Productivity and preferences in a small open economy

Chadha, Jagjit S. and Nolan, Charles and Janssen, Nolan (2001) Productivity and preferences in a small open economy. Manchester School, 69 (S1). pp. 57-80. ISSN 1463-6786. (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided)

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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.

Item Type: Article
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: 15 Apr 2014 12:53
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