Showing 1 - 10 of 87
Persistent link: https://www.econbiz.de/10005527923
For post-1975 Canadian data, we document the joint behavior of output, the current account, and the interest differential at the business cycle frequency. We also interpret the joint behavior using a simple small open economy model. Our simple model assumes that agents have access to world...
Persistent link: https://www.econbiz.de/10005489843
We study the effects of tax shocks on the budget and external deficits for 16 industrialized countries over the post-1975 period. Our structural approach is based on a tractable small open-economy model where a tax cut innovation generates a budget deficit. In turn, the budget deficit affects...
Persistent link: https://www.econbiz.de/10005015312
Persistent link: https://www.econbiz.de/10005020944
Several authors argue that international real business cycle (IRBC) models with incomplete financial markets offer a good explanation of the ranking of cross-country correlations. Unfortunately, this conclusion is suspect, because it is commonly based on an analysis of the near steady state...
Persistent link: https://www.econbiz.de/10005651474
We present and assess a procedure to evaluate dynamic, stochastic, general equilibrium macroeconomic models when agents in the economy use an information set superior to that used by researchers. <P> Cette étude présente et documente une procédure d'évaluation de modèles macroéconomiques...</p>
Persistent link: https://www.econbiz.de/10005572485
In this paper, we test whether labor-hoarding environments with basic and augmented laws of motion provide an adequate explanation for observed business cycle dynamics. The basic law of motion assumes that the information set used by economic agents to forecast future forcing variables includes...
Persistent link: https://www.econbiz.de/10005572491
We perform an empirical evaluation of the role of capacity utilization in business cycle fluctuations. We first document the relation between capacity utilization and business cycle fluctuations in historical data and then verify whether these empirical features can be explained by a dynamic...
Persistent link: https://www.econbiz.de/10005611952
In contrast to earlier work, we study the relation between the current account and interest rate differentials. To do so, we document the relation for international data. We then interpret this relation from a two-country, dynamic, general equilibrium environment. We finally confront the...
Persistent link: https://www.econbiz.de/10005784552
For post-1975 Canadian data, we document the joint behavior of output, the current account, and the interest differential at the business cycle frequency. We also interpret the joint behavior using a simple small open economy model. Our simple model assumes that agents have access to world...
Persistent link: https://www.econbiz.de/10005795972