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Author : Klaus Schmidt-Hebbel
Publisher :
ISBN 13 :
Total Pages : 642 pages
Book Rating : 4.:/5 (172 download)
Download or read book Foreign Shocks and Macroeconomic Adjustment in Small Open Economies written by Klaus Schmidt-Hebbel and published by . This book was released on 1987 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Helmut Frisch
Publisher : Springer
ISBN 13 : 1349128848
Total Pages : 437 pages
Book Rating : 4.3/5 (491 download)
Download or read book Open-Economy Macroeconomics written by Helmut Frisch and published by Springer. This book was released on 2016-07-27 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.
Author : Martin F. J. Prachowny
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 202 pages
Book Rating : 4.3/5 (91 download)
Download or read book Macroeconomic Analysis for Small Open Economies written by Martin F. J. Prachowny and published by Oxford University Press, USA. This book was released on 1984 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philippe D Karam
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (318 download)
Download or read book A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation written by Philippe D Karam and published by International Monetary Fund. This book was released on 2008-03 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: We extend a small New Keynesian structural model used for monetary policy analysis to address a richer class of policy issues that arise in open economy analysis. We draw a distinction between absorption and domestic output, and as the difference between the two is effectively the current account, there is now an explicit accumulation or decumulation of foreign liabilities in response to various shocks affecting the system. Such stock equilibria can now have an impact back on to the flows in the domestic economy. We perform simulations using parameters calibrated to the Canadian economy and compare the differences in impulse responses from the original model. Advantages in a forecasting environment owing to the ability to impose explicit projections about imports and exports are also exposed.
Author : George M Agiomirgianakis
Publisher : Routledge
ISBN 13 : 042980931X
Total Pages : 176 pages
Book Rating : 4.4/5 (298 download)
Download or read book The Macroeconomics of Open Economies Under Labour Mobility written by George M Agiomirgianakis and published by Routledge. This book was released on 2019-05-29 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1999, this study recognises the importance of international labour mobility for modern economics. This is in large part due to its effects on the size, age structure and skills of the labour force, the human flow between countries and the expected rise in scale as a result of income differentials, demographic pressures and differential labour-force growth rates along with developments in transport and communications. These migrations are increasingly volatile and unpredictable, whilst being concentrated in regions like Australia, the USA, Sub-Saharan Africa and Western Europe. Given the extensive literature on the microeconomic view, George M. Agiomirgianakis aims to extend the debate on open economy macroeconomics through an exploration of international labour mobilities and their effects on open economies with flexible exchange rates.
Author : Arie Arnon
Publisher : Springer Science & Business Media
ISBN 13 : 9781402071621
Total Pages : 364 pages
Book Rating : 4.0/5 (716 download)
Download or read book The Open Economy Macromodel: Past, Present and Future written by Arie Arnon and published by Springer Science & Business Media. This book was released on 2002-09-30 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Open Economy Macromodel: Past, Present And Future has two main objectives. The first is to assess the state of play of the Open Economy Macromodel by bringing together those who developed it with those who apply it today. The second is to assess possible directions for its future development. The volume is divided into three parts. Part one focuses on the models, men, and institutions involved in the development of the international macroeconomic model. In this section, the contributors examine the two monetary approaches to the balance of payments, as well as the relationship between long-term fluctuations in real exchange rates and inflation. Part two deals with the present state of the models by looking at Robert Mundell's theory of optimum currency areas (OCAs) and its relationship with key currencies. The chapters in this section also consider the impact of exchange rate variability on labor markets, as well as the interactions between theoretical developments and real-world behavior in the open economy macromodel. The third and last part of this volume provides a perspective on the future by looking at alternate models and institutional perspectives. Several contributors examine the relationship between asset prices, the real exchange rate, and unemployment in a small economy via what they call "a medium-run structuralist perspective". The future of institutional structures necessary to conduct international economic policy is the subject of the last chapters in part three of the volume.
