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Buss, Ginters; Grüning, Patrick; Tkačevs, Oļegs - In: Baltic journal of economics 24 (2024) 1, pp. 116-144

Keynesian small open economy model. If these fiscal rules are implemented one at a time, having just an expenditure growth rule … expenditure definition in the expenditure growth rule, in particular the removal of debt service payments. The expenditure growth …-term public debt convergence. There is a welfare gain for households from having only an expenditure growth rule. …

Persistent link: https://www.econbiz.de/10015065544

Floats, Pegs and the Transmission of Fiscal Policy

Corsetti, Giancarlo - 2011

According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper the authors reconsider the transmission of shocks to government spending across these regimes within a standard New Keynesian model of a small open economy....

Persistent link: https://www.econbiz.de/10013129281

Entry and Fiscal Policy Effectiveness in a Small Open Economy within a Monetary Union

Costa, Luís F. - 2008

In this article I develop an imperfectly competitive dynamic general equilibrium model for a small open economy integrated in a monetary union. Here, the type of entry in the non-traded goods' sector affects fiscal policy effectiveness. Fiscal policy effectiveness is enlarged when aggregate...

Persistent link: https://www.econbiz.de/10012773697

Macroeconomic Effects of Sovereign Restructuring in a Monetary Union : A Model-Based Approach

Forni, Lorenzo - 2014

We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the following three key assumptions. First, sovereign debt is held by domestic agents...

Persistent link: https://www.econbiz.de/10013059858

Can Fiscal Policy Improve Welfare in a Small Dependent Economy with Feedback Effects?

Costa, Luís F. - 2006

I develop an intertemporal general equilibrium two-sector model for a small dependent economy. Firms in the non-tradable-good sector are assumed to be large, both at the industry and the economy levels, and to compete over quantities. The exchange rate is fixed and financial capital is perfectly...

Persistent link: https://www.econbiz.de/10014053789

Fiscal DSGE model for Latvia

Buss, Ginters; Grüning, Patrick - In: Baltic journal of economics 23 (2023) 1, pp. 1-44

We develop a fiscal dynamic stochastic general equilibrium (DSGE) model for policy simulation and scenario analysis purposes tailored to Latvia, a small open economy in a monetary union. The fiscal sector elements comprise public investment, public consumption, government transfers that are...

Persistent link: https://www.econbiz.de/10014319795

Liquidity Constraints and Fiscal Stabilization Policy

Kristoffersen, Mark Strøm - School of Economics and Management, University of Aarhus

It is often claimed that the presence of liquidity constrained households enhances the need for and the effects of fiscal stabilization policies. This paper studies this in a model of a small open economy with liquidity constrained households. The results show that the consequences of liquidity...

Persistent link: https://www.econbiz.de/10009148810

Booms, Crises, and Recoveries : A New Paradigm of the Business Cycle and its Policy Implications

Cerra, Valerie - 2018

, macroeconomic, and reserve management policies. The frequency and depth of crises are key determinants of long-term growth and drive …

Persistent link: https://www.econbiz.de/10012928622

Business Cycles and Fiscal Policy in an Open Economy

Andersen, Torben M.; Holden, Steinar - 2010

The role of demand management policy is considered in a two-sector open economy model with price-taking firms and imperfect competition in the labor market. Demand management policies are shown to affect the equilibrium distribution of prices and hence output in the case of both supply...

Persistent link: https://www.econbiz.de/10014223672

Heckscher-Ohlin Business Cycles

Cunat, Alejandro; Maffezzoli, Marco - 2002

This paper introduces Heckscher-Ohlin trade features into a two-country DSGE model, and studies how productivity shocks propagate through trade in goods. In comparison with standard models, (i) transitory shocks to productivity have permanent effects on country-level aggregate variables; (ii)...

Persistent link: https://www.econbiz.de/10014113462

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