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This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...
Persistent link: https://www.econbiz.de/10013043621
Trade theorists have come to understand that their theory is ambiguous on the question: Are trade and factor flows substitutes? While this sounds like an open invitation for empirical research, hardly any serious econometric work has appeared in the literature. This paper uses history to fill...
Persistent link: https://www.econbiz.de/10013218517
We estimate peer effects for fourth graders in six European countries. The identification relies on variation across classes within schools. We argue that classes within primary schools are formed roughly randomly with respect to family background. Similar to previous studies, we find sizeable...
Persistent link: https://www.econbiz.de/10013233466
Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...
Persistent link: https://www.econbiz.de/10012947026
In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...
Persistent link: https://www.econbiz.de/10013030622
We estimate peer effects for fourth graders in six European countries. The identification relies on variation across classes within schools. We argue that classes within primary schools are formed roughly randomly with respect to family background. Similar to previous studies, we find sizeable...
Persistent link: https://www.econbiz.de/10003314712
, Dutch and Russian gas export prices to Germany in 1990-1998 are examined. Cointegration tests show that the different border … prices for gas to Germany move proportionally over time, indicating an integrated gas market (the Law of One Price holds). We …
Persistent link: https://www.econbiz.de/10009781639
We examine the comovements between the output indexes of three German sectors (manufacturing, mining, and agriculture …
Persistent link: https://www.econbiz.de/10011398919
This paper examines return predictability when the investor is uncertain about the right state variables. A novel feature of the model averaging approach used in this paper is to account for finite-sample bias of the coefficients in the predictive regressions. Drawing on an extensive...
Persistent link: https://www.econbiz.de/10003728591
The relationship between individual firms’ export behaviour and firm performance has been studied extensively in the economic literature. However, most studies from the field of economics only distinguish between exporting and non-exporting companies, using the firms’ export status as a...
Persistent link: https://www.econbiz.de/10003319677