Author : Arjuna Wickramachchi Mohottala
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (144 download)
Download or read book Economic Adjustment in Small Open Economies to External Shocks Arising from the Carry Trade, Trade Liberalisation and Remittance Flows written by Arjuna Wickramachchi Mohottala and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years the vulnerability of both advanced and emerging small open economies to external shocks has attracted significant attention. Among these types of shocks, three shocks emanating from sudden movements of exchange rates, financial flows such as workers' remittances and trade liberalisation are identified to be of particular importance. This thesis is composed of three independent essays that investigate the macroeconomic impacts on small open economies from these three shocks spanning two geographic locations.First, Chapter 2, explores the macroeconomic effects of the unwinding of the carry trade using the example of the JPY/AUD carry trade and the Australia's macroeconomy. A nonlinear threshold VAR model was used to capture the asymmetric effects of normal sized and large shocks to capturing the unwinding of the carry trade. The results show that in a high pressure regime where it is likely for the carry trade to unwind, a fall in Australia's relative interest rate, combined with a reduction in commodity prices lead the economy to favourably respond to a fall in commodity prices, boosting Australia's production. This result confirms that the carry trade collapse and subsequent stimulus to exports was beneficial to Australia's growth when international financial markets were at their most stressed.Chapter 3 presents evidence on whether two regional trade agreements (RTAs) in South Asia, the South Asian Preferential Trading Arrangement (SAPTA) and the South Asian Free Trade Area (SAFTA) have bolstered intra-regional exports. The results suggest that the two RTAs have not had a significant impact on the region as a whole. SAPTA has not had any significant effect on intra-regional exports except for Bhutan which experienced a reduction in of export growth to the region. SAFTA has failed to have any significant impact on any of the partner countries. In contrast, the results show a different picture for country specific bilateral export growth. Almost all countries have had mixed fortunes in their bilateral export growth in adopting the two RTAs. Notwithstanding, post-2006, intra-regional exports have significantly benefitted from openness to trade and a reduction in overall tariff levels of South Asian partner countries.Chapter 4 investigates whether the steady inflow of workers' remittances to South Asia have resulted in an appreciation in the respective country's real effective exchange rate (REER), working through data since 1980. In addition, the research examines the factors contributing to the remittance flows into South Asia. The results show that income differentials have played a key role in the country-specific determinants of remittance flows. While mixed reactions to the real interest rate differentials were observed across the South Asian countries, an appreciation of the nominal exchange rates has continued to attract remittance flows to India, the Maldives and Pakistan.
Author : Willem H. Buiter
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.:/5 (321 download)
Download or read book International Macroeconomics written by Willem H. Buiter and published by Oxford University Press, USA. This book was released on 1990 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together 12 essays on macroeconomic policy in the open economy. The subject matter is divided equally between analyses of the internal and external adjustment problems of small open economies and studies of the behaviour of large interdependent countries.
Author : Mr.Alexander W. Hoffmaister
Publisher : International Monetary Fund
ISBN 13 : 1451922124
Total Pages : 42 pages
Book Rating : 4.4/5 (519 download)
Download or read book The Sources of Macroeconomic Fluctuations in Developing Countries written by Mr.Alexander W. Hoffmaister and published by International Monetary Fund. This book was released on 1996-02-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the sources of macroeconomic fluctuations in developing countries using a structural VAR approach. Identification of the sources is achieved using long-run restrictions derived from a theoretical model of a small open economy encompassing a large number of macroeconomic paradigms; the short-run dynamics are unrestricted. This framework is applied to Brazil and Korea. The results confirm that supply shocks are the main source of GDP fluctuations, even in the short run. Aggregate demand shocks are shown to be important in the short run in Brazil, but not in Korea. External shocks explain a small fraction of the variance of output, whereas the real exchange rate is driven mainly by fiscal shocks. Nominal shocks appear to have little impact on output and the real exchange rate.
Author : W. Max Corden
Publisher : University of Chicago Press
ISBN 13 : 0226115917
Total Pages : 335 pages
Book Rating : 4.2/5 (261 download)
Download or read book Economic Policy, Exchange Rates, and the International System written by W. Max Corden and published by University of Chicago Press. This book was released on 1994 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: This account of exchange rates in the international monetary system considers the issues in international macroeconomics. Using theoretical models of international economics it explains the effects of various policies and issues in macroeconomics.
Author : P.J. Conway
Publisher : Elsevier
ISBN 13 : 1483299481
Total Pages : 236 pages
Book Rating : 4.4/5 (832 download)
Download or read book Economic Shocks and Structural Adjustments: Turkey after 1973 written by P.J. Conway and published by Elsevier. This book was released on 2014-11-28 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent international economic events have demonstrated the vulnerability of individual countries to external disturbances, or `shocks'. Such disturbances necessitate major adjustments to developing countries' trade behaviour, and therefore also to their domestic economies.This volume is an integrated theoretical and econometric study of the impact of global economic changes on the developing Turkish economy during the period 1970-1983. Structural adjustment is defined and presented in the context of a small open economy reacting to external shocks. The interaction of government and private sector is incorporated explicitly in an intertemporal model through examination of dynamic game equilibria, and the implications of this interaction for the effectiveness of stabilization and liberalization policies are explored. This theoretical structure provides the structure for macroeconomic estimation. The estimated model then is employed for an econometric decomposition of Turkish historical economic experience into portions due to various external shocks and government policy changes.The theoretical section demonstrates the necessity of consideration of government/private interactions when measuring and evaluating structural adjustment policies. The econometric results confirm the importance of such analysis for Turkey, and provide evidence of the impact of various government policies on aggregate consumption, investment, inflation and current account deficits.This book will be of use to both international and development economists as a systematic and insightful examination of structural adjustment in Turkey, as well as a template for similar analyses for other open economies.
