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Balance sheets, exchange rates, and international monetary spillovers

Akinci, Ozge; Queralto, Albert - 2018

We use a two-country New Keynesian model with balance sheet constraints to investigate the magnitude of international spillovers of U.S. monetary policy. Home borrowers obtain funds from domestic households in domestic currency, as well as from residents of the foreign economy (the United...

Persistent link: https://www.econbiz.de/10011857420

Financial openness and macroeconomic volatility

Hagen, Jürgen von (contributor); Zhang, Haiping (contributor) - 2006

We analyze the implications of financial openness to macroeconomic volatility in a small open economy. Major macroeconomic aggregates show non-monotonic volatility patterns with respect to the degree of financial openness in the model without domestic financial frictions. The introduction of...

Persistent link: https://www.econbiz.de/10003449265

Financial Shocks, Credit Spreads and the International Credit Channel

Cesa-Bianchi, Ambrogio - 2017

Recent empirical evidence on the cross-country synchronization of credit spreads in response to US monetary policy … shocks has led to the notion of an ‘international credit channel' of US monetary policy. This paper provides novel evidence … on the existence of an international credit channel for the transmission of US financial shocks across borders, and …

Persistent link: https://www.econbiz.de/10012943439

An evaluation of equilibrium business cycle models in the presence of statistical nonlinearities

Valderrama, Diego - 2003

Persistent link: https://www.econbiz.de/10003624836

When domestic and foreign QE overlap: evidence from Sweden

Di Casola, Paola; Stockhammar, Pär - 2021

We estimate the effects of domestic and foreign quantitative easing (QE) programmes on a small open economy, Sweden, using a structural BVAR model. Domestic QE raised GDP, lowered unemployment and depreciated the currency, while effects on in ation are less clear. The ECB QE had large positive...

Persistent link: https://www.econbiz.de/10012520274

How Does Government Borrowing Affect Corporate Financing and Investment?

Graham, John R. - 2014

greater sensitivity of more highly rated credit to variation in the supply of Treasuries. The channel through which this …

Persistent link: https://www.econbiz.de/10013055316

Effects of foreign and domestic central bank government bond purchases in a small open economy DSGE model : evidence from Sweden before and during the coronavirus pandemic

Akkaya, Yildiz; Belfrage, Carl-Johan; Di Casola, Paola; … - 2023

This paper evaluates the macroeconomic effects of foreign and domestic central bank government bond purchases on the Swedish economy before and during the Corona pandemic using a small open economy DSGE model with segmented asset markets. In this model, the effects of foreign and domestic...

Persistent link: https://www.econbiz.de/10014232954

An Estimated Small Open Economy Model with Labour Market Frictions

Sheen, Jeffrey - 2013

We estimate small open economy models with involuntary unemployment using Australian data from 1993 to 2007, focusing on hiring costs and real wage rigidity. We find a strong preference for models with hiring costs, which account for 0.97% of GDP. The data favor models with real over nominal...

Persistent link: https://www.econbiz.de/10013087292

Two-country new Keynesian DSGE model : a small open economy as a limit case

Silveira, Marcos Antonio Coutinho da - 2015

We build a two-country version of the model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain DSGE model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new...

Persistent link: https://www.econbiz.de/10012038711

A small open economy as a limit case of a two-country new Keynesian DSGE model : a Bayesian estimation with Brazilian data

Silveira, Marcos Antonio Coutinho da - 2015

We build a two-country version of the DSGE model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new...

Persistent link: https://www.econbiz.de/10012053264