Chadha, J.S. and Nolan, C. and Janssen, N. (2001) Productivity and preferences in a small open economy. The Manchester School, 69 . pp. 57-80. ISSN 1463-6786.
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Following Hall (Journal of Labor Economics, Vol. 15 (1997), pp. S223-S250) it is increasingly common to incorporate preference, as well as productivity, perturbations in calibrated general equilibrium models. We assess the performance of a small open economy stochastic growth model (based on the Blanchard-Yaari framework) under alternative driving processes. Whilst both models provide familiar descriptions of the aggregate economy, we find that the model driven by productivity disturbances has clear advantages in explaining the behaviour towards foreign asset accumulation.
|Subjects:||H Social Sciences > HB Economic Theory|
|Divisions:||Faculties > Social Sciences > School of Economics|
|Depositing User:||Jagjit Chadha|
|Date Deposited:||02 Sep 2008 11:27|
|Last Modified:||14 Jan 2010 14:42|
|Resource URI:||http://kar.kent.ac.uk/id/eprint/10958 (The current URI for this page, for reference purposes)|
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