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The Great Depression in Belgium: an Open-Economy Analysis

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  • Luca Pensieroso

    (Chargé de Recherches FRS - FNRS, IRES, Université catholique de Louvain.)

Abstract

This paper studies the Great Depression in Belgium within the open-economy dynamic general equilibrium approach. Results from the simulations show that a two-good model with total factor productivity shocks and nominal exchange rate shocks can account for most of the 1929-1934 output drop. The data mimicking ability of the model is good along other dimensions as well, most notably hours worked, the consumption price index and the terms of trade. The model is also able to catch some of the dynamics of imports and exports.

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Bibliographic Info

Paper provided by Association Française de Cliométrie (AFC) in its series Working Papers with number 12-01.

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Length: 27 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:afc:wpaper:12-01

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  1. De Vroey Michel R & Pensieroso Luca, 2006. "Real Business Cycle Theory and the Great Depression: The Abandonment of the Abstentionist Viewpoint," The B.E. Journal of Macroeconomics, De Gruyter, De Gruyter, vol. 6(1), pages 1-26, November.
  2. Jordi Gali & Tommaso Monacelli, 2002. "Monetary Policy and Exchange Rate Volatility in a Small Open Economy," NBER Working Papers 8905, National Bureau of Economic Research, Inc.
  3. Luca, PENSIEROSO, 2005. "Real Business Cycle Models of the Great Depression : a Critical Survey," Discussion Papers (ECON - Département des Sciences Economiques), Université catholique de Louvain, Département des Sciences Economiques 2005005, Université catholique de Louvain, Département des Sciences Economiques.
  4. Gianluca Benigno & Christoph Thoenissen, 2004. " Consumption and Real Exchange Rates with Incomplete Markets and Non-traded Goods," CDMA Conference Paper Series 0405, Centre for Dynamic Macroeconomic Analysis, revised Dec 2006.
  5. Crucini, M.J. & Kahn, J., 1994. "Tarrifs and Aggregate Economic Activity: Lessons from the Great Depression," RCER Working Papers 383, University of Rochester - Center for Economic Research (RCER).
  6. Stephanie Schmitt-Grohe & Martin Uribe, 2001. "Closing Small Open Economy Models," Departmental Working Papers, Rutgers University, Department of Economics 200115, Rutgers University, Department of Economics.
  7. Alan C. Stockman & Linda L. Tesar, 1991. "Tastes and technology in a two-country model of the business cycle: explaining international co-movements," Working Paper 9019, Federal Reserve Bank of Cleveland.
  8. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195101133, October.
  9. Solomou, Solomos, 1992. "Modern Europe Golden Fetters: The Gold Standard and the Great Depression, 1919–1939. By Barry Eichengreen. New York: Oxford University Press, 1992. Pp. xix, 425. $39.95," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 52(03), pages 709-710, September.
  10. Joseph Plasmans & Tomasz Michalak & Jorge Fornero, 2006. "Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model," Working Paper Research, National Bank of Belgium 94, National Bank of Belgium.
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Cited by:
  1. Thi Hong Van Hoang, 2012. "Has gold been a hedge against inflation in France from 1949 to 2011? Empirical evidence of the French specificity," Working Papers, Association Française de Cliométrie (AFC) 12-05, Association Française de Cliométrie (AFC).
  2. Claude Diebolt & Mamoudou Toure & Jamel Trabelsi, 2012. "Monetary Credibility Effects on Inflation Dynamics: A Macrohistorical Case Study," Working Papers, Association Française de Cliométrie (AFC) 12-04, Association Française de Cliométrie (AFC).

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