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Explaining Sudden Stops, Growth Collapse and BOP Crises : The Case of Distortionary Output Taxes
Calvo, Guillermo A. - 2003
The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as fiscal burden reaches a critical level. Growth collapse is associated with a Sudden Stop of capital inflows, real depreciation and a drop in output...
Persistent link: https://www.econbiz.de/10012468833
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How Important Are Terms Of Trade Shocks?
Schmitt-Grohé, Stephanie - 2015
three-sector open economy model and estimate key structural parameters country by country. We find that at the country level …
Persistent link: https://www.econbiz.de/10012457414
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Pegs, Downward Wage Rigidity, and Unemployment : The Role of Financial Structure
Schmitt-Grohé, Stephanie - 2012
, a pegging economy might be better off with a closed than with an open capital account. Second, the welfare gain from …
Persistent link: https://www.econbiz.de/10012460437
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A Macroprudential Theory of Foreign Reserve Accumulation
Arce, Fernando - 2019
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open economy model of financial … significantly reduces the exposure to financial crises. The theory is consistent with the joint dynamics of private and official …
Persistent link: https://www.econbiz.de/10012480180