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Published on Wednesday, August 3, 2016 | Updated on Thursday, August 4, 2016

Document number 16/12

Trends & Cycles in Small Open Economies:Making the Case for a General Equilibrium Approach

This approach is characterized by two key assumptions. The first is that the world interest rate is unaffected by economic developments in the small open economy, an exogeneity assumption. The second assumption is that this exogenous interest rate combined with domestic productivity is sufficient to describe equilibrium choices