Artikel
Driving Forces of the Swiss Output Gap
What 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.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Swiss Journal of Economics and Statistics ; ISSN: 2235-6282 ; Volume: 149 ; Year: 2013 ; Issue: 4 ; Pages: 493-531 ; Heidelberg: Springer
- Klassifikation
-
Wirtschaft
Bayesian Analysis: General
Model Construction and Estimation
Business Fluctuations; Cycles
Open Economy Macroeconomics
- Thema
-
DSGE models
output gap
small open economy
business cycle
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Leist, Stefan
- Ereignis
-
Veröffentlichung
- (wer)
-
Springer
- (wo)
-
Heidelberg
- (wann)
-
2013
- DOI
-
doi:10.1007/BF03399399
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
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Objekttyp
- Artikel
Beteiligte
- Leist, Stefan
- Springer
Entstanden
- 2013
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