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Author : Thomas Alexander Lubik
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
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:
Author : Franz Gehrels
Publisher : Springer Science & Business Media
ISBN 13 : 3642956599
Total Pages : 194 pages
Book Rating : 4.6/5 (429 download)
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.
Author : Thomas A. Lubik
Publisher :
ISBN 13 :
Total Pages : 246 pages
Book Rating : 4.:/5 (799 download)
Download or read book Two Essays in Open Economic Macroeconomics written by Thomas A. Lubik and published by . This book was released on 2000 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kihyun Park
Publisher :
ISBN 13 :
Total Pages : 147 pages
Book Rating : 4.:/5 (647 download)
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.
Author : Wontae Han
Publisher :
ISBN 13 :
Total Pages : 169 pages
Book Rating : 4.:/5 (14 download)
Download or read book Essays in Open Economy Macroeconomics written by Wontae Han and published by . This book was released on 2018 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two independent essays on open economy macroeconomics. The first chapter of the dissertation is motivated by the question: "What rationalizes the stylized facts of emerging market business and credit cycles?" Business and credit cycles in emerging countries display very volatile consumption, highly volatile and countercyclical net exports, strongly countercyclical real interest rates, and procyclical flows of credit to the household sector and to the business sector. The standard small-open-economy (SOE) model cannot generate this cyclical pattern of the interest rate and the change in credit market liabilities of households. In order to correct this irregularity and account for the data pattern, this paper augments the SOE model to include collateral constraints for the household sector and limited enforcement constraints for the banking sector. The model generates business and credit cycles consistent with Korean data and gives a rationale for highly volatile consumption, countercyclical country interest rates, and procyclical credit flows. In the counterfactual experiments, we find that the output volatility in Korea is reduced by 11% and welfare gains amount to 0.17% increase in one quarter's steady-state consumption when the default risk in the financial sector is completely eliminated. The second chapter investigates how the presence of pricing-to-market and the degree of imperfect financial market integration affects the effectiveness of optimal monetary policy. Global resource allocation can be inefficient because exporting firms may set different prices among markets and households in different countries may pay different prices for identical goods. On the other hand, political, technological, or informational barriers may hinder capital flows across countries, leading to deviations from perfect cross-country risk sharing. Considering this stylized setting, we augment a standard monetary open economy model to include the failure of the law of one price and imperfect financial market integration. We characterize the optimal monetary policy and assess its effectiveness in compared to inward-looking policies.
Author : Daniel Waldman
Publisher :
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (259 download)
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:
Author : Ramon Antonio Gonzalez Hernandez
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (83 download)
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
Author : Han G. Choo
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.:/5 (631 download)
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:
Author : César Augusto Calderón
Publisher :
ISBN 13 :
Total Pages : 412 pages
Book Rating : 4.:/5 (495 download)
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:
Author : Zeyad Khaled D Alnahedh
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
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:
Author : Mian Zhu
Publisher :
ISBN 13 :
Total Pages : 85 pages
Book Rating : 4.:/5 (785 download)
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:
Author : Indradeep Ghosh (Ph. D.)
Publisher :
ISBN 13 :
Total Pages : 199 pages
Book Rating : 4.:/5 (156 download)
Download or read book Essays in Open Economy Macroeconomics written by Indradeep Ghosh (Ph. D.) and published by . This book was released on 2007 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: (Cont.) The second essay is contained in a single chapter, and is an empirical investigation of the linkages between FDI and trade openness for a panel of developing countries over the period 1970-97. Instrumenting for both trade openness and FDI stocks, I show that the correlation commonly observed in the data between FDI and trade openness, is quite possibly due to causality running from FDI to trade openness rather than from trade openness to FDI.
