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The Euro Crisis and Economic Growth : A Novel Counterfactual Approach

Terzi, Alessio - 2019

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have …

Persistent link: https://www.econbiz.de/10012866042

Egorov, Konstantin - 2020

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

Market Efficiency in the Age of Big Data

Martin, Ian - 2020

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

Liberalization and Stock Market Co-Movement between Emerging Economies

Beine, Michel; Candelon, Bertrand - 2021

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

Revisions of Potential Output Estimates in the EU after the Great Recession

Dovern, Jonas - 2019

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

Central Bank Policies and Financial Markets : Lessons from the Euro Crisis

Mody, Ashoka - 2019

bond markets and improved economic sentiment, as reflected in higher equity prices. In contrast, passive euro liquidity …

Persistent link: https://www.econbiz.de/10012892183

The Worst of Both Worlds : Fiscal Policy and Fixed Exchange Rates

Born, Benjamin - 2019

Under fixed exchange rates, fiscal policy is an effective tool. According to classical views because it impacts the real exchange rate, according to Keynesian views because it impacts output. Both views have merit because the effects of government spending are asymmetric. A spending cut lowers...

Persistent link: https://www.econbiz.de/10012859987

Causal Effects of Countercyclical Interest Rates : Evidence from the Classical Gold Standard

Mitchener, Kris; Pina, Gonçalo - 2022

We estimate the causal impact of countercyclical interest rates on macroeconomic outcomes in open economies. To identify countercyclical interest rates, we construct a new database of short-term interest rates, principal exports, and international commodity prices for 40 economies from 1870 to...

Persistent link: https://www.econbiz.de/10013291318

Modelling Persistence and Non-Linearities in the US Treasury 10-Year Bond Yields

Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; Yaya, … - 2022

This paper analyses persistence and non-linearities in quarterly and monthly US Treasury 10-year bond yields over the period 1962-2021 using two different fractional integration approaches including Chebyshev polynomials and Fourier functions respectively. The results for both quarterly and...

Persistent link: https://www.econbiz.de/10013306037

Has the Euro Affected the Choice of Invoicing Currency?

Ligthart, Jenny E. - 2013

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our … home currency invoicing after the introduction of the euro. In addition, the euro as a vehicle currency has overtaken the … role of the US dollar in Norwegian imports. The econometric analysis shows a significant effect of euro introduction above …

Persistent link: https://www.econbiz.de/10013094696