Detail Two essays in open economy macroeconomics Bibliografi Author: Sims, Christopher A. (Advisor); Lubik, Thomas Alexander Topik: ECONOMICS; GENERAL Bahasa: (EN )    ISBN: 0-599-79134-9     Penerbit: Yale University Press     Tahun Terbit: 2000     Jenis: Theses - Dissertation Fulltext: 9973726.pdf (0.0B; 3 download) Abstract This dissertation develops two models within the framework of the New Open Economy Macroeconomics. The first essay presents a model of a small open economy with an explicit industrial structure in the form of a monopolistically competitive nontraded sector and a perfectly competitive traded sector. Because of price stickiness monetary policy has real effects in this framework. It is shown that the dynamic behavior of the economy is largely independent of the aggregate labor supply elasticity. This finding resolves a problematic issue for standard New Keynesian models which typically have to rely on an elastic labor supply in order to generate sizable output effects. The model in this essay fails, however, in deriving a significant output response because of a countervailing sectoral reallocation effect. The second essay builds upon the basic structure of the previous model to explain the so-called comovement puzzle. It is a robust stylized fact in international economics that macroeconomic variables such as output, consumption and investment exhibit a high degree of comovement across industrialized countries. Standard intertemporal business cycle models cannot readily account for these observations. This essay thus develops a two-sector, multiple-goods monetary business cycle model of a two-country world economy with nominal price rigidity to explain these empirical findings. I identify the terms of trade as the purely endogenous international transmission mechanism of country-specific shocks. Moreover, it is shown that positive correlations or spillovers in the exogenous processes across countries are not required to produce comovement. Positive technology shocks lower the terms of trade and stimulate production abroad. Investment is assumed to be a composite of domestic and foreign-produced goods. This complementarity on the production side counteracts the international investment allocation effect, and, in my framework, is strong enough to induce positive comovement. Monetary shocks, on the other hand, have the opposite effects. Price stickiness in the non-traded sector causes the terms of trade of the inflating country to improve, which leads to a decline of output and consumption abroad. Sectoral price adjustment differentials thus are a possible channel for beggar-thy-neighbor effects of expansionary monetary policy. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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