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This paper examines the role of external shocks in explaining macroeconomic fluctuations in African countries. We construct a quantitative, stochastic, dynamic, multi-sector equilibrium model of a small open economy calibrated to represent a typical African economy. In our framework, external...
Persistent link: https://www.econbiz.de/10013321425
While the world real interest rate is potentially an important mechanism for transmitting international shocks to small open economies, much of the recent quantitative research that studies this mechanism concludes that it has little effect on output, investment, and net exports. We reexamine...
Persistent link: https://www.econbiz.de/10012735713
sharp growth in intra-regional trade and financial flows. By contrast, the relative importance of the global factor has …
Persistent link: https://www.econbiz.de/10009703626
sharp growth in intra-regional trade and financial flows. By contrast, the relative importance of the global factor has …
Persistent link: https://www.econbiz.de/10013086323
sharp growth in intra-regional trade and financial flows. By contrast, the relative importance of the global factor has …
Persistent link: https://www.econbiz.de/10013088886
sharp growth in intra-regional trade and financial flows. By contrast, the relative importance of the global factor has …
Persistent link: https://www.econbiz.de/10013078917
This paper documents the extent of similarities and differences of business cycle characteristics of the Asian countries and compares the cyclical regularities in this region with those of the G7 countries. The Asian economies are generally more volatile than the G7 countries, but the amplitude...
Persistent link: https://www.econbiz.de/10014155425
Despite the important role played by household production in aggregate economic activity, our knowledge of the cyclical features of this sector is quite limited. This paper studies stylized business cycle properties of household production in five industrialized countries. We employ a dynamic...
Persistent link: https://www.econbiz.de/10014120917
growth has, on average, declined in the 1990s relative to the three earlier decades, we also document that, on average, the … volatility of consumption growth relative to that of income growth has increased for more financially integrated developing …
Persistent link: https://www.econbiz.de/10014084811
tightened further. Global growth has been moving in the opposite direction: it has declined sharply since the beginning of the … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the … expectations, elevated financial vulnerabilities, and weakening growth fundamentals. …
Persistent link: https://www.econbiz.de/10013256317