The effect of a decline in the world real interest rate on a small open economy experiencing persistent stagnation
Author
Abstract
Suggested Citation
DOI: 10.1016/j.econlet.2022.110588
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Yoshiyasu Ono & Katsunori Yamada, 2018.
"Difference or Ratio: Implications of Status Preference on Stagnation,"
Australian Economic Papers, Wiley Blackwell, vol. 57(3), pages 346-362, September.
- Yoshiyasu Ono & Katsunori Yamada, 2012. "Difference or Ratio: Implication of Status Preference on Stagnation," ISER Discussion Paper 0856rr, Institute of Social and Economic Research, Osaka University, revised Jan 2014.
- Del Negro, Marco & Giannone, Domenico & Giannoni, Marc P. & Tambalotti, Andrea, 2019.
"Global trends in interest rates,"
Journal of International Economics, Elsevier, vol. 118(C), pages 248-262.
- Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global Trends in Interest Rates," NBER Chapters, in: NBER International Seminar on Macroeconomics 2018, pages 248-262, National Bureau of Economic Research, Inc.
- Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global Trends in Interest Rates," Working Papers 1812, Federal Reserve Bank of Dallas.
- Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
- Brandyn Bok & Marco Del Negro & Domenico Giannone & Marc Giannoni & Eric Qian & Andrea Tambalotti, 2019. "Global Trends in Interest Rates," Liberty Street Economics 20190227, Federal Reserve Bank of New York.
- Marco Del Negro & Andrea Tambalotti & Domenico Giannone & Marc Giannoni, 2019. "Global Trends in Interest Rates," 2019 Meeting Papers 77, Society for Economic Dynamics.
- Marco Del Negro & Domenico Giannone & Marc P. Giannoni & Andrea Tambalotti, 2018. "Global Trends in Interest Rates," NBER Working Papers 25039, National Bureau of Economic Research, Inc.
- Schmitt-Grohe, Stephanie & Uribe, Martin, 2003.
"Closing small open economy models,"
Journal of International Economics, Elsevier, vol. 61(1), pages 163-185, October.
- Stephanie Schmitt-Grohe & Martin Uribe, 2001. "Closing Small Open Economy Models," Departmental Working Papers 200115, Rutgers University, Department of Economics.
- Stephanie Schmitt-Grohe & Martin Uribe, 2002. "Closing Small Open Economy Models," NBER Working Papers 9270, National Bureau of Economic Research, Inc.
- Uribe, MartÃn & Schmitt-Grohé, Stephanie, 2002. "Closing Small Open Economy Models," CEPR Discussion Papers 3096, C.E.P.R. Discussion Papers.
- Fabio Ghironi & Marc J. Melitz, 2005.
"International Trade and Macroeconomic Dynamics with Heterogeneous Firms,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(3), pages 865-915.
- Ghironi, Fabio & Melitz, Marc J, 2004. "International Trade and Macroeconomic Dynamics with Heteroegenous Firms," CEPR Discussion Papers 4595, C.E.P.R. Discussion Papers.
- Fabio Ghironi & Marc J. Melitz, 2004. "International Trade and Macroeconomic Dynamics with Heterogeneous Firms," Boston College Working Papers in Economics 599, Boston College Department of Economics.
- Fabio Ghironi & Marc Melitz, 2004. "International Trade and Macroeconomic Dynamics with Heterogeneous Firms," 2004 Meeting Papers 451, Society for Economic Dynamics.
- Ghironi, Fabio & Melitz, Marc, 2005. "International Trade and Macroeconomic Dynamics with Heterogeneous Firms," Scholarly Articles 3228377, Harvard University Department of Economics.
- Fabio Ghironi & Marc J. Melitz, 2004. "International Trade and Macroeconomic Dynamics with Heterogeneous Firms," NBER Working Papers 10540, National Bureau of Economic Research, Inc.
- Gauti B. Eggertsson & Neil R. Mehrotra & Sanjay R. Singh & Lawrence H. Summers, 2016.
"A Contagious Malady? Open Economy Dimensions of Secular Stagnation,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(4), pages 581-634, November.
- Gauti B. Eggertsson & Neil R. Mehrotra & Sanjay R. Singh & Lawrence H. Summers, 2016. "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," NBER Working Papers 22299, National Bureau of Economic Research, Inc.
- Gauti Eggertsson & Neil Mehrotra & Sanjay Singh & Lawrence Summers, 2016. "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," 2016 Meeting Papers 1701, Society for Economic Dynamics.
