Real interest rates and productivity in small open economies

被引：2
|
作者：
Monacelli, Tommaso [1 ]
Sala, Luca [2 ]
Siena, Daniele [3 ]
机构：
[1] Bocconi Univ, IGIER, CEPR, Milan, Italy
[2] Bocconi Univ, IGIER, Milan, Italy
[3] Politecn Milan, Milan, Italy
来源：
JOURNAL OF INTERNATIONAL ECONOMICS | 2023年 / 142卷
关键词：
Aggregate productivity; Real interest rates; Capital inflows; Capital Structural VARs; BUSINESS CYCLES; COUNTRY SPREADS; MISALLOCATION; TECHNOLOGY; FINANCE; GROWTH; TRENDS;
D O I：
10.1016/j.jinteco.2023.103746
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We construct factor utilization-adjusted measures of aggregate TFP for a sample of advanced (AEs) and emerging market small open economies (EMEs). We estimate the effects of real interest rate shocks on TFP and GDP using structural VARs. The results are starkly different in the two groups of countries. While TFP is pro-cyclical in both sets of countries, lower real interest rates -a proxy for capital inflows -lead to productivity booms in EMEs, whereas they lead to a contraction in productivity in AEs.(c) 2023 Published by Elsevier B.V.
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页数：13
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