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Unemployment and debt dynamics in a highly indebted small open economy
Heer, Burkhard; Schubert, Stefan Franz - 2011
The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in … bargaining are introduced. We find that a negative total factor productivity shock primarily has effects on the economy … significantly reduces the initial response of the unemployment rate. In case of a temporary productivity shock, sticky wages imply …
Persistent link: https://www.econbiz.de/10009153857
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Policy mix in a small open emerging economy with commodity prices
André, Marine C.; Armijo, Alberto; Espidio, Sebastián … - In: Latin American journal of central banking : LAJCB 4 (2023) 1, pp. 1-19
the economy's steady state, an exogenous monetary policy shock affects the fiscal block mainly through the interest rate …
Persistent link: https://www.econbiz.de/10014382792
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News Shocks in Open Economies : Evidence from Giant Oil Discoveries
Arezki, Rabah - 2015
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output - the delay between a discovery and production is on average 4 to 6 years. We first...
Persistent link: https://www.econbiz.de/10013011202
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Technology shocks and employment in open economies
Tervala, Juha (contributor) - 2008 - Rev.
A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in … sufficiently strong, a technology shock also has a negative effect on output in the short run. -- Open economy macroeconomics …
Persistent link: https://www.econbiz.de/10003939709
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Understanding international long-term interest rate comovement
Chin, Michael; De Graeve, Ferre; Filippeli, Thomai; … - 2018
Long-term interest rates of small open economies correlate strongly with the US long-term rate. Can central banks in those countries decouple from the US? An estimated DSGE model for the UK (vis-`a-vis the US) establishes three structural empirical results. (1) Comovement arises due to nominal...
Persistent link: https://www.econbiz.de/10011887034
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Trend Shocks, Risk Sharing and Cross-Country Portfolio Holdings
Arslan, Yavuz - 2015
This paper analyzes the dynamics of risk premia, real exchange rates and portfolio movements in a two-country, two-good, two-bond model. We use an asymmetric set-up in the model, where one of the countries is emerging and the other one is developed and both countries issue bonds in domestic...
Persistent link: https://www.econbiz.de/10013036543
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Financial intermediation, resource allocation, and macroeconomic interdependence
Ozhan, G. Kemal - 2016
This paper studies the role of the financial sector in affecting domestic resource allocation and cross-border capital flows. I develop a quantitative, two-country, macroeconomic model in which banks face endogenous and occasionally binding leverage constraints. Banks lend funds to be invested...
Persistent link: https://www.econbiz.de/10011975295
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The impacts of credit standards on aggregate fluctuations in a small open economy : the role of monetary policy
Le, Hai - In: Economies : open access journal 9 (2021) 4, pp. 1-26
Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...
Persistent link: https://www.econbiz.de/10012800343
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The Aino 3.0 model
Silvo, Aino; Verona, Fabio - 2020
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
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The timing of uncertainty shocks in a small open economy
Armelius, Hanna; Hull, Isaiah; Köhler, Hanna Stenbacka - 2016
impulse response functions for GDP growth than shocks to the US index. In particular, a one standard deviation shock to the … shock to the US index delivers its maximum impact with a one-quarter delay. Other foreign proxies, such as the EU and German …
Persistent link: https://www.econbiz.de/10011574319