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Technology Shocks and Aggregate Fluctuations : How Well Does the RBC Model Fit Postwar U.S. Data?

Galí, Jordi - 2004

Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the...

Persistent link: https://www.econbiz.de/10014403910

Multinational Enterprises, International Trade, and Productivity Growth : Firm-Level Evidence From the United States

Yeaple, Stephen R. - 2003

We estimate international technology spillovers to U.S. manufacturing firms via imports and foreign direct investment (FDI) between 1987 and 1996. In contrast to earlier work, our results suggest that FDI leads to substantial productivity gains for domestic firms. The size of FDI spillovers is...

Persistent link: https://www.econbiz.de/10014403965

The Long-Run Effects of Tradeon Income and Income Growth

Brunner, Allan D. - 2003

This paper examines the dynamic relationship between trade and income. While most economists agree that increased trade leads to an increase in average income, economic theory is ambiguous about the possible effects on the long-run growth rate of the economy. Using a dynamic panel data model,...

Persistent link: https://www.econbiz.de/10014404012

Financial Integration : A New Methodology and An Illustration

Rose, Andrew - 2004

This paper develops a simple methodology to test for asset integration, and applies it within and between American stock markets. Our technique relies on estimating and comparing expected risk-free rates across assets. Expected risk-free rates are allowed to vary freely over time, constrained...

Persistent link: https://www.econbiz.de/10014404174

Deposit Insurance Regulatory forbearance and Economic Growth : Implications for the Japanese Banking Crisis

Kletzer, Kenneth - 2005

An endogenous growth model with financial intermediation demonstrates how deposit insurance and prudential regulatory forbearance lead to banking crises and growth declines. The model assumptions are based on features of the Japanese financial system and regulation. The model demonstrates how...

Persistent link: https://www.econbiz.de/10014404180

The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United States

Thomas, Alun - 1994

This paper assesses the responsiveness of wages and labor force movements to employment shocks across British and U.S. regions and across Europe using a multivariate vector autoregression technique. The paper finds inflexible real wages in all three areas in that each area’s real wage responds...

Persistent link: https://www.econbiz.de/10014398207

Institutions Rule : The Primacy of Institutions Over Integration and Geography in Economic Development

Subramanian, Arvind - 2002

We estimate the respective contributions of institutions, geography, and trade in determining cross-country income levels using recently developed instruments for institutions and trade. Our results indicate that the quality of institutions ""trumps"" everything else. Controlling for...

Persistent link: https://www.econbiz.de/10014401492

Capital Markets and External Current Accounts : What to Expect From the Euro

Decressin, Jörg - 2000

The paper compares the degree of capital market integration across euro-area countries with that across regions in … capital flows within the euro area that would entail sizable shifts in countries’ equilibrium current accounts …

Persistent link: https://www.econbiz.de/10014403500

Global Bonding : Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?

Bayoumi, Tamim A. - 2012

This paper uses a novel variant of identification through hetroscedacity to estimate spillovers across U.S., Euro area … reverberate around the world much more strongly than shocks from other regions, including the Euro area, while inward spillovers … to the U.S. from elsewhere are minimal. There is also evidence of two-way spillovers between the UK and Euro area …

Persistent link: https://www.econbiz.de/10014395332