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Saturday, May 9, 2020 | History

2 edition of structural small open-economy model for Canada found in the catalog.

structural small open-economy model for Canada

Stephen Murchison

structural small open-economy model for Canada

by Stephen Murchison

  • 174 Want to read
  • 40 Currently reading

Published by Bank of Canada in Ottawa .
Written in English

    Subjects:
  • Macroeconomics.,
  • Canada -- Economic conditions -- Econometric models.

  • Edition Notes

    Other titlesA structural small open economy model for Canada
    Statementby Stephen Murchison, Andrew Rennison and Zhenhua Zhu.
    SeriesBank of Canada working paper -- 2004-4, Working paper (Bank of Canada) -- 2004-4.
    ContributionsRennison, Andrew., Zhu, Zhenhua., Bank of Canada.
    The Physical Object
    Paginationv, 45 p. :
    Number of Pages45
    ID Numbers
    Open LibraryOL22150527M

    A Structuralist Model of the Small Open Economy in the Short, Medium and Long Run Hian Teck Hoon and Edmund S. Phelps⁄ Singapore Management University and Columbia University May Abstract Open-economy macroeconomics contains a monetary model in the Keynesian tradition that is deemed serviceable for analyzing the short. The Baseline Open Economy Model We study an economy similar to that used for the closed economy. IS and LM conditions as before, but also incorporate: 1 international trade/current account 2 capital account (balance of payments) and capital controls 3 Real (and nominal) exchange rate Dudley Cooke (Trinity College Dublin) Mundell-Fleming Model 5.

    Because the domestic economy is small, c*t is determined exogenously. Thus, stationarity of c*tt implies stationarity of c. For the purpose of comparison, in Section 6 we also study the dynamics of the standard small open economy model without any type of stationarity-inducing features, such as the economy analyzed in Correia et al. (). Book | Competition in an Open Economy: A Model Applied to Canada. M. E. Porter and A. M. SpenceCited by:

    Use the model of the small open economy to predict what would happen to the trade balance, the real exchange rate, and the nominal exchange rate in response to each of the following events. a. A fall in consumer confidence about the future induces consumers to spend less and save more. b. Competition in an Open Economy: A Model Applied to Canada (Harvard Economic Studies) [Caves, Richard E., Porter, Michael E., Spence, A. Michael, Scott, John T.] on *FREE* shipping on qualifying offers. Competition in an Open Economy: A Model Applied to Canada Cited by:


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Structural small open-economy model for Canada by Stephen Murchison Download PDF EPUB FB2

A Structural Small Open-Economy Model for Canada by Stephen Murchison, Andrew Rennison, and Zhenhua Zhu Research Department Bank of Canada Ottawa, Ontario, Canada K1A 0G9 [email protected] [email protected] [email protected] The views expressed in this paper are those of the by: Get this from a library.

A structural small open-economy model for Canada. [Stephen Murchison; Bank of Canada.]. The authors develop a small open-economy dynamic stochastic general-equilibrium (DSGE) model in an attempt to understand the dynamic relationships in Canadian macroeconomic data.

A Structural Small Open-Economy Model for Canada - Bank of CanadaCited by: Downloadable. The authors develop a small open-economy dynamic stochastic general-equilibrium (DSGE) model in an attempt to understand the dynamic relationships in Canadian macroeconomic data.

The model differs from most recent DSGE models in two key ways. First, for prices and wages, the authors use the time-dependent staggered contracting model of Dotsey, King, and Wolman (). NBER Working Paper No. Issued in December NBER Program(s):Economic Fluctuations and Growth.

This paper demonstrates that an estimated, structural, small open economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form structural small open-economy model for Canada book.

COVID Resources. Reliable information about the coronavirus (COVID) is available from the World Health Organization (current situation, international travel).Numerous and frequently-updated resource results are available from this ’s WebJunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus.

