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Sovereign default risk, macroeconomic fluctuations and monetary-fiscal stabilization
Kirchner, Markus; Rieth, Malte - 2021
This paper examines the role of sovereign default beliefs for macroeconomic fluctuations and stabilization policy in a small open economy where fiscal solvency is a critical problem. We set up and estimate a DSGE model on Turkish data and show that accounting for sovereign risk significantly...
Persistent link: https://www.econbiz.de/10012607430
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Sovereign default risk, macroeconomic fluctuations and monetary-fiscal stabilisation
Kirchner, Markus; Rieth, Malte - 2020
This paper examines the role of sovereign default beliefs for macroeconomic fluctuations and stabilisation policy in a small open economy where fiscal solvency is a critical problem. We set up and estimate a DSGE model on Turkish data and show that accounting for sovereign risk significantly...
Persistent link: https://www.econbiz.de/10012316605
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Sovereign default risk, macroeconomic fluctuations and monetary-fiscal stabilization
Kirchner, Markus; Rieth, Malte - In: IMF economic review 69 (2021) 2, pp. 391-426
Persistent link: https://www.econbiz.de/10012582695
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Sovereign default risk, macroeconomic fluctuations and monetary-fiscal stabilization
Kirchner, Markus; Rieth, Malte - 2020
Persistent link: https://www.econbiz.de/10012484516
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Sovereign risk and macroeconomic fluctuations in an emerging market economy
Kirchner, Markus; Rieth, Malte - 2010
This paper assesses the role of sovereign risk in explaining macroeconomic fluctuations in Turkey. We estimate two …
Persistent link: https://www.econbiz.de/10011382024
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Sovereign Risk and Macroeconomic Fluctuations in an Emerging Market Economy
Kirchner, Markus - 2010
This paper assesses the role of sovereign risk in explaining macroeconomic fluctuations in Turkey. We estimate two …
Persistent link: https://www.econbiz.de/10013137196
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A Model of Exchange-Rate-Based Stabilization for Turkey
Aytac, Ozlem - 2008
countries however, such as Egypt, Lebanon and Turkey; have undertaken this sort of programs in the last 10-15 years. I depart …-rate-based stabilization program in Turkey: When the government lowers the rate of crawl, the rate of domestic credit creation is set equal to ….4% actual) observed in Turkey following the inception of the program …
Persistent link: https://www.econbiz.de/10012725830
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Monetary Stabilisation in a Currency Union of Small Open Economies
Sanchez, Marcelo - 2021
This paper studies stabilisation policies in a multi-country currency union of small open economies. It abstracts from key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are exogenous to the factors studied here. Demand-side shocks...
Persistent link: https://www.econbiz.de/10013316488
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Optimal Monetary and Fiscal Policy at the Zero Lower Bound in a Small Open Economy
Bhattarai, Saroj - 2017
We investigate open economy dimensions of optimal monetary and fiscal policy at the zero lower bound (ZLB) in a small open economy model. At positive interest rates, the trade elasticity has negligible effects on optimal policy. In contrast, at the ZLB, the trade elasticity plays a key role in...
Persistent link: https://www.econbiz.de/10012970178
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Stabilization policy and the costs of dollarization
Schmitt-Grohé, Stephanie; Uribe, Martín - 2000 - This draft: June 27, 2000
This paper compares the welfare costs of business cycles in a dollarized economy to those arising in economies with different monetary arrangements. The alternative monetary policy regimes studied belong to three broad families: devaluation rate rules, inflation targeting, and money growth rate...
Persistent link: https://www.econbiz.de/10011576855