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Transition Economy Convergence in a Two-Country Model

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Author Info

  • Jan Bruha

    ()
    (External Economics Relations Division Czech National Bank)

  • Jiri Podpiera

    (External Economics Relations Division Czech National Bank)

Abstract

This paper presents the core of a two-country dynamic general equilibrium model of a transition economy. There are two countries in the model: an advanced economy and an emerging economy, which converges to its more advanced counterpart. The model concentrates on modeling goods and capital flows along an equilibrium balanced path of the convergence process. The model incorporates heterogeneous firms and the notion of trade costs and an endogenous ‘tradeness of goods’ in the spirit similar to the recent models of international economics. While almost all of such international-economics models analyze steady-states equilibia of the world of symmetric countries, the contribution of the paper is to develop a simulation model, which would help policymakers in understanding the endogenous changes during transition in trade, external position, and income balances in a consistent dynamic general equilibrium framework of the two-country-world with asymmetric countries

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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2006 with number 154.

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Date of creation: 04 Jul 2006
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Handle: RePEc:sce:scecfa:154

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Cited by:
  1. Bruha, Jan & Podpiera, Jirí, 2007. "Inquiries on dynamics of transition economy convergence in a two-country model," Working Paper Series 0791, European Central Bank.
  2. Jane Bogoev & Sultanija Bojceva Terzijan & Balazs Egert & Magdalena Petrovska, 2008. "Real Exchange Rate Dynamics in Macedonia: Old Wisdoms and New Insights," Working Papers 2008-01, National Bank of the Republic of Macedonia.
  3. Bruha, Jan & Podpiera, Jirí, 2007. "Transition economy convergence in a two-country model: implications for monetary integration," Working Paper Series 0740, European Central Bank.
  4. Lombardo, Giovanni & Vestin, David, 2008. "Welfare implications of Calvo vs. Rotemberg-pricing assumptions," Economics Letters, Elsevier, vol. 100(2), pages 275-279, August.
  5. Jan Bruha & Jiri Podpiera & Stanislav Polák, 2007. "The Convergence Dynamics of a Transition Economy: The Case of the Czech Republic," IMF Working Papers 07/116, International Monetary Fund.
  6. Manganelli, Simone & Wolswijk, Guido, 2007. "Market discipline, financial integration and fiscal rules: what drives spreads in the euro area government bond market?," Working Paper Series 0745, European Central Bank.
  7. Juraj Antal & Frantisek Brazdik & Jan Bruha & Martin Fukac & Adrian Pagan & Jiri Podpiera & Stanislav Polak & Yuliya Rychalovska, 2008. "CNB Economic Research Bulletin: Inflation Targeting and DSGE Models," Occasional Publications - Edited Volumes, Czech National Bank, Research Department, edition 2, volume 6, number rb06/2 edited by Juraj Antal & Jan Babecky.

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