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The Impact of Terms of Trade Shocks on a Small Open Economy : A Stochastic Analysis
Turnovsky, Stephen J. - 2010
This paper investigates the impact of change in the terms of trade on the economic performance of a small economy. Both the effects of unanticipated shocks and changes in the mean and variance of the probability distribution generating these disturbances are discussed. In all cases, the key...
Persistent link: https://www.econbiz.de/10012760071
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The Roles of the Terms of Trade and Nontraded-Good-Prices in Exchange Rate Variations
Stockman, Alan C. - 2010
This paper demonstrates that disturbances to supplies or demands for internationally traded goods affect exchange-rates differently than do disturbances in markets for nontraded goods. The paper develops a stochastic two-country equilibrium model of exchange rates, asset prices, and goods...
Persistent link: https://www.econbiz.de/10012760336
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Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
Chernyshoff, Natalia - 2010
thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary …
Persistent link: https://www.econbiz.de/10012761895
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The International Transmission of Credit Bubbles : Theory and Policy
Ventura, Jaume - 2015
propagated abroad. In previous work, we built on the theory of rational bubbles to develop a framework to think about the origins …
Persistent link: https://www.econbiz.de/10013028542
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On the Desirability of Capital Controls
Heathcote, Jonathan - 2016
In a standard two country international macro model we ask whether imposing restrictions on international non-contingent borrowing and lending is ever desirable. The answer is yes. If one country imposes capital controls unilaterally, it can generate favorable changes in the dynamics of...
Persistent link: https://www.econbiz.de/10013001194
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Debt and Conditionality Under Endogenous Terms of Trade Adjustment
Aizenman, Joshua - 2010
The purpose of this study is to identify conditions under which renewed international. lending will benefit both the developed and the developing countries. Our analysis will evaluate how the presence of terms of trade adjust-rent and distorted credit markets affect the conditions for the...
Persistent link: https://www.econbiz.de/10013139886
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Optimal Emission Pricing in the Presence of International Spillovers : Decomposing Leakage and Terms-of-Trade Motives
Boehringer, Christoph - 2010
Carbon control policies in OECD countries commonly differentiate emission prices in favor of energy-intensive industries. While leakage provides a efficiency argument for differential emission pricing, the latter may be a disguised beggar-thy-neighbor policy to exploit terms of trade. Using an...
Persistent link: https://www.econbiz.de/10013144964
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Terms of Trade Shocks and Fiscal Cycles
Kaminsky, Graciela - 2010
The latest boom in commodity prices fueled concerns about fiscal policies in commodity-exporting countries, with many claiming that it triggered loose fiscal policy and left no funds for a rainy day. This paper examines the links between fiscal policy and terms-of-trade fluctuations using a...
Persistent link: https://www.econbiz.de/10013147365
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Delocation and Trade Agreements in Imperfectly Competitive Markets
Bagwell, Kyle - 2010
results therefore indicate that the terms-of-trade theory of trade agreements applies to a broader set of market structures …
Persistent link: https://www.econbiz.de/10013150442
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Adjusting Output and Productivity Indexes for Changes in the Terms of Trade
Diewert, W. Erwin; Morrison Paul, Catherine J. - 2022
In this paper we employ index number theory in addressing the problem of adjusting real national income and real … domestic product for changes in a country's terms of trade. More specifically, using recent developments in the theory of … only production theory, whereas in the traditional paradigm which treats traded goods as perfectly substitutable with a …
Persistent link: https://www.econbiz.de/10013324490