- Cacciatore, Matteo & Fiori, Giuseppe & Ghironi, Fabio, 2016.
"Market deregulation and optimal monetary policy in a monetary union,"
Journal of International Economics, Elsevier, vol. 99(C), pages 120-137.
- Giuseppe Fiori & Fabio Ghironi & Matteo Cacciatore, 2012. "Market Deregulation and Optimal Monetary Policy in a Monetary Union," 2012 Meeting Papers 678, Society for Economic Dynamics.
- Matteo Cacciatore & Giuseppe Fiori & Fabio Ghironi, 2013. "Market Deregulation and Optimal Monetary Policy in a Monetary Union," NBER Working Papers 19025, National Bureau of Economic Research, Inc.
- Ghironi, Fabio & Fiori, Giuseppe & Cacciatore, Matteo, 2013. "Market Deregulation and Optimal Monetary Policy in a Monetary Union," CEPR Discussion Papers 9742, C.E.P.R. Discussion Papers.
- Lawrence H. Summers, 2015. "Demand Side Secular Stagnation," American Economic Review, American Economic Association, vol. 105(5), pages 60-65, May.
- Turnovsky, Stephen J., 1985.
"Domestic and foreign disturbances in an optimizing model of exchange-rate determination,"
Journal of International Money and Finance, Elsevier, vol. 4(1), pages 151-171, March.
- Stephen J. Turnovsky, 1984. "Domestic and Foreign Disturbances in an Optimizing Model of Exchange- Rate Determination," NBER Working Papers 1407, National Bureau of Economic Research, Inc.
- Corsetti, Giancarlo & Mavroeidi, Eleonora & Thwaites, Gregory & Wolf, Martin, 2019.
"Step away from the zero lower bound: Small open economies in a world of secular stagnation,"
Journal of International Economics, Elsevier, vol. 116(C), pages 88-102.
- Corsetti, G. & Mavroeidi, E. & Thwaites, G. & Wolf, M., 2016. "Step away from the zero lower bound: Small open economies in a world of secular stagnation," Cambridge Working Papers in Economics 1645, Faculty of Economics, University of Cambridge.
- Corsetti, Giancarlo & Mavroeidi, Eleonora & Thwaites, Gregory & Wolf, Martin, 2017. "Step away from the zero lower bound: small open economies in a world of secular stagnation," CEPR Discussion Papers 12189, C.E.P.R. Discussion Papers.
- Giancarlo Corsetti & Eleonora Mavroeidi & Gregory Thwaites & Martin Wolf, 2017. "Step away from the zero lower bound: Small open economies in a world of secular stagnation," Discussion Papers 1722, Centre for Macroeconomics (CFM).
- Corsetti, Giancarlo & Mavroeidi, Eleonora & Thwaites, Gregory & Wolf, Martin, 2017. "Step away from the zero lower bound: Small open economies in a world of secular stagnation," LSE Research Online Documents on Economics 86153, London School of Economics and Political Science, LSE Library.
- Corsetti, Giancarlo & Mavroeidi, Eleonora & Thwaites, Gregory & Wolf, Martin, 2017. "Step away from the zero lower bound: small open economies in a world of secular stagnation," Bank of England working papers 666, Bank of England.
- Hashimoto, Ken-ichi & Ono, Yoshiyasu, 2020.
"A simple aggregate demand analysis with dynamic optimization in a small open economy,"
Economic Modelling, Elsevier, vol. 91(C), pages 89-99.
- Ken-ichi Hashimoto & Yoshiyasu Ono, 2019. "A simple aggregate demand analysis with dynamic optimization in a small open economy," ISER Discussion Paper 1061, Institute of Social and Economic Research, Osaka University.
- Jean-Baptiste Michau, 2021. "Open Economy Secular Stagnation and Financial Integration," Working Papers 2021-19, Center for Research in Economics and Statistics.
- Stephanie Schmitt-Grohé & Martín Uribe, 2017. "Liquidity Traps and Jobless Recoveries," American Economic Journal: Macroeconomics, American Economic Association, vol. 9(1), pages 165-204, January.
- Ono, Yoshiyasu, 2001. "A Reinterpretation of Chapter 17 of Keynes's General Theory: Effective Demand Shortage under Dynamic Optimization," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(1), pages 207-236, February.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Pablo Cuba-Borda & Sanjay R. Singh, 2024.
