Macroeconomic model of transition economy : A stochastic calculus approach

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Titel: Macroeconomic model of transition economy : A stochastic calculus approach
Författare: Sarajevs, Vadims
Institution: Bank of Finland
Avdelning / Enhet: Institute for Economies in Transition (BOFIT)
Serie: BOFIT Discussion Papers
Serienumber: 7/1999
Utgivningsår: 1999
Utgivningsdatum: 19.10.1999
Publicerad i: Published in Ekonomia vol 4, no 2 (2000), pp. 192-219
Sidor: 45 s.
Nyckelord: makrotaloustiede; mallit; talousuudistus; riskit; Itä-Eurooppa; talouskasvu; Bofit-kokoelma
JEL: D80; D90; E41; E44; E52; F41; O11; O23
Abstrakt: An integrated stochastic macroeconomic model of transition economy at the early stage of reforms with optimising representative risk averse agents is constructed.The equilibrium growth rate of the economy, real asset returns, domestic money demand, and expected inflation rate are determined as functions of the exogenous risks in the economy.The main issue addressed are: domestic money demand, currency substitution ratio, expected rate of inflation, real asset returns, the equilibrium growth rate of the economy as well as government ability to control these variables.Analysis of the model finds that the equilibrium growth rate of the economy is not independent on the monetary and fiscal policies but can be affected by the government through its ability to fix the real cost of capital for the firm, expenditure and monetary policy parameters. JEL Classification Numbers: D80, D90, E41, E44, E52, F41, O11, O23
Anmärking: Ilmestynyt myös: Ekonomia 4 ; 2 (2000).
Licens: https://helda.helsinki.fi/bof/copyright


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