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The impact of external shocks on the eurozone: a structural VAR model

Gossé, Jean-Baptiste; Guillaumin, Cyriac - HAL - 2011

This paper studies the impact of the main external shocks which the eurozone and member states have undergone since the … obtained using SVAR models enabled us to determine the impact of these shocks on the eurozone and its member countries. The … study highlights the diversity of reactions inside the eurozone. The repercussions of the oil and monetary shocks were …

Persistent link: https://www.econbiz.de/10011026165

Fiscal Shocks in a Two Sector Open Economy

Cardi, Olivier; Restout, Romain - HAL - 2011

We use a two-sector neoclassical open economy model with traded and non-traded goods to investigate both the aggregate and the sectoral e®ects of temporary ¯scal shocks. One central ¯nding is that both sectoral capital intensities and labor supply elasticity matter in determining the response...

Persistent link: https://www.econbiz.de/10010821494

The Effect of Nominal Exchange Rate Volatility on Real Macroeconomic Performance in the CEE Countries

Arratibel, Olga; Furceri, Davide; Martin, Reiner; … - HAL - 2011

This paper analyzes the relation between nominal exchange rate volatility and several macroeconomic variables, namely real per output growth, excess credit, foreign direct investment (FDI) and the current account balance, in the Central and Eastern European EU Member States. Using panel...

Persistent link: https://www.econbiz.de/10008792016

Permanent vs Temporary Fiscal Expansion in a Two-Sector Small Open Economy Model

Cardi, Olivier; Restout, Romain - HAL - 2007

This contribution shows that the duration of a fisscal shock together with sectoral capital intensity matter in determining the dynamic and steady-state effects in an intertemporal-optimizing two-sector small open economy model. First, unlike a permanent shock, net foreign asset position always...

Persistent link: https://www.econbiz.de/10008792684

Habit Formation and Fiscal Transmission in Open Economies

Cardi, Olivier; Muller, Gernot J. - HAL - 2010

In this paper we analyze the ability of an open economy version of the neoclassical model to account for the time-series evidence on fiscal policy transmission. In a first step, we identify government spending shocks within a vector autoregression model. We find that i) government spending...

Persistent link: https://www.econbiz.de/10008793608

Habit persistence and effectiveness of fiscal policy in an open economy

Cardi, Olivier - HAL - 2009

An open economy version of the Baxter and King's [1993] model is constructed with habit formation to investigate the dynamic and steady-state effects of an expansionary budget policy. In line with empirical evidence, consumption is weakly responsive, investment is crowded out, the drop in...

Persistent link: https://www.econbiz.de/10008793996

A note on the crowding-out of investment by public spending

Cardi, Olivier - HAL - 2009

One of the most prominent and consistent findings of the recent empirical literature on fiscal policy is that investment expenditure is crowded-out by public spending in the short-run. In this contribution, we address this empirical fact using a dynamic general equilibrium model and show that...

Persistent link: https://www.econbiz.de/10008794054

Sectoral Effects of Tax Reforms in an Open Economy

Cardi, Olivier; Restout, Romain - HAL - 2010

We use a neoclassical open economy model with traded and non traded goods to investigate the sectoral effects of three tax reforms: i) two revenue-neutral shifting the tax burden from labor to consumption taxes and ii) one labor tax restructuring keeping the marginal tax wedge constant....

Persistent link: https://www.econbiz.de/10008794287

Endogenous Discounting, Precautionary Savings and the Current Account: the Case of China

Zhang, Tianding - HAL - 2011

The relationship between the current account and the macroeconomic development remains an important issue in an open economy. Recently, global current account imbalances, and more specifically the large deficit in the United States and the surplus in China and other Asian economies, continue to...

Persistent link: https://www.econbiz.de/10008805927

Terms of trade shocks and the non monotonic adjustment of the current account

Cardi, Olivier - HAL - 2011

This paper investigates both the dynamic and steady-state effects of unanticipated permanent and temporary terms of trade shocks within a two-good small open economy with habit formation and capital adjustment costs. A permanent terms of trade worsening induces a deficit-surplus current account...

Persistent link: https://www.econbiz.de/10008855578

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