"Understanding Persistent ZLB: Theory and Assessment,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 16(3), pages 389-416, July.
- Pablo Cuba-Borda & Sanjay R. Singh, 2022. "Understanding Persistent ZLB: Theory and Assessment," Working Papers 346, University of California, Davis, Department of Economics.
- Pablo A. Cuba-Borda & Sanjay R. Singh, 2023. "Understanding Persistent ZLB: Theory and Assessment," Working Paper Series 2024-03, Federal Reserve Bank of San Francisco.
- Ikefuji, Masako & Ono, Yoshiyasu, 2021.
"Environmental policies in a stagnant economy,"
Economic Modelling, Elsevier, vol. 102(C).
- Masako Ikefuji & Yoshiyasu Ono, 2020. "Environmental policies in a stagnant economy," ISER Discussion Paper 1110, Institute of Social and Economic Research, Osaka University.
- Alexander Beames & Mariano Kulish & Nadine Yamout, 2022. "Fiscal Policy and the Slowdown in Trend Growth in an Open Economy," Working Papers 143, Red Nacional de Investigadores en Economía (RedNIE).
- Hashimoto, Ken-ichi & Ono, Yoshiyasu, 2020.
"A simple aggregate demand analysis with dynamic optimization in a small open economy,"
Economic Modelling, Elsevier, vol. 91(C), pages 89-99.
- Ken-ichi Hashimoto & Yoshiyasu Ono, 2019. "A simple aggregate demand analysis with dynamic optimization in a small open economy," ISER Discussion Paper 1061, Institute of Social and Economic Research, Osaka University.
- Matteo Cacciatore & Fabio Ghironi & Stephen J. Turnovsky, 2015. "Inflation Targeting and Economic Reforms in New Zealand," International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 145-198, September.
- Cacciatore, Matteo & Ghironi, Fabio, 2021.
"Trade, unemployment, and monetary policy,"
Journal of International Economics, Elsevier, vol. 132(C).
- Matteo Cacciatore, 2013. "Trade, Unemployment, and Monetary Policy," 2013 Meeting Papers 724, Society for Economic Dynamics.
- Ghironi, Fabio & Cacciatore, Matteo, 2020. "Trade, Unemployment, and Monetary Policy," CEPR Discussion Papers 14952, C.E.P.R. Discussion Papers.
- Matteo Cacciatore & Fabio Ghironi, 2020. "Trade, Unemployment, and Monetary Policy," NBER Working Papers 27474, National Bureau of Economic Research, Inc.
- Giancarlo Corsetti & Keith Kuester & Gernot J. Müller, 2017.
"Fixed on Flexible: Rethinking Exchange Rate Regimes after the Great Recession,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 65(3), pages 586-632, August.
- Giancarlo Corsetti & Keith Kuester & Gernot J. Müller, 2017. "Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession," Discussion Papers 1721, Centre for Macroeconomics (CFM).
- Corsetti, G. & Kuester, K & Müller, G. J., 2017. "Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession," Cambridge Working Papers in Economics 1729, Faculty of Economics, University of Cambridge.
- Müller, Gernot & Corsetti, Giancarlo & Kuester, Keith, 2017. "Fixed on Flexible: Rethinking Exchange Rate Regimes after the Great Recession," CEPR Discussion Papers 12197, C.E.P.R. Discussion Papers.
- Cacciatore, Matteo & Duval, Romain & Fiori, Giuseppe & Ghironi, Fabio, 2016.
"Short-term pain for long-term gain: Market deregulation and monetary policy in small open economies,"
Journal of International Money and Finance, Elsevier, vol. 68(C), pages 358-385.
- Ghironi, Fabio & Duval, Romain & Fiori, Giuseppe & Cacciatore, Matteo, 2015. "Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies," CEPR Discussion Papers 10982, C.E.P.R. Discussion Papers.
- Matteo Cacciatore & Romain Duval & Giuseppe Fiori & Fabio Ghironi, 2015. "Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies," NBER Working Papers 21784, National Bureau of Economic Research, Inc.
- Ozhan, Galip Kemal, 2020.
"Financial intermediation, resource allocation, and macroeconomic interdependence,"
Journal of Monetary Economics, Elsevier, vol. 115(C), pages 265-278.
- Galip Kemal Ozhan, 2015. "Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence," 2015 Papers poz71, Job Market Papers.
