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Oil Shocks and External Adjustment
Bodenstein, Martin; Erceg, Christopher J.; Guerrieri, Luca - 2007
This paper investigates how oil price shocks affect the trade balance and terms of trade in a two country DSGE model. We show that the response of the external sector depends critically on the structure of financial market risk-sharing. Under incomplete markets, higher oil prices reduce the...
Persistent link: https://www.econbiz.de/10014225235
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Oil shocks and the zero bound on nominal interest rates
Bodenstein, Martin; Guerrieri, Luca; Gust, Christopher J. - 2010
Persistent link: https://www.econbiz.de/10009550953
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Oil shocks and the zero bound on nominal interest rates
Bodenstein, Martin; Guerrieri, Luca; Gust, Christopher J. - In: Journal of international money and finance 32 (2013), pp. 941-967
Persistent link: https://www.econbiz.de/10009733441
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Macroeconomic effects of tariffs shocks : the role of the effective lower bound and the labour market
Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2020
We simulate a version of the EAGLE, a New Keynesian multi-country model of the world economy, to assess the macroeconomic effects of US tariffs imposed on one country member of the euro area (EA), and the rest of the world (RW). The model is augmented with an endogenous effective lower bound...
Persistent link: https://www.econbiz.de/10012241231
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Foreign Price Shocks and Monetary Policy in an Asymmetric Monetary Union
Wohltmann, Hans-Werner; Clausen, Volker - 2003
This paper analyzes the dynamic effects of anticipated and unanticipated foreign price increases of imported raw materials for a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private...
Persistent link: https://www.econbiz.de/10014095583
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Monetary policy and the current account : theory and evidence
Hjortsoe, Ida; Weale, Martin; Wieladek, Tomasz - 2016
monetary policy shock depends on the degree of economic regulation in different markets. In particular, financial (product … for 19 OECD countries. Our empirical results support the theory. We therefore conclude that following a monetary policy …
Persistent link: https://www.econbiz.de/10011436615
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Oil price shocks and macroeconomic dynamics in an oil-exporting emerging economy : a New Keynesian DSGE approach
Oladunni, Sunday - In: CBN journal of applied statistics 11 (2020) 1, pp. 1-34
a new Keynesian dynamic stochastic general equilibrium (DSGE) model to study how an oil price shock impact macroeconomic … aggregates in an oil-rich emerging economy. We consider a positive oil price shock to uncover the extent to which oil price … oil price shock, reveal evidence of Dutch disease and the operation of the Harrod-Balassa-Samuelson effect. We find a …
Persistent link: https://www.econbiz.de/10012297450
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Heckscher-Ohlin Business Cycles
Cunat, Alejandro; Maffezzoli, Marco - 2002
This paper introduces Heckscher-Ohlin trade features into a two-country DSGE model, and studies how productivity shocks propagate through trade in goods. In comparison with standard models, (i) transitory shocks to productivity have permanent effects on country-level aggregate variables; (ii)...
Persistent link: https://www.econbiz.de/10014113462
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House prices, capital inflows and macroprudential policy
Mendicino, Caterina; Punzi, Maria Teresa - 2014
This paper evaluates the monetary and macroprudential policies that mitigate the procyclicality arising from the interlinkage4s between current account deficits and financial vulnerabilities. We develop a two-country dynamic stochastic general equilibrium (DSGE) model with heterogeneous...
Persistent link: https://www.econbiz.de/10010406737
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Oil shocks and external adjustment
Bodenstein, Martin; Erceg, Christopher J.; Guerrieri, Luca - 2007
Persistent link: https://www.econbiz.de/10003997456