Macroeconomic adjustment with import price shocks
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Macroeconomic adjustment with import price shocks real and monetary aspects by Bruno, Michael.

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Published by Institute for International Economic Studies in Stockholm, Sweden .
Written in English

Subjects:

  • Raw materials -- Prices -- Mathematical models.,
  • Commerce -- Mathematical models.

Book details:

Edition Notes

Bibliography: leaves 37-38.

Statementby Michael Bruno and Jeffrey Sachs.
SeriesSeminar paper / Institute for International Economic Studies, University of Stockholm,, no. 118, Seminar paper (Stockholms universitet. Institutet för internationell ekonomi) ;, no. 118.
ContributionsSachs, Jeffrey.
Classifications
LC ClassificationsHF1051 .B78
The Physical Object
Pagination38, 10 leaves :
Number of Pages38
ID Numbers
Open LibraryOL3811386M
LC Control Number81118515

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Reports. Macro-Economic Adjustment with Import Price Shocks: Real and Monetary Aspects. Bruno, Michael; Sachs, Jeffrey D.. In this paper we explore in detail the various ways by which the introduction of intermediate imports affects the comparative statics and the dynamics of adjustment in Cited by: MACRO-ECONOMIC ADJUSTMENT WITH IMPORT PRICE SHOCKS: REAL AND MONETARY ASPECTS Michael Bruno Jeffrey Sachs Working Paper No. NATIONAL BUREAU OF ECONOMIC RESEARCH Massachusetts Avenue Cambridge, MA April The research reported here is part of the NBER's research program in International Economics.   The importance of integrating the role of intermediate imports into a theory of macro-economic adjustment derives from the particular set of events that have affected the industrial economies in the 's -- the unprecedented rise in raw materials prices, in particular the oil price shock, and the concomitant inflation and widespread by: Macro-Economic Adjustment With Import Price Shocks: Real and Monetary Aspects. April ; Micro Impacts of Macroeconomic Adjustment Policies (MIMAP): A Framework Paper and .

15 Macroeconomic Adjustment under Wage-Price Rigidity good units w/po can be written as the ratio wl/brium in the home-goods market can thus be defined as (4) Do = x: xs, Do(IT,w1;z) = 0, where z is the set of exogenous variables (IT*, Y*,Oi,Ki, etc.). As shown in the appendix, the assumptions made so far guarantee that. The text of this book is composed in Baskerville, with Aggregate-Price Adjustment 78 Import and Export Prices 79 Import Prices 80 Export Prices 82 Drawing the Shocks Macroeconomic Performance Comparative Performance for One Draw of Shocks WITH THE harsh macro-economic shocks of the s and s, attention has turned increasingly to macroeconomic adjustment in developing countries.A recent World Bank study shows that it is not so much external shocks but domestic responses that determine a country’s success or failure. be adjustments to the market to compensate for shocks to AD or SAS. Shocks to Aggregate Demand There are two types of shocks: (1) expansionary and (2) contractionary. An expansionary shock Lmeans an increase in aggregate demand, raising both the price level (P0 to P1) and real GDP (Y* to Y) [indicated by black arrow].

Shocks in Global Economy: Impulse Model of Macroeconomic Cycle: /ch This chapter represents an attempt to analyze the role of shocks (impulses) in business cycles in the world economy in connection with the global financial. found that oil price shocks are the main cause of output fluctuations (see Mehrara and Oskoui, ; El Anshasy and Bradley, ). On the contrary, Iwayemi and Fowowe () illustrate that the impa ct of oil price shocks on Nigerian (a purely oil -exporting country) macroeconomic variables is low. Adjustment following terms-of-trade shocks has been studied in the macroeconomic literature broadly. Open-economy macro models indicate that a In this situation, negative export price shocks cause adjustment on the import side as a result of FX rationing (see, for . This paper examines the macroeconomic effects of an adverse oil price shock under different exchange rate and fiscal policy arrangements in 40 oil-exporting countries from to using panel vector autoregression techniques. The results show that output and government consumption fall in response to an oil price decline. However, the output response is significantly smaller and smoother.