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Monetary Policy Rule, Exchange Rate Regime, and Fiscal Policy Cyclicality in a Developing Oil Economy

Algozhina, Aliya - 2016

According to Frankel and Catao (2011), a commodity exporting developing economy is advised to target the output price index rather than consumer price index, as the former monetary policy is automatically countercyclical against the volatile terms of trade shock. This paper constructs a dynamic...

Persistent link: https://www.econbiz.de/10012978673

R* and convergence

Ertl, Martin; Rabitsch, Katrin - 2024

convergence, then growth, say, from technological progress will be lower than we find in the data and, hence, r ∗ will be lower …. Ignoring convergence upwardly biases our estimates of r ∗ . We extend the New Keynesian small open economy model to take … account of convergence. The model is estimated with Bayesian techniques for four emerging economies in Central and Eastern …

Persistent link: https://www.econbiz.de/10014529362

Fiscal Policy During Business Cycles in Developing Countries : The Case of Africa

Leibfritz, Willi - 2013

Fiscal positions of African countries have improved significantly during the past decade. Higher economic growth, better terms of trade, improved donor support notably through debt relief and better control of expenditure contributed to this improvement. But at the same time government revenue...

Persistent link: https://www.econbiz.de/10013072104

Global Climate Change and the Resurgence of Tropical Disease: An Economic Approach

Gollin, Douglas; Zimmermann, Christian - Department of Economics, University of Connecticut - 2010

We study the impact of global climate change on the prevalence of tropical diseases using a heterogeneous agent dynamic general equilibrium model. In our framework, households can take actions (e.g., purchasing bed nets or other goods) that provide partial protection from disease. However, these...

Persistent link: https://www.econbiz.de/10008568683

Impacts of universal health coverage: A micro-founded macroeconomic perspective

Huang, Xianguo; Yoshino, Naoyuki - 2015

This paper studies the impact of tax-financed universal health coverage schemes on macroeconomic aspects of labor supply, asset holding, inequality, and welfare, while taking into account features common to developing economies, such as informal employment and tax avoidance, by constructing a...

Persistent link: https://www.econbiz.de/10011311028

Endogenous forward guidance

Vogel, Lukas - 2019

We propose a novel framework where forward guidance (FG) is endogenously determined. Our model assumes that a monetary authority solves an optimal policy problem under commitment at the zero-lower bound. FG derives from two sources: 1. from commiting to keep interest rates low at the exit of the...

Persistent link: https://www.econbiz.de/10012099148

A narrative approach to a fiscal DSGE model

Drautzburg, Thorsten - In: Quantitative Economics 11 (2020) 2, pp. 801-837

Structural DSGE models are used for analyzing both policy and the sources of business cycles. Conclusions based on full structural models are, however, potentially affected by misspecification. A competing method is to use partially identified SVARs based on narrative shocks. This paper asks...

Persistent link: https://www.econbiz.de/10012215432

Nontradable Goods and Fiscal Multipliers

Crespo Cuaresma, Jesús; Glocker, Christian - 2020

We assess the role that nontradable goods play as a determinant of fiscal spending multipliers, making use of a two-sector model. While fiscal multipliers increase with the share of nontradable goods, an inverted U-shaped relationship exists between multiplier size and the import share....

Persistent link: https://www.econbiz.de/10012314828

Progressive tax reforms in flat tax countries

Barrios Cobos, Salvador; Ivaskaite-Tamosiune, Viginta; … - 2019

Much of the literature on flat tax reforms has highlighted the benefits of introducing flat personal income tax systems in transition economies. The advocated benefits of flat tax systems range from their simplicity, higher compliance and lower distortionary effects on growth and employment....

Persistent link: https://www.econbiz.de/10012389706

Business cycle drivers in Nigeria: Some insights from an estimated DSGE model

Omotosho, Babatunde S. - In: West African Journal of Monetary and Economic Integration 19 (2019) 1, pp. 1-34

This paper develops a two-agent New Keynesian model, which is suitable for identifying the drivers of business cycle fluctuations in small open, resource-rich, resource-dependent emerging economies. We confront the model with Nigerian data on eleven macro-economic variables using the Bayesian...

Persistent link: https://www.econbiz.de/10013362915

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