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Essays In Open Economy Macro Economics
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Book Synopsis Essays in Macroeconomics of an Open Economy by : Franz Gehrels
Download or read book Essays in Macroeconomics of an Open Economy written by Franz Gehrels and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: The large aggregates in the economy - consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness - are analysed in this book as problems in time-optimisation for enterprises and households. The effects of fiscal and monetary policies along with exchange-rate variation are examined, and their simultaneous use for stabilizing demand are found to be necessary. All household decisions on consumptions, savings, and financial disposition are conditioned by uncertainty, and similarly for firms, who make more complex simultaneous decisions on production, real investment, financing, and market strategy. The marginal efficiency-of-investment function derived from these decisions is fundamentally different from the marginal productivity of capital in the neoclassical sense. An economy which grows through the accumulation of capital, increase in labor supply, and technological progress is the framework in which all of these variables move. This codetermines the allocation of factors between domestic and international production, and the development of foreign trade. The growth both of the public debt and of international investment are treated in depth.
Book Synopsis Essays in Open Economy Macro Economics by : Michael Allan Jenkins
Download or read book Essays in Open Economy Macro Economics written by Michael Allan Jenkins and published by . This book was released on 1995 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Open Economy Macroeconomics by : Daniel Waldman
Download or read book Essays in Open Economy Macroeconomics written by Daniel Waldman and published by . This book was released on 2008 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Open Economy Macroeconomics by : Mian Zhu
Download or read book Essays in Open Economy Macroeconomics written by Mian Zhu and published by . This book was released on 2011 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Open Economy Macroeconomics by : Kihyun Park
Download or read book Essays in Open Economy Macroeconomics written by Kihyun Park and published by . This book was released on 2010 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the dynamic effects of various economic shocks in a two-sector small open economy. It is divided into three essays. Essays 1 and 2 have a theoretical focus; they involve the developing of intertemporal optimizing models of a small open economy. In these essays, we use the representative-agent framework to derive dynamic macroeconomic effects. Specifically, in the first essay we examine the effects of monetary policy targeted at an inflation rate in a small open economy. We adopt a two-sector dependent economy where money is introduced through various cash-in-advance (CIA) constraints. Results are very significant and sensitive to various CIA constraints as well as relative capital intensities. Higher inflation will generate more investment in the economy leading to a higher level of capital stock and a lower level of net foreign assets in the long-run when the nontraded sector is more capital intensive and households need cash for purchasing tradable goods. However, the long-run effects are completely opposite if households need real balances for purchasing nontradable goods instead. In the second essay we examine the effects and the associated dynamics of an increase in international oil prices and domestic inflation. We show that an increase in oil prices or higher domestic inflation lowers the level of investment, production, and consumption in the long-run. The economy experiences a current account surplus along with a fall in capital stock by holding more foreign traded bonds. Transitional dynamics significantly depend on sectoral capital intensity as well. In essay 3 we investigate the explanatory power of yield spread in predicting economic activities in developing economies. We employ both the Markov regime switching model (MS) and the probit model to estimate the probability of recessions during the Asian financial crisis. We find that three-regime MS model is better predictor of recessions than tworegime MS model. The MS results are also compared with that of the standard probit model for comparison. The MS model does not significantly improve the forecasting ability of the yield spread in forecasting business cycles.
Book Synopsis Empirical Essays in Open Economy Macroeconomics by : César Augusto Calderón
Download or read book Empirical Essays in Open Economy Macroeconomics written by César Augusto Calderón and published by . This book was released on 2001 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Two essays in open economy macroeconomics by : Thomas Alexander Lubik
Download or read book Two essays in open economy macroeconomics written by Thomas Alexander Lubik and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Open Economy Macroeconomics by : Vasco Cúrdia
Download or read book Essays in Open Economy Macroeconomics written by Vasco Cúrdia and published by . This book was released on 2007 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first essay proposes a model to investigate the effects of monetary policy in an emerging market economy that experiences a sudden stop of capital inflows. I show that the higher the elasticity of foreign demand, the lower the contraction in output - leading, at the extreme, to the possibility of an expansion. Interest rate rules reacting to inflation and output stabilize the output more than a fixed exchange rate regime. Low credibility and the risk of loose policy imply increased trade-offs, stronger contraction of the economy, and higher interest rates.
