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Hysteresis In An Open Economy Model
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Book Synopsis Hysteresis in an Open Economy Model by : Terry O'Shaughnessy
Download or read book Hysteresis in an Open Economy Model written by Terry O'Shaughnessy and published by . This book was released on 1994 with total page 44 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 A Study of Hysteresis in the Open Canadian Economy by : Ming Ouyang
Download or read book A Study of Hysteresis in the Open Canadian Economy written by Ming Ouyang and published by . This book was released on 1997 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Study of Hysteresis in the Open Canadian Economy by :
Download or read book A Study of Hysteresis in the Open Canadian Economy written by and published by . This book was released on 1910 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation analyzes the phenomena of hysteresis in the Canadian economy from an open economy approach which combines studies of hysteresis in the international trade and the domestic labour market. In the theoretical analysis, two models for a small open economy are developed: one for the aggregate demand side and one for the aggregate supply side. The first one presents a hysteretic IS-LM-BP model which shows that trade hysteresis could result in a vertical IS curve and bend the aggregate demand curve until it is infinitely inelastic. A very steep aggregate demand curve explains the demand side hysteresis in the domestic economy. The second model derives an open economy version of the Phillips curve by allowing the exchange rate to enter the right-hand-side of the equation, and provides a theoretical base for empirical testing. The empirical analysis of this study tests trade hysteresis and estimates the Phillips curve. Following the widely used approach of trade hysteresis testing, the unit root and the cointegration tests are performed on the series of net exports and the exchange rate for the data sets of the US, the OECD, and the rest of the world. The results show that both of net exports and the exchange rate followed random walk, and there is no cointegration between the two series which is consistent with trade hysteresis. The Phillips curve estimation includes two steps. Step one uses the causality test to show that changes in the exchange rate cause changes in the inflation rate, but not vice versa, which supports the open economy version of the Phillips curve. The next step is to estimate the Phillips curve, and the degree of hysteresis is calculated from the results of the estimation. In alternative estimations with different measurements of the unemployment rate, different data periods, and different data frequencies, the results suggest that hysteresis has been significant in the Canadian economy.
Book Synopsis Hysteresis Effects in Economic Models by : Wolfgang Franz
Download or read book Hysteresis Effects in Economic Models written by Wolfgang Franz and published by . This book was released on 1990-07-13 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Norms in Wage and Price Setting and Hysteresis in the Real Exchange Rate by : Emiliano Libman
Download or read book Endogenous Norms in Wage and Price Setting and Hysteresis in the Real Exchange Rate written by Emiliano Libman and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real exchange rates are often 'disconnected' from fundamentals. Mean reversion toward equilibrium operates at a slow pace (if it operates at all), and when inflation is low the real exchange rate tracks closely the nominal exchange rate for prolonged periods of time. Using a simple open economy model, we show that including endogenous norms in wage and price setting in an open economy set-up can lead to hysteresis in the real exchange rate. For a given set of fundamentals, the real exchange rate may settle down at different equilibria and exchange rate policies are not necessarily neutral in the long-run.
Book Synopsis Keynes, Post-Keynesianism and Political Economy by : Peter Kriesler
Download or read book Keynes, Post-Keynesianism and Political Economy written by Peter Kriesler and published by Routledge. This book was released on 1999-11-11 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collected here are wide-ranging contributions to economics in general, and to post-Keynesian economics in particular by leading economists.
Book Synopsis NBER Macroeconomics Annual 1986 by :
Download or read book NBER Macroeconomics Annual 1986 written by and published by . This book was released on 1986 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Open Economy Macromodel: Past, Present and Future by : Arie Arnon
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 2012-12-06 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impetus for the conference that was the basis for this volume emanated from the influence of two brilliant minds-Egon Sohmen and Adam Klug, who both died at an early age, leaving their families and the professions of economics and economic history with major voids. In the course of research on the origins of Open Economy Macroeconomics, the significant contributions of Egon Sohmen came to the fore. After correspondence with some of those involved in the early development of the Open Economy Macromodel, we turned to Adam Klug for his views on the matter-as he had dealt with the history of intertemporal trade models in his Ph. D. thesis. And it was Adam who suggested the idea of a conference bringing together economists and economic historians. At this point we want to acknowledge the very generous grant from the Egon Sohmen Foundation and the active participation of Dr. Helmut Sohmen and Mrs. Renee Sohmen at the conference. We also want to thank Prof. Sir Aaron Klug, Nobel Laureate, and the Klug family for their support and the financial contribution of the Adam Klug Memorial Lecture Fund at Ben Gurion University. Other institutions that contributed to the conference were the Gianni Foundation; Bank of Israel; University of North Carolina; Department of Economics, Faculty of Social Science and Aharon Meir Center for Banking, Bar Ilan University; Department of Economics and Faculty of Social Science, Ben-Gurion University of the Negev.
Book Synopsis Aftershocks of Monetary Unification by : Mr.Tamim Bayoumi
Download or read book Aftershocks of Monetary Unification written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 2017-03-13 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Once upon a time, in the 1990s, it was widely agreed that neither Europe nor the United States was an optimum currency area, although moderating this concern was the finding that it was possible to distinguish a regional core and periphery (Bayoumi and Eichengreen, 1993). Revisiting these issues, we find that the United States is remains closer to an optimum currency area than the Euro Area. More intriguingly, the Euro Area shows striking changes in correlations and responses which we interpret as reflecting hysteresis with a financial twist, in which the financial system causes aggregate supply and demand shocks to reinforce each other. An implication is that the Euro Area needs vigorous, coordinated regulation of its banking and financial systems by a single supervisor—that monetary union without banking union will not work.
Book Synopsis Open Economy Macroeconomics in Developing Countries by : Carlos A. Vegh
Download or read book Open Economy Macroeconomics in Developing Countries written by Carlos A. Vegh and published by MIT Press. This book was released on 2013-08-30 with total page 911 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and rigorous text that shows how a basic open economy model can be extended to answer important macroeconomic questions that arise in emerging markets. This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics. After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of “real anchors.” Finally, the book analyzes in detail specific topics such as inflation stabilization, “dollarization,” balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.
Book Synopsis Hysteresis and Full Employment in a Small Open Economy by : Timothy Watson
Download or read book Hysteresis and Full Employment in a Small Open Economy written by Timothy Watson and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Economics in Globalised Financial Markets by : Ansgar Belke
Download or read book Monetary Economics in Globalised Financial Markets written by Ansgar Belke and published by Springer Science & Business Media. This book was released on 2011-06-14 with total page 833 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates the fundamentals of monetary theory, monetary policy theory and financial market theory, providing an accessible introduction to the workings and interactions of globalised financial markets. Includes examples and extensive data analyses.
Book Synopsis Inflation and Activity – Two Explorations and their Monetary Policy Implications by : Mr.Olivier J. Blanchard
Download or read book Inflation and Activity – Two Explorations and their Monetary Policy Implications written by Mr.Olivier J. Blanchard and published by International Monetary Fund. This book was released on 2015-11-06 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.
Book Synopsis Fiscal Policy in Classical and Keynesian Open Economies by : Klaus Schmidt-Hebbel
Download or read book Fiscal Policy in Classical and Keynesian Open Economies written by Klaus Schmidt-Hebbel and published by World Bank Publications. This book was released on with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Open-Economy Macroeconomics by : Helmut Frisch
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.