Getting to Know GIMF: The Simulation Properties of the Global Integrated Monetary and Fiscal Model

Anderson, Derek; Hunt, Benjamin; Kortelainen, Mika; Kumhof, Michael; Laxton, Douglas; Muir, Dirk; Mursula, Susanna; Snudden, Stephen

doi:10.5089/9781475559415.001

“…The basic version of the tradable-nontradablegoods-model is a partial equilibrium model; however, it has repeatedly been incorporated in large scale macroeconomic models (Anderson et al, 2013;Kumhof, Muir, Mursula, & Laxton, 2010). The approach is prominently and increasingly used in studies on exchange rate fluctuations (Benigno & Thoenissen, 2008;Burstein, Eichenbaum, & Rebelo, 2006;Corsetti, Dedola, & Leduc, 2008;Dotsey & Duarte, 2008;Engel, 1999;Ruscher, Wolff, European Commission, & Directorate-General for Economic and Financial Affairs, 2009).…”

Section: The T-nt Approachmentioning

confidence: 99%

Tradability and productivity growth differentials across EU Member States

Friesenbichler

¹

,

Glocker

²

2019

Structural Change and Economic Dynamics

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This study examines the lack of convergence among EU countries from a structural perspective. We apply the tradable-non-tradable framework (T-NT) to evaluate the heterogeneity in labour productivity before and after the great recession. We find that, across all countries, non-tradables were less relevant for aggregate productivity. The low productivity growth in peripheral EU countries was accompanied by a specific structural change pattern: there was a sharp production increase of non-tradables before the crisis relative to other EU countries. For most peripheral countries concerns about unfavourable sector structures remain, implying a continuation of unsustainable growth patterns. This has implications for the European Commission's macroeconomic imbalance procedures, since it allows identifying patterns of real divergence on a disaggregated level. Finally, we identify a link between sectoral growth asymmetries and the quality of domestic governance institutions. Especially differences in the legal system help to explain the observed productivity growth differentials.

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“…The basic version of the tradable-nontradablegoods-model is a partial equilibrium model; however, it has repeatedly been incorporated in large scale macroeconomic models (Anderson et al, 2013;Kumhof, Muir, Mursula, & Laxton, 2010). The approach is prominently and increasingly used in studies on exchange rate fluctuations (Benigno & Thoenissen, 2008;Burstein, Eichenbaum, & Rebelo, 2006;Corsetti, Dedola, & Leduc, 2008;Dotsey & Duarte, 2008;Engel, 1999;Ruscher, Wolff, European Commission, & Directorate-General for Economic and Financial Affairs, 2009).…”

Section: The T-nt Approachmentioning

confidence: 99%

Tradability and Productivity Growth Differentials Across EU Member States

Friesenbichler

¹

,

Glocker

²

2019

View full text Add to dashboard Cite

This study examines the lack of convergence among EU countries from a structural perspective. We apply the tradable-non-tradable framework (T-NT) to evaluate the heterogeneity in labour productivity before and after the great recession. We find that, across all countries, non-tradables were less relevant for aggregate productivity. The low productivity growth in peripheral EU countries was accompanied by a specific structural change pattern: there was a sharp production increase of non-tradables before the crisis relative to other EU countries. For most peripheral countries concerns about unfavourable sector structures remain, implying a continuation of unsustainable growth patterns. This has implications for the European Commission's macroeconomic imbalance procedures, since it allows identifying patterns of real divergence on a disaggregated level. Finally, we identify a link between sectoral growth asymmetries and the quality of domestic governance institutions. Especially differences in the legal system help to explain the observed productivity growth differentials.

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“…Наиболее очевидный эффект -увеличение численности рабочей силы (и занятости) в ответ на повышение пенсионного возраста. Подробно этот механизм рассмотрен в работе М. Ивановой [23]. Отметим, что положительное влияние на численность рабочей силы подтверждается практически во всех исследованиях, посвященных данной проблематике.…”

Section: экономический эффект старения населения и пенсионных реформunclassified

“…В программных документах он выявлен в Тульской области и Республике Саха (Якутия). В первом из указанных регионов в программе совершенствования государственного управления области говорилось о необходимости ориентации на привлечение максимального числа жителей региона к участию в управлении, в т. ч. через механизмы гражданского участия в процессе формирования и принятия решений, что трактовалось именно как партисипативный бюджет 23 .…”

Section: партисипаторный (партисипативный) бюджетunclassified

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2018

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Getting to Know GIMF: The Simulation Properties of the Global Integrated Monetary and Fiscal Model

Cited by 41 publications

References 4 publications

Tradability and productivity growth differentials across EU Member States

Tradability and productivity growth differentials across EU Member States

Tradability and Productivity Growth Differentials Across EU Member States

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