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Author: Ms.Valerie Cerra
Publisher: International Monetary Fund
ISBN: 1513536990
Category : Business & Economics
Languages : en
Pages : 50
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Book Description
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author: Ms.Valerie Cerra
Publisher: International Monetary Fund
ISBN: 1513536990
Category : Business & Economics
Languages : en
Pages : 50
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Book Description
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author: Claudio E. Raddatz
Publisher: World Bank Publications
ISBN:
Category : Business cycles
Languages : en
Pages : 53
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Book Description
External shocks, such as commodity price fluctuations, natural disasters, and the role of the international economy, are often blamed for the poor economic performance of low-income countries. The author quantifies the impact of these different external shocks using a panel vector autoregression (VAR) approach and compares their relative contributions to output volatility in low-income countries vis-à-vis internal factors. He finds that external shocks can only explain a small fraction of the output variance of a typical low-income country. Internal factors are the main source of fluctuations. From a quantitative perspective, the output effect of external shocks is typically small in absolute terms, but significant relative to the historic performance of these countries.
Author: Jordi Galí
Publisher: University of Chicago Press
ISBN: 0226278875
Category : Business & Economics
Languages : en
Pages : 663
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Book Description
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Author: Daniel Felsenstein
Publisher: Springer Science & Business Media
ISBN: 9783540243038
Category : Business & Economics
Languages : en
Pages : 344
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Book Description
This book challenges the common perception that significant regional disparities do not exist in small countries. As small developed countries become increasingly competitive and their economic structures resemble those of the large, a re-assessment of the regional consequences of these changes is of timely importance. Regional Disparities in Small Countries presents a systematic discussion of the unique theoretical, methodological and measurement challenges in analyzing regional inequalities in small countries and a series of empirical analyses addressing the issue of regional convergence and divergence in these countries. With contributions from leading regional scientists and economists, this book also examines the policy experience of small countries in closing regional gaps and the effectiveness of public interventions in this field. see Reviews
Author:
Publisher:
ISBN:
Category : Europe
Languages : en
Pages : 44
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Book Description
Author: Mr.Jiro Honda
Publisher: International Monetary Fund
ISBN: 1513526030
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of government spending shocks in LICs. Our analysis—based on the local projection method—finds that the output effects in LICs are markedly lower than those in AEs and marginally smaller than those in EMs. We also find that in LICs, the output effects are larger (i) during recessions; (ii) under a fixed exchange rate regime; and/or (iii) with higher quality of institutions. Our analysis could not confirm any statistically significant output effect under floating exchange rate regimes. For the estimation of the output effects of fiscal spending shocks, it is thus important to consider the state of the economy and the country’s structural characteristics. Our results imply that the output costs of fiscal adjustment in LICs may not be as large as previously thought, especially if adopted outside of a recession, based on cutting public consumption, and accompanied by reform to enhance institutions.
Author: A. Khalik Salman
Publisher: Routledge
ISBN: 0429875371
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
First published in 1999, this book focuses on the macroeconomics issues which directly affect OPEC countries, aiming to set them in the context of the overall development effort. The most extant theoretical and empirical aspects in macroeconomics are integrated smoothly with institutional issues and policy questions. The analysis is illustrated through examples to show how the theories relate to the real world, especially to ongoing debates on developing economies as well as debates that encompass both developing and OPEC and developed countries.
Author: Mr.Pau Rabanal
Publisher: International Monetary Fund
ISBN: 1451875657
Category : Business & Economics
Languages : en
Pages : 68
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Book Description
Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557752192
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
This volume, edited by Mohsin S. Khan, Peter J. Montiel, and Nadeem U. Haque, examines recent IMF-developed empirical macroeconomic models dealing with adjustment and stabilization policies in developing countries. Some models are relevant for specific countries, and others relate to groups of developing countries.
Author: Daniela Campello
Publisher: Cambridge University Press
ISBN: 1108841791
Category : Political Science
Languages : en
Pages : 261
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Book Description
Economic voting is common around the world, but in many developing countries economic performance is dependent on exogenous international factors.
