Download or read book Cointegrated TFP Processes and International Business Cycles written by and published by "la Caixa". This book was released on with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cointegrated TFP Processes and International Business Cycles written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2009-09-01 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the "rest of the world," is characterized by a vector error correction (VECM) and that adding cointegrated technology shocks to the standard IRBC model helps explaining the observed high real exchange rate volatility. Also we show that the observed increase of the real exchange rate volatility with respect to output in the last 20 year can be explained by changes in the parameter of the VECM.
Download or read book Cointegrated TFP Processes and International Business Cycles written by Pau Rabanal and published by . This book was released on 2014 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard International Real Business Cycle (IRBC) models cannot reproduce this fact when calibrated using conventional parameterizations, and can only generate one fourth of the real exchange rate volatility observed in the data. Typically, IRBC models are solved assuming that total factor productivity (TFP) processes are stationary. In this paper, we first show that TFP processes for the U.S. and the quot;rest of the worldquot; have a unit root, are cointegrated, and can be jointly characterized with a Vector Error Correction Model (VECM). Then, we explore the implications of extending an otherwise standard international real business cycle model that allows for cointegrated technology shocks. We show that the model can account for the high real exchange rate volatility observed in the data without having to rely on any particular nominal or real friction. Also, we show that the increase of relative volatility of the real exchange rate with respect to output in the last 20 years can be explained by changes in the parameter estimates of the VECM.
Download or read book Can International Macroeconomic Models Explain Low Frequency Movements of Real Exchange Rates written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2012-01-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which compares actual and simulated data after the Hodrick-Prescott filter is applied to both. A simple two-country, two-good model, as described in Heathcote and Perri (2002), can explain the volatility of the real exchange rate when all frequencies are studied. The puzzle is that the model generates too much persistence of the real exchange rate instead of too little, as the business cycle analysis asserts. Finally, we show that the introduction of adjustment costs in production and in portfolio holdings allows us to reconcile theory and this feature of the data.
Download or read book Europe Like America written by Josep M. Colomer and published by "la Caixa". This book was released on 2010 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book na written by and published by "la Caixa". This book was released on with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Heckscher Ohlin Business Cycles written by Alejandro Cuñat and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Analysis of Integrated and Cointegrated Time Series with R written by Bernhard Pfaff and published by Springer Science & Business Media. This book was released on 2008-09-03 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is designed for self study. The reader can apply the theoretical concepts directly within R by following the examples.
Download or read book Bangladesh written by International Monetary Fund and published by International Monetary Fund. This book was released on 2002-06-07 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper and Statistical Appendix examines Bangladesh’s nonfinancial state-owned enterprises. The paper argues that, given the overall policy environment and external vulnerabilities, the usefulness of the fixed exchange rate system in Bangladesh has run its course. Greater exchange rate flexibility is needed to ensure that the exchange rate sends appropriate market signals, and to enhance the authorities’ ability to address more effectively and timely both domestic imbalances and external real shocks arising from a rapidly changing global environment. The paper also outlines the structure and recent performance of the commercial banking sector.
Download or read book Elasticity Optimism written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-12-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate substitutability is a weighted average of good-specific elasticities, which in general cannot be inferred from aggregated data. We identify structurally the substitutability in US goods using multilateral trade data. We impose homogeneity, and find an aggregate elasticity similar in value to conventional macroeconomic estimates. It is more than twice larger with sectoral heterogeneity. We discuss the implications in various areas of international economics.
Download or read book The Cointegrated VAR Model written by Katarina Juselius and published by OUP Oxford. This book was released on 2006-12-07 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: This valuable text provides a comprehensive introduction to VAR modelling and how it can be applied. In particular, the author focuses on the properties of the Cointegrated VAR model and its implications for macroeconomic inference when data are non-stationary. The text provides a number of insights into the links between statistical econometric modelling and economic theory and gives a thorough treatment of identification of the long-run and short-run structure as well as of the common stochastic trends and the impulse response functions, providing in each case illustrations of applicability. This book presents the main ingredients of the Copenhagen School of Time-Series Econometrics in a transparent and coherent framework. The distinguishing feature of this school is that econometric theory and applications have been developed in close cooperation. The guiding principle is that good econometric work should take econometrics, institutions, and economics seriously. The author uses a single data set throughout most of the book to guide the reader through the econometric theory while also revealing the full implications for the underlying economic model. To test ensure full understanding the book concludes with the introduction of two new data sets to combine readers understanding of econometric theory and economic models, with economic reality.
