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Explaining Business Cycles In Small Open Economies
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Book Synopsis Explaining Business Cycles in Small Open Economies by : M. Ayhan Kose
Download or read book Explaining Business Cycles in Small Open Economies written by M. Ayhan Kose and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the role of world price shocks, namely fluctuations in the prices of capital, intermediate and primary goods, and the world real interest rate, in the generation and propagation of business cycles in developing countries, using a stochastic dynamic multi-sector model of a small open economy. The model reflects the structural characteristics of developing economies and successfully replicates the main features of business cycle dynamics. We utilize variance decomposition methods on the solution of the model to quantitatively evaluate the impact of world price disturbances on domestic business cycles fluctuations. The results of this analysis indicate that world price shocks account for a significant fraction of business cycle variability. In particular, shocks to the prices of capital goods and intermediate inputs relative to the prices of primary commodities explain more than 75 percent of output volatility. In contrast, world interest rate shocks seem to have little effect on cyclical variation. Further, we find that the propagation of business cycles generated by the world price fluctuations to be substantially different than that caused by domestic productivity shocks.
Book Synopsis Essays on Business Cycles by : Thuy Lan Nguyen
Download or read book Essays on Business Cycles written by Thuy Lan Nguyen and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Although news shocks are important in explaining the 1980 recession and the 1993-94 boom, they do not explain much of other business cycles in our sample. Moreover, the contribution of news shocks to explaining short run fluctuations is negligible. These results arise because data on expectations show that changes in expectations are not large and do not resemble actual movements of output. Therefore, news shocks cannot be the main driver of business cycles. Chapters Two and Three focus on the driving forces of business cycles in open economies. We start Chapter Two with an observation that business cycles are strongly correlated across countries. We document that this pattern is also true for small open economies between 1900 and 2006 using a novel data set for 17 small developed and developing countries. Furthermore, we provide a new evidence about the role of common shocks in business cycles for small open economies in a structural estimation of a real small open economy model featuring a realistic debt adjustment cost and common shocks.
Book Synopsis Business Cycles in Small Developed Economies: The Role of Terms of Trade and Foreign Interest Rate Shocks by : Jaime Guajardo
Download or read book Business Cycles in Small Developed Economies: The Role of Terms of Trade and Foreign Interest Rate Shocks written by Jaime Guajardo and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-04-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical evidence for small developed economies finds that consumption is procyclical and as volatile as output, and real net exports are coutercyclical. Earlier studies have not been able to reproduce these regularities in a DSGE small open economy model when productivity shocks drive the business cycles and households have a normal intertemporal elasticity of substitution. Instead, these studies have reduced this elasticity to make consumption more procyclical and volatile and real net exports countercyclical. This paper shows that a standard model can reproduce these regularities, without lowering the intertemporal substitution, if the terms of trade and foreign interest rate are added as source of business cycle fluctuations. These shocks, compared to productivity shocks, make consumption and investment more volatile and procyclical relative to output, and make real net exports countercyclical.
Book Synopsis Business Cycles in Small, Open Economies by : Wataru Miyamoto
Download or read book Business Cycles in Small, Open Economies written by Wataru Miyamoto and published by . This book was released on 2016 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Open Economy Macroeconomics by : Martín Uribe
Download or read book Open Economy Macroeconomics written by Martín Uribe and published by Princeton University Press. This book was released on 2017-04-04 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martín Uribe and Stephanie Schmitt-Grohé factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. Detailed exploration of international business-cycle analysis Coverage of financial frictions as drivers and transmitters of business cycles and global crises Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability Chapters include exercises and replication codes
Book Synopsis Economic Cycles by : Solomos Solomou
Download or read book Economic Cycles written by Solomos Solomou and published by Manchester University Press. This book was released on 1998 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ups and downs of booms and slumps, often referred to as business cycles, are features of all modern economies. This book considers business cycles over three epochs 1870-1913, 1919-1938 and the post-World War II period. It provides an analysis of the key macroeconomic questions relating to economic fluctuations. Why are the ups and down more volatile in some epochs than others? Why are some business cycle shocks more persistent in their effects? Is there an international business cycle? Can present business cycle features predict future patterns? What impact will institutional changes, such as EMU have on future fluctuations?
