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An Estimated Dynamic Stochastic General Equilibrium Model Of The Jordanian Economy
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Book Synopsis An Estimated Dynamic Stochastic General Equilibrium Model of the Jordanian Economy by : Samya Beidas-Strom
Download or read book An Estimated Dynamic Stochastic General Equilibrium Model of the Jordanian Economy written by Samya Beidas-Strom and published by International Monetary Fund. This book was released on 2011-02-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents and estimates a small open economy dynamic stochastic general-equilibrium model (DSGE) for the Jordanian economy. The model features nominal and real rigidities, imperfect competition and habit formation in the consumer’s utility function. Oil imports are explicitly modeled in the consumption basket and domestic production. Bayesian estimation methods are employed on quarterly Jordanian data. The model’s properties are described by impulse response analysis of identified structural shocks pertinent to the economy. These properties assess the effectiveness of the pegged exchange rate regime in minimizing inflation and output trade-offs. The estimates of the structural parameters fall within plausible ranges, and simulation results suggest that while the peg amplifies output, consumption and (price and wage) inflation volatility, it offers a relatively low risk premium.
Book Synopsis The EU-Jordan Free Trade Agreement by : Omar Feraboli
Download or read book The EU-Jordan Free Trade Agreement written by Omar Feraboli and published by VDM Publishing. This book was released on 2007 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Association Agrement between Jordan and the EU entered into force in 2002. It is part of the Euro-Mediterranean Partnership, a process of economic and political integration involving the EU and countries in the MENA region. This books analyses the impacts on the Jordanian economy of the free-trade agreement with the EU, with emphasis on welfare and income distribution. The effects of trade liberalisation are assessed together with parallel and complementary economic reforms, aiming at countacting the fall in government revenue due to the reduction in the import duty rates. In order to capture the economic interactions and the intertemporal effects, the analyis is conducted by using a dynamic CGE model. The approach used in this work is the first one analysing income distribution in a CGE framework in which heterogeneous households are assumed to have different discount rates. The simulation results show that, although the free-trade arrangement with the EU affects positively aggregate welfare in Jordan, it also has different effects on Jordanian heterogenous households and it causes increasing income disparity. This work hopes therefore to provide both theoretical insights and useful policy implications.
Book Synopsis Technology Shocks and Aggregate Fluctuations by : Mr.Pau Rabanal
Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Book Synopsis Assessing Dsge Models with Capital Accumulation and Indeterminacy by : Mr.Vadim Khramov
Download or read book Assessing Dsge Models with Capital Accumulation and Indeterminacy written by Mr.Vadim Khramov and published by International Monetary Fund. This book was released on 2012-03-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The simulated results of this paper show that New Keynesian DSGE models with capital accumulation can generate substantial persistencies in the dynamics of the main economic variables, due to the stock nature of capital. Empirical estimates on U.S. data from 1960:I to 2008:I show the response of monetary policy to inflation was almost twice lower than traditionally considered, as capital accumulation creates an additional channel of influence through real interest rates in the production sector. Versions of the model with indeterminacy empirically outperform determinate versions. This paper allows for the reconsideration of previous findings and has significant monetary policy implications.
Book Synopsis Jordan by : International Monetary Fund
Download or read book Jordan written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-09-20 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy of Jordan was affected by the global crisis. Lower commodity prices helped improve Jordan’s external position. Effective banking supervision has strengthened the capacity of Jordanian banks to withstand shocks. The authorities have implemented prudent fiscal and monetary policies. The medium-term fiscal strategy should be supported by a number of institutional reforms. The fixed exchange rate regime remains important for financial stability. Bank regulation and supervision should continue to focus on preventing excessive risk-taking.
Book Synopsis Financial Crises in DSGE Models by : Mr.Jaromir Benes
Download or read book Financial Crises in DSGE Models written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2014-04-04 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy. But excessively large and risky loans can impair balance sheets and sow the seeds of a financial crisis. Banks respond to losses through higher spreads and rapid credit cutbacks, with adverse effects for the real economy. These features allow the model to capture the basic facts of financial cycles. A companion paper studies the simulation properties of MAPMOD.
