Universität zu Köln

Berger, Tino and Kempa, Bernd (2014). Time-varying equilibrium rates in small open economies: Evidence for Canada. J. Macroecon., 39. S. 203 - 215. AMSTERDAM: ELSEVIER. ISSN 1873-152X

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Abstract

This paper estimates equilibrium rates of macroeconomic aggregates for small open economies. We simultaneously identify the transitory and permanent components of output, inflation, the interest rate and the exchange rate by means of a multivariate trend-cycle decomposition. Realizations of the observed macroeconomic aggregates are explained in terms of unobserved equilibrium rates and unobserved transitory components. The transitory components of the variables are linked to each other through an aggregate demand equation, a Phillips curve, and an equation specifying the interest rate-exchange rate nexus. The model is then applied to Canadian data. (C) 2014 Elsevier Inc. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Berger, Tino UNSPECIFIED UNSPECIFIED UNSPECIFIED Kempa, Bernd UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-443733
DOI:	10.1016/j.jmacro.2013.12.002
Journal or Publication Title:	J. Macroecon.
Volume:	39
Page Range:	S. 203 - 215
Date:	2014
Publisher:	ELSEVIER
Place of Publication:	AMSTERDAM
ISSN:	1873-152X
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language NATURAL RATE Multiple languages Economics Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/44373