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Essays in Open Economy Macroeconomics.

Han, Wontae.

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Essays in Open Economy Macroeconomics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in Open Economy Macroeconomics./
Author:	Han, Wontae.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
Description:	183 p.
Notes:	Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
Contained By:	Dissertation Abstracts International79-11A(E).
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10830510
ISBN:	9780438082632

Essays in Open Economy Macroeconomics.
Han, Wontae.

Essays in Open Economy Macroeconomics. - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 183 p.

Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2018.

This dissertation consists of two independent essays on open economy macroeconomics. The first chapter of the dissertation is motivated by the question: "What rationalizes the stylized facts of emerging market business and credit cycles?" Business and credit cycles in emerging countries display very volatile consumption, highly volatile and countercyclical net exports, strongly countercyclical real interest rates, and procyclical flows of credit to the household sector and to the business sector. The standard small-open-economy (SOE) model cannot generate this cyclical pattern of the interest rate and the change in credit market liabilities of households. In order to correct this irregularity and account for the data pattern, this paper augments the SOE model to include collateral constraints for the household sector and limited enforcement constraints for the banking sector. The model generates business and credit cycles consistent with Korean data and gives a rationale for highly volatile consumption, countercyclical country interest rates, and procyclical credit flows. In the counterfactual experiments, we find that the output volatility in Korea is reduced by 11% and welfare gains amount to 0.17% increase in one quarter's steady-state consumption when the default risk in the financial sector is completely eliminated.

ISBN: 9780438082632Subjects--Topical Terms:

517137
Economics.

Essays in Open Economy Macroeconomics.
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300 $a 183 p.
500 $a Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
500 $a Adviser: Charles M. Engel.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 2018.
520 $a This dissertation consists of two independent essays on open economy macroeconomics. The first chapter of the dissertation is motivated by the question: "What rationalizes the stylized facts of emerging market business and credit cycles?" Business and credit cycles in emerging countries display very volatile consumption, highly volatile and countercyclical net exports, strongly countercyclical real interest rates, and procyclical flows of credit to the household sector and to the business sector. The standard small-open-economy (SOE) model cannot generate this cyclical pattern of the interest rate and the change in credit market liabilities of households. In order to correct this irregularity and account for the data pattern, this paper augments the SOE model to include collateral constraints for the household sector and limited enforcement constraints for the banking sector. The model generates business and credit cycles consistent with Korean data and gives a rationale for highly volatile consumption, countercyclical country interest rates, and procyclical credit flows. In the counterfactual experiments, we find that the output volatility in Korea is reduced by 11% and welfare gains amount to 0.17% increase in one quarter's steady-state consumption when the default risk in the financial sector is completely eliminated.
520 $a The second chapter investigates how the presence of pricing-to-market and the degree of imperfect financial market integration affects the effectiveness of optimal monetary policy. Global resource allocation can be inefficient because exporting firms may set different prices among markets and households in different countries may pay different prices for identical goods. On the other hand, political, technological, or informational barriers may hinder capital flows across countries, leading to deviations from perfect cross-country risk sharing. Considering this stylized setting, we augment a standard monetary open economy model to include the failure of the law of one price and imperfect financial market integration. We characterize the optimal monetary policy and assess its effectiveness in compared to inward-looking policies.
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