A New Model For Balanced Growth And Convergence
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A New Model for Balanced Growth and Convergence
Author: Ewald Nowotny
language: en
Publisher: Edward Elgar Publishing
Release Date: 2013-10-31
This book will prove a thought-provoking read for academics, researchers and students in the fields of economics _ particularly international economics _ and finance, money and banking. Policy-makers and economists interested in European integration an
FINEX - A New Workhorse Model for Macroeconomic Forecasting and Policy Analysis
Author: Mr. Andrew Berg
language: en
Publisher: International Monetary Fund
Release Date: 2023-11-10
This paper presents a semi-structural macroeconomic model aimed at facilitating policy analysis and forecasting, primarily in countries with imperfect capital mobility and hybrid monetary policy regimes. Compared to earlier gap-trend projection models, the Forecasting Model of Internal and External Balance (FINEX) contains three main innovations: it accentuates external and internal balances; explicitly incorporates fiscal policy; and partly endogenizes the main trends. FINEX thus covers a broad set of policy instruments, including foreign exchange interventions (FXI), capital flow management measures (CFM), as well as common fiscal policy instruments. The model incorporates insights from the recent DSGE literature, while maintaining a more accessible gap-trend structure that lends itself to practical policy applications. While the paper refrains from drawing broad policy lessons, it emphasizes the model's ability to interpret recent data in terms of structural shocks and policy responses, thereby aiding policymakers in constructing coherent economic narratives and considering alternative scenarios.
Financial Cycles and the Real Economy
Author: Ewald Nowotny
language: en
Publisher: Edward Elgar Publishing
Release Date: 2014-10-31
What is the link between the financial cycle - financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramoun