The Great Depression in Belgium: an Open-Economy Analysis
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.
|Date of creation:||31 May 2010|
|Date of revision:|
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- Jordi Galí & Tommaso Monacelli, 2005.
"Monetary Policy and Exchange Rate Volatility in a Small Open Economy,"
Review of Economic Studies,
Oxford University Press, vol. 72(3), pages 707-734.
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- Jordi Galí & Tommaso Monacelli, 2004. "Monetary policy and exchange rate volatility in a small open economy," Economics Working Papers 835, Department of Economics and Business, Universitat Pompeu Fabra.
- 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.
- Jordi Galí & Tommaso Monacelli, 2003. "Monetary Policy and Exchange Rate Volatility in a Small Open Economy," Working Papers 11, Barcelona Graduate School of Economics.
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"Closing Small Open Economy Models,"
Departmental Working Papers
200115, Rutgers University, Department of Economics.
- 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, vol. 6(1), pages 1-26, November.
- Michel, DE VROEY & Luca, PENSIEROSO, 2005. "Real Business Cycle Theory and the Great Depression : The Abandonment of the Absentionist Viewpoint," Discussion Papers (ECON - Département des Sciences Economiques) 2005054, Université catholique de Louvain, Département des Sciences Economiques.
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