News Shocks in Open Economies is popular PDF and ePub book, written by Mr.Rabah Arezki in 2015-09-29, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, News Shocks in Open Economies can be Read Online from any device for your convenience.
News Shocks in Open Economies Book PDF Summary
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output ? the delay between a discovery and production is on average 4 to 6 years. We first present a two-sector small open economy model in order to predict the responses of macroeconomic aggregates to news of an oil discovery. We then estimate the effects of giant oil discoveries on a large panel of countries. Our empirical estimates are consistent with the predictions of the model. After an oil discovery, the current account and saving rate decline for the first 5 years and then rise sharply during the ensuing years. Investment rises robustly soon after the news arrives, while GDP does not increase until after 5 years. Employment rates fall slightly for a sustained period of time.
Detail Book of News Shocks in Open Economies PDF
- Author : Mr.Rabah Arezki
- Release : 29 September 2015
- Publisher : International Monetary Fund
- ISBN : 9781513543154
- Genre : Business & Economics
- Total Page : 54 pages
- Language : English
- PDF File Size : 8,5 Mb
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