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The African Continental Free Trade Agreement : welfare gains estimates from a general equilibrium model
Abrego, Lisandro E.; Amado, Maria Alejandra; Gursoy, Tunc; … - 2019
In March 2018, representatives of member countries of the African Union signed the African Continental Free Trade Area (AfCFTA) agreement. This agreement provides a framework for trade liberalization in goods and services and is expected to eventually cover all African countries. Using a...
Persistent link: https://www.econbiz.de/10012102028
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Trade wars and trade deals : estimated effects using a multi-sector model
Caceres, Carlos; Cerdeiro, Diego A.; Mano, Rui C. - 2019
This paper studies the potential long-term effects of three illustrative scenarios using a multi-sector computable general equilibrium (CGE) trade model calibrated to 165 countries. The first scenario estimates effects from potential U.S. auto tariffs. The second analyzes a 'transactional deal'...
Persistent link: https://www.econbiz.de/10012102091
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Do temporary business tax cuts matter? : a general equilibrium analysis
Gbohoui, William - 2019
. Second, it shows that in the presence of financing frictions which raise the cost of investment, the policy temporarily … relaxes the financing constraint thereby reducing the marginal cost of investment. This direct effect implies positive … reduces the expected marginal return on investment mitigating the direct stimulative effects …
Persistent link: https://www.econbiz.de/10012009276
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Macro-prudential policy in a Fisherian model of financial innovation
Bianchi, Javier; Boz, Emine; Mendoza, Enrique G. - 2012
The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification...
Persistent link: https://www.econbiz.de/10009620984
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Estimating the neutral interest rate in the Kyrgyz Republic
Teodoru, Iulia Ruxandra; Toktonalieva, Asel - 2020
This paper estimates the neutral interest rate in the Kyrgyz Republic using a range of methodologies. Results indicate that the real neutral rate is about 4 percent based on an average of models and 3.7 percent based on a Quarterly Projection Model. This is higher than in many emerging markets...
Persistent link: https://www.econbiz.de/10012251962
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A Simple Dge Model for Inflation Targeting
International Monetary Fund - 2007
The paper presents a DGE model designed as a core projection tool to support monetary policy in inflation-targeting (IT) emerging market economies. The paper uses a particularly simple and flexible general equilibrium model structure that can be amended to account for various phenomena that...
Persistent link: https://www.econbiz.de/10014400322
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Cyclical Effects of the Composition of Government Purchases
Aziz, Jahangir - 1997
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 government expenditure entail a trade-off between greater long- run …
Persistent link: https://www.econbiz.de/10014400420
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Solving for Country Portfolios in Open Economy Macro Models
Devereux, Michael B. - 2007
This paper presents a general approximation method for characterizing time-varying equilibrium portfolios in a two-country dynamic general equilibrium model. the method can be easily adapted to most dynamic general equilibrium models, it applies to environments in which markets are complete or...
Persistent link: https://www.econbiz.de/10014401064
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Exogenous Shocks, Deposit Runs and Bank Soundness : A Macroeconomic Framework
Bléjer, Mario I. - 1997
In a model where all banks are initially solvent, an exogenous shock affects confidence, causing a flight from deposits into domestic and foreign currency. Real interest rates increase unexpectedly, affecting firms and raising the share of the banks’ nonperforming assets. This increase causes...
Persistent link: https://www.econbiz.de/10014401216
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Financial Intermediation, Competition, and Risk : A General Equilibrium Exposition
De Nicoló, Gianni - 2009
We study a simple general equilibrium model in which investment in a risky technology is subject to moral hazard and …
Persistent link: https://www.econbiz.de/10014403085