We develop a five-region version (Canada, a group of oil exporting countries, the United States, emerging Asia and Japan plus the euro area) of the Global Economy Model (GEM) encompassing production and trade of crude oil, and use it to study the international transmission mechanism of shocks...

Intro -- Contents -- I. INTRODUCTION -- II. INTEREST RATES AND BUSINESS CYCLES -- III. THE GLOBAL ECONOMY MODEL WITH THE FINANCIAL ACCELERATOR -- IV. THE EFFECTS OF A 1 PERCENT U.S. INTEREST RATE HIKE -- V. A REPEAT OF THE GLOBAL BOND MARKET ROUT OF 1994? -- VI. WHAT ROLE FOR MONETARY POLICY? --...

Intro -- Contents -- I. INTRODUCTION -- II. FISCAL PERFORMANCE IN ISRAEL -- III. THE MODEL -- IV. FISCAL CONSOLIDATION: NOW VERSUS LATER -- V. TAX CUTS -- VI. CONCLUSION -- APPENDIX. CALIBRATION OF GFM -- REFERENCES.

This paper develops a small open economy model in which entrepreneurs partially finance investment using foreign currency-denominated debt subject to an external finance premium. We use Bayesian estimation techniques to evaluate the importance of balance sheet-related credit market frictions for...

Bu not, finansal stres ve iktisadi faaliyet arasindaki etkilesimi gelismekte olan ulkeler perspektifinden incelemektedir. Finansal stres, en genel haliyle, finansal piyasalarin ve finansal aracilik faaliyetlerinin saglikli biçimde islemesinin sekteye ugramasi olarak tanimlanabilir. Bu...