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Full-Text Articles in Social and Behavioral Sciences
Cyclical Public Policy And Financial Factors, Vishrut Dhirendra Rana
Cyclical Public Policy And Financial Factors, Vishrut Dhirendra Rana
Dissertations and Theses Collection (Open Access)
The Great Recession of 2009 motivated a growing body of research on the quantitative modeling of financial factors and appropriate policy responses. This dissertation is a part of that line of research and looks at the quantitative macroeconomic effects of financial factors on business cycles. The dissertation uses quantitative macroeconomic general equilibrium models (popular dynamic stochastic general equilibrium (DSGE)) that allow flexibility in micro-founded modeling of macroeconomic environments. The dissertation captures financial factors through explicit modeling of financial intermediation, featuring costly state verification and collateral constraints as financial frictions. The first chapter offers a new quantitative model of credit cycles …
Monetary Policies In A Small Open Economy Model With Labor Mobility And Remittances, Diana Rose Del Rosario
Monetary Policies In A Small Open Economy Model With Labor Mobility And Remittances, Diana Rose Del Rosario
Dissertations and Theses Collection (Open Access)
This paper presents a model of a small open economy that allows for international labor mobility, thereby endogenizing migrant transfers or remittances. The resulting model is calibrated to the Philippine economy, of which labor migration and remittance inflows are key forces that drive the economy’s growth. The model’s impulse response functions illustrate that the presence of these features generates a different set of dynamics from the standard small open economy model (without labor mobility). Depending on the source of the shock, labor mobility and remittances can either exacerbate or cushion the impact of the shock on the economy. A temporary …