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This paper evaluates whether an estimated, structural, small open economy model of the Canadian economy can account for the substantial influence of foreign-sourced disturbances indentified in numerous reduced-form studies. The analysis shows that the benchmark model - and a number of variants...
Persistent link: https://www.econbiz.de/10010607751
This paper demonstrates that an estimated, structural, small open-economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and...
Persistent link: https://www.econbiz.de/10008495141
Persistent link: https://www.econbiz.de/10003791483
This paper explores optimal policy design in an estimated model of three small open economies: Australia, Canada and New Zealand. Within a class of generalized Taylor rules, we show that to stabilize a weighted objective of output, consumer price inflation and nominal interest variation optimal...
Persistent link: https://www.econbiz.de/10003923815
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Persistent link: https://www.econbiz.de/10008666813
This paper demonstrates that an estimated, structural, small open-economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and...
Persistent link: https://www.econbiz.de/10003914665
This paper demonstrates that an estimated, structural, small open economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and...
Persistent link: https://www.econbiz.de/10012758033