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The rate of return on everything, 1870-2015
Jordà, Òscar; Knoll, Katharina; Kuvshinov, Dmitry; … - 2018
This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...
Persistent link: https://www.econbiz.de/10011794864
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A Long Term Perspective on the Euro
Bordo, Michael D. - 2008
This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...
Persistent link: https://www.econbiz.de/10012772728
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The Rate of Return on Everything, 1870–2015
Jordà, Òscar - 2018
What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new...
Persistent link: https://www.econbiz.de/10012931594
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Monetary Policy and Performance in the U.S., Japan and Europe, 1973-86
Fischer, Stanley - 2007
Bundesbank and the Bank of Japan each focus on one money target, described by the Bundesbank as a target, and by the Bank of … Japan as a projection. None of the countries has stuck rigorously to the targets, though the Bank of Japan has come close …Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and …
Persistent link: https://www.econbiz.de/10012777224
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Productivity, Wages, and Prices Inside and Outside of Manufacturing in the U.S., Japan, and Europe
Gordon, Robert J. - 2021
. Results are presented for the U. S., Japan, and an aggregate called "Europe" consisting of eleven European economies. The … uptrend in previously developed wage gap indexes for Japan and Europe between the 1960s and 1980s. If anything real wages in … Europe and Japan were too flexible rather than too rigid, in the sense that much of the increase in wage gap indexes in …
Persistent link: https://www.econbiz.de/10013244903
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Globalization and Monetary Control
Woodford, Michael - 2007
; rather than the supply of liquidity by a national central bank alone; by making real interest rates dependent on the global …
Persistent link: https://www.econbiz.de/10012776195
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FDI, trade integration and the border effect : evidence from the European Union
Martínez-San Román, Valeriano; Bengoa, Marta; … - 2014
This paper intends to combine two fields in the economic literature by examining empirically the FDI pattern - horizontal versus vertica l- within the European Union and the relevance of trade integration as a potential determinant of investment flows over the period 1995-2009. We capture trade...
Persistent link: https://www.econbiz.de/10010371905
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Do trade agreements stimulate international trade differently? : evidence from 296 trade agreements
Kohl, Tristan; Brakman, Steven; Garretsen, Harry - 2013 - This version, April 2013
In a seminal paper, Rose (2004) found that the assumed positive impact of the WTO on international trade was questionable. This finding has been scrutinized and modified in subsequent research, using different datasets, econometric methods and separating the WTO from other forms of trade...
Persistent link: https://www.econbiz.de/10009743775
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Goods and factor market integration : a quantitative assessment of the EU enlargement
Caliendo, Lorenzo; Opromolla, Luca David; Parro, Fernando; … - 2017
The economic effects from labor market integration are crucially affected by the extent to which countries are open to trade. In this paper we build a multi-country dynamic general equilibrium model with trade in goods and labor mobility across countries to study and quantify the economic...
Persistent link: https://www.econbiz.de/10011704526
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Goods and Factor Market Integration : A Quantitative Assessment of the EU Enlargement
Caliendo, Lorenzo - 2017
The economic effects from labor market integration are crucially affected by the extent to which countries are open to trade. In this paper we build a multi-country dynamic general equilibrium model with trade in goods and labor mobility across countries to study and quantify the economic...
Persistent link: https://www.econbiz.de/10012949423