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Approximately Right?: Global v. Local Methods for Open-Economy Models with Incomplete Markets

Oliver de Groot, Ceyhun Bora Durdu, Enrique G. Mendoza

NBER Working Paper No. 26426
Issued in November 2019, Revised in January 2020

---- Acknowledgments ----

Previously circulated as "Global v. Local Methods in the Analysis of Open-Economy Models with Incomplete Markets." We thank Tom Holden, Matteo Iacoviello, and Rob Vigfusson for helpful discussions and comments, and Holt Dwyer, Alex Martin and Sergio Villalvazo for excellent research assistance. We are also grateful for comments by conference and seminar participants at the 2017 Dynare Conference, the 2018 SED Meeting, the 2018 North American Meetings of the Econometric Society, the Bank of Finland, George Washington University, and the 2018 Central Bank Macroeconomic Modeling Workshop. The views expressed in this paper are those of the authors and should not be attributed to the Board of Governors of the Federal Reserve System, its staff, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Oliver de Groot ----

Oliver de Groot is a paid consultant to the European Central Bank. The views expressed herein are those of the authors and do not necessarily reflect the views of the ECB.

---- Disclosure of Financial Relationships for Ceyhun Bora Durdu ----

The views expressed herein are those of the authors and should not be attributed to the Board of Governors of the Federal Reserve

System or its staff.

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