THE DYNAMICS OF A SMALL OPEN-ECONOMY IN RESPONSE TO MONETARY, FISCAL, AND PRODUCTIVITY SHOCKS
成果类型：
Article
署名作者：
CARDIA, E
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(91)90033-K
发表日期：
1991
页码：
411-434
关键词：
摘要：
This paper evaluates empirically the relative importance of monetary and fiscal versus technology shocks in an open economy characterized by perfect international capital mobility. The variance-covariance matrix of these shocks is estimated. A stochastic model is used to perform numerical simulations. The results show that persistent shocks to productivity can reproduce several empirical regularities (including the puzzling high correlation between national saving and investment) remarkably well and that monetary and fiscal shocks play a minor role.
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