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Currency Unions and International Integration
Engel, Charles M; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001
This Paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to countries with sovereign monies, and to regions within...
Persistent link: https://www.econbiz.de/10005666442
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Quantitative Goals for Monetary Policy
Fatás, Antonio; Mihov, Ilian; Rose, Andrew K - C.E.P.R. Discussion Papers - 2004
. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyse the effects on inflation … determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of … systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat, but is less …
Persistent link: https://www.econbiz.de/10005791282
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Heterogeneity in Wage Setting Behavior in a New-Keynesian Model
Eijffinger, Sylvester C W; Grajales, Anderson; Uras, … - C.E.P.R. Discussion Papers - 2015
heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent … study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting …
Persistent link: https://www.econbiz.de/10011249376
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Why do within firm-product export prices differ across markets?
Görg, Holger; Halpern, László; Muraközy, Balázs - C.E.P.R. Discussion Papers - 2010
constant markups. The differences are important quantitatively; price differences in Hungarian exports between Germany and the …
Persistent link: https://www.econbiz.de/10008530371
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Financial Integration: A New Methodology and an Illustration
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2003
This Paper develops a simple new methodology to test for asset integration and applies it within and between American stock markets. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected risk-free rates across assets....
Persistent link: https://www.econbiz.de/10005497716
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Takeovers and the Dynamics of Information Flows
Chemla, Gilles - C.E.P.R. Discussion Papers - 2003
This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business relationships. We consider a long-term relationship between a firm and a privately-informed stakeholder, a buyer for example. In our model, takeovers both increase the surplus from...
Persistent link: https://www.econbiz.de/10005662138
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Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2004
This Paper develops a simple but general methodology to estimate the expected intertemporal marginal rate of substitution or ‘EMRS’, using only data on asset prices and returns. Our empirical strategy is general, and allows the EMRS to vary arbitrarily over time. A novel feature of our...
Persistent link: https://www.econbiz.de/10005656417
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Unemployment and Inflation in Ireland: 1926-2012
Gerlach, Stefan; Lydon, Reamonn; Stuart, Rebecca - C.E.P.R. Discussion Papers - 2015
We study the determination of Irish inflation between 1926 and 2012. The difference between unemployment and the NAIRU … is a significant determinant of inflation in a simple backward-looking Phillips Curve that incorporates import prices …
Persistent link: https://www.econbiz.de/10011272719
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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2010
This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer’s (2009) model in which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model; the optimizing IS curve and the policy rule. It...
Persistent link: https://www.econbiz.de/10008692320
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The Evolution of Aggregate Stock Ownership---A Unified Explanation
Rydqvist, Kristian; Spizman, Joshua; Strebulaev, Ilya - C.E.P.R. Discussion Papers - 2009
Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with...
Persistent link: https://www.econbiz.de/10004969127