Book Synopsis How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area by : Nicoletta Batini
Download or read book How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area written by Nicoletta Batini and published by International Monetary Fund. This book was released on 2020-06-05 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the relative impacts of monetary and fiscal policy on demand using actual and simulated data from rich estimated models featuring also financial intermediaries and long-term government debt. The analysis highlights a short-lived fiscal expansion in the aftermath of the Global Financial Crisis, followed by a quick tightening, with monetary policy left to be the “only game in town” after 2013. Individual countries’ DMFCIs show that national policy stances did not always mirror the evolution of the aggregate stance at the EA level, due to heterogeneity in the fiscal stance.
Book Synopsis Oil Prices, External Income, and Growth by : Mr.Kamiar Mohaddes
Download or read book Oil Prices, External Income, and Growth written by Mr.Kamiar Mohaddes and published by International Monetary Fund. This book was released on 2011-12-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends the long-run growth model of Esfahani et al. (2009) to a labor exporting country that receives large inflows of external income?the sum of remittances, FDI and general government transfers?from major oil-exporting economies. The theoretical model predicts real oil prices to be one of the main long-run drivers of real output. Using quarterly data between 1979 and 2009 on core macroeconomic variables for Jordan and a number of key foreign variables, we identify two long-run relationships: an output equation as predicted by theory and an equation linking foreign and domestic inflation rates. It is shown that real output in the long run is shaped by: (i) oil prices through their impact on external income and in turn on capital accumulation, and (ii) technological transfers through foreign output. The empirical analysis of the paper confirms the hypothesis that a large share of Jordan's output volatility can be associated with fluctuations in net income received from abroad. External factors, however, cannot be relied upon to provide similar growth stimuli in the future, and therefore it will be important to diversify the sources of growth in order to achieve a high and sustained level of income.
Book Synopsis Macroeconomic Effects of Reforms on Three Diverse Oil Exporters: Russia, Saudi Arabia, and the UK by : Samya Beidas-Strom
Download or read book Macroeconomic Effects of Reforms on Three Diverse Oil Exporters: Russia, Saudi Arabia, and the UK written by Samya Beidas-Strom and published by International Monetary Fund. This book was released on 2019-10-11 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: We build and estimate open economy two-bloc DSGE models to study the transmission and impact of shocks in Russia, Saudi Arabia and the United Kingdom. After accounting for country-specific fiscal and monetary sectors, we estimate their key policy and structural parameters. Our findings suggest that not only has output responded differently to shocks due to differing levels of diversification and structural and policy settings, but also the responses to fiscal consolidation differ: Russia would benefit from a smaller state foot-print, while in Saudi Arabia, unless this is accompanied by structural reforms that remove rigidities, output would fall. We also find that lower oil prices need not be bad news given more oil-intensive production structures. However, lower oil prices have hurt these oil producers as their public finances depend heavily on oil, among other factors. Productivity gains accompanied by ambitious structural reforms, along with fiscal and monetary reforms could support these economies to achieve better outcomes when oil prices fall, including via diversifying exports.
Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Book Synopsis Regional Integration and Policy Challenges in Africa by : A. Elhiraika
Download or read book Regional Integration and Policy Challenges in Africa written by A. Elhiraika and published by Springer. This book was released on 2016-01-26 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of integration as a catalyst for economic growth, development and insulation from global shocks has made the concept of regional integration even more attractive to states. This books contains compelling arguments and empirical observations that detail some of the key opportunities governments in Africa are pursuing.
Book Synopsis Post-Referendum Sudan National and Regional Questions by : Wassara, Samson Samuel
Download or read book Post-Referendum Sudan National and Regional Questions written by Wassara, Samson Samuel and published by CODESRIA. This book was released on 2015-03-02 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fate of Sudan, by then the largest country in Africa, was clearly decided when results of the referendum vote were announced in February 2011. Policy makers, scholars and the international community began to grapple with critical issues that might arise after the independence of South Sudan and how different stakeholders were likely to react during the period of uncertainty. Political developments in Sudan were long-term outcomes of post-cold war revolutions in the world system after the Soviet Union collapsed. A domino effect of such events swept across Eastern Europe with some manifestations in the Horn of Africa. The fall of Mengistu Haile Mariam, marked the beginning of the redrawing of the map of Africa and posed a challenge to the long held principle of preservation of colonial borders that had been enshrined in the Charter of the Organisation of African Unity. The precedent set by the independence of Eritrea seemed to encourage southern Sudan to press forward for independence through a two pronged approach of armed struggle and diplomacy led by the Sudan People's Liberation Army/Movement. This book attempts to understand national, regional and continental dimensions of the unresolved issues that could result in the escalation of conflict in the Sudan. It examines internal dynamics of the Sudan after secession of the south and how these dynamics might affect neighbouring countries in the geopolitical regions: the Horn of Africa, the Great Lakes Region and Central Africa. A section of the book is dedicated to dynamics within South Sudan as a new state. Post-conflict South Sudan as country was marked by extreme poverty, lack of infrastructure and prevalence of inter-communal armed violence. This book proposes possible policies to prevent the country from descending into a state of economic and social chaos. The book provides the argument that equitable and rational transformative socio-economic programmes and policies could greatly reduce potentials for conflict. This book calls on policy makers to pursue policies that could lead to concrete projects planned to alleviate poverty and provision of basic social services such as education, health, and safe water. The book comes to the conclusion that political stability will depend on collective actions of stakeholders to ensure that peace prevails both in the north and the south to guarantee human security in the region.
