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Regional Nonadjustment and Fiscal Policy : Lessons for EMU
Obstfeld, Maurice - 1999
How will countries handle idiosyncratic national macroeconomic shocks under the European single currency? The ways in which European countries now react to internally asymmetric shocks provide a better forecast than do the regional response pattern of the United States. In this paper we compare...
Persistent link: https://www.econbiz.de/10012471641
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Adjustment and Structural Change under Supply Shocks
Bruno, Michael - 1981
The resource boom effect and the input price effect of raw material price changes are analyzed within a two-period, two-sector (plus resource industry), open economy framework. Diagrammatic exposition is used to study the 'Dutch disease', and in particular the distinction between the short term...
Persistent link: https://www.econbiz.de/10012478297
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Output Fluctuations and Gradual Price Adjustment
Gordon, Robert J. - 1981
This paper reviews the leading ideas that have emerged within two paradigms of price adjustment. Neither, it appears, provides a satisfactory theoretical scheme when taken in isolation. This paper concludes that an attempt to merge the more convincing elements of each is needed, and some...
Persistent link: https://www.econbiz.de/10012478502
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Macro-Economic Adjustment With Import Price Shocks : Real and Monetary Aspects
Bruno, Michael - 1979
economies in the 1970's -- the unprecedented rise in raw materials prices, in particular the oil price shock, and the …
Persistent link: https://www.econbiz.de/10012478808
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The Impact of Uncertainty Shocks
Bloom, Nicholas - 2007
oil-price shock and the 9/11 terrorist attack. This paper offers a structural framework to analyze the impact of these … data. The parameterized model is then used to simulate a macro uncertainty shock, which produces a rapid drop and rebound … medium term the increased volatility from the shock induces an overshoot in output, employment and productivity. Thus, second …
Persistent link: https://www.econbiz.de/10012465265
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Evaluating Labour Adjustment Costs from Trade Shocks : Illustrations for the U.S. Economy Using an Applied General Equilibrium Model With Transactions
Clarete, Ramon L. - 1994
This paper presents a general equilibrium approach to calculating labour adjustment costs induced by trade policy changes or external sector shocks, which we illustrate by analyzing the adjustment consequences of eliminating quotas and tariffs on U.S. imports. In our approach, factor adjustments...
Persistent link: https://www.econbiz.de/10012474306
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Flexibility of Adjustment to Shocks : Economic Growth and Volatility of Middle-Income Countries Before and After the Global Financial Crisis of 2008
Aizenman, Joshua - 2017
The pronounced and persistent impact of the global financial crisis of 2008 motivates our empirical analysis of the role of institutions and macroeconomic fundamentals on countries' adjustment to shocks. Our empirical analysis shows that the associations of growth level, growth volatility,...
Persistent link: https://www.econbiz.de/10012455214
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Liquidity and Foreign Asset Management Challenges for Latin American Countries
Aizenman, Joshua - 2014
We analyze the degree to which the growing importance of sovereign wealth funds [SWFs] and the diffusion of inflation targeting and augmented Taylor rules have impacted the post crisis adjustment of Latin American Countries (LATAM) to the challenges associated with terms of trade and financial...
Persistent link: https://www.econbiz.de/10012458019
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Credit Crunches and Credit Allocation in a Model of Entrepreneurship
Bassetto, Marco - 2013
shocks have a very persistent effect on real activity. In determining the speed of recovery from an adverse economic shock …, the most important factor is the extent to which the shock erodes entrepreneurial wealth …
Persistent link: https://www.econbiz.de/10012459365
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Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets
Martinez, Joseba - 2019
We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing all domestic demand shocks (deleveraging, fiscal...
Persistent link: https://www.econbiz.de/10012479975