Export and import in the dynamic stochastic general equilibrium model for several countries
Keywords:
Model, export, import, dynamic equilibrium.Abstract
In this article, develop a model of dynamic stochastic general equilibrium of multiple countries is developed. The indicators of output, interest rate, inflation, exchange rate, terms of trade for each country, as well as exports, and imports for each pair of countries are considered. The model contains equations of dynamic IS and New Keynesian Phillips curves and equations of monetary policy corresponding to the number of countries. The estimation of the model was implemented for the economies of Kazakhstan, Russia and the EU. An asymmetrical interaction of large and small economies was taken into account. The analysis of the impact of internal and external shocks on the macroeconomic variables is performed for each country/region.References
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2 Galí, J., Monacelli, T. Monetary policy and exchange rate volatility in a small open economy // The Review of Economic Studies. – 2005. – Vol. 72. – No. 3. – P. 707–734.
3 Gorsetti C., Pezenty P. Welfare and Macroeconomic Interdependence // Quarterly Journal of Economics. Vol.116. – 2001. – P. 421-446.
4 Kydland F. E., Prescott E. C. Time to build and aggregate fluctuations // Econometrica. – 1982. – Vol. 50. – P. 1345-1370.
5 Obstfeld M., Rogo K. Risk and Exchange Rates // Conference paper in honor of Assaf Razin. – Tel-Aviv university. – 2001. – P. 1-51.
6 Smets, F. and Wouters, R. An estimated stochastic dynamic general equilibrium model of the euro area // Journal of the European Economic Association. – 2003. – Vol. 1. – No. 5. – P.123-175.
7 Мухамедиев Б.М. Модель динамического стохастического общего равновесия нескольких стран // Вестник КазНУ. Серия экономическая. – 2015. – 1(107). – С.26-35.
8 Taylor, J.B. Discretion versus Policy Rules in Practice // Carnegie-Rochester Conference series on Public Policy. – 1993. – No 39. – P. 195-214.
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