Book Synopsis Essays in Empirical Open Economy Macroeconomics by : Zeyad Khaled D Alnahedh
Download or read book Essays in Empirical Open Economy Macroeconomics written by Zeyad Khaled D Alnahedh and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Open-economy Macroeconomics by : Andrea Bubula
Download or read book Essays in Open-economy Macroeconomics written by Andrea Bubula and published by . This book was released on 2004 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three essays in open economy macroeconomics by : Han G. Choo
Download or read book Three essays in open economy macroeconomics written by Han G. Choo and published by . This book was released on 1986 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Open Economy Macroeconomics with a Focus on Fiscal Policy by : Sang-Beom Kim
Download or read book Essays in Open Economy Macroeconomics with a Focus on Fiscal Policy written by Sang-Beom Kim and published by . This book was released on 1992 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Open Economy Macroeconomics by : Zaki Eusufzai
Download or read book Three Essays on Open Economy Macroeconomics written by Zaki Eusufzai and published by . This book was released on 1993 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Open Economy Macroeconomics by : Maria Silvana Tenreyro
Download or read book Three Essays on Open Economy Macroeconomics written by Maria Silvana Tenreyro and published by . This book was released on 2002 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Open Economy Macroeconomics by : Lucun Yang
Download or read book Essays in Open Economy Macroeconomics written by Lucun Yang and published by . This book was released on 2010 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in open economy macroeconomics by : Ramon Antonio Gonzalez Hernandez
Download or read book Essays in open economy macroeconomics written by Ramon Antonio Gonzalez Hernandez and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Research macroeconomists have witnessed remarkable methodological developments in mathematical, statistical, and computational tools during the last two decades. The three essays in this dissertation took advantage of these advances to analyze important macroeconomic issues. The first essay, " Habit Formation, Adjustments Costs, and International Business Cycle Puzzles" analyzes the extent to which incorporating habit formation and adjustment costs in investment in a one-good two-country general equilibrium model would help overcome some of the international business cycle puzzles. Unlike standard results in the literature, the model generates persistent, cyclical adjustment paths in response to shocks. It also yields positive cross-country correlations in consumption, employment, investment, and output. Cross-country correlations in output are higher than the ones in consumption. This is qualitatively consistent with the stylized facts. These results are particularly striking given the predicted negative correlations in investment, employment, and output that are typically found in the literature. The second essay, "Comparison Utility, Endogenous Time Preference, and Economic Growth," uses World War II as a natural experiment to analyze the degree to which a model where consumers' preferences exhibit comparison-based utility and endogenous discounting is able to improve upon existing models in mimicking the transitional dynamics of an economy after a shock that destroys part of its capital stock. The model outperforms existing ones in replicating the behavior of the saving rate (both on impact and along the transient paths) after this historical event. This result brings additional support to the endogenous rate of time preference being a crucial element in growth models. The last essay, "Monetary Policy under Fear of Floating: Modeling the Dominican Economy," presents a small scale macroeconomic model for a country (Dominican Republic) characterized by a strong pr
Book Synopsis Essays in Open-economy Macroeconomics by :
Download or read book Essays in Open-economy Macroeconomics written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation addresses three issues in international macroeconomics. The first chapter examines optimal portfolio decisions in a monetary open economy DSGE model. In a complete market environment, Engel and Matsumoto (2005) find that sticky price can generate equity home bias. However, their result is sensitive to the structure of the financial market. In an incomplete market environment, we find "super home bias" in the equilibrium equity portfolio, which casts doubt on the ability of sticky price in describing the observed equity portfolios. We further show that introducing sticky wages helps to match the data. The second chapter analyzes the welfare impact of financial integration in a standard monetary open-economy model. Financial integration may have negative effects on welfare if integration occurs in the presence of nominal price rigidities and constraints on the efficient use of monetary policy. The reason is that financial integration leads to excessive terms of trade volatilities. From a policy perspective, the model implies that developing economies that are experiencing financial integration may attempt to alleviate the welfare cost of integration by stabilizing the exchange rate. This prediction is consistent with the widespread reluctance to following freely floating exchange rates among these economies. On the other hand, for advanced economies that have the ability to operate efficient inflation targeting monetary policies, financial integration is always beneficial. Thus, the model accounts for the observed acceleration in cross-border asset trade among advanced economies in the early 1990s as it was mainly the industrial countries that switched to an inflation targeting regime at the time. The third chapter uses an open-economy neoclassical growth model to explain the saving and investment behavior of the U.S. and a group of other OECD countries. We find that while the model explains investment quite well, it tends to overpredict U.S saving a.