Download or read book The Exchange Rate International Trade and the Balance of Payments written by Reserve Bank of Australia. Economic Group and published by . This book was released on 1993 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Lessons from NAFTA written by Luis Serven and published by World Bank Publications. This book was released on 2004-11-15 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzing the experience of Mexico under the North American Free Trade Agreement (NAFTA), 'Lessons from NAFTA' aims to provide guidance to Latin American and Caribbean countries considering free trade agreements with the United States. The authors conclude that the treaty raised external trade and foreign investment inflows and had a modest effect on Mexico's average income per person. It is likely that the treaty also helped achieve a modest reduction in poverty and an improvement in job quality. This book will be of interest to scholars and policymakers interested in international trade and development.
Download or read book Growth and Business Cycles written by Camilla Josephson and published by . This book was released on 2005 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This study shows that the mechanisms behind knowledge accumulation and the sources of productivity growth differ from industry to industry depending on what is produced and what technology is used. Furthermore, by using endogenous growth theory, traditional growth accounting and the cointegrated VAR model as complementary tools in the analysis, the sources of long-run productivity growth and business cycles are treated as separate but interdependent issues."--BOOK JACKET.
Download or read book Globalization Growth and Sustainability written by Satya Dev Gupta and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization, Growth and Sustainability focuses on the implications of both regional and global trade liberalization and complementary macroeconomics policy reforms on growth, equity, and sustainability. The volume is organized into three sections: Part One addresses the issue of economic growth with a special reference to less developed economies; Part Two examines the pros and cons of the regional economic integration movement for the countries either participating in, or outside of, the regional groups; Part Three focuses on the issues of equity and sustainability. Globalization, Growth and Sustainability will provide valuable insights and important background analysis for scholars working in the field of globalization, as well as senior undergraduate and graduate students in a variety of curricula, including economics, development studies, and international studies.
Download or read book Essays on International Productivity Growth and Technological Diffusion written by Maurice David Kugler and published by . This book was released on 2000 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Macroeconomics written by Wendy Carlin and published by Oxford University Press. This book was released on 2024-01-29 with total page 1019 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the cutting edge of the subject area, the authors bring the macroeconomics that researchers and policymakers use today into focus. By developing a coherent set of tractable models, the book enables students to explore and make sense of the pressing questions facing global economies.Carlin and Soskice connect students with contemporary research and policy in macroeconomics. The authors' 3-equation model - extended to include the financial system and with an integrated treatment of inequality - equips students with a method they can apply to the enduring challenges stirred by the financial crisis and the Great Recession.Key features* Engaged with the latest developments in macroeconomic research, policy, and debate, the authors make the cutting edge accessible to undergraduate readers* The theme of inequality is integrated throughout in modelling and applications, with incomplete contracts in labour and credit markets underpinning the presence of involuntary unemployment and credit constraints* The content distils business cycles into a 3-equation model of the demand side, the supply side, and the policy maker, providing a realistic and transparent model which students can deploy to address the questions that interest them* Open economy modelling for both flexible and fixed exchange rate regimes builds on the same foundations and handles oil and climate shocks, as well as the Eurozone crisis* Features thorough treatment of the financial system and how to integrate the financial and business cycles, including coverage on policy design and implementation for financial stability in the wake of the 2008-9 financial crisis and an exploration of hysteresis in the context of the Great Recession* Comprehensive coverage of monetary policy including the ample reserves regime and of fiscal policy and debt dynamics* Unified treatment of exogenous and endogenous growth models emphasizing the different mechanisms through which diminishing returns to capital can be offset, while Chapter 17 on the ICT revolution examines the implications of innovation and technological change on the future of work and inequality* Contains a chapter considering contemporary quantitative macroeconomics research - including the Heterogeneous Agent New Keynesian (HANK) model - exposing students to the tools that researchers currently use, as well as the benefits and limitations of these methods* End-of-chapter 'Checklist questions' enable students to assess their comprehension, while 'Problems' prompt students to apply independent critical thought* Also available as an e-book enhanced with access to The Macroeconomic Simulator, Animated Analytical Diagrams, and self-assessment activities enabling students to recap content and investigate how models work at their own paceDigital formats and resourcesThis title is available for students and institutions to purchase in a variety of formats and is supported by online resources.The e-book offers a mobile experience and convenient access along with self-assessment activities, multi-media content, and links that offer extra learning support. For more information visit:www.oxfordtextbooks.co.uk/ebooks/This title is supported by a range of online resource for students including multiple-choice-questions with instant feedback, interactive Animated Analytical Diagrams, access to The Macroeconomic Simulator, web appendices which develop chapters 1, 4, 7, and 18, In addition, lecturers can access PowerPoint slides to accompany each chapter and answers to the problems and questions set in the book.
