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Capital Mobility, Consumption Substitutability, and the Effectiveness of Monetary Policy in Open Economies
Pierdzioch, Christian - 2002
This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effectiveness of monetary policy in open economies. The model shows that the substitutability of goods produced in different countries plays a central...
Persistent link: https://www.econbiz.de/10010260511
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On the Hump-Shaped Output Effect of Monetary Policy in an Open Economy
Pierdzioch, Christian; Yener, Serkan - 2004
economy macroeconomics" model, factors that imply a hump- shaped effect of a monetary policy shock on output. We find that a …
Persistent link: https://www.econbiz.de/10010260498
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Noise Trading and the Effects of Monetary Policy Shocks on Nominal and Real Exchange Rates
Pierdzioch, Christian - 2003
monetary policy shocks. This result is puzzling. Economic theory suggests that the overshooting should occur immediately after … the shock, not with a delay. This paper uses a ?new open economy macroeconomics? model with pricing-to-market to analyze …
Persistent link: https://www.econbiz.de/10010260546
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Home-Product Bias, Capital Mobility, and the Effects of Monetary Policy Shocks in Open Economies
Pierdzioch, Christian - 2003
This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effects of monetary policy in open economies. The model shows that the difference between the short-run output effects of monetary policy shocks in a...
Persistent link: https://www.econbiz.de/10010260547
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Policy response to external shocks: Lessons from the crisis
Capistrán, Carlos; Cuadra, Gabriel; Ramos-Francia, Manuel - 2011
Emerging economies have been subject to abrupt reversals in capital inflows, which have adverse consequences for economic activity and financial stability. An important question for policymakers is how to respond to a sudden loss of external financing and its negative effects on the domestic...
Persistent link: https://www.econbiz.de/10010322619
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The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility
Buch, Claudia M.; Pierdzioch, Christian - 2003
frictions for business cycle volatility. In our empirical analysis, we demonstrate that stylised facts suggest that countries … with more developed financial systems have lower business cycle volatility. Financial openness has no strong impact on … business cycle volatility, in contrast. In our theoretical analysis, we use a dynamic general equilibrium model to study the …
Persistent link: https://www.econbiz.de/10010260621
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Country portfolios with heterogeneous pledgeability
Trani, Tommaso - 2012
that any idiosyncratic shocks generate an expected excess returns which compensate the current effects of the shock on the … country hit by the shock in such a way that its net foreign assets match those observed in the data during times of flight-to-safety. …
Persistent link: https://www.econbiz.de/10010316804
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Productivity spillovers, terms of trade, and the home market effect
Corsetti, Giancarlo; Martin, Philippe; Pesenti, Paolo - 2005
This paper analyzes the welfare implications of international spillovers related to productivity gains, changes in market size, or government spending. We introduce trade costs and endogenous varieties in a two-country general-equilibrium model with monopolistic competition, drawing a...
Persistent link: https://www.econbiz.de/10010283303
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Sources of current account fluctuations in industrialized countries
Karadimitropoulou, Aikaterini; León-Ledesma, Miguel A. - 2009
the current account. The theory model allows for the identification of structural shocks in the SVAR using longrun …
Persistent link: https://www.econbiz.de/10010277812
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Capital inflows and asset prices: Evidence from emerging Asia
Tillmann, Peter - 2012
The withdrawal of foreign capital from emerging countries at the height of the recent financial crisis and its quick return sparked a debate about the impact of capital flow surges on asset markets. This paper addresses the response of property prices to an inflow of foreign capital. For that...
Persistent link: https://www.econbiz.de/10010294398