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External shocks, trade margins, and macroeconomic dynamics

D'Addona, Stefano; Cavallari, Lilia - In: Economies : open access journal 8 (2020) 1/6, pp. 1-26

This paper studies the role of the exchange rate regime for trade of new products. It first provides VAR evidence that a rise in external productivity shifts trade away from new products and more so in fixed regimes. Then, it presents a model with firm dynamics in line with this evidence. We...

Persistent link: https://www.econbiz.de/10012168776

Policy Analysis and Forecasting in the World Economy : A Panel Unobserved Components Approach

Vitek, Francis - 2012

This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within...

Persistent link: https://www.econbiz.de/10013102206

Resolving puzzles of monetary policy transmission in emerging markets

Ha, Jongrim; Kim, Dohan; Kose, M. Ayhan; Prasad, Eswar S. - 2024

Conventional empirical models of monetary policy transmission in emerging market economies produce puzzling results: monetary tightening often leads to an increase in prices (the price puzzle) and depreciation of the currency (the FX puzzle). We show that incorporating forward-looking...

Persistent link: https://www.econbiz.de/10015133808

Resolving puzzles of monetary policy transmission in emerging markets

Ha, Jongrim; Kim, Dohan; Kose, M. Ayhan; Prasad, Eswar S. - 2024

Persistent link: https://www.econbiz.de/10015084194

International transmission of financial stress : evidence from a GVAR

Dovern, Jonas; Roye, Björn van - 2013

We analyze the international transmission of financial stress and its effects on economic activity. We construct country specific monthly financial stress indexes (FSI) using dynamic factor models from 1970 until 2012 for 20 countries. We show that there is a strong co-movement of the FSI during...

Persistent link: https://www.econbiz.de/10009761846

Domestic and global uncertainty : a survey and some new results

Castelnuovo, Efrem - 2019

This survey features three parts. The first one covers the recent literature on domestic (i.e., country-specific) uncertainty and offers ten main takeaways. The second part reviews contributions on the fast-growing strand of the literature focusing on the macroeconomic effects of uncertainty...

Persistent link: https://www.econbiz.de/10012119543

Macroeconomic and financial effects of natural disasters

Eickmeier, Sandra; Quast, Josefine; Schüler, Yves - 2024

We examine how the occurrence of natural disasters impact the US economy and financial markets using monthly data since 2000. Our analysis reveals large sustained adverse effects of disasters on overall economic activity, with significant implications across various sectors including labor,...

Persistent link: https://www.econbiz.de/10015205420

Oil Price Fluctuations and it Impact on Economic Growth : A DSGE Approach

Bondzie, Eric - 2016

policy shocks (money supply-interest rate induced) on economic growth in Ghana. We realized that, a shock on interest rate … paradoxical effect of a negative interest rate on total money supply. We also showed that a positive output shock has the same … effect on consumption, investment, prices and wages as in the case of interest rate shock …

Persistent link: https://www.econbiz.de/10012999305

The Role of Capital Controls in Mediating Global Shocks

Lille, Kerli - 2017

This paper studies the role of capital controls in the transmission of global commodity price shocks in explaining the variation of domestic business cycles in 89 countries for the period 1995–2013. The results suggest that countries that are relatively open or closed have lower variance in...

Persistent link: https://www.econbiz.de/10012946330

Nominal Exchange Rate Shocks and Inflation in an Open Economy : Towards a Structuralist Inflation Targeting Agenda

Bastian, Eduardo - 2017

This paper develops a model of inflation in an open economy. The model permits analysis of the susceptibility of open economies to permanent inflationary consequences arising from transitory foreign exchange shocks. Sources of structural vulnerability to such events are identified, and means of...

Persistent link: https://www.econbiz.de/10012954770