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Author: Jongkyou Jeon
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 220
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Author: Jongkyou Jeon
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 220
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Author: Michał Kalecki
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 154
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Author: Takashi Kamihigashi
Publisher: Springer Science & Business Media
ISBN: 3540786767
Category : Business & Economics
Languages : en
Pages : 532
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Book Description
Renowned trade theorist Koji Shimomura passed away in February 2007 at the age of 54. He published nearly 100 articles in international academic journals. The loss of this extremely productive economist has been an enormous shock to the economic profession. This volume has emerged from the great desire on the part of the profession to honor his contributions to economic research. Contributors include authoritative figures in trade theory such as Murray Kemp, Ronald Jones, Henry Wan, and Wilfred Ethier, world-renowned macroeconomists such as Stephen Turnovski and Costas Azariadis, and leading Japanese economists such as Kazuo Nishimura, Makoto Yano, Ryuzo Sato, and Koichi Hamada. This broad range of contributors reflects Koji Shimomura’s many connections as well as the respect he earned in the economic profession. This volume offers the reader a rare opportunity to learn the views of so many renowned economists from different schools of thought.
Author: Hilde Christiane Bjørnland
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Author: Jiansheng Zhong
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 90
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This dissertation research puts a focus on small open economies, whose policies do not affect world prices and interest rates. In the first chapter, it is shown that recent Canadian data from 2001 to 2013 feature a notable procyclical trade balance, which contrasts with the countercyclical trade balance in 1981-2000. By using a dynamic small open economy model built based upon Mendoza's (1991) framework, driven by correlated domestic productivity shocks and world credit spread shocks, I can generate the observed trade balance pattern in the pre-2000 and post-2000 periods. In addition, my analysis shows that the world credit spread shocks explain a large portion of the considerable change in the cyclicality of trade balance, and that the low world real risk-free interest rate after 2000 partially accounts for the procyclical trade balance in the same time period. Applications of the model to other developed small open economies, such as Australia and New Zealand, yield similar results, suggesting that the world credit spread shocks have an impact on macroeconomic dynamics and help improve model performance. The second chapter concerns an innovative exchange rate policy implemented by the Reserve Bank of Australia (RBA). From 2013 to mid-2015, in order to achieve balanced economic growth, the RBA tried to bring down the Australian dollar by presenting public speeches and monetary policy statements that expressed a strong preference for a lower exchange rate, which is known as jawboning down the currency. To investigate the effectiveness of the central bank's jawboning strategy, I analyze the Australian economy with a structural vector autoregressive (SVAR) model, in which the Exchange Rate Stance Index (ERSI) is constructed to measure the magnitude of jawboning. The empirical results show that an unanticipated increase in the ERSI, which is equivalent to strengthened jawboning by the RBA, will lead to a significant and lasting fall in the real exchange rate. However, the ERSI shock fails to improve GDP over the medium term, suggesting that the jawboning strategy is not an effective exchange rate policy tool to boost GDP growth. The third chapter investigates how the global and local financial shocks would contribute to the large fluctuations of the unemployment rates in the emerging markets. We use a panel structural vector autoregressive (VAR) model to analyze monthly data from six emerging countries between 1999 and 2015. The results show that the local financial risk factors, including the country spread and the dividend yield, account for a larger portion of unemployment movements than the global financial risks, including the U.S. risk-free real interest rate and the global financial risk proxied by the U.S. Baa corporate spread.
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 568
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Author: Stephane Dupraz
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Because distinguishing models is harder in a noisier economy, the model is one of endogenous ambiguity. Because one agent's noise is another's private information, one agent's reliance on his private information increases how much ambiguity his neighbor faces. I revisit the role of private and public information in this new light. On the positive side, I show that the equilibrium depends less on fundamentals as agents become more ambiguity averse, and not at all in the limit where they become infinitely so. I also show that, because it makes agents trust their model more, the release of public information drives the economy toward fundamentals whenever ambiguity-aversion is high enough, in contrast to the standard result under rational expectations. On the normative side, I show that the equilibrium features too much dependence on fundamentals: agents would rather live in a world that they understand better, even if it means living in a world that is less responsive to changes in fundamentals.
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 650
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Author: Olivier J. Blanchard
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 256
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Author: Yongsung Chang
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 166
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