The Great Depression in Belgium: an Open-Economy Analysis

Luca Pensieroso

No 2010023, LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: This paper studies the Great Depression in Belgium within the open-economy dynamic general equilibrium approach. Results from the simulations show that a two-good model with total factor productivity shocks and nominal exchange rate shocks can account for most of the 1929-1934 output drop. The data mimicking ability of the model is good along other dimensions as well, most notably hours worked, the consumption price index and the terms of trade. The model is also able to catch some of the dynamics of imports and exports.

Keywords: Great Depression; Belgium; Dynamic Stochastic General Equilibrium; Open Economy (search for similar items in EconPapers)
JEL-codes: E13 F41 N14 (search for similar items in EconPapers)
Pages: 54
Date: 2010-05-31
New Economics Papers: this item is included in nep-cmp, nep-dge, nep-his and nep-opm
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http://sites.uclouvain.be/econ/DP/IRES/2010023.pdf (application/pdf)

Related works:
Working Paper: The Great Depression in Belgium: an Open-Economy Analysis (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvir:2010023

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