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Cyclical Effects of the Composition of Government Purchases

Aziz, Jahangir - 1997

This paper constructs a general equilibrium model with monopolistically competitive firms and endogenous markups where government spending consists of both consumption and investment goods. It is shown that when markups are countercyclical, increases in the share of investment goods in aggregate...

Persistent link: https://www.econbiz.de/10014400420

Transparency and Monetary Policy with Imperfect Common Knowledge

Roca, Mauro - 2010

Is it desirable that central banks be more transparent in the communication of sensible information when agents have diverse private information? In practice, there exists some consensus about the benefits of acting in this way. However, other studies warn that increasing the precision of public...

Persistent link: https://www.econbiz.de/10014402814

Wage Flexibility and Economic Performance : Evidence Across Industrial Countries

Kandil, Magda E. - 2000

This paper provides new empirical evidence on the degree of nominal wage flexibility in a sample of nineteen industrial countries. Across countries, aggregate uncertainty increases the degree of wage flexibility in the face of various shocks. Wage flexibility stabilizes fluctuations in real...

Persistent link: https://www.econbiz.de/10014399867

Market power and monetary policy transmission

Duval, Romain; Furceri, Davide; Lee, Raphael; Mendes … - 2021

firm's markup on its response to a monetary policy shock is large enough to materially affect monetary policy transmission …. We also find some evidence that the role of markup in monetary policy transmission, while independent from other channels … disproportionately low-markup firms' responses to changes in interest rates …

Persistent link: https://www.econbiz.de/10012605640

Asymmetric output responses to commodity price shocks

Wilson, James; Mati, Amine; Newiak, Monique - 2021

This paper focuses on identifying potential asymmetric responses of non-commodity output growth in times of positive and negative commodity terms-of-trade shocks. Using a sample of 27 oil-exporting countries and a panel VAR method, the study finds: 1) the short-and medium-run response of real...

Persistent link: https://www.econbiz.de/10012612329

Spillovers from Global and Regional Shocks to Armenia

Ayvazyan, Knarik - 2015

Using a structural vector auto-regression (SVAR) model, this paper examines the size, geographical sources, and transmission channels of global and regional shocks to the Armenian economy. Results show that Armenian economic activity is strongly influenced by global demand shocks and changes in...

Persistent link: https://www.econbiz.de/10012418027

Japan's Stagnant Nineties : A Vector Autoregression Retrospective

Rendu, Christel - 1999

This paper uses a vector autoregression (VAR) approach to identify the driving forces of the growth slowdown in Japan during the 1990s. Negative shocks to both residential and nonresidential investment are shown to have been important determinants of the slowdown. Despite the collapse in asset...

Persistent link: https://www.econbiz.de/10014403466

The sources of business cycles in a low income country

Houssa, Romain; Mohimont, Jolan; Otrok, Christopher M. - 2015

We examine the role of global and domestic shocks in driving macroeconomic fluctuations for Ghana. We are able to study the impact of exogenous shocks including productivity, credit supply, and commodity price shocks. We identify the shocks with a combination of sign and recursive restrictions...

Persistent link: https://www.econbiz.de/10011281912

Macroeconomic Fluctuations in the Caribbean : The Role of Climatic and External Shocks

Sosa, Sebastian - 2009

oil prices (external demand) is contractionary (expansionary), and the effects dissipate up to three years after the shock …

Persistent link: https://www.econbiz.de/10014403172

The role of domestic and external shocks in Poland : results from an agnostic estimation procedure

Andrle, Michal; Garcia-Saltos, Roberto; Ho, Giang - 2013

This paper discusses interlinkages between Poland and the euro zone using a simple and agnostic econometric approach. Specifically, we estimate a trend-cycle VAR model using data for real and nominal variables, imposing powerful but uncontroversial assumptions that allow us to identify how...

Persistent link: https://www.econbiz.de/10012667431

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