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A small open economy as a limit case of a two-country new Keynesian DSGE model : a Bayesian estimation with Brazilian data

Silveira, Marcos Antonio Coutinho da - 2015

We build a two-country version of the DSGE model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new...

Persistent link: https://www.econbiz.de/10012053264

Two-country new Keynesian DSGE model : a small open economy as a limit case

Silveira, Marcos Antonio Coutinho da - 2015

We build a two-country version of the model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain DSGE model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new...

Persistent link: https://www.econbiz.de/10012038711

Global oil prices and the macroeconomy : the role of tradeable manufacturing versus nontradeable services

Khalil, Makram - 2020

This paper studies the ability of manufacturing-specific shocks to explain global oil prices. In an estimated three-region DSGE model (UnitedStates, OPEC, rest-of-world) in corporating two sectors (manufacturing and services) in the oil-importing economies and featuring cross-border...

Persistent link: https://www.econbiz.de/10012322376

Climate policies under dynamic international economic cycles : a heterogeneous countries DSGE model

Xiao, Bowen; Guo, Xiaodan; Fan, Ying; Voigt, Sebastian; … - 2020

In light of increased economic integration and global warming, addressing critical issues such as the role of multilateral climate policies and the strategic interaction of countries in climate negotiations becomes paramount. We thus established for this paper an open economy environmental...

Persistent link: https://www.econbiz.de/10012174121

Chinese supply chain shocks

Khalil, Makram; Weber, Marc-Daniel - 2022

In structural vector autoregressive models of United States and euro area manufacturing, we use sign restrictions to identify shocks that alter the frictions to Chinese supply chain trade. We find a quantitatively significant role of such shocks for the decline of US manufacturing output at the...

Persistent link: https://www.econbiz.de/10013459723

The Brexit vote, productivity growth and macroeconomic adjustments in the United Kingdom

Broadbent, Ben; Di Pace, Federico; Drechsel, Thomas; … - 2019

conceptualised as news about a future slowdown in productivity growth in the tradable sector. Simulations show that the responses of … the model economy to such news are consistent with key patterns in UK data. While overall economic growth slows, an … reallocated towards the tradable sector, tradable output growth rises and net exports increase. These developments reverse after …

Persistent link: https://www.econbiz.de/10012055479

International Welfare Effects of Monetary Policy

Tervala, Juha - 2011

In this paper, I examine the international welfare effects of monetary policy. I develop a New Keynesian two-country model, where central banks in both countries follow the Taylor rule. I show that a decrease in the domestic interest rate, under producer currency pricing, is a beggar-thyself...

Persistent link: https://www.econbiz.de/10012503020

Beggar-thyself or beggar-thy-neighbour? : the welfare effects of monetary policy

Tervala, Juha; Engler, Philipp - 2010

This paper examines whether monetary expansion is a beggar-thyself or beggar-thy-neighbour policy. Obstfeld and Rogoff (1995) show that monetary expansion under producer currency pricing increases domestic and foreign overall welfare, in cases where the crosscountry substitutability is high. If...

Persistent link: https://www.econbiz.de/10003962839

Globalization and international business cycle dynamics : a conditional GVAR approach

Binder, Michael; Offermanns, Christian J. - 2014

We examine the effects of increased international integration of both goods and financial markets on business cycle dynamics. To do so, we develop a new econometric framework for modelling cross-country spillovers in which the magnitude of these spillovers is an empirically determined function...

Persistent link: https://www.econbiz.de/10010414228

Fiscal devaluation in a Monetary Union

Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

Persistent link: https://www.econbiz.de/10010221275

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