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4 edition of The role of consumption substitutability in the international transmission of shocks found in the catalog.

The role of consumption substitutability in the international transmission of shocks

CeМЃdric Tille

The role of consumption substitutability in the international transmission of shocks

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  • 7 Currently reading

Published by Federal Reserve Bank of New York in [New York, N.Y.] .
Written in English

    Subjects:
  • Substitution (Economics),
  • Monetary policy.,
  • Fiscal policy.

  • Edition Notes

    StatementCédric Tille.
    SeriesStaff reports ;, no. 67, Staff reports (Federal Reserve Bank of New York : Online) ;, no. 67.
    ContributionsFederal Reserve Bank of New York.
    Classifications
    LC ClassificationsHB1
    The Physical Object
    FormatElectronic resource
    ID Numbers
    Open LibraryOL3476924M
    LC Control Number2005616497

    interest in the transmission of nancial shocks through globally active banks predates the recent nancial crisis; Peek and Rosengren () is an earlier example in this literature. Despite the interest in globally active banks and their role in shock transmission, certain. consumption of U.S. and the dollar bloc's goods, 𝜌> 0 measures the elasticity of substitution between U.S. and the dollar bloc's goods and 𝜅denotes the share of U.S. goods in the consumption basket.1I refer to 𝜌as the cross-country substitutability.2 The share of domestic goods in the U.S. consumption . Get this from a library! Household heterogeneity and the transmission of foreign shocks. [Sergio De Ferra; Kurt E Mitman; Federica Romei; National Bureau of Economic Research,] -- We study the role of heterogeneity in the transmission of foreign shocks. We build a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME) that experiences a current account reversal.


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The role of consumption substitutability in the international transmission of shocks by CeМЃdric Tille Download PDF EPUB FB2

Corsetti and Pesenti () relax the assumption of an identical elasticity of substitution and focus on the case where the elasticity across countries is equal to unity.

4 They analyze the role of The role of consumption substitutability in the international transmission of shocks book terms of trade in the international transmission of shocks: a monetary expansion in a country worsens its terms of trade, thereby reducing the purchasing power of its by: The Role of Consumption Substitutability in the International Transmission of Monetary Shocks Article in Journal of International Economics 53(2) April with 29 ReadsAuthor: Cédric Tille.

The Role of Consumption Substitutability in the International Transmission of Shocks. This paper develops a general framework to analyze the welfare consequences of monetary and fiscal shocks in an open economy, focusing on the role of the degree of substitutability between goods produced in different countries.

Journal of International Economics Vol Issue 2, AprilPages The role of consumption substitutability in the international transmission of monetary shocksCited by: Cedric Tille. "The role of consumption substitutability in the international transmission of shocks," Staff Reports, Federal Reserve Bank of New : RePEc:fip:fednsr Note: For a published version of this report, see Cédric Tille, "The Role of Consumption Substitutability in the International Transmission of Shocks," Journal of International Economics53, no.2 (April ):.

unity. They analyze the role of the terms of trade in the international transmission4 of shocks: a monetary expansion in a country worsens its terms of trade, thereby reducing the purchasing power of its residents.

They establish that this reduction can offset the beneficial move towards the first best allocation, and result in an. Tille, Cedric, "The role of consumption substitutability in the international transmission of monetary shocks," Journal of International Economics, Elsevier.

The Transmission of Domestic Shocks in Open Economies Christopher Erceg, Christopher Gust, David López-Salido. Chapter in NBER book International Dimensions of Monetary Policy (), Jordi Galí and Mark J. Gertler, editors (p. 89 - ) Conference held JunePublished in February by University of Chicago Press.

On the International Transmission of Technology Shocks Zeno Endersa,∗ Gernot J. Mu¨llera a University of Bonn, AdenaueralleeBonn, Germany Ma Abstract Using vector autoregressions on U.S.

time series and an aggregate of industrialized countries. 6 Wealth Effects, RER, and the International Transmission of Productivity Shocks In this section, we analyse the performance of our model and carry out sensitivity analysis.

