Adjustment to small, large, and sunspot shocks in open economies with stock collateral constraints / Stephanie Schmitt, Martín Uribe / impreso
Por: Schmitt, Stephanie
Colaborador(es): I. Uribe, Martín
Tipo de material:
Recurso continuoAnalíticas: Mostrar analíticas:Editor: Colombia, Bogotá: Banco de la República 2017 (N°.82)Descripción: 2-9, 8 pág. 24*16Títulos uniformes: =Ajustes a choques pequeños, grandes y sunspots en economías abiertas con restricciones sobre el colatera Recursos en línea: Haga clic para acceso en línea
En: Ensayos sobre política económicaResumen: This paper characterizes analytically the adjustment of an open economy with a stock collateral constraint to fundamental and nonfundamental shocks. In the model, external borrowing is limited by the value of physical capital. Three results are established: (1) Adjustment to external shocks is nonlinear. In response to small negative output shocks, the economy adjusts as prescribed by the intertemporal approach to the current account, with increases in debt, deficits in the trade and current account balances, and no significant movement in the price of collateral.
| Tipo de ítem | Ubicación actual | Colección | Signatura | Info Vol | Copia número | Estado | Fecha de vencimiento | Código de barras |
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Recursos Continuos - Revistas
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Biblioteca Central Campus Universitario Hemeroteca | Hemeroteca | economía (Navegar estantería) | Año 2017 Vol. 35 Núm. 82 | Ej: 24 | Disponible (Acceso Libre) | R002714 |
This paper characterizes analytically the adjustment of an open economy with a stock collateral constraint to fundamental and nonfundamental shocks. In the model, external borrowing is limited by the value of physical capital. Three results are established: (1) Adjustment to external shocks is nonlinear. In response to small negative output shocks, the economy adjusts as prescribed by the intertemporal approach to the current account, with increases in debt, deficits in the trade and current account balances, and no significant movement in the price of collateral.
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