全球智库信息集成服务系统(G2TT): DP1605 Economic Growth and Policy Reform in the APEC Region: Trade and Welfare Implications by 2005

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP1605
	DP1605 Economic Growth and Policy Reform in the APEC Region: Trade and Welfare Implications by 2005
	Kym Anderson; Will Martin; Betina Dimaranan; Thomas W Hertel
发表日期	1997-05-30
出版年	1997
语种	英语
摘要	This paper uses a structural time-series analysis to analyse the properties of ex-ante real interest rates of the five major OECD economies in relation to temporary and permanent shocks to real output. Following Blanchard and Quah (1989) we refer to these innovations as ?nominal? and ?real? shocks respectively. The relationships of rates to these shocks appear to be qualitatively consistent with predictions of stochastic general equilibrium models of business cycles driven by both real and nominal disturbances. Real and nominal shocks originating in the United States are found to be the most important causes of persistence in ex-ante real interest rates, but of the two, only nominal shocks cause dynamic movements in rates that are coherent across all countries. Further results indicate that the rise in real interest rates experienced by these countries in the early 1980s was mainly due to nominal shocks in all five countries; real shocks played little or no role.
主题	International Macroeconomics
关键词	Real and nominal shocks Real interest rates Structural vars
URL	https://cepr.org/publications/dp1605
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/530774
推荐引用方式 GB/T 7714	Kym Anderson,Will Martin,Betina Dimaranan,et al. DP1605 Economic Growth and Policy Reform in the APEC Region: Trade and Welfare Implications by 2005. 1997.