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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. |
条目包含的文件 | 条目无相关文件。 |
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