Consumption Smoothing In A Small Cyclically Volatile Open Economy
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Consumption Smoothing In A Small Cyclically Volatile Open Economy
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Author : Hall, Viv
language : en
Publisher:
Release Date : 2010
Consumption Smoothing In A Small Cyclically Volatile Open Economy written by Hall, Viv and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
New Zealand's current account of the balance of payments has been persistently in deficit since the early 1970s and increased markedly during the late 1990s. Should this cause significant concern, for such a small, cyclically volatile open economy? Our results show that VAR1 and VAR2 forms of the traditional intertemporal consumption-smoothing model reflect very satisfactorily the volatile directions and turning points observed, that the data are not consistent with consumption-tilting to the present, and that New Zealand has had considerable success to date in consumption-smoothing around its average 5% current account deficit. Perhaps more unexpectedly, a Bergin-Sheffrin-type model of a small open economy with variable interest rates and exchange rates has not performed noticeably better.
Open Economy Macroeconomics
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Author : Martín Uribe
language : en
Publisher: Princeton University Press
Release Date : 2017-04-04
Open Economy Macroeconomics written by Martín Uribe and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-04 with Business & Economics categories.
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
Business Policy And Participative Decision Making
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Author : Wilson Essien Ph.D.
language : en
Publisher: AuthorHouse
Release Date : 2019-07-08
Business Policy And Participative Decision Making written by Wilson Essien Ph.D. and has been published by AuthorHouse this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-08 with Business & Economics categories.
The glue between efficient productivity and profitability is great decision-making. I do not think that a farmer has ever sown rice and harvested corn. In computers, the most common language is GIGO, meaning garbage in, garbage out. Usually, the decisions we make are our personalities, and yet very few people accept responsibility for their actions, their failures in business, or in any endeavor in which they have failed. They desire to blame others without remembering GIGO. I have articulated the mystery that surrounds the lone decision-maker or the CEO who enjoys lonely decision-making and blaming his or her failures on the engineer or the accountant in his company. The new name for decision-making is participative decision-making. In this, the senior officers take part, but separately—the engineers, accountants, supervisors, workers and maintenance people form another group. Both platforms must have a dialogue format; there must be a writer or clerk, a vote taken on each discussion for its authenticity or viability, and in the end, the senior officers must compare their notes with the second group so that amendments can be made where necessary. The final product is now ready to be presented before the board of directors as a formal decision for the company. In a smaller company, this activity stops with the owner, but the owner must understand that two heads are usually better than one. The CEO and his group must not be taken over by egos; the only time for pride in business is when business is doing well financially. Even then, business needs a lot of careful activity because “pride goes before a fall.” It is good to entrust the CEO with the decision-making responsibility, but it is the biggest risk a business can take because business is a collection of ideas. Therefore, it a discipline of collective learning and inquiry. Any student, manager, or business owner who wants to use participative decision-making skills in his or her business or as a consultant in participative decision-making should attend a workshop at least twice and read about participative decision-making thoroughly and practice it from case studies.
The Effectiveness Of Fiscal Policy In Stimulating Economic Activity
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Author : Richard Hemming
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
The Effectiveness Of Fiscal Policy In Stimulating Economic Activity written by Richard Hemming and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-12 with Business & Economics categories.
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Financial Integration And Macroeconomic Volatility
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Author : Mr.Ayhan Kose
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Financial Integration And Macroeconomic Volatility written by Mr.Ayhan Kose and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.
This paper examines the impact of international financial integration on macroeconomic volatility in a large group of industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output growth has, on average, declined in the 1990s relative to the three preceding decades, we also document that, on average, the volatility of consumption growth relative to that of income growth has increased for more financially integrated developing economies in the 1990s. Second, increasing financial openness is associated with rising relative volatility of consumption, but only up to a certain threshold. The benefits of financial integration in terms of improved risk-sharing and consumption-smoothing possibilities appear to accrue only beyond this threshold.
Business Cycles In A Small Open Economy
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Author : Isabel Correia
language : en
Publisher:
Release Date : 1994
Business Cycles In A Small Open Economy written by Isabel Correia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business cycles categories.
British Economic Growth 1270 1870
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Author : Stephen Broadberry
language : en
Publisher: Cambridge University Press
Release Date : 2015-01-22
British Economic Growth 1270 1870 written by Stephen Broadberry and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-22 with Business & Economics categories.
This is the first systematic quantitative account of British economic growth from the thirteenth century to the Industrial Revolution.
Financial Markets And The Real Economy
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Author : John H. Cochrane
language : en
Publisher: Now Publishers Inc
Release Date : 2005
Financial Markets And The Real Economy written by John H. Cochrane and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.
The Composition And Cyclical Behavior Of Trade Flows In Emerging Economies
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Author : Mr.Reinout De Bock
language : en
Publisher: International Monetary Fund
Release Date : 2010-02-01
The Composition And Cyclical Behavior Of Trade Flows In Emerging Economies written by Mr.Reinout De Bock and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-01 with Business & Economics categories.
Trade flows data show that the composition and cyclical properties of imports are similar in developed economies and emerging markets (EM) but this is not the case for exports. Unlike developed economies, (i) EM export few or only a selective set of capital goods and (ii) capital good and overall exports tend to be acyclical. The lack of procyclicality in exports drives the strong countercyclicality of EM trade balances observed in previous studies. A quantitative exercise demonstrates how the standard small open economy business cycle model can be improved for EM by incorporating these features.
Government Size And Output Volatility Should We Forsake Automatic Stabilization
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Author : Xavier Debrun
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2008-05-01
Government Size And Output Volatility Should We Forsake Automatic Stabilization written by Xavier Debrun and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-01 with Economic development categories.
The paper takes stock of the debate on the positive link between output volatility and the size of government-which reflects automatic stabilizers. After a survey of the literature, we show that the contribution of automatic stabilizers to output stability may have disappeared since the 1990s. However, econometric analysis suggests that the breakdown in the government size-volatility relationship largely reflects temporary developments (better monetary management and financial intermediation). Once these factors are taken into account, the stabilizing role of government size remains important although little extra stability can be gained by expanding public expenditure beyond 40 percent of GDP.