I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but … shock is sluggish and peaks with delay; (ii) permanent shocks generate positive rather than negative savings on impact; and …

with a small shock to the money supply in one of the countries creates swings in the exchange rate. This is illustrated in …

Hauptinteresse geht dahin, herauszufinden, ob die Gleichgewichtsdynamik, die aus diesem Lernprozess resultiert, dabei helfen kann …

fiscal policy models. We find that even when the demographic shock in the two regions is symmetric, reaction to this shock … depends on the timing of the shock. Overall, the late, developing country demographic shock produces relatively more favorable …

filtered from observed productivity. In line with the intertemporal approach to the current account, a major part of the …

shocks. These results suggest that the channels through which each shock is transmitted to SOEs may vary …