Author : Martin Weale
Publisher : Routledge
ISBN 13 : 1317379438
Total Pages : 403 pages
Book Rating : 4.3/5 (173 download)
Download or read book Macroeconomic Policy written by Martin Weale and published by Routledge. This book was released on 2015-10-05 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: This analysis of macroeconomic policy, originally published in 1989, argues that key government objectives, such as reduced inflation, decreased unemployment and an adequate level of national saving can be achieved only by employing both monetary and fiscal policies, in conjunction with supply-side policies expressly designed to improve the workings of the labour market. Part 1 is a comparative analysis showing the effects of monetary and fiscal policy on the economy. Real-wage rigidity in the labour market is shown to have important consequences for the working of both types of policy, because it conditions the economy’s response to tax changes. Part 2 presents an econometric model which combines consistent stock-flow accounts with a full range of expectational effects. Part 3 presents an innovative technique for solving rational expectations models with the need for arbitary terminal conditions.
Author : Paul de Grauwe
Publisher : Aldershot, Hampshire, England : Gower
ISBN 13 :
Total Pages : 340 pages
Book Rating : 4.F/5 ( download)
Download or read book Macroeconomic Theory for the Open Economy written by Paul de Grauwe and published by Aldershot, Hampshire, England : Gower. This book was released on 1983 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nicoletta Batini
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.3/5 ( download)
Download or read book Monetary and Fiscal Rules in an Emerging Small Open Economy written by Nicoletta Batini and published by . This book was released on 2009 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such monetary-fiscal rules need to be adjusted to accommodate specific features of emerging market economies. The model takes the form of two-blocs, a DSGE emerging small open economy interacting with the rest of the world and features, in particular, financial frictions It is calibrated using Chile and US data. Alongside the optimal Ramsey policy benchmark, we model the three pillars as simple monetary and fiscal rules including and both domestic and CPI inflation targeting interest rate rules alongside a 'Structural Surplus Fiscal Rule' as followed recently in Chile. A comparison with a fixed exchange rate regime is made. We find that domestic inflation targeting is superior to partially or implicitly (through a CPI inflation target) or fully attempting to stabilizing the exchange rate. Financial frictions require fiscal policy to play a bigger role and lead to an increase in the costs associated with simple rules as opposed to the fully optimal policy.
Author : Juan Pablo Medina Guzman
Publisher : International Monetary Fund
ISBN 13 : 1484306392
Total Pages : 43 pages
Book Rating : 4.4/5 (843 download)
Download or read book Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies written by Juan Pablo Medina Guzman and published by International Monetary Fund. This book was released on 2014-02-13 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro policies are conducted through rules. We show that the responses of output, aggregate demand, and inflation to an increase in commodity price are magnified when these rules are imperfectly credible and lack transparency. If policies are imperfectly credible, then transparency helps private agents to learn the systematic behavior of the autorities, reducing the effects of commodity prices shocks. Coherent with the model, we show cross-country evidence that monetary policy transparency and fiscal credibility reduce the incidence of export price volatility on output volatility. Also, our results indicate that having an explicit fiscal rule and an inflation targeting regime contribute to isolate the economy from terms of trade fluctuations.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451969473
Total Pages : 40 pages
Book Rating : 4.4/5 (519 download)
Download or read book Growth, External Debt and Sovereign Risk in a Small Open Economy written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-06-23 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper constructs and analyzes an optimizing model of a highly-indebted small open economy. An important innovation in the model is the incorporation of sovereign risk through the specification of an upward-sloping foreign debt supply function. The model is used to examine the interaction between external debt and growth in response to various policies and exogenous disturbances. It is shown that structural policies intended to reduce the fiscal deficit or increase productivity can lead to tradeoffs in their effect on capital accumulation and the stock of debt.
Author : Akhand Akhtar Hossain
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (318 download)
Download or read book Open-economy Macroeconomics for Developing Countries written by Akhand Akhtar Hossain and published by Edward Elgar Publishing. This book was released on 1998 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors (economics, U. of Newcastle, Australia and U. of Western Sydney, Australia, respectively) argue that there is no dichotomy between short-term macroeconomic stabilization and long-term economic growth. They attempt to show that macroeconomic stability is a prerequisite for sustained growth and the root of macroeconomic instability in developing countries lies in the government budget deficits. Annotation copyrighted by Book News, Inc., Portland, OR
