This paper provides instrumental variables estimates of the response of aggregate private consumption to transitory … transitory shocks to aggregate output on private consumption in poor countries. …

consumption. We use empirical techniques that allow us to quantify the relative importance of permanent and transitory innovations … liabilities, net output and consumption all increase – consistent with the effect of productivity gains raising domestic return to … capital and thus generating an inflow of foreign capital. Conversely, shocks that cause net output and consumption to increase …

The joint dynamics of US net output, consumption, and (valuation-adjusted) foreign assets and liabilities …. While US consumption is virtually insulated from transitory shocks, these contribute considerably to the variation in net … shock – naturally interpreted as a productivity shock – raises consumption swiftly while causing net output to adjust only …

Recent cross-country studies on the globalization and output-inflation tradeoff correlation find openness has no … openness on the output-inflation trade off differ in sign and size across countries. In contrast to previous cross …

policymaker to deviate from strict domestic price stability. With both consumption and production openness variations in the world …Openness per se requires optimal monetary policy to deviate from the canonical closed-economy principle of domestic … equilibrium analysis in an economy that trades in final consumption goods. I then extend the standard open economy New Keynesian …

payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a … Finances. A version of the model parametrized to the 2001 tax rebate episode is able to generate consumption responses to …