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Backus, Kehoe and Kydland (1992), Baxter and Crucini (1995) and Stockman and Tesar (1995) find two major discrepancies between standard international business cycle models with complete markets and the data: In the models, cross-country correlations are much higher for consumption than for...
Persistent link: https://www.econbiz.de/10005778609
Backus, Kehoe, and Kydland (1992), Baxter and Crucini (1995), and Stockman and Tesar (1995) find two major discrepancies between standard international business cycle models with complete markets and the data: In the models, cross-country correlations are much higher for consumption than for...
Persistent link: https://www.econbiz.de/10005129982
Persistent link: https://www.econbiz.de/10005131575
Persistent link: https://www.econbiz.de/10005131617
Under mild assumptions, the data indicate that fluctuations in nominal interest rate differentials across currencies are primarily fluctuations in time-varying risk. This finding is an immediate implication of the fact that exchange rates are roughly random walks. If most fluctuations in...
Persistent link: https://www.econbiz.de/10005005158
Both Chile and Mexico experienced severe economic crises in the early 1980s, but Chile recovered much faster than did Mexico. Using growth accounting and a calibrated dynamic general equilibrium model, we conclude that the crucial determinant of this difference between the two countries was the...
Persistent link: https://www.econbiz.de/10005061560
Chile and Mexico experienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the two countries allows us to rule out a monetarist explanation, an explanation based on falls in real...
Persistent link: https://www.econbiz.de/10005061597
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Data from Dynamics of the Trade Balance and the Terms of Trade; The J-Curve?, American Economic Review, 84:1, March 1994. Quarterly, 1955q1 to 1991q4.
Persistent link: https://www.econbiz.de/10005074316
We propose a simple method to help researchers develop quantitative models of economic fluctuations. The method rests on the insight that many models are equivalent to a prototype growth model with time-varying wedges which resemble productivity, labor and investment taxes, and government...
Persistent link: https://www.econbiz.de/10005088610