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THE DESIRABLE SMOOTH OPERATOR, INCOMPLETE PASS THROUGH AND THE "ZERO BOUND"

Kam, Timothy - Crawford School of Public Policy, Australian National … - 2006

The typical New-Keynesian small-open-economy model has qualitative features and monetary-policy prescriptions similar to their original closed-economy counterparts - i.e. complete stablization of domestic inflation is sufficient for optimal policy. We consider a version of the model here where...

Persistent link: https://www.econbiz.de/10010904240

STABILIZING THE AUSTRALIAN BUSINESS CYCLE: GOOD LUCK OR GOOD POLICY?

Liu, Philip - Crawford School of Public Policy, Australian National … - 2007

This paper examines the sources of Australia's business cycle fluctuations focusing on the role of international shocks and short run stabilization policy. A VAR model identified using robust sign restrictions derived from an estimated structural model is used to aid the investigation. The...

Persistent link: https://www.econbiz.de/10011201614

A structural investigation of the Chinese economy with a hybrid monetary policy rule

Li, Ran; Wang, Jiao - Crawford School of Public Policy, Australian National … - 2015

model with financial frictions and investment-specific technology shocks. We incorporate a hybrid form of monetary policy … that neutral technology shocks are the main drivers of the fluctuations in output and consumption while the investment …-specific technology shock is the primary source of the variation in investment. This paper offers a new way of examining the rule of China …

Persistent link: https://www.econbiz.de/10011228133

Global House Price Fluctuations: Synchronization and Determinants

Hirata, Hideaki; Kose, M. Ayhan; Otrok, Christopher; … - Crawford School of Public Policy, Australian National … - 2013

We examine the properties of house price fluctuations across 18 advanced economies over the past 40 years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To address these...

Persistent link: https://www.econbiz.de/10011186033

Differential Impacts of Foreign Capital and Remittance Inflows on Domestic Savings in the Developing Countries: A Dynamic Heterogeneous Panel Analysis

Hossain, Delwar - Crawford School of Public Policy, Australian National … - 2014

countries for 1971-2010, paying attention to likely differential effects of FDI, portfolio investment, foreign aid and …

Persistent link: https://www.econbiz.de/10010762633

Financial frictions and the role of investment specific technology shocks in the business cycle

Kamber, Gunes; Smith, Christie; Thoenissen, Christoph - Crawford School of Public Policy, Australian National … - 2012

Various papers have identified shocks to investment as major drivers of output, investment, hours, and interest rates …. These investment shocks have been linked to financial frictions because financial markets are instrumental in transforming … consumption goods into installed capital. However, the importance of investment shocks is not robust once we explicitly account …

Persistent link: https://www.econbiz.de/10011201612

International Capital Flows and the Boom-Bust Cycle in Spain

Jan in’t Veld; Kollmann, Robert; Pataracchia, Beatrice; … - Crawford School of Public Policy, Australian National … - 2014

We study the joint dynamics of foreign capital flows and real activity during the recent boom-bust cycle of the Spanish economy, using a three-country New Keynesian model with credit-constrained households and firms, a construction sector and a government. We estimate the model using...

Persistent link: https://www.econbiz.de/10010904237

Valuation effects, risk sharing, and consumption smoothing

Schroder, Marcel - Crawford School of Public Policy, Australian National … - 2015

In theory, valuation effects (changes in net external assets of a country arising from movements in exchange rates or asset returns) are an important channel of international risk sharing as they facilitate external adjustment. However, the effects can also be economically destabilizing in the...

Persistent link: https://www.econbiz.de/10011252694

Testing external habits in an asset pricing model

Boschi, M; d'Addona, S; Goenka, A - Crawford School of Public Policy, Australian National … - 2012

The asset pricing model with external habit formation predicts that the equity premium depends on consumption changes relative to the habit level, implying a response that varies over the business cycle. We test this implication using a VAR model of the U.S. postwar economy whose time-varying...

Persistent link: https://www.econbiz.de/10011201608

THE CONTRIBUTION OF DOMESTIC, REGIONAL AND INTERNATIONAL FACTORS TO LATIN AMERICA'S BUSINESS CYCLE

Boschi, Melisso; Girardi, Alessandro - Crawford School of Public Policy, Australian National … - 2008

This paper quantifies the relative contribution of domestic, regional and international factors to the fluctuation of domestic output in six key Latin American (LA) countries: Argentina, Bolivia, Brazil, Chile, Mexico and Peru. Using quarterly data over the period 1980:1-2003:4, a multi-variate,...

Persistent link: https://www.econbiz.de/10010904300

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