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Table Of Contents

A First Look at the Data
in developed countries
An Endowment Economy
2.1 The Model Economy
2.2 The Economy’s Response to Output Shocks
2.3 Nonstationary Income Shocks
2.4 Testing the Model
An Economy with Capital
3.1 The Basic Framework
3.1.1 A Permanent Productivity Shock
3.1.2 Adjustment to Temporary Productivity shocks
3.2 Capital Adjustment Costs
3.2.1 Dynamics of the Capital Stock
3.2.2 A Permanent Technology Shock
4.1 The Model
4.2 The Model’s Performance
4.4.2 External Debt-Elastic Interest Rate (EDEIR)
4.4.3 Internal Debt-Elastic Interest Rate (IDEIR)
4.4.4 Portfolio Adjustment Costs (PAC)
4.4.5 Complete Asset Markets (CAM)
4.4.6 The Nonstationary Case (NC)
4.4.7 Quantitative Results
4.4.8 The Perpetual-Youth Model
4.6 Appendix A: Log-Linearization
4.8 Local Existence and Uniqueness of Equilib-
4.9 Second Moments
4.10 Impulse Response Functions
4.11 Matlab Code For Linear Perturbation Meth-
4.12 Higher Order Approximations
4.13 Exercises
Interest-Rate Shocks
5.1 An Empirical Model
5.2 Impulse Response Functions
5.3 Variance Decompositions
5.4 A Theoretical Model
5.4.1 Households
5.4.2 Firms
5.4.3 Driving Forces
5.4.4 Equilibrium, Functional Forms, and Parameter Values
5.5 Theoretical and Estimated Impulse Responses
5.6 The Endogeneity of Country Spreads
The Terms of Trade
6.1 Defining the Terms of Trade
6.2 Empirical Regularities
6.2.1 TOT-TB Correlation: Two Early Explanations
6.3 Terms-of-Trade Shocks in an RBC Model
6.3.1 Households
6.3.2 Production of Consumption Goods
6.3.3 Production of Tradable Consumption Goods
able Goods
6.3.5 Market Clearing
6.3.6 Driving Forces
6.3.7 Competitive Equilibrium
6.3.8 Calibration
6.3.9 Model Performance
6.3.10 How Important Are the Terms of Trade?
Overborrowing
7.1 Imperfect Policy Credibility
7.1.1 The Government
7.1.2 Equilibrium Under A Permanent Trade Reform
7.1.3 Equilibrium Under A Temporary Tariff Reform
7.2 Financial Externalities
7.2.1 The No Overborrowing Result
7.2.2 The Case of Overborrowing
7.2.3 The Case of Underborrowing
8.1 Empirical Regularities
8.2 The Cost of Default
8.3 Default Incentives With State-Contingent Con-
8.3.1 Optimal Debt Contract With Commitment
8.3.2 Optimal Debt Contract Without Commitment
8.4 Default Incentives With Non-State-Contingent
8.5 Saving and the Breakdown of Reputational
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Lecture Notes

Lecture Notes

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Published by Javier Quintana

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Published by: Javier Quintana on Apr 12, 2012
Copyright:Attribution Non-commercial

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01/21/2013

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