Results for the different calibrations of our economy are shown in Table 3: Table 3 part (a) reports statistics on exchange rates and prices, Table 3 part (b) reports.

The role of consumption substitutability in the international transmission of shocks. By Cedric Tille. Abstract. This paper develops a general framework to analyze the welfare consequences of monetary and fiscal shocks in an open economy, focusing on the role of the degree of substitutability between goods produced in different countries.

consumption increased by 8 percent (the equivalent of mb/d) while nuclear energy consumption rose 60 percent (the equivalent of mb/d). Thus, the oil price shocks induced the substitution of the equivalent of mb/d of oil by other energy sources, plus a net decline of mb/d in crude oil consumption (Figure Box SFB).

Download PDF: Sorry, we are unable to provide the full text but you may find it at the following location(s): (external link). The role of consumption substitutability in the international transmission of shocks, Journal of International Econompp.

Reprinted in Open Economy Macroeconomics (N.C. Miller ed.), a contribution to The International Library of Critical Writings in Economics, The international transmission of monetary shocks across developed countries: The role of imported raw materials Article in Journal of International Money and Finance 30(8) December.

The transmission of shocks in the global financial system has always been an important topic in international finance. With the globalization of financial markets and increasing capital flows.

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios Claudio Raddatz Sergio L. Schmukler* Abstract Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries.

Zachariadis, ). In this setting, we reconsider the international transmission of productivity shocks and quantify two mechanisms whereby equilibrium wealth effects in response to these shocks can actually induce international price movements that hinder risk sharing.

Journal compilation c The Review of Economic Studies Limited. This paper develops a two-country dynamic general equilibrium model with slowly adjusting prices to re-examine the well known analysis by Mundell ( Chapter 18) on the international transmission effects of monetary and fiscal policy.

We show that the critical factor governing the effects of monetary policy is the currency of export price invoicing, while the critical factor for the effects. Transmission of output shocks – the role of cross-border production chains Globalisation has led to a rapid increase in euro area trade and facilitated the build-up of global production chains.

Although these developments boost welfare as they increase the international division. The Role of Consumption Substitutability in the International Transmission of Shocks FRB of New York Staff Report No.

67 Number of pages: 39 Posted: 05 Aug The international transmission of US fiscal shocks Luca Metelli ∗ Filippo Natoli ∗ Janu Abstract We investigate the international propagation of fiscal policy shocks originated in the United States using a Global VAR framework.

We identify shocks to US tax rates and. those of a setup in which terms of trade movements perform all the international adjustment and net foreign assets do not move.

The difference relative to a complete markets economy in which net foreign asset movements play no role in shock transmission is smaller. It is amplified if the substitutability across goods rises and if shocks are. de nition and measurement of the propagation of international food shocks.

Keywords: food crisis, shock propagation, food security, international grain trade 1. Introduction The production and provision of adequate food, in quantity and quality, is a longstanding1 concern worldwide (FAO, NovemberFresco, ). Food consumption has. Tille, C. (): “The Role of Consumption Substitutability in the International Transmission of Shocks,” mimeo, Federal Reserve Bank of New York.

Tille, C. (): “The Role of Consumption Substitutability in the International Transmission of Monetary Shocks,” Journal of International Economics, 53(2), – URI. Tille C () The role of consumption substitutability in the international transmission of monetary shocks.

J Int Econ – CrossRef Google Scholar Woodford M () Interest and prices: Foundation of a Theory of Monetary Policy. The role of consumption substitutability in the international transmission of monetary shocks.

Journal of International Econom – CrossRef Google Scholar. biased preferences is not considered. Only a few NOEM papers address the role of a home bias in consumption for the international transmission mechanisms of asymmetric shocks.

