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U.S. Monetary Shocks and Global Stock Prices
Laeven, Luc; Tong, Hui - C.E.P.R. Discussion Papers - 2010
This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...
Persistent link: https://www.econbiz.de/10008692313
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Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States
Smets, Frank; Tsatsaronis, Kostas - C.E.P.R. Discussion Papers - 1997
This paper investigates why the slope of the yield curve predicts future economic activity in Germany and the United … spread in that country. However, the main reason for the stronger leading indicator property in Germany is the positive … at lag four in Germany and almost nothing in the United States. …
Persistent link: https://www.econbiz.de/10005123911
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Monetary Discipline, Germany, and the European Monetary System
Melitz, Jacques - C.E.P.R. Discussion Papers - 1987
Germany in the EMS and is consistent with the evidence that membership has induced several countries to disinflate more than …
Persistent link: https://www.econbiz.de/10005791579
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With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression
Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2002
Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank …
Persistent link: https://www.econbiz.de/10005792124
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The Real Effects of the Euro: Evidence from Corporate Investments
Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - C.E.P.R. Discussion Papers - 2004
Existing evidence shows that the Economic and Monetary Union (EMU) has reduced the cost of capital for firms in the euro area. We study the impact of the adoption of the euro in January 1999 by 11 countries in Europe on the firms’ investment rates, and show that the investment results are...
Persistent link: https://www.econbiz.de/10005123821
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The Euro is Good After All: Evidence from Corporate Valuations
Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - C.E.P.R. Discussion Papers - 2003
In this Paper we study the changes in corporate valuation induced by the formation of Economic and Monetary Union (EMU) in Europe. We use corporate-level data from ten countries that adopted the euro, the three EU countries that did not join EMU, as well as Norway and Switzerland. We show that...
Persistent link: https://www.econbiz.de/10005123881
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The Cost of Capital in International Financial Markets: Local or Global
Koedijk, Kees; Kool, Clemens J. M.; Schotman, Peter C; … - C.E.P.R. Discussion Papers - 2001
points for Germany and Japan and similar differentials for the other countries. We attribute these findings to strong country …
Persistent link: https://www.econbiz.de/10005124283
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Capital Gains Taxation and the Cost of Capital: Evidence from Unanticipated Cross-Border Transfers of Tax Bases
Huizinga, Harry; Voget, Johannes; Wagner, Wolf - C.E.P.R. Discussion Papers - 2012
In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Cross-country differences in capital gains tax rates enable us to estimate the discount in target valuation on account of future capital gains. A one...
Persistent link: https://www.econbiz.de/10011084696
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EMU and European Stock Market Integration
Hardouvelis, Gikas A; Malliaropoulos, Dimitrios; … - C.E.P.R. Discussion Papers - 1999
results indicate that the degree of integration is closely related to forward interest differentials vis-a-vis Germany, i …
Persistent link: https://www.econbiz.de/10005788933
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Identifying the Monetary Transmission Mechanism Using Structural Breaks
Beyer, Andreas; Farmer, Roger E A - C.E.P.R. Discussion Papers - 2003
We propose a method for estimating a subset of the parameters of a structural rational expectations model by exploiting changes in policy. We define a class of models, midway between a vector autoregression and a structural model, that we call the recoverable structure. We provide an application...
Persistent link: https://www.econbiz.de/10005124223