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Business cycles in small, open economies : evidence from panel data between 1900 and 2013

Miyamoto, Wataru; Nguyen, Thuy Lan - 2016

Using a novel data set for 17 countries dating from 1900 to 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods. We...

Persistent link: https://www.econbiz.de/10011553776

Credit market frictions and sudden stops

Imura, Yuko - 2014

Financial crises in emerging economies in the 1980s and 1990s often entailed abrupt declines in foreign capital inflows, improvements in trade balance, and large declines in output and total factor productivity (TFP). This paper develops a two-sector small open economy model wherein...

Persistent link: https://www.econbiz.de/10010426139

Transmission of shocks to the Chinese economy in a global context : a model-based approach

Bailliu, Jeannine N.; Blagrave, Patrick - 2010

To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and...

Persistent link: https://www.econbiz.de/10003996844

International transmission of credit shocks in an equilibrium model with production heterogeneity

Imura, Yuko; Thomas, Julia K. - 2015

beyond as a global phenomenon. Some have argued that this global recession has a common source: the U.S. financial crisis …, whereas the resulting recession in the economy of its trading partner is quantitatively minor. Transmission through goods … trade is limited by the calibrated average trade share, which we find insufficient to deliver a sizable recession abroad …

Persistent link: https://www.econbiz.de/10011280030

A policy model to analyze macroprudential regulations and monetary policy

Alpanda, Sami; Cateau, Gino; Meh, Césaire Assah - 2014

We construct a small-open-economy, New Keynesian dynamic stochastic generalequilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial...

Persistent link: https://www.econbiz.de/10010238951

Monetary policy and redistribution in open economies

Guo, Xing; Ottonello, Pablo; Perez, Diego J. - 2022 - Last updated: February 7, 2022

This paper examines how monetary policy affects the asymmetric effects of globalization. We build an open-economy heterogeneous-agent New Keynesian model (HANK) in which households differ in their income, wealth, and real and financial integration with international markets. We use the model to...

Persistent link: https://www.econbiz.de/10012807759

Terms-of-trade and house price fluctuations : a cross-country study

Corrigan, Paul - 2017

Terms-of-trade shocks are known to be key drivers of business cycles in open economies. This paper argues that terms-of-trade shocks were also important for house price fluctuations in a panel of developed countries over the 1994-2015 period. In a panel vector error-correction model of house...

Persistent link: https://www.econbiz.de/10011578226

International portfolio rebalancing and fiscal policy spillovers

Alpanda, Sami; Aysun, Uluc; Kabaca, Serdar - 2023 - Last updated: November 1, 2023

We evaluate, both empirically and theoretically, the spillover effects that debt-financed fiscal policy interventions of the United States have on other economies. We first consider a two-country dynamic stochastic general equilibrium model with international portfolio rebalancing effects...

Persistent link: https://www.econbiz.de/10014456720

The impact of the global business cycle on small open economies : a FAVAR approach for Canada

Vasishtha, Garima; Maier, Philipp - 2011

Building on the growing evidence on the importance of large data sets for empirical macroeconomic modeling, we use a factor-augmented VAR (FAVAR) model with more than 260 series for 20 OECD countries to analyze how global developments affect the Canadian economy. We focus on several sources of...

Persistent link: https://www.econbiz.de/10008809300

A model of housing boom and bust in a small open economy

Tomura, Hajime (contributor) - 2008

This paper considers a dynamic stochastic general equilibrium model for a small open economy and finds that an improvement in the terms of trade causes a housing boom-bust cycle if the duration of the improvement is uncertain. It is shown that as the economy has better access to the...

Persistent link: https://www.econbiz.de/10003711674

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