Book Synopsis Equilibrium Models in Economics by : Lawrence A. Boland
Download or read book Equilibrium Models in Economics written by Lawrence A. Boland and published by Oxford University Press. This book was released on 2017 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose and problems for equilibrium models -- Equilibrium models and explanation -- Equilibrium attainment vs. equilibrium necessities -- Does general equilibrium attainment imply universal maximization? -- Time and knowledge matters : general equilibrium attainment -- Equilibrium concepts and critiques : two cultures -- The limits of equilibrium models -- Recognizing knowledge in equilibrium models -- Limits of equilibrium methodology an educational dialogue -- Equilibrium models vs. realistic understanding -- Macroeconomic equilibrium model building and the stability problem -- Equilibrium models intended to overcome limits -- Equilibrium models vs. evolutionary economic models -- Equilibrium models vs. complexity economics -- Building models of price dynamics -- Building models of non-clearing markets -- Building models of learning and the equilibrium process -- Bibliography -- Names index -- Subject index
Book Synopsis The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios by : Aya Achour
Download or read book The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios written by Aya Achour and published by International Monetary Fund. This book was released on 2021-04-30 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Morocco Policy Analysis model (MOPAM) was created in the Bank Al-Maghrib to simulate the impact of external developments, domestic macroeconomic policies, and structural reforms on key macroeconomic aggregates. We describe its structure and demonstrate its operation on two medium-term scenarios: (1) fiscal consolidation to stabilize the debt-to-GDP ratio and (2) the effects of the COVID-19 shock, including the endogenous fiscal and monetary policy response.
Book Synopsis How Has Nafta Affected the Mexican Economy? Review and Evidence by : Mr.Ayhan Kose
Download or read book How Has Nafta Affected the Mexican Economy? Review and Evidence written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2004-04-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive assessment of the impact of NAFTA on growth and business cycles in Mexico. The effect of the agreement in spurring a dramatic increase in trade and financial flows between Mexico and its NAFTA partners, and its impact on Mexican economic growth and business cycle dynamics, are documented with reference both to stylized facts and recent empirical research. The paper concludes by drawing lessons from Mexico's NAFTA experience for policymakers in developing countries. The foremost of these is that in an increasingly globalized trading system, bilateral and regional free trade arrangements should be used to accelerate, rather than postpone, needed structural reform.
Book Synopsis Model Building in Economics by : Lawrence A. Boland
Download or read book Model Building in Economics written by Lawrence A. Boland and published by Cambridge University Press. This book was released on 2014-09-15 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concern about the role and the limits of modeling has heightened after repeated questions were raised regarding the dependability and suitability of the models that were used in the run-up to the 2008 financial crash. In this book, Lawrence Boland provides an overview of the practices of and the problems faced by model builders to explain the nature of models, the modeling process, and the possibility for and nature of their testing. In a reflective manner, the author raises serious questions about the assumptions and judgments that model builders make in constructing models. In making his case, he examines the traditional microeconomics-macroeconomics separation with regard to how theoretical models are built and used and how they interact, paying particular attention to the use of equilibrium concepts in macroeconomic models and game theory and to the challenges involved in building empirical models, testing models, and using models to test theoretical explanations.
Book Synopsis Housing Markets in Europe by : Olivier de Bandt
Download or read book Housing Markets in Europe written by Olivier de Bandt and published by Springer Science & Business Media. This book was released on 2010-10-14 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.
