Dynamic Response to External Shocks in Classical and Keynesian Economics PDF Download
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Author: Klaus Schmidt-Hebbel
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 0
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Book Description
Author: Klaus Schmidt-Hebbel
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 0
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Book Description
Author: Klaus Schmidt Hebbel
Publisher:
ISBN:
Category : Estabilizacion del mercado
Languages : en
Pages : 58
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Book Description
Author: Klaus Schmidt-Hebbel
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
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Book Description
Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 64
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Book Description
Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category : Balance of payments
Languages : en
Pages : 72
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Book Description
Transitory and permanent shocks may have opposite effects on the current account. In particular, an increase in foreign transfers or a terms- of- trade windfall, if permanent, can result in a current account deficit. But if temporary, they cause a surplus. Liquidity constraints and wage rigidities tend to amplify the cyclical adjustment to external shocks.
Author: Roland Straub
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
In recent years, New Keynesian dynamic stochastic general equilibrium (NK DSGE) models have become increasingly popular in the academic literature and in policy analysis. However, the success of these models in reproducing the dynamic behavior of an economy following structural shocks is still disputed. This paper attempts to shed light on this issue. We use a VAR with sign restrictions that are robust to model and parameter uncertainty to estimate the effects of monetary policy, preference, government spending, investment, price markup, technology, and labor supply shocks on macroeconomic variables in the United States and the euro area. In contrast to the NK DSGE models, the empirical results indicate that technology shocks have a positive effect on hours worked, and investment and preference shocks have a positive impact on consumption and investment, respectively. While the former is in line with the predictions of Real Business Cycle models, the latter indicates the relevance of accelerator effects, as described by earlier Keynesian models. We also show that NK DSGE models might overemphasize the contribution of cost-push shocks to business cycle fluctuations while, at the same time, underestimating the importance of other shocks such as changes to technology and investment adjustment costs.
Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category : Comercio internacional
Languages : en
Pages : 52
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Book Description
Both permanent and transitory disturbances can change long- run capacity and output -- although they may have opposite effects on the current account. Liquidity constraints and wage rigidities tend to amplify the cyclical adjustment to external shocks.
Author: Klaus Schmidt-Hebbel
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
Author: David Vines
Publisher: Cambridge University Press
ISBN: 9780521462341
Category : Business & Economics
Languages : en
Pages : 436
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Book Description
Researchers have begun to apply economic techniques initially developed to analyse the industrialised countries to analyse North-South interactions in the world economy. This volume, derived from a CEPR conference, brings together theoretical and empirical papers on fiscal, monetary and trade linkages between the North and South. The papers use the advances in the use of the major macroeconomic models to simulate global and inter-regional interactions, and to analyse the implications for the South of macroeconomic developments in the North. They also examine international policy questions in a genuinely global context, and consider the design of policy packages for the Third World (aid versus trade, growth-oriented adjustment) in an empirical context. This volume provides a useful overview of the flourishing research area relating to interactions between North and South, and highlights areas where future research is needed.
Author: G.M. Grossman
Publisher: Elsevier
ISBN: 9780444815477
Category : Business & Economics
Languages : en
Pages : 902
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Book Description
This reference accords recognition to the recent revolution in macroeconomics wrought by imperfect competition. Grossman and Rogoff (Princeton U.) present chapters by two dozen contributors on two prime areas of research interest: international trade theory and policy (e.g. strategic trade patterns and policies, the relationship between trade and technological progress), and open economy macroeconomics and international finance (covering such topics as exchange rates, foreign lending, and policy coordination). The volume commences with Krugman's overview of the positive theory of international trade, and concludes with analyses of sovereign debt. Annotation copyrighted by Book News, Inc., Portland, OR.