- Ozhan, Galip Kemal, 2016. "Financial intermediation, resource allocation, and macroeconomic interdependence," ESRB Working Paper Series 28, European Systemic Risk Board.
- Stéphane Auray & Aurélien Eyquem, 2018. "Robots in a Small Open Economy," Working Papers 2018-17, Center for Research in Economics and Statistics.
- Nuntramas, Phacharaphot, 2011. "Revisiting the consumption-real exchange rate anomaly in a model with non-traded goods," Journal of International Money and Finance, Elsevier, vol. 30(3), pages 428-447, April.
- Cacciatore, Matteo & Duval, Romain & Fiori, Giuseppe & Ghironi, Fabio, 2016.
"Market reforms in the time of imbalance,"
Journal of Economic Dynamics and Control, Elsevier, vol. 72(C), pages 69-93.
- Matteo Cacciatore & Romain Duval & Giuseppe Fiori & Fabio Ghironi, 2016. "Market Reforms in the Time of Imbalance," NBER Working Papers 22128, National Bureau of Economic Research, Inc.
- Ghironi, Fabio & Cacciatore, Matteo & Duval, Romain & Fiori, Giuseppe, 2016. "Market Reforms in the Time of Imbalance," CEPR Discussion Papers 11247, C.E.P.R. Discussion Papers.
- Kaz Miyagiwa & Yoshiyasu Ono, 2019.
"Immigration and Secular Stagnation,"
ISER Discussion Paper
1054r, Institute of Social and Economic Research, Osaka University, revised Jun 2019.
- Kaz Miyagiwa & Yoshiyasu Ono, 2024. "Immigration and Secular Stagnation," Working Papers 2403, Florida International University, Department of Economics.
- Ozhan, Galip Kemal, 2020.
"Financial intermediation, resource allocation, and macroeconomic interdependence,"
Journal of Monetary Economics, Elsevier, vol. 115(C), pages 265-278.
- Ozhan, Galip Kemal, 2016. "Financial intermediation, resource allocation, and macroeconomic interdependence," ESRB Working Paper Series 28, European Systemic Risk Board.
- G. Kemal Ozhan, 2017. "Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence," Discussion Paper Series, School of Economics and Finance 201704, School of Economics and Finance, University of St Andrews.
- G. Kemal Ozhan, 2017. "Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence," CDMA Working Paper Series 201701, Centre for Dynamic Macroeconomic Analysis.
- Barreto, Leonardo & Finkelstein Shapiro, Alan & Nuguer, Victoria, 2023. "Domestic barriers to entry and external vulnerability in emerging economies," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
- Cacciatore, Matteo, 2014.
"International trade and macroeconomic dynamics with labor market frictions,"
Journal of International Economics, Elsevier, vol. 93(1), pages 17-30.
- Matteo Cacciatore, 2012. "International Trade and Macroeconomic Dynamics with Labor Market Frictions," 2012 Meeting Papers 875, Society for Economic Dynamics.
- Mariano Kulish & Nadine Yamout, 2024. "The Fiscal Arithmetic of a Slowdown in Trend Growth," Working Papers 308, Red Nacional de Investigadores en Economía (RedNIE).
- Alan Finkelstein-Shapiro & Victoria Nuguer, 2019. "Domestic Financial Participation and Financial Policies in Emerging Economies," 2019 Meeting Papers 1479, Society for Economic Dynamics.
- Hamano, Masashige, 2013.
"The consumption-real exchange rate anomaly with extensive margins,"
Journal of International Money and Finance, Elsevier, vol. 36(C), pages 26-46.
- Masashige Hamano, 2010. "The consumption-real exchange rate anomaly with extensive margin," Post-Print halshs-00554871, HAL.
- Masashige Hamano, 2013. "The consumption-real exchange rate anomaly with extensive margins," DEM Discussion Paper Series 13-01, Department of Economics at the University of Luxembourg.
- Fabio Ghironi, 2018.
"Macro needs micro,"
Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 34(1-2), pages 195-218.
- Ghironi, Fabio, 2017. "Macro Needs Micro," CEPR Discussion Papers 12299, C.E.P.R. Discussion Papers.
- Fabio Ghironi, 2017. "Macro Needs Micro," NBER Working Papers 23836, National Bureau of Economic Research, Inc.
More about this item
Keywords
Persistent stagnation; Small open economy; World real interest rate;All these keywords.
JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecolet:v:216:y:2022:i:c:s0165176522001744. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ecolet .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.