Macroeconomic model spillovers and their discontents
The Great Recession underlined that policies in some countries can have profound spillovers elsewhere. Sadly, the solution of simulating large macroeconomic models to measure these spillovers has been found wanting. Typical models generate lower international correlations of output and financial ass...
| Основен автор: | Bayoumi, Tamim A. |
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| Автор-организации: | International Monetary Fund. Strategy, Policy, and Review Department. |
| Други автори: | Vitek, Francis. |
| Формат: | Електронен |
| Език: | English |
| Публикувано: |
[Washington, D.C.] :
International Monetary Fund,
℗♭2013.
|
| Серия: |
IMF working paper ;
WP/13/4. |
| Предмети: | |
| Онлайн достъп: |
http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=547913 |
| Резюме: |
The Great Recession underlined that policies in some countries can have profound spillovers elsewhere. Sadly, the solution of simulating large macroeconomic models to measure these spillovers has been found wanting. Typical models generate lower international correlations of output and financial asset prices than are seen in even pre-crisis data. Imposing higher financial market correlations creates more reasonable cross-country spillovers, and is likely to become the norm in policy modeling despite weak theoretical underpinnings, as is already true of sticky wages. We propose using event studies to calibrate market reactions to particular policy announcements, and report results for U.S. monetary and fiscal policy announcements in 2009 and 2010 that are plausible and event-specific. |
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| Описание на библ. документ: |
Title from PDF title page (IMF Web site, viewed Jan. 16, 2013). "Strategy, Policy, and Review Department." "January 2013." |
| Физически характеристики: |
1 online resource (25 pages). |
| Библиография: |
Includes bibliographical references. |
| ISBN: |
9781475576887 1475576889 |