Book Synopsis Understanding Business Cycles in Open Economies by : Mustakiym Ayhan Kose
Download or read book Understanding Business Cycles in Open Economies written by Mustakiym Ayhan Kose and published by . This book was released on 1997 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trends and Cycles in Small Open Economies by : Kan Chen
Download or read book Trends and Cycles in Small Open Economies written by Kan Chen and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic research into the causes of business cycles in small open economies is almost always undertaken using a partial equilibrium model. This approach is characterized by two key assumptions. The first is that the world interest rate is unaffected by economic developments in the small open economy, an exogeneity assumption. The second assumption is that this exogenous interest rate combined with domestic productivity is sufficient to describe equilibrium choices. We demonstrate the failure of the second assumption by contrasting general and partial equilibrium approaches to the study of a cross-section of small open economies. In doing so, we provide a method for modeling small open economies in general equilibrium that is no more technically demanding than the small open economy approach while preserving much of the value of the general equilibrium approach.
Book Synopsis News-driven Business Cycles in Small Open Economies by : Gunes Kamber
Download or read book News-driven Business Cycles in Small Open Economies written by Gunes Kamber and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Business Cycles by : Mr.Ayhan Kose
Download or read book Global Business Cycles written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-06-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups-industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates-output, consumption, and investment-into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.
Book Synopsis Frontiers of Business Cycle Research by : Thomas F. Cooley
Download or read book Frontiers of Business Cycle Research written by Thomas F. Cooley and published by Princeton University Press. This book was released on 1995-02-26 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This introduction to modern business cycle theory uses a neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting advances in dynamic economic theory and computational methods, it applies concepts to t
Book Synopsis Business Cycles in a Small Open Economy by : Isabel Correia
Download or read book Business Cycles in a Small Open Economy written by Isabel Correia and published by . This book was released on 1994 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are Business Cycles Different in Asia and Latin America? by : Mr.Alexander W. Hoffmaister
Download or read book Are Business Cycles Different in Asia and Latin America? written by Mr.Alexander W. Hoffmaister and published by International Monetary Fund. This book was released on 1997-01-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares business cycles in Asia and in Latin America using structural vector autoregression analysis with panel data. The evidence for countries in these regions suggests that (i) the main source of output fluctuations is supply shocks, even in the short run; (ii) the real exchange rate is driven mostly by fiscal shocks; and (iii) terms of trade shocks are important for trade balance fluctuations but not for output or real exchange rate fluctuations. However, in Latin America, as opposed to Asia, output is affected more by external and domestic demand shocks.
Author :Enrique G. Mendoza Publisher :London : Department of Economics, University of Western Ontario ISBN 13 : Total Pages :46 pages Book Rating :4.:/5 (318 download)
Book Synopsis Business Cycles, Adjustment Costs and the Theory of Investment in a Small Open Economy by : Enrique G. Mendoza
Download or read book Business Cycles, Adjustment Costs and the Theory of Investment in a Small Open Economy written by Enrique G. Mendoza and published by London : Department of Economics, University of Western Ontario. This book was released on 1989 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Emerging Economy Business Cycles by : Rudrani Bhattacharya
Download or read book Emerging Economy Business Cycles written by Rudrani Bhattacharya and published by International Monetary Fund. This book was released on 2013-05-22 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the extent to which financial integration impacts the manner in which terms of trade affect business cycles in emerging economies. Using a s mall open economy model, we show that as capital account openness increases in an economy that faces trade shocks, business cycle volatility reduces. For an economy with limited financial openness, and a relatively open trade account, a model with exogenous terms of trade shocks is able to replicate the features of the business cycle.
Book Synopsis Business Cycles and Their Causes by : Wesley Clair Mitchell
Download or read book Business Cycles and Their Causes written by Wesley Clair Mitchell and published by . This book was released on 1989 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
