A Bayesian Look at New Open Economy Macroeconomics
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...
متن کاملMacroeconoMics for a Modern econoMy
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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I would like to thank Akihisa Shibata, associate professor of the Institute of Economic Research, Kyoto University, and the staff of the Institute for Monetary and Economic Studies (IMES), Bank of Japan for their useful comments. Tomiyuki Kitamura and Junko Miyoshi of IMES Research Division I provided valuable assistance with the model analyses, graph preparations, etc. The views expressed here...
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ژورنال
عنوان ژورنال: NBER Macroeconomics Annual
سال: 2005
ISSN: 0889-3365,1537-2642
DOI: 10.1086/ma.20.3585427