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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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International Business Cycle Spillovers
Yilmaz, Kamil - C.E.P.R. Discussion Papers - 2010
This paper studies business cycle interdependence among the industrialized countries since 1958. Using the spillover index methodology recently proposed by Diebold and Yilmaz (2009) and based on the generalized VAR framework, I develop an alternative measure of comovement of macroeconomic...
Persistent link: https://www.econbiz.de/10011083760
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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
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 … heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …
Persistent link: https://www.econbiz.de/10011249376
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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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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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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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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
observed. While much of our analysis is conducted in a fl exible price environment, we also present implications of our model … for a sticky price environments, as it allows to understand stable-inflation boom-bust cycles. The source of the explicit …
Persistent link: https://www.econbiz.de/10009221567
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Fiscal Multipliers Over the Business Cycle
Michaillat, Pascal - C.E.P.R. Discussion Papers - 2011
This paper develops a theory characterizing the effects of fiscal policy on unemployment over the business cycle. The theory is based on a model of equilibrium unemployment in which jobs are rationed in recessions. Fiscal policy in the form of government spending on public-sector jobs reduces...
Persistent link: https://www.econbiz.de/10009324257
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Skill-Biased Technological Change and the Business Cycle
Balleer, Almut; van Rens, Thijs - C.E.P.R. Discussion Papers - 2011
-biased technology shocks have no effect on the relative price of investment, suggesting that capital and skill are not complementary in …
Persistent link: https://www.econbiz.de/10009643505