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Business Cycle Sychronization in the Enlarged EU

Darvas, Zsolt; Szapáry, György - C.E.P.R. Discussion Papers - 2005

significant increase in synchronization of GDP and its major components within EMU. This lends support to the argument of OCA … diminished in the EMU members. …

Persistent link: https://www.econbiz.de/10005792241

Beyond The Design Of Monetary Policy Alone: Fiscal Commitment, Macro Coordination, And Structural Adjustment

Begg, David - C.E.P.R. Discussion Papers - 2000

and adjustment commitments, and the possible role that EMU may play. Clearly, monetary commitment alone cannot accomplish … conditionality that might be welfare-improving for transition economies hoping to accede to EMU. The analysis also highlights the …

Persistent link: https://www.econbiz.de/10005791822

Has the Euro changed the Business Cycle?

Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has … EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the … shocks relatively less important in accounting for economic fluctuations under EMU. This explains why there is little change …

Persistent link: https://www.econbiz.de/10011084347

Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003

E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic … restricted to E(M)U members. Poor communication, cooperation and coordination between the fiscal and monetary authorities can be …

Persistent link: https://www.econbiz.de/10005662197

Twin Deficits, Openness and the Business Cycle

Corsetti, Giancarlo; Müller, Gernot - C.E.P.R. Discussion Papers - 2007

In this paper, we study the co-movement of the government budget balance and the trade balance at business cycle frequencies. In a sample of 10 OECD countries we find that the correlation of the two time series is negative, but less so in more open economies. Moreover, for the US the...

Persistent link: https://www.econbiz.de/10005788960

Sectors and the OECD Business Cycle

Imbs, Jean - C.E.P.R. Discussion Papers - 2000

This paper argues that economic structure is a robust determinant of the OECD business cycle. Countries that share similar manufacturing sectors are shown to display more synchronized business cycles. Interestingly, the well-established rule of trade impacting on rich countries' business cycles...

Persistent link: https://www.econbiz.de/10005788977

Pricing to Habits and the Law of One Price

Ravn, Morten O; Schmitt-Grohé, Stephanie; Uribe, Martín - C.E.P.R. Discussion Papers - 2007

This paper proposes a novel international transmission mechanism based on the assumption of deep habits. The term deep habits stands for a preference specification according to which consumers form habits on a good-by-good basis. Under deep habits, firms face more elastic demand functions in...

Persistent link: https://www.econbiz.de/10005791272

Real Exchange Rate Overshooting RBC Style

Meenagh, David; Minford, Patrick; Nowell, Eric; Sofat, … - C.E.P.R. Discussion Papers - 2005

This paper establishes the ability of a Real Business Cycle model to account for real exchange rