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Does PPP-Adjusted Data Exaggerate the Relative Size of Poor Economies
Honohan, Patrick - C.E.P.R. Discussion Papers - 1998
Conventional PPP-adjusted real output measures, invaluable for making international comparisons of living standards, may greatly exaggerate the productive capacity of poor countries. The equilibrium prices of an hypothetical world of full economic integration provide an instructive basis for...
Persistent link: https://www.econbiz.de/10005656364
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Food Subsidies and Inflation in Developing Countries: A Bridge Between Structuralism and Monetarism
Parkin, Vincent; Srinivasan, T G; Vines, David - C.E.P.R. Discussion Papers - 1989
This paper examines the efficacy of food consumption subsidies as anti-inflation policy in developing countries … consumption subsidies brings down inflation in the very short run, eventually it is self-defeating: a lower relative price of food … expect that this would reinforce the results of the structuralist model, but it is shown that the ensuing inflation is not …
Persistent link: https://www.econbiz.de/10005281346
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Fast ML estimation of dynamic bifactor models: an application to European inflation
Fiorentini, Gabriele; Galesi, Alessandro; Sentana, Enrique - C.E.P.R. Discussion Papers - 2015
. We explore the ability of a model with a global factor and three regional ones to capture inflation dynamics across 25 …
Persistent link: https://www.econbiz.de/10011186627
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Inflation Convergence with Realignments in a Two-Speed Europe
Lambertini, Luisa; Miller, Marcus; Sutherland, Alan - C.E.P.R. Discussion Papers - 1991
accommodation and zero accommodation of inflation differentials. To what extent, however, does the new freedom of capital movements …-looking behaviour in labour and financial markets to analyse this question. A rule which partially accommodates inflation differentials … is shown to be consistent with inflation convergence and perfect capital mobility, provided that the timing of …
Persistent link: https://www.econbiz.de/10005791318
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Closing Small Open Economy Models
Schmitt-Grohé, Stephanie; Uribe, Martín - C.E.P.R. Discussion Papers - 2002
The small open economy model with incomplete asset markets features a steady state that depends on initial conditions. In addition, equilibrium dynamics posses a random walk component. A number of modifications to the standard model have been proposed to induce stationarity. This Paper presents...
Persistent link: https://www.econbiz.de/10005791302
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A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds
Carroll, Christopher D; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2009
We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive,...
Persistent link: https://www.econbiz.de/10008528533
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Green Policies in a Small Open Economy
Bovenberg, A Lans; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1993
In this paper we develop techniques for measuring the trade policy equivalent of domestic distortions, using a distance function approach. Our measure, the Trade Restrictiveness Index, is shown to equal the uniform tariff which is welfare-equivalent to a given pattern of domestic taxes and...
Persistent link: https://www.econbiz.de/10005123781
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Trade, FDI and Congestion - the Small and very Open Economy
Dascher, Kristof - C.E.P.R. Discussion Papers - 2000
Typically, a small and open economy trades goods at given world prices. Here, we present a model of a very open small economy, where capital and labour are internationally mobile, too. When investing into infrastructure, the economy’s government attracts not only mobile capital but mobile...
Persistent link: https://www.econbiz.de/10005497938
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A Stochastic Dynamic General Equilibrium Model for Greece
Kollintzas, Tryphon; Vassilatos, Vanghelis - C.E.P.R. Discussion Papers - 1996
In this paper we develop a stochastic dynamic general equilibrium model of the Greek economy, in the real business cycle modelling tradition. Household preferences depend on private and public consumption and leisure. Government finances its investment, consumption and transfer payments by means...
Persistent link: https://www.econbiz.de/10005661696
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An Imperfectly Competitive Open Economy with Sequential Bargaining in the Labour Market
Dixon, Huw David; Santoni, Michele - C.E.P.R. Discussion Papers - 1994
We consider a three sector small open economy, with a monopolistic non-traded sector, a competitive traded good sector, and a capital goods sector. In both the consumer good sectors, there are enterprise unions that bargain sequentially over wages and employment as in Manning (1987). This...
Persistent link: https://www.econbiz.de/10005661715