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Persistent link: https://www.econbiz.de/10012690985
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This paper estimates the impact of external demand shocks on real income. We utilize a first order approximation to a wide class of small open economy models that feature sector-level gravity in trade flows, which allows us to measure foreign shocks and characterize their welfare impact in terms...
Persistent link: https://www.econbiz.de/10015058607
Intro -- Contents -- I. INTRODUCTION -- II. AN OVERVIEW OF THE LITERATURE -- III. THEORETICAL ANALYSIS -- IV. EMPIRICAL EVIDENCE -- V. CONCLUSION -- References -- DERIVATION OF DYNAMIC EQUILIBRIUM CONDITIONS -- DATA SOURCES AND DEFINITIONS.
Persistent link: https://www.econbiz.de/10012690989
Intro -- Contents -- I. INTRODUCTION -- II. INTEREST RATES AND BUSINESS CYCLES -- III. THE GLOBAL ECONOMY MODEL WITH THE FINANCIAL ACCELERATOR -- IV. THE EFFECTS OF A 1 PERCENT U.S. INTEREST RATE HIKE -- V. A REPEAT OF THE GLOBAL BOND MARKET ROUT OF 1994? -- VI. WHAT ROLE FOR MONETARY POLICY? --...
Persistent link: https://www.econbiz.de/10012691077
Persistent link: https://www.econbiz.de/10012691097
Intro -- Contents -- I. INTRODUCTION -- II. LOW GLOBAL INTEREST RATES: POSSIBLE EXPLANATIONS -- III. A MODEL OF INTEREST RATE DETERMINATION -- IV. EMPIRICAL EVIDENCE -- A. Data and Methodology -- B. Empirical Results -- C. A New Economy of Interest Rates? -- V. CONCLUSIONS AND POLICY...
Persistent link: https://www.econbiz.de/10012691110
What might interest rate liberalization do to intermediation and the cost of capital in China? China's most binding interest rate control is a ceiling on the deposit rate, although lending rates are also regulated. Through case studies and model-based simulations, we find that liberalization...
Persistent link: https://www.econbiz.de/10012677833
This paper discusses the use of interest rates as the operating target for monetary policy in Tunisia and the roadmap for establishing the other building blocks of an inflation targeting framework. It argues that strengthening the effectiveness of the current monetary policy framework will...
Persistent link: https://www.econbiz.de/10012677487
How will the world-wide decline in real interest rates associated with global aging affect small open economies (SOEs) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages, in turn, will be passed on to pension benefits,...
Persistent link: https://www.econbiz.de/10012677583