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-Saharan Africa countries. Our results suggest a strong relationship between the weight of trend shocks in the source of fluctuations … and the level of economic development. The weight of trend shocks is (i) higher in Sub-Saharan Africa countries than in …
Persistent link: https://www.econbiz.de/10010610335
This article explores the role of trend shocks in explaining the specificities of business cycles in Sub-Saharan African (SSA) countries using the methodology introduced by Aguiar and Gopinath (2007) [Emerging Market Business Cycles: The Cycle Is the Trend Journal of Political Economy 115(1)]....
Persistent link: https://www.econbiz.de/10008793580
Persistent link: https://www.econbiz.de/10009764508
Firms in many low income countries depend entirely on imported capital and intermediate inputs. As a result, in these countries economic activity is considerably influenced by the capacity of the economy to import these inputs which, in turn, depends on the availability and cost of foreign...
Persistent link: https://www.econbiz.de/10013126907
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
growth as it “opens up” is contingent upon its own peculiarities …
Persistent link: https://www.econbiz.de/10008869269
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
and/or monetary stimuli to foster economic growth and thus, maximize the probability of re-election. Using a panel dataset … have an effect on growth. We find evidence to support the most recent studies showing that aid has a positive impact on … growth. We however, do not find evidence to support the proposition that institutional quality is a sine qua non conditional …
Persistent link: https://www.econbiz.de/10010494236