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The McKibbin-Sachs Global Model : Theory and Specifications
McKibbin, Warwick J. - 1989
This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is … a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks … version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non …
Persistent link: https://www.econbiz.de/10012475945
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Macroeconomic Planning and Disequilibrium : Estimates for Poland, 1955-1980
Portes, Richard - 1983
planned economy(CPE).The data are from Poland for the period 1955-1980, but the analysis is more general and will be applied … the major macroeconomic variables in Poland and other CPEs.The overall framework is applicable to any large organization …
Persistent link: https://www.econbiz.de/10012477917
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The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies
Portes, Richard - 1986
explicit aggregative , macroeconomic approach in theory, institutional relationships and measurement. It has offered a fresh …, which centred on macroeconomic equilibrium and threats to it; and some developments in market economy macro theory and …
Persistent link: https://www.econbiz.de/10012477201
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Does Financial Liberalization Spur Growth?
Bekaert, Geert - 2001
We show that equity market liberalizations, on average, lead to a one percent increase in annual real economic growth over a five-year period. The liberalization effect is not spuriously accounted for by macro-economic reforms and does not reflect a business cycle effect. Although financial...
Persistent link: https://www.econbiz.de/10012470479
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R&D Spillovers and Global Growth
Bayoumi, Tamim - 1996
We examine the growth promoting roles of R&D, international R&D spillovers, and trade in a world econometric model. A …
Persistent link: https://www.econbiz.de/10012473217
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Sources of Macroeconomic Imbalances in the World Economy : A Simulation Approach
Sachs, Jeffrey D. - 1987
This paper uses a global macroeconomic simulation model to identify the factors that have contributed to global trade and financial imbalances in the 1980s. After investigating the properties of monetary and fiscal policies in the model, we examine whether the budgetary shifts in the OECD...
Persistent link: https://www.econbiz.de/10012476729
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Nominal Income Targeting in an Open-Economy Optimizing Model
McCallum, Bennett T. - 2000
conducting analysis in a macroeconomic model that is designed to respect both neoclassical theory and empirical regularities …
Persistent link: https://www.econbiz.de/10012471031
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Optimal Choice of Monetary Policy Instruments in a Macroeconometric Model
Fair, Ray C. - 1987
This paper uses stochastic simulation and my U.S. econometric model to examine the optimal choice of monetary policy instruments. Are the variances, covariances, and parameters in the model such as to favor one instrument over the other, in particular the interest rate over the money supply? The...
Persistent link: https://www.econbiz.de/10012476919
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1944, 1963 and 1985 : Modiglianiesque Macro Models
Fischer, Stanley - 1986
In 1944 Franco Modigliani published a famous article summarizing the Keynesian model; in 1963 he extended the 1944 framework. This paper,written for a conference in honor of Modigliani, asks how the earlier papers would be modified in the light of recent developments in macroeconomics. The...
Persistent link: https://www.econbiz.de/10012477280
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Counterfactuals, Forecasts, and Choice-Theoretic Modelling of Policy
Grossman, Herschel I. - 1984
This paper focuses on the problem of formulating an analysis of economic policy that is consistent with rational expectations. Cooley, LeRoy,and Raymon show that the Lucas and Sargent strategy for econometric policy evaluation is itself vulnerable to the logic of the Lucas critique. The present...
Persistent link: https://www.econbiz.de/10012477709