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Countercyclical capital regulation in a small open economy DSGE model

Lozej, Matija; Onorante, Luca; Rannenberg, Ansgar - 2018

We examine, conditional on structural shocks, the macroeconomic performance of different countercyclical capital buffer (CCyB) rules in small open economy estimated medium scale DSGE. We find that rules based on the credit gap create a trade-off between the stabilization of fluctuations...

Persistent link: https://www.econbiz.de/10011820128

Spillover effects in international business cycles

Camacho, Maximo; Pacce, Matías; Pérez-Quirós, Gabriel - 2020

of output growth expectations, with the US and UK being the countries that generate the greatest spillovers and Germany …

Persistent link: https://www.econbiz.de/10012305394

Tracking global economic uncertainty : implications for the euro area

Bobasu, Alina; Geis, André; Quaglietti, Lucia; Ricci, … - 2021

This paper sheds light on the impact of global macroeconomic uncertainty on the euro area economy. We build on the methodology proposed by Jurado et al. (2015) and estimate global as well as country-specific measures of economic uncertainty for fifteen key euro area trade partners and the euro...

Persistent link: https://www.econbiz.de/10012503567

Time-consistent monetary policy, terms of trade manipulation and welfare in open economies

Schmidt, Sebastian - 2018

A key insight from the open economy literature is that domestic price stability is in general not optimal for countries that exert some market power over their terms of trade. Under commitment, a national benevolent monetary policymaker improves upon the allocation associated with stable...

Persistent link: https://www.econbiz.de/10011792170

Production interdependence and welfare

Huang, Kevin X. D.; Liu, Zheng - 2004

The international welfare effects of a country's monetary policy shocks have been controversial in the new open economy macro (i.e., NOEM) literature. While a unilateral monetary expansion increases the production efficiency in each country, it affects the terms of trade in favor of one country...

Persistent link: https://www.econbiz.de/10009639409

Monetary policy in a low pass-through environment

Monacelli, Tommaso - 2003

We study the effects on the optimal monetary policy design problem of allowing for deviations from the law of one price in import goods prices. We reach three basic results. First, incomplete pass-through renders the analysis of monetary policy of an open economy fundamentally different from the...

Persistent link: https://www.econbiz.de/10009639840

Real convergence and its illusions

Kolasa, Marcin - 2010

This paper uses the EAGLE, a multi-country dynamic general equilibrium model, to illustrate dynamic adjustments in a small open economy undergoing real convergence. We consider the effects of productivity catch-up and misperceptions about future productivity developments. Our results indicate...

Persistent link: https://www.econbiz.de/10009640309

Chronicle of currency collapses

Bussière, Matthieu; Saxena, Sweta C.; Tovar, Camilo E. - 2010

growth and output trend. Our main finding is that currency collapses are associated with a permanent output loss relative to … output. More generally, we also find that the likelihood of a positive growth rate in the year of the collapse is over two … times more likely than a contraction, and that positive growth rates in the years that follow such episodes are the norm …

Persistent link: https://www.econbiz.de/10009640314

Business cycle synchronisation

Dées, Stéphane; Zorell, Nico - 2011

Drawing on a large sample of countries, this paper explores whether closer economic ties between countries foster business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as well as the similarity in sectoral specialisation....

Persistent link: https://www.econbiz.de/10009640698

The macroeconomic effects of international uncertainty

Crespo Cuaresma, Jesús; Huber, Florian; Onorante, Luca - 2019

This paper proposes a large-scale Bayesian vector autoregression with factor stochastic volatility to investigate the macroeconomic consequences of international uncertainty shocks in G7 countries. The curse of dimensionality is addressed by means of a global-local shrinkage prior that mimics...

Persistent link: https://www.econbiz.de/10012037349

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