Essays In Open Economy Macroeconomics
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Essays In Macroeconomics Of An Open Economy
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Author : Franz Gehrels
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Essays In Macroeconomics Of An Open Economy written by Franz Gehrels 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 2012-12-06 with Business & Economics categories.
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.
Essays In Open Economy Macroeconomics
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Author : Kihyun Park
language : en
Publisher:
Release Date : 2010
Essays In Open Economy Macroeconomics written by Kihyun Park 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.
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.
Essays In Open Economy Macroeconomics
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Author :
language : en
Publisher:
Release Date : 2015
Essays In Open Economy Macroeconomics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Chapter 3 (joint work with Zhi Wang and Shang-Jin Wei) examines the issue of measurement of competitiveness as defined by the real effective exchange rate and argues in favor of accounting for the distinction between intermediate and final goods trade flows and the need for considering sector level heterogeneities. On the theoretical front, it provides a multi-country multi-sector model which is solved and used to define competitiveness at both the country and country-sector level. On the empirical front, it provides estimates of elasticity of substitution across different countries, sectors and categories (production inputs vs final consumption goods) and compiles an annual database of real effective exchange rates for 40 countries and 35 sectors within each country for 1995-2009.
Essays In Open Economy Macroeconomics
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Author : Daniel Waldman
language : en
Publisher:
Release Date : 2008
Essays In Open Economy Macroeconomics written by Daniel Waldman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Essays In Open Economy Macroeconomics
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Author : Ramon Antonio Gonzalez Hernandez
language : en
Publisher:
Release Date : 2008
Essays In Open Economy Macroeconomics written by Ramon Antonio Gonzalez Hernandez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
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
Essays In Open Economy Macroeconomics
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Author : Vasco Cúrdia
language : en
Publisher:
Release Date : 2007
Essays In Open Economy Macroeconomics written by Vasco Cúrdia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The first essay proposes a model to investigate the effects of monetary policy in an emerging market economy that experiences a sudden stop of capital inflows. I show that the higher the elasticity of foreign demand, the lower the contraction in output - leading, at the extreme, to the possibility of an expansion. Interest rate rules reacting to inflation and output stabilize the output more than a fixed exchange rate regime. Low credibility and the risk of loose policy imply increased trade-offs, stronger contraction of the economy, and higher interest rates.
Empirical Essays In Open Economy Macroeconomics
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Author : César Augusto Calderón
language : en
Publisher:
Release Date : 2001
Empirical Essays In Open Economy Macroeconomics written by César Augusto Calderón and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Macroeconomics categories.
Essays In Open Economy Macroeconomics
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Author : Andrea Bubula
language : en
Publisher:
Release Date : 2004
Essays In Open Economy Macroeconomics written by Andrea Bubula and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Essays In Open Economy Macroeconomics
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Author : Indradeep Ghosh (Ph. D.)
language : en
Publisher:
Release Date : 2007
Essays In Open Economy Macroeconomics written by Indradeep Ghosh (Ph. D.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
(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.
Essays In Open Economy Macroeconomics
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Author : Mian Zhu
language : en
Publisher:
Release Date : 2011
Essays In Open Economy Macroeconomics written by Mian Zhu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.