Real interest rates and productivity in small open economies
نویسندگان
چکیده
We construct factor utilization-adjusted measures of aggregate TFP for a sample advanced (AEs) and emerging market small open economies (EMEs). estimate the effects real interest rate shocks on GDP using structural VARs. The results are starkly different in two groups countries. While is pro-cyclical both sets countries, lower rates - proxy capital inflows lead to productivity booms EMEs, whereas they contraction AEs.
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2023
ISSN: ['0022-1996', '1873-0353']
DOI: https://doi.org/10.1016/j.jinteco.2023.103746