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Spillovers From Europe Into Morocco and Tunisia
Florea, Daniel; Toujas-Bernate, Joël; Bock, Reinout De - International Monetary Fund (IMF) - 2010
This paper examines the economic and financial linkages between Morocco and Tunisia and their European partners. Using structural vector autoregressions, we find that growth shocks in European partner countries generate significant responses on growth in Morocco and Tunisia. For Tunisia, exports...
Persistent link: https://www.econbiz.de/10008727792
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France in the Global Economy; A Structural Approximate Dynamic Factor Model Analysis
Simone, Francisco Nadal-De; Kabundi, Alain N. - International Monetary Fund (IMF) - 2007
This study identifies the main shocks that cause fluctuations in French output and their channels of transmission. It uses a large-dimensional structural approximate dynamic factor model. There are three main findings. First, common shocks, especially demand shocks, which seem to originate from...
Persistent link: https://www.econbiz.de/10005768891
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Recent French Export Performance; Is there a Competitiveness Problem?
Kabundi, Alain N.; Simone, Francisco Nadal-De - International Monetary Fund (IMF) - 2009
Recently, the export performance of France relative to its own past and relative to a major trading partner, Germany, deteriorated. That deterioration seems related to the geographical destination and product composition of trend exports. Faced with an increase in unit labor costs or in its...
Persistent link: https://www.econbiz.de/10005769088
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Decoupling From the East toward the West? Analyses of Spillovers to the Baltic Countries
International Monetary Fund (IMF); International … - 2009
This paper uses VAR models to examine the magnitude and sources of growth spillovers to the Baltics from key trading partners, as well asfrom the real effective exchange rate (REER). Our results show there are significant cross-country spillovers to the Baltics with those from the EU outweighing...
Persistent link: https://www.econbiz.de/10008528644
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Rethinking Macro Policy II; Getting Granular
Blanchard, Olivier J.; Dell'Ariccia, Giovanni; Mauro, Paolo - International Monetary Fund (IMF) - 2013
This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and...
Persistent link: https://www.econbiz.de/10011245877
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Sovereign Risk and Belief-Driven Fluctuations in the Euro Area
Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - International Monetary Fund (IMF) - 2013
Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro...
Persistent link: https://www.econbiz.de/10010790357
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Putting the New Keynesian Model to a Test
Straub, Roland; Peersman, Gert - International Monetary Fund (IMF) - 2006
In recent years, New Keynesian dynamic stochastic general equilibrium (NK DSGE) models have become increasingly popular in the academic literature and in policy analysis. However, the success of these models in reproducing the dynamic behavior of an economy following structural shocks is still...
Persistent link: https://www.econbiz.de/10005264045
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Precautionary Savings in the Great Recession
Mody, Ashoka; Sandri, Damiano; Ohnsorge, Franziska - International Monetary Fund (IMF) - 2012
lower consumption and GDP growth. Consistent with a model of precautionary savings in the face of uncertainty, we find for a … panel of advanced economies that greater labor income uncertainty is significantly associated with higher household savings … precautionary savings motive. …
Persistent link: https://www.econbiz.de/10009654146
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Countering the Cycle; The Effectiveness of Fiscal Policy in Korea
Eskesen, Leif Lybecker - International Monetary Fund (IMF) - 2009
The Korean authorities having taken decisive and proactive fiscal measures to help stem the fallout from the current global economic and financial crisis, with the size of the fiscal stimulus well-above the average response of other G20 economies. In this context, a key question is how effective...
Persistent link: https://www.econbiz.de/10008540935
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The Austrian Theory of Business Cycles; Old Lessons for Modern Economic Policy?
Oppers, Stefan E. - International Monetary Fund (IMF) - 2002
This paper reviews the "Austrian" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His … theory claimed that credit creation by monetary authorities would push investment beyond society's long-term willingness to … save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover …
Persistent link: https://www.econbiz.de/10005599459