In this short study, we use a simple new Keynesian model and carry out a closed-form analysis to observe the effects of anticipated monetary policy. For the assumed parameter space, we find that while an anticipated monetary easing always has inflationary effects, the effects on output depend on...

This paper introduces demand uncertainty and inventory into a dynamic stochastic general equilibrium model. We assume that firms must predict demand before production. The purpose of this study is to investigate the effects of several exogenous shocks on the model economy in our settings. A...

In this paper, we explain how to construct a dynamic stochastic general equilibrium model consisting of N regions, and use the two-region version of the model to simulate the effects of fiscal policy on the economy. Our policy simulation shows that the fiscal multiplier depends on which...

In this paper, we obtain the closed form of fiscal multipliers in a dynamic stochastic general equilibrium model with liquidity-constrained households. The closed form indicates that the first-period multiplier depends monotonically on the fraction of liquidity-constrained households over all...

This article aims to investigate the dynamic economic impacts of global value chains (hereafter GVCs) participation by examining value-added-trade patterns focusing on Asian developing countries. Our main findings were as follows. First, an economy’s participation in GVCs in manufacturing...

This paper aims to examine the trade integration of Yunnan and Guangxi of China with the Greater Mekong Sub-region (GMS) by using the gravity trade model during the 2000s. The strategic purpose is to investigate whether the two Southern border areas of China as a gateway have tended to be...

This paper aims at providing empirical evidence on the effect of capital flows on asset prices including its channel under different currency regimes, focusing on ten emerging and developing economies in the world with data availability and stationarity for the 2000s, by a generalized impulse...

This article examined the exchange rate managements in the crisis-experienced emerging market economies after the 1990s. First, we found that the exchange rate flexibility has increased from the pre-crisis period towards the post-crisis period under the “soft peg” regime. Second, we...

This article examined the exchange rate movements and their impact on the external balances in the 1990s in the selected ASEAN countries. The main findings are as follows. The real effective exchange rate (REER) - the relative prices against the world competitors - shows a trend of appreciation...

This article examined the sustainability of foreign borrowing in the selected ASEAN countries of Indonesia, Malaysia, the Philippines, and Thailand, all of which have faced a larger current account deficit since the 1990s. Whether the favorable gaps in terms of the excess of their growth rates...