Showing 1 - 10 of 2,503
Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have …
Persistent link: https://www.econbiz.de/10012866042
Recent empirical evidence shows that most international prices are sticky in dollars. This paper studies the optimal policy implications of this fact in the context of an open economy model, allowing for an arbitrary structure of asset markets, general preferences and technologies, time-or...
Persistent link: https://www.econbiz.de/10012834360
Persistent link: https://www.econbiz.de/10013254428
Persistent link: https://www.econbiz.de/10003661386
Modern investors face a high-dimensional prediction problem: thousands of observable variables are potentially relevant for forecasting. We reassess the conventional wisdom on market efficiency in light of this fact. In our model economy, which resembles a typical machine learning setting, N...
Persistent link: https://www.econbiz.de/10012844214
The potential mutation of the Sub-Prime banking crisis into a sovereign debt one in Euro area countries is investigated … the end 2009 the probability of observing a Euro area country defaulting is less likely than six month before … self-fulfilling, sovereign debt or currency crises in Euro area in the future. …
Persistent link: https://www.econbiz.de/10010270470
reforms which aim at opening these countries to trade and financial channels to the rest of the world. The estimation of time …
Persistent link: https://www.econbiz.de/10013316796
Persistent link: https://www.econbiz.de/10012658851
Persistent link: https://www.econbiz.de/10013411632
Using European Commission real-time data, we show that potential output (PO) estimates were substantially and persistently revised downwards after the Great Recession. We decompose PO revisions into revisions of the capital stock, trend labor, and trend total-factor productivity (TFP)....
Persistent link: https://www.econbiz.de/10012866365