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Default Risk Premium and Aggregate Fluctuations in a Small Open Economy

Çakıcı, S. Meral - 2011

positive, temporary risk premium shock. …

Persistent link: https://www.econbiz.de/10010500196

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

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

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

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

Equity Returns and Business Cycles in Small Open Economies

Jahan-Parvar, Mohammad R. - 2013

This is the first paper in the DSGE literature to match key business cycle moments and long-run equity returns in a small open economy with production. These results are achieved by introducing four modifications to a standard real business cycle model: (1) borrowing and lending costs are...

Persistent link: https://www.econbiz.de/10013092427

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

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

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

Skill-biased technological change and the real exchange rate

Gubler, Matthias; Sax, Christoph - 2012

We sketch a model that shows how skill-biased technological change may reverse the classic Balassa-Samuelson effect, leading to a negative relationship between the productivity in the tradable sector and the real exchange rate. In a small open economy, export goods are produced with capital,...

Persistent link: https://www.econbiz.de/10009565836

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