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A structural VAR model of the Fiji Islands

Narayan, Seema - In: Economic Modelling 31 (2013) C, pp. 238-244

A four-dimensional Structural Vector Auto-regression (SVAR) model is applied to investigate the implications of fuel imports and devaluation policy on Fiji's current account deficits and economic growth. The paper finds that short-term deterioration of the current account is partly due to higher...

Persistent link: https://www.econbiz.de/10010636307

A real business cycle model with tradable and non-tradable goods for the Spanish economy

Martín-Moreno, José M.; Pérez, Rafaela; Ruiz, Jesús - In: Economic Modelling 36 (2014) C, pp. 204-212

Over the last years, the business cycles of the Spanish economy have been analyzed from different points of view. Under the paradigm of the real business cycles, the standard model has been extended in several dimensions. However, none of them have taken into account the fact that in this...

Persistent link: https://www.econbiz.de/10011048740

The equity premium in a small open economy and an application to Israel

Borenstein, Eliezer; Elkayam, David - In: Economic Modelling 43 (2014) C, pp. 81-99

We show that the preferences suggested by Greenwood, Hercowitz and Huffman (GHH), which are quite common in real business cycle (RBC) models of small open economies, are not suited for reproducing both the business cycle and the equity premium facts of a small open economy. We show that by...

Persistent link: https://www.econbiz.de/10010939672

Optimal monetary policy in a small open economy with inflation and output persistence

Rhee, Hyuk-jae; Turdaliev, Nurlan - In: Economic Modelling 29 (2012) 6, pp. 2533-2542

We study optimal monetary policy for a small open economy in a model where both inflation and output show persistence. We incorporate habit formation into intertemporal consumption decision and modify the Calvo price setting to include indexation to past inflation. The message conveyed from this...

Persistent link: https://www.econbiz.de/10010588252

Structural versus matching estimation: Transmission mechanisms in Armenia

Poghosyan, Karen; Boldea, Otilia - In: Economic Modelling 30 (2013) C, pp. 136-148

Opting for structural or reduced form estimation is often hard to justify if one wants to both learn about the structure of the economy and obtain accurate predictions. In this paper, we show that using both structural and reduced form estimates simultaneously can lead to more accurate policy...

Persistent link: https://www.econbiz.de/10010608295

Estimating a small open economy DSGE model with indeterminacy: Evidence from China

Zheng, Tingguo; Guo, Huiming - In: Economic Modelling 31 (2013) C, pp. 642-652

Considering that monetary policy instability may cause indeterminacy of the macroeconomic equilibrium, this paper … derives the boundary condition between determinacy and indeterminacy in a small open economy DSGE model, and then uses this … model to investigate China's monetary policy and macroeconomic fluctuations under indeterminacy during the period from 1992 …

Persistent link: https://www.econbiz.de/10010636327

Energy exports, globalization and economic growth: The case of South Caucasus

Chang, Chun-Ping; Berdiev, Aziz N.; Lee, Chien-Chiang - In: Economic Modelling 33 (2013) C, pp. 333-346

We examine the effect of energy exports and globalization on economic growth using the bias-corrected least square dummy variable model in a panel of five South Caucasus countries (Azerbaijan, Armenia, Georgia, Russia and Turkey) over the period of 1990–2009. We provide evidence that higher...

Persistent link: https://www.econbiz.de/10010737978

Liquidity and crude oil prices: China's influence over 1996–2011

Ratti, Ronald A.; Vespignani, Joaquin L. - In: Economic Modelling 33 (2013) C, pp. 517-525

Movement in China's money supply is shown to drive the movement in world money supply over the last fifteen years. Structural shocks to G3 (U.S., Eurozone and Japan) real M2 and to China's real M2 are both large over 1996:1–2011:12. The cumulative impact of real G3 M2 shocks on real oil prices...

Persistent link: https://www.econbiz.de/10010738005

The impact of financial development, income, energy and trade on carbon emissions: Evidence from the Indian economy

Boutabba, Mohamed Amine - In: Economic Modelling 40 (2014) C, pp. 33-41

This paper examines the long-run equilibrium and the existence and direction of a causal relationship between carbon emissions, financial development, economic growth, energy consumption and trade openness for India. Our main contribution to the literature on Indian studies lies in the...

Persistent link: https://www.econbiz.de/10010781954

Regime-dependent adjustment in energy spot and futures markets

Beckmann, Joscha; Belke, Ansgar; Czudaj, Robert - In: Economic Modelling 40 (2014) C, pp. 400-409

This paper analyzes the relationship between the spot and futures prices of energy commodities from a new perspective. Taking data from the Dow Jones UBS Commodity Index, we first test for a long-run relationship between spot and futures prices. As a second step, smooth transition models are...

Persistent link: https://www.econbiz.de/10010781963

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