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Elasticity Optimism

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Elasticity Optimism

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-01

Elasticity Optimism written by International Monetary Fund 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 2009-12-01 with Business & Economics categories.

In most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate substitutability is a weighted average of good-specific elasticities, which in general cannot be inferred from aggregated data. We identify structurally the substitutability in US goods using multilateral trade data. We impose homogeneity, and find an aggregate elasticity similar in value to conventional macroeconomic estimates. It is more than twice larger with sectoral heterogeneity. We discuss the implications in various areas of international economics.

Elasticity Optimism

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Author : Jean Imbs
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2009-12-01

Elasticity Optimism written by Jean Imbs 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 2009-12-01 with categories.

International Finance And Open Economy Macroeconomics

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Author : Giancarlo Gandolfo
language : en
Publisher: Springer Science & Business Media
Release Date : 2002-06-26

International Finance And Open Economy Macroeconomics written by Giancarlo Gandolfo and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-06-26 with Business & Economics categories.

"This book deals with the financial side of international economics and covers all aspects of international finance. There are many books and articles by exponents of alternative points of view. I know of no other book that provides the scope, balance, objectivity and rigor of the book." (Professor Jerome L. Stein, Brown University) From the reviews: "In this survey of international finance and open-economy macroeconomics, Gandolfo succeeds in meeting the needs of advanced undergraduate or lower-level graduate students through a largely textual and graphical approach, while at the same time presenting in the appendices explicit mathematical analyses for more advanced graduate students." (Journal of Banking & Finance 2004)

Price Elasticities In International Trade

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Author : Robert M. Stern
language : en
Publisher: Springer
Release Date : 1976-06-18

Price Elasticities In International Trade written by Robert M. Stern and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976-06-18 with Business & Economics categories.

Optimism Pessimism And Short Term Fluctuations

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Author : Gabriel Di Bella
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-05

Optimism Pessimism And Short Term Fluctuations written by Gabriel Di Bella 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 2018-01-05 with Business & Economics categories.

Economic theory offers several explanations as to why shifting expectations about future economic activity affect current demand. Abstracting from whether changes in expectations originate from swings in beliefs or fundamentals, we test empirically whether more optimistic or pessimistic potential output forecasts trigger short-term fluctuations in private consumption and investment. Relying on a dataset of actual data and forecasts for 89 countries over the 1990-2022 period, we find that private economic agents learn from different sources of in- formation about future potential output growth, and adjust their current demand accordingly over the two years following the shock in expectations. To provide a theoretical foundation to the empirical analysis, we also propose a simple Keynesian model that highlights the role of expectations about long-term output in determining short-term economic activity.

The Globus Model

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Author : Stuart A Bremer
language : en
Publisher: Routledge
Release Date : 2019-09-06

The Globus Model written by Stuart A Bremer and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-06 with Political Science categories.

This is a collection of independent works on the GLOBUS model. A first and basic application of the GLOBUS model was made through the computation of its standard run for the years 1970-2010. Stated in the simplest possible terms GLOBUS is a computer simulation model of many important macropolitical and macroeconomic relationships within and among 25 prominent contemporary nations plus a rest-of-world entity. It is designed and used to explore possible solutions to long-term global problems.

Economics Of Pessimism And Optimism

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Author : Kiyohiko G. Nishimura
language : en
Publisher: Springer
Release Date : 2017-11-13

Economics Of Pessimism And Optimism written by Kiyohiko G. Nishimura and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-13 with Business & Economics categories.

This is the first book to investigate individual’s pessimistic and optimistic prospects for the future and their economic consequences based on sound mathematical foundations. The book focuses on fundamental uncertainty called Knightian uncertainty, where the probability distribution governing uncertainty is unknown, and it provides the reader with methods to formulate how pessimism and optimism act in an economy in a strict and unified way. After presenting decision-theoretic foundations for prudent behaviors under Knightian uncertainty, the book applies these ideas to economic models that include portfolio inertia, indeterminacy of equilibria in the Arrow-Debreu economy and in a stochastic overlapping-generations economy, learning, dynamic asset-pricing models, search, real options, and liquidity preferences. The book then proceeds to characterizations of pessimistic (ε-contaminated) and optimistic (ε-exuberant) behaviors under Knightian uncertainty and people’s inherent pessimism (surprise aversion) and optimism (surprise loving). Those characterizations are shown to be useful in understanding several observed behaviors in the global financial crisis and in its aftermath. The book is highly recommended not only to researchers who wish to understand the mechanism of how pessimism and optimism affect economic phenomena, but also to policy makers contemplating effective economic policies whose success delicately hinges upon people’s mindsets in the market. Kiyohiko Nishimura is Professor at the National Graduate Institute for Policy Studies (GRIPS) and Professor Emeritus and Distinguished Project Research Fellow of the Center for Advanced Research in Finance at The University of Tokyo. Hiroyuki Ozaki is Professor of Economics at Keio University.

International Trade And Finance

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Author : Willy Sellekaerts
language : en
Publisher: Springer
Release Date : 1974-06-18

International Trade And Finance written by Willy Sellekaerts and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1974-06-18 with Business & Economics categories.

International Economics

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Author : Dominick Salvatore
language : en
Publisher: John Wiley & Sons
Release Date : 2019-11-26

International Economics written by Dominick Salvatore and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-26 with Political Science categories.

International Economics, 13th Edition provides students with a comprehensive, up-to-date review of the field’s essential principles and theory. This comprehensive textbook explains the concepts necessary to understand, evaluate, and address the economic problems and issues the nations of the world are currently facing, and are likely to face in the future. Balancing depth and accessibility, the text helps students identify the real-world relevance of the material through extensive practical applications and examples. The new, thoroughly-updated and expanded edition provides students with a solid knowledgebase in international trade theory and policy, balance of payments, foreign exchange markets and exchange rates, open-economy macroeconomics, and the international monetary system. The text uniquely employs the same graphical and numerical model in chapters that cover the same basic concept, allowing students to recognize the relationship among the different topics without having to start with a new example each time. Clear, straightforward discussions of each key concept and theory are complemented by concrete, accessible, and relatable examples that serve to strengthen student comprehension and retention. Topics include the ‘Great Recession,’ the increase in trade protectionism, excessive volatility and large misalignments of exchange rates, and the impacts of resource scarcity and climate change to continued growth and sustainable development.

Beyond Divine Coincidence

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Author : Palek, Jakob
language : en
Publisher: kassel university press GmbH
Release Date : 2016-01-01

Beyond Divine Coincidence written by Palek, Jakob and has been published by kassel university press GmbH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-01 with categories.

During the so-called Great Moderation the variability of output, employment and inflation declined substantially in most of the major economies. Because of this positive co-movement the ultimate objective of monetary policy was clear. By stabilizing inflation output will also stay at its potential and the central bank does not face any trade-off between its targets – a situation known as the divine coincidence. With the onset of the financial crisis 2007 these relationships changed. This book contributes to the research on the optimal macroeconomic policy design in the presence of financial frictions. These are incorporated via the cost channel approach into a two-country currency union model. Ultimately, a supply-side effect arises which lowers the efficiency of monetary policy - divine coincidence is not possible any more. Three questions are in the focus of interest of this analysis: What is the optimal monetary policy in the presence of country-specific financial frictions? What role can fiscal policy play? Is macroprudential policy able to improve welfare if the central bank targets a financial stability measure?

Elasticity Optimism

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