Warnock () and Michaelis () restrict the analysis to monetary policy under flexible exchange rates. Productivity Shocks and Consumption Smoothing in the International Economy Ma Fabio Ghironi Department of Economics Boston College and assess the role of heterogene-ity across countries in accounting for variations in consumption and net foreign assets positions.

Tille () focuses on the role of consumption substitutability in the international trans-mission of fiscal shocks. Corsetti and Pesenti () stress the potential beggar-thy-neighbor property of fiscal expansions when national government purchases fall exclusively on domesti-cally produced goods.

Cédric Tille (), ‘The Role of Consumption Substitutability in the International Transmission of Monetary Shocks’ Giovanni Ganelli (), ‘Useful Government Spending, Direct Crowding-Out and Fiscal Policy Interdependence’ -- As banking has become more globalized, the consequences of shocks originating in home and host markets have likewise evolved.

Global banks played a significant role in the transmission of the to crisis to emerging market economies. We examine the relationships between adverse liquidity shocks on main developed-country banking systems. International Risk-Sharing and the Transmission of Productivity Shocks1 Giancarlo Corsettia Luca Dedolab Sylvain Leducc This version: September 1We thank Yongsung Chang, Larry Christiano, Mick Devereux, Peter Ireland, Fabrizio Perri, Paolo Pesenti, Morten Ravn, C´edric Tille, Mart´ınUribeandsem.

roles in the international transmission of shocks. In a crisis, a foreign-owned bank hit by an adverse liquidity shock may reduce its cross-border lending. If this bank has overseas affiliates, it may also activate an internal capital market channel, reducing funding to affiliates abroad.

@inproceedings{LubikIndustrialSA, title={Industrial Structure and Monetary Policy in a Small Open Economy}, author={Thomas A. Lubik}, year={} } Thomas A.

Lubik Published Economics In standard New Keynesian models, the size of the output expansion generated by aggregate demand shocks. the role of the nominal exchange rate regime but does not explicitly examine the role of capital controls in the international transmission of monetary policy shocks.

Since many countries with a flexible nominal exchange rate regime also maintain capital flow management, what appears to be the effect of a flexible exchange rate could instead be the. The role of bank advisors in mergers and acquisitions: The role of consumption substitutability in the international transmission of shocks: Selected economic indicators.

Selected papers of Allan Sproul: Selection bias, demographic effects, and ability effects in common value auction experiments: Self-validating optimum currency areas. The role of global supply chains in the transmission of shocks: Firm-level evidence from the Tohoku earthquake Christoph Boehm, Aaron Flaaen, Nitya Pandalai-Nayar 09 January There is an ongoing debate among economists whether international trade contributes to business cycles synchronisation.

), provided that shocks are not permanent (Baxter and Crucini ). Cole and Obstfeld () call for an important role of the terms of trade in propagating the bene ts of country-speci c shocks via price changes, and suggest that the degree of substitutability of goods that are traded across countries can be important for the.

The Role of Transitory and Persistent Shocks in the Consumption Correlation and International Comovement Puzzles ∗ Tatsuma Wada † Wayne State University This Version: Ap Abstract We study a two-country model with changes in the technological growth rate. Such.

the role of commercial banks in the Eastern Caribbean Currency Union (ECCU) in the transmission of international monetary shocks, particularly from the United States. A version of the Bernanke-Blinder () model is used as the theoretical organising framework, as it allows for testing the restriction of perfect substitutability between.trade elasticity, is denoted ˚.

The trade elasticity is an important determinant of the transmission of shocks and policies between countries.

It therefore plays a crucial role in determining optimal scal policy. a H is the weight given to consumption of the home goods, whereas 1 a H is the weight attached to consumption of the foreign goods. If a.international transmission mechanism as domestic producer price rigidities. Nontradeables give raise to interesting new effects under asymmetric monetary shocks: They create short-run PPP deviations, increase exchange rate volatility relative to price level volatility and reduce (positive) consumption and (negative) output comovements.