On “open-economy macroeconomics using models of closed systems”
نویسندگان
چکیده
منابع مشابه
New Open Economy Macroeconomics
Starting in the early 1990s, the New Open Economy Macroeconomics refers to a vast body of literature embracing a new theoretical framework for policy analysis in open economy, with the goal of overcoming the limitations of the Mundell-Fleming model, while preserving the empirical wisdom and policy friendliness of traditional analysis. Building general equilibrium models with imperfect competiti...
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This thesis addresses three issues in international macroeconomics. Chapter 2 provides an empirical investigation of both the shortand long-term determinants of current accounts for eight largest emerging Asian economies. The analysis is carried out within a cointegrated VAR framework. In this chapter, I show that current account behaviours in emerging Asian economies are heterogeneous. Initial...
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This paper presents a potential solution to the home bias puzzle based on a new open economy macroeconomics model. In response to technology shocks, sticky prices generate a negative correlation between labor income and the profits of domestic firms, leading to home bias in equity holdings. In contrast, under flexible prices, labor income and the profits of the domestic firms are positively cor...
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The paper extends Woodford’s [Optimizing models with nominal rigidities, Chapter 3 of Interest and prices: foundations of a theory of monetary policy, Princeton University, 2000; unpublished manuscript] analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility. We show that consumption smoothing, which comes with the opening of the capital m...
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The modern economy began to supplant the traditional economy in several nations in the latter half of the 19th century – and many more in the latter half of the 20th. a system where self-employment and self-finance was typical gave way to a system of companies having various business freedoms and enabling institutions. This was the “great transformation” on which historians and sociologists as ...
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ژورنال
عنوان ژورنال: Discrete Dynamics in Nature and Society
سال: 2001
ISSN: 1026-0226,1607-887X
DOI: 10.1155/s102602260100022x