in the equilibrium real exchange rate (the price index of non-traded goods relative to traded goods) in a small open economy with any number of goods and factors. It is shown that the change in the real exchange rate equals...

Persistent link: https://www.econbiz.de/10005504560

News and Business Cycles in Open Economies

Jaimovich, Nir; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2007

It is well known that the neoclassical model does not generate comovement among macroeconomic aggregates in response to news about future total factor productivity. We show that this problem is generally more severe in open economy versions of the neoclassical model. We present an open economy...

Persistent link: https://www.econbiz.de/10005504788

1
2
3
4
5
6
7
8
9
10
Next
Last