Download or read book Three Essays in Open Economy and International Macroeconomics written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation comprises three essays in open economy and international macroeconomics. The first essay investigates the propagation mechanism of real exchange rate shocks to key real sectors that constitute U.S. foreign trade. The analysis is carried out by decomposing the U.S. trade balance into agriculture, manufacturing and services and evaluating how these sectors respond through the monetary policy channel to a shock in the real exchange rate. A VAR model is constructed using quarterly data of the U.S. foreign trade from 1976Q2 to 2005Q1. The results show that a shock to the real exchange rate has a greater impact on manufacturing and services net trade relative to agriculture. Moreover, the results also indicate, at the sectoral level, that exports are more sensitive to the real exchange rate shocks than are imports. These results are important to researchers using dynamic stochastic general equilibrium (DSGE) models of small open economies because they show transmission features of real exchange rate and monetary policy disturbances to key sectoral components of exports, imports and the trade balance. The second essay employs a dynamic stochastic general equilibrium framework to an open economy setting in order to investigate the mechanism through which the key sectors of agriculture, manufacturing and services are affected by shocks in the real exchange rates. The essay investigates exchange rate movements as deviations from purchasing power parity, disregarding the changes in the prices of non-tradable goods relative to tradable goods among countries. The results suggest that exchange rate movements are a function of structural parameters that constitute the three sectors of agriculture, manufacturing and services such as labor shares and the elasticity of substitution between domestic and foreign goods. The third essay examines the key forces driving innovation among entrepreneurs of ICT (information and communications technology) firms within Bangalore, India0́9s leading software city. The essay employs the multinomial logistic technique on qualitative variables related to education, social strata, experience, and diaspora of Indian software entrepreneurs to show empirically their relevance in explaining Schumpeterian innovation in the Indian software industry. This study not only looks at the impact of years of schooling on innovation, but also the types of education received by an entrepreneur, such as technical or commercial type of education, whether the last degree was received from India or from abroad and whether the entrepreneur attended the Indian Institute of Technology. The empirical results indicate that, the level of education, in terms of number of years of schooling and types of education received by an Indian software entrepreneur are statistically significant in explaining innovation in the Indian software industry. The results also show that, more years of experience in the software industry by an entrepreneur, increases the probability that they become innovators and reduces the likelihood of imitation. Moreover, the likelihood of adaptation is invariant to years of experience in the industry. We also investigate whether exposure to foreign technology increases the likelihood of innovation in the industry by examining three types of diaspora networks, that is, living abroad, working abroad and being a CEO abroad at least 6 months before establishing a software company in India. The results suggest that this foreign exposure increases the likelihood of innovation and reduces imitation and adaptation. Among studies of Indian entrepreneurs examining caste, this study is unique in that caste has no statistical significance in explaining entrepreneurship.
Author : Zaki Eusufzai
Publisher :
ISBN 13 :
Total Pages : 516 pages
Book Rating : 4.:/5 (292 download)
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:
Author : Samih Antoine Azar
Publisher :
ISBN 13 :
Total Pages : 432 pages
Book Rating : 4.:/5 (381 download)
Download or read book Three Essays in Open Economy Macroeconomics written by Samih Antoine Azar and published by . This book was released on 1998 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Small Open Economy Macroeconomics written by and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chapter 1, using panel structural VAR analysis with quarterly data from six emerging Latin American countries, we document that the effects of government spending shocks depend on the share of public debt denominated in foreign currency. We find that the ratio of public debt denominated in foreign currency is a critical determinant of the real exchange rate responses. Economies with larger exposure to the foreign currency denominated public debt (HFC) responds with a real exchange rate depreciation to an increase in government consumption expenditure, while economies with a lower ratio (LFC) respond with real exchange rate appreciation. Correspondingly, the debt-to-GDP ratio in the HFC group increases faster in response to government spending shocks. Moreover, a rise in government spending increases private consumption more significantly in the HFC group. We find that government spending shocks raise output and consumption regardless of the currency denomination of debt. Moreover, the fiscal multipliers in both two groups are above one. To offer a theoretical explanation of these observed patterns, in Chapter 2 we develop a simple small open economy version of New Keynesian Open Economy Model (NOEM) and compare two model specifications which differ in the assumption about the currency denomination of debt: a foreign-currency bond economy (FB) and a domestic-currency bond economy (DB). In the FB (DB) economy, all debt is issued in foreign (domestic) currency. Comparing these two extreme assumptions allows us to shed light on the role of currency denomination of debt in explaining the cross-country variations in the effects of government spending shocks. We show that our proposed model can replicate the empirical findings documented in Chapter 1. A novel feature of our model is that the country-specific risk premium is positively correlated with the expected exchange rate depreciation, and the correlation parameter depends on currency denomination of debt. We discuss how our modification of risk premium makes the real exchange determined by two competing forces and under what conditions a real depreciation can be generated. In Chapter 3, we propose a generalized model in which both types of debt coexist and the ratio of foreign currency debt endogenously determines the strength of exchange rate depreciation mechanism. The model is shown to replicate well the observed responses of macroeconomic variables to an increase in government spending.
Author : Masashige Hamano
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (8 download)
Download or read book Three Essays on Open Economy Macroeconomics with Firm Entry written by Masashige Hamano and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
