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Remittances and Macroeconomic Volatility in African Countries

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by Ahmat Jidoud
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Remittances and Macroeconomic Volatility in African Countries by Ahmat Jidoud

This paper investigates the channels through which remittances affect macroeconomic volatility in African countries using a dynamic stochastic general equilibrium (DSGE) model augmented with financial frictions. Empirical results indicate that remittances—as a share of GDP—have a significant smoothing impact on output volatility but their impact on consumption volatility is somewhat small. Furthermore, remittances are found to absorb a substantial amount of GDP shocks in these countries. An investigation of the theoretical channels shows that the stabilization impact of remittances essentially hinges on two channels: (i) the size of the negative wealth effect on labor supply induced by remittances and, (ii) the strength of financial frictions and the ability of remittances to alleviate these frictions.

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Ebook Details
Pages: 37
Size: 2.1 MB
Date published:   2015
ISBN: 9781498380744 (DRM-EPUB)

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Nonfiction > Business & Economics
Nonfiction > Business & Economics > Money & Monetary Policy

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