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- W1559438629 abstract "I develop a model that improves upon the recent literature in open economy macroeconomics in that it lends itself more directly to empirical investigation. I solve the stationarity problem that characterizes many existing models by adopting an overlapping generations structure a' la Weil (1989). I model nominal rigidity by assuming that firms face explicit costs of output price inflation volatility. The specification generates an endogenous markup that fluctuates over the business cycle. I identify the two economies in my model with Canada - a small open economy - and the United States - taken as an approximation of the rest-of-the-world economy. In the second part of the paper, I present a plausible strategy for estimating the structural parameters of the Canadian economy. I do so by using nonlinear least squares at the single-equation level. Estimates of most parameters are characterized by small standard errors and are in line with the findings of other studies. I also develop a plausible way of constructing measures for nonobservable variables. To verify if multiple-equation regressions yield significantly different estimates, I run full information maximum likelihood, system-wide regressions. The results of the two procedures are similar. Finally, I illustrate a practical application of the model, showing how a shock to the U.S. economy is transmitted to Canada under an inflation-targeting monetary regime." @default.
- W1559438629 created "2016-06-24" @default.
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- W1559438629 date "2000-01-01" @default.
- W1559438629 modified "2023-09-27" @default.
- W1559438629 title "Towards New Open Economy Macroeconometrics" @default.
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- W1559438629 doi "https://doi.org/10.2139/ssrn.221950" @default.
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