Foreign productivity shocks major influence on small, open economies, paper argues
Foreign productivity shocks major influence on small, open economies
Small, open economies are strongly affected by foreign shocks, and particularly productivity shocks, a working paper published this month by Norges Bank argues.
In Foreign shocks, Dragho Bergholt develops a dynamic stochastic general equilibrium (DSGE) model with two open economies, one small and one large. The model incorporates varying sectoral technology and price constraints, and international trade in intermediate goods. He applies data from 17 time series from the US and Canadian economies
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