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Monetary policy and redistribution in open economies
Guo, Xing; Ottonello, Pablo; Perez, Diego J. - 2022 - Last updated: February 7, 2022
This paper examines how monetary policy affects the asymmetric effects of globalization. We build an open-economy heterogeneous-agent New Keynesian model (HANK) in which households differ in their income, wealth, and real and financial integration with international markets. We use the model to...
Persistent link: https://www.econbiz.de/10012807759
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Exchange rate overshooting : unraveling the puzzles
Braig, Miriam; Rüth, Sebastian; Van der Veken, Wouter - 2024
theory-conform conclusions in actual data do so in our experimental data. We infer that less empirical evidence may … contradict canonical international macro theory than previously understood. …
Persistent link: https://www.econbiz.de/10015069881
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The Expectations-Driven Us Current Account
Hoffmann, Mathias - 2016
Since 1991, survey expectations of long-run output growth for the U.S. relative to the rest of the world exhibit a pattern strikingly similar to that of the U.S. current account, and thus also to global imbalances. We show that this finding can to a large extent be rationalized in a two-region...
Persistent link: https://www.econbiz.de/10012988793
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The expectations-driven U.S. current account : conference paper
Hoffmann, Mathias; Krause, Michael; Laubach, Thomas - 2013
Since 1991, survey expectations of long-run output growth for the U.S. relative to the rest of the world exhibit a pattern strikingly similar to that of the U.S. current account, and thus also to global imbalances. We show that this finding can to a large extent be rationalized in a two-region...
Persistent link: https://www.econbiz.de/10010341123
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The aggregate effects of sectoral shocks in an open economy
Andrade, Philippe; Arazi, Martin; Sheremirov, Viacheslav - 2023 - This version: October 2023
We study the aggregate effects of sectoral productivity shocks in a multisectoral New Keynesian open-economy model that allows for asymmetric input-output linkages, both within and between countries, as well as for heterogeneity in sectoral Calvo-type price stickiness. Asymmetries in the...
Persistent link: https://www.econbiz.de/10014414343
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International transmission of shocks, money illusion and the velocity of money
Sousa, Teresa - 2011
economy. Furthermore we introduce a velocity of money shock revisiting the Quantity Theory of Money within the open economy … paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the … a productivity shock are increasing in the degree of money illusion and decreasing in the degree of openness of the …
Persistent link: https://www.econbiz.de/10009379782
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International propagation of financial shocks in a search and matching environment
Isoré, Marlène - 2011 - First draft: April 30, 2010, This version: April 13, 2011
This paper develops a two-country multi-frictional model where the freeze on liquidity access to commercial banks in one country raises unemployment rates via credit rationing in both countries. The expenditure-switching channel, whereby asymmetric monetary shocks traditionally lead to negative...
Persistent link: https://www.econbiz.de/10011346436
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The Role of Consumption Substitutability in the International Transmission of Shocks
Tille, Cédric - 2006
expansionary shock that would be beneficial in a closed economy can have an adverse quot;beggar-thyselfquot; effect in the country …
Persistent link: https://www.econbiz.de/10012735734
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Monetary Policy Shocks in a Two-Sector Open Economy : An Empirical Study
Llaudes, Ricardo - 2007
This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame-work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...
Persistent link: https://www.econbiz.de/10012776366
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Which External Shock Matters in Small Open Economies? US Economic Policy Uncertainty vs. Global Risk Aversion
Kim, Youngju - 2019
shocks. These results suggest that the channels through which each shock is transmitted to SOEs may vary …
Persistent link: https://www.econbiz.de/10012897918