Closing Small Open Economy Models Stephanie Schmitt-Grohe, Martin Uribe. NBER Working Paper No. Issued in October NBER Program(s):Economic Fluctuations and Growth The small open economy model with incomplete asset markets features a steady state that depends on initial conditions and equilibrium dynamics that possess a random walk component.

This paper identies monetary policy shocks employing a Bayesian structural VAR model for a small open economy, using Canada as a case study. To identify the monetary policy function, I follow the general procedure of Cushman and Zha () and Kim and Roubini (), but change it in a number of respects.

First, unlike these authors, I do not. Downloadable. This paper evaluates whether an estimated, structural, small open economy model of the Canadian economy can account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies.

The analysis shows that the benchmark model and a number of variants which include a range of market imperfections imply cross-equation restrictions. Berg, Karam and Laxton () (BKL) document a small model that can be used for considering monetary policy actions and options in inflation targeting countries.

The model, termed here the BKL model, is a vehicle for understanding and viewing policy options in a small open economy. It consists of two sets of equations. One describes the small. This paper demonstrates that an estimated, structural, small open-economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in.

This paper demonstrates that an estimated, structural, small open-economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form by: Extension to Small Open Economy • Outline – the equilibrium conditions of the open economy model system jumps from 6 equations in basic model to 16 equations in 16 variables.

additional variables: rate of depreciation, exports, real foreign assets, tz }|erms of trade, real exchange rate, respectively{ vw>{w>d i. Nimark: Structural Model of Australia as a Small Open Economy 25 not it provides a reasonable description of the data. In a series of papers, Smets and Wouters (, ) show that medium scale mod-els can fit the dynamics of a large (closed) economy well.

Some recent papers have asked whether structural open economy models can. The SVAR model is built on a small, open economy framework under an exogeneity assumption.

A contemporary SVAR model of the Thai economy should consist of two blocks: an exogenous block of. Sponsor a Book. Bank of Canada A structural error-correction model of best prices and depths in the f Ingrid Lo Read. A structural small open-economy model for Canada Stephen Murchison Read. Publishing History This is a chart to show the when this publisher published books.

Along the X axis is time, and on the y axis is the count of. A small open economy, abbreviated to SOE, is an economy that participates in international trade, but is small enough compared to its trading partners that its policies do not alter world prices, interest rates, orthe countries with small open economies are price is unlike a large open economy, the actions of which do affect world prices and income.

An open economy is a type of economy where not only domestic actors but also entities in other countries engage in trade of products (goods and services). Trade can take the form of managerial exchange, technology transfers, and all kinds of goods and services.

(However, certain exceptions exist that cannot be exchanged; the railway services of a country, for example, cannot be traded with. Chapter 5: Open Economy (A Long Run Model for Small Open Economy) Assumptions Because it is a long run model, we can apply classical dichotomy.

That is, we first determine real variables (such as net export and real exchange rate), then we determine nominal variables (such as nominal exchange rate)File Size: KB.

The Small-Open-Economy Real Business Cycle Model 1. Some Empirical Regularities Variable Canadian Data • Similar stylized facts emerge from other small de-veloped countries (see, e.g., Aguiar and Gopinath, JPE, ).

An RBC Model with Uzawa Preferences E0 X∞. A small open economy model The main assumptions of the model are exactly the same as in classical model of closed economy. The only difference is that real interest rate do not necessary balance national savings and investment – since our country has an access to international capital markets andFile Size: KB.Highlights We estimate the output gap for Canada on the basis of a permanent–transitory decomposition of output and the exchange rate using an unobserved components model.

Empirical identification is based on a simple structural model of a small open economy in which transitory exchange rate movements are used to identify the output gap.

The unobserved components and the structural Cited by: 7.small open economies is that house-holds and firms in these countries can borrow and lend at an interest rate de-termined by international markets. 2 But not all small open economies are alike. Take, for example, our neighboring countries Canada and Mexico.

Histori-cally, economic fluctuations in Mexico have been more volatile than those in Canada.