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- W1990280587 abstract "Abstract We examine the welfare effect and policy implications of productivity shocks in a small open economy. With real business cycle models, productivity shocks are generally welfare improving. However, once we assign a big role to financial frictions, productivity shocks may become welfare deteriorating. These results are robust. Moreover, the policy implication hinges on preferences, policy specifications, and financial frictions." @default.
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- W1990280587 date "2012-01-01" @default.
- W1990280587 modified "2023-09-27" @default.
- W1990280587 title "Welfare Effect of Productivity Shocks and Policy Implications in a Small Open Economy" @default.
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- W1990280587 doi "https://doi.org/10.1163/156914912x635080" @default.
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