Showing 1 - 10 of 6,829
Persistent link: https://www.econbiz.de/10009764508
This paper examines the role of external shocks in explaining macroeconomic fluctuations in African countries. We construct a quantitative, stochastic, dynamic, multi-sector equilibrium model of a small open economy calibrated to represent a typical African economy. In our framework, external...
Persistent link: https://www.econbiz.de/10013321425
This paper examines the role of disaster shock in a one-sector, representative agent dynamic stochastic general equilibrium model (DSGE). First, it estimates a panel vector autoregresive (VAR) model for output, investment, trade balance, consumption, and country spread to capture the economic...
Persistent link: https://www.econbiz.de/10011575500
In this paper we present Aino 3.0, the latest vintage of the dynamic stochastic general equilibrium (DSGE) model used at the Bank of Finland for policy analysis. Aino 3.0 is a small-open economy DSGE model at the intersection of the recent literatures on so-called TANK (“Two-Agent New...
Persistent link: https://www.econbiz.de/10012225376
on macroeconomic volatility. First, the introduction of credit growth to the monetary policy succeeds in counteracting …
Persistent link: https://www.econbiz.de/10012800343
We examine, conditional on structural shocks, the macroeconomic performance of different countercyclical capital buffer (CCyB) rules in small open economy estimated medium scale DSGE. We find that rules based on the credit gap create a trade-off between the stabilization of fluctuations...
Persistent link: https://www.econbiz.de/10012921203
Using a novel data set for 17 countries dating from 1900 to 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods. We...
Persistent link: https://www.econbiz.de/10011553776
Purpose The authors explore the hypothesis that some movements in commodity prices are anticipated (news shocks) and can trigger aggregate fluctuations in small open emerging economies. This paper aims to discuss the aforementioned objective. Design/methodology/approach The authors build a...
Persistent link: https://www.econbiz.de/10014418171
Using a novel data set for 17 countries between 1900 and 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods. We find...
Persistent link: https://www.econbiz.de/10013007955
While the world real interest rate is potentially an important mechanism for transmitting international shocks to small open economies, much of the recent quantitative research that studies this mechanism concludes that it has little effect on output, investment, and net exports. We reexamine...
Persistent link: https://www.econbiz.de/10012735713