This paper describes the implementation in GAMS of an economic equilibrium model based on the GTAP version 9 dataset. We call this model and the ancillary programming tools GTAPINGAMS, version 9. Relative to previous installments of GTAPINGAMS, an innovation in this model is that it can easily...

This paper describes the implementation in GAMS of an economic equilibrium model based on the GTAP version 9 dataset. We call this model and the ancillary programming tools GTAPINGAMS, version 9. Relative to previous installments of GTAPINGAMS, an innovation in this model is that it can easily...

To estimate how monetary policy works in small open economies, we build a dynamic stochastic general equilibrium model that incorporates the basic features of these economies. We conclude that the monetary policy in a group of small open economies (including Australia, Chile, Colombia, Peru, and...

This paper studies the relative importance of including trend shocks and financial frictions whwn characterizing economic flutuations in a set of 12 emerging developed small open economies. We find that trend shocks, captured by permanet technology innovations, are relatively more important than...

This paper reconsiders the role of monetary policy in Sweden’s strong recovery from the Great Depression. The Riksbank in the 1930s is sometimes seen as an example of a central bank that was relatively innovative in terms of the conduct of monetary policy. To consider this analytically, we...

This paper assesses the role of sovereign risk in explaining macroeconomic fluctuations in Turkey. We estimate two versions of a simple New Keynesian small open economy model on quarterly data for the period 1994Q3-2008Q2: A basic version and a version augmented by a default premium on...

This paper examines the ability of vector autoregressive (VAR) models to properly identify the transmission of monetary policy in a controlled experiment. Simulating data from an estimated small open economy DSGE model for Australia, we find that sign-restricted VAR models do reasonably well at...

This paper assesses the role of sovereign risk in explaining macroeconomic fluctuations in Turkey. We estimate two versions of a simple New Keynesian small open economy model on quarterly data for the period 1994Q3-2008Q2: A basic version and a version augmented by a default premium on...