Open Economy Macroeconomics

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1、OpenEconomyMacroeconomics1Mart´ınUribe2StephanieSchmitt-Groh´e3July13,20161InpreparationforPrincetonUniversityPress.2ColumbiaUniversityandNBER.E-mail:martin.uribe@columbia.edu.3ColumbiaUniversity,CEPR,andNBER.E-mail:stephanie.schmittgrohe@columbia.edu.iiContents1Business-CycleFactsAro

2、undtheWorld11.1MeasuringBusinessCycles.................................21.2Business-CycleFactsAroundTheWorld.........................61.3BusinessCyclesinPoor,Emerging,andRichCountries................101.4CountrySizeandObservedBusinessCycles.......................131.5Hodrick-PrescottF

3、iltering.................................161.6GrowthRates.......................................191.7BusinessCycleFactsWithQuarterlyData.......................251.8DurationandAmplitudeofBusinessCyclesinEmergingandDevelopedCountries.271.9Appendix........................................

4、..291.9.1CountriesWithAtLeast30YearsofAnnualData...............291.9.2DerivationoftheHPFilter............................301.9.3Country-By-CountryBusinessCycleStatisticsAtAnnualAndQuarterlyFrequency311.10Exercises..........................................342AnOpenEndowmentEconomy352.1

5、TheModelEconomy....................................352.1.1Equilibrium.....................................392.2StationaryIncomeShocks.................................442.3StationaryIncomeShocks:AR(2)Processes......................502.4NonstationaryIncomeShocks.........................

6、.....552.5TestingtheIntertemporalApproachtotheCurrentAccount..............602.6Exercises..........................................653AnOpenEconomywithCapital813.1TheBasicFramework...................................823.2ASteady-StateEquilibrium................................853.3Adjus

7、tmentToAPermanentProductivityShock...................863.4AdjustmenttoTemporaryProductivityShocks.....................92iiiivCONTENTS3.5CapitalAdjustmentCosts.................................943.5.1DynamicsoftheCapitalStock..........................963.5.2APermanentTechnologyShock....

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