Driving Forces of the Swiss Output Gap
| Autor: | Stefan Leist |
|---|---|
| Rok vydání: | 2011 |
| Předmět: |
Dynamisches Gleichgewicht
Statistics and Probability Macroeconomics Economics and Econometrics Risk premium media_common.quotation_subject Small open economy Neukeynesianische Makroökonomik Monetary economics natural level of output jel:F41 Recession DSGE models business cycle C51 Schweiz ddc:330 New Keynesian economics Dynamic stochastic general equilibrium Business cycle Economics output gap small open economy C11 Gesamtwirtschaftliche Produktion Offene Volkswirtschaft E32 media_common jel:C51 jel:E32 jel:C11 330 Economics Shock (economics) Output gap recessions F41 Sozialprodukt |
| Zdroj: | Leist, Stefan (September 2011). Driving Forces of the Swiss Output Gap (Discussion Papers 11-07). Bern: Department of Economics |
| Popis: | SummaryWhat drives the output gap? Contrary to standard agnostic statistical approaches, New Keynesian small open economy models allow decomposing the output gap into its shocks and confirm the conventional wisdom that most of the variation is due to foreign shocks. However, the risk premium shock also plays an important role. It has a procyclical effect on the output gap except for the most recent recession, where the economic agents demanded a higher risk premium probably due to the large Swiss financial sector. This helped to dampen the recession because of the depreciation of the domestic currency due to this shock. |
| Databáze: | OpenAIRE |
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