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Macroeconomic effects of tariffs shocks : the role of the effective lower bound and the labour market
Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2020
We simulate a version of the EAGLE, a New Keynesian multi-country model of the world economy, to assess the macroeconomic effects of US tariffs imposed on one country member of the euro area (EA), and the rest of the world (RW). The model is augmented with an endogenous effective lower bound...
Persistent link: https://www.econbiz.de/10012241231
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Foreign Price Shocks and Monetary Policy in an Asymmetric Monetary Union
Wohltmann, Hans-Werner; Clausen, Volker - 2003
This paper analyzes the dynamic effects of anticipated and unanticipated foreign price increases of imported raw materials for a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private...
Persistent link: https://www.econbiz.de/10014095583
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Monetary policy and the current account : theory and evidence
Hjortsoe, Ida; Weale, Martin; Wieladek, Tomasz - 2016
monetary policy shock depends on the degree of economic regulation in different markets. In particular, financial (product … for 19 OECD countries. Our empirical results support the theory. We therefore conclude that following a monetary policy …
Persistent link: https://www.econbiz.de/10011436615
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Oil price shocks and macroeconomic dynamics in an oil-exporting emerging economy : a New Keynesian DSGE approach
Oladunni, Sunday - In: CBN journal of applied statistics 11 (2020) 1, pp. 1-34
a new Keynesian dynamic stochastic general equilibrium (DSGE) model to study how an oil price shock impact macroeconomic … aggregates in an oil-rich emerging economy. We consider a positive oil price shock to uncover the extent to which oil price … oil price shock, reveal evidence of Dutch disease and the operation of the Harrod-Balassa-Samuelson effect. We find a …
Persistent link: https://www.econbiz.de/10012297450
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House prices, capital inflows and macroprudential policy
Mendicino, Caterina; Punzi, Maria Teresa - 2014
This paper evaluates the monetary and macroprudential policies that mitigate the procyclicality arising from the interlinkage4s between current account deficits and financial vulnerabilities. We develop a two-country dynamic stochastic general equilibrium (DSGE) model with heterogeneous...
Persistent link: https://www.econbiz.de/10010406737
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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/10011474961
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Oil price shocks and their transmission mechanism in an oil-exporting economy : a VAR analysis informed by a DSGE model
Hou, Keqiang; Mountain, Dean C.; Wu, Ting - In: Journal of international money and finance 68 (2016), pp. 21-49
Persistent link: https://www.econbiz.de/10011711739
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When do countries benefit from forming a monetary union? : conference paper
Groll, Dominik - 2013 - Preliminary version: August 30, 2013
The New Keynesian DSGE literature has come to the consensus that, from the perspective of business cycle stabilization, countries are worse off in terms of welfare by forming a monetary union. This consensus, however, is based on the assumption of monetary policy being optimal. Using a standard...
Persistent link: https://www.econbiz.de/10010342841
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Exchange rate pass-through in Russia
Ponomarev, Jurij; Trunin, Pavel V.; Uljukaev, Aleksej V. - 2014
assessments on different sub-periods and exchange rate volatility effect on pass-through are also provided. …
Persistent link: https://www.econbiz.de/10011398366
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Effects of US quantitative easing on emerging market economies
Bhattarai, Saroj; Chatterjee, Arpita; Park, Woong-yong - 2018
Bayesian VAR on monthly US macroeconomic and financial data, we first identify the US QE shock. The identified US QE shock is … expansionary US QE shock has significant effects on financial variables in EMEs. It leads to an exchange rate appreciation, a …
Persistent link: https://www.econbiz.de/10011786694