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Aggregate Demand, Aggregate Supply, and Endogenous Growth: A Synthetic neo-Kaleckian Model
Palley, Thomas I. - 2010
This paper develops a neo-Kaleckian endogenous growth model that incorporates aggregate supply - demand balance and balance between labor force and employment growth. The paper explicitly models income distribution which is a critical channel whereby unemployment affects investment and growth....
Persistent link: https://www.econbiz.de/10010460491
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Supply, demand and monetary policy shocks in a multi-country New Keynesian Model
Dées, Stéphane; Pesaran, Hashem; Smith, Vanessa; … - 2010
through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …
Persistent link: https://www.econbiz.de/10011605285
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Supply, demand and monetary policy shocks in a multi-country New Keynesian model
Dees, Stephane; Pesaran, Mohammad Hashem; Smith, L. Vanessa - 2010
through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …
Persistent link: https://www.econbiz.de/10010276272
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AS-AD in the Standard Dynamic Neoclassical Model: Business Cycles and Growth Trends
Gillman, Max - 2012
The paper shows how a dynamic neoclassical AS-AD can be derived and used to describe business cycles and growth trends to undergraduates. Derived within the Ramsey-Cass-Koopmans (RCK) model, the AS-AD is the stationary equilibrium of the deterministic dynamic general equilibrium framework....
Persistent link: https://www.econbiz.de/10010494523
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Trade with the West and Russia: A long-term perspective on Finnish economic growth, fluctuations and policies
Alho, Kari E. O. - 2008
The paper considers growth and fluctuations in the Finnish economy in the post-war period starting from her long-run dual strategy vis-à-vis export markets in Western Europe and Russia. Finland has wanted to utilise the more rapid growth based on deeper integration in the former, but has...
Persistent link: https://www.econbiz.de/10010284986
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Sources of Euro Real Exchange Rate Fluctuations: What Is Behind the Euro Weakness in 1999-2000?
Gottschalk, Jan; Döpke, Jörg; Kamps, Christophe - 2001
This paper analyzes the factors underlying the weakness of the euro. For this purpose, the framework advocated by Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables: aggregate supply shocks, aggregate spending shocks, and...
Persistent link: https://www.econbiz.de/10010260459
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Do survey indicators let us see the business cycle? A frequency decomposition
Dresse, Luc; Van Nieuwenhuyze, Christophe - 2008
This paper uses a frequency domain approach to gain insight into the correlation between survey indicators and year … of the correlation between survey indicators and year-on-year GDP growth at the different frequencies to explain their … overall correlation. We show that survey indicators, similar to year-on-year GDP growth, do not perfectly reflect business …
Persistent link: https://www.econbiz.de/10011506652
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Characterising the inflation targeting regime in South Korea
Sánchez, Marcelo - 2009
This paper attempts at characterising South Korean monetary policy in the period of explicit inflation targeting started in 1999. We explain Korean interest rates in relation to an estimated macro-model, assuming that monetary policy is set optimally. This allows us to obtain the central...
Persistent link: https://www.econbiz.de/10011605050
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Monetary policy shocks in a two-sector open economy: an empirical study
Llaudes, Ricardo - 2007
This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame- work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...
Persistent link: https://www.econbiz.de/10011604845
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Openness, Specialisation and Vulnerability of the Nordic Countries
Kaitila, Ville; Virkola, Tuomo - 2014
In this paper we analyse to what extent the Nordic economies are vulnerable to external shocks. Specifically, we assess the conventional wisdom that the Nordic countries are small open economies that are significantly engaged in international trade, specialised in only few specific industries...
Persistent link: https://www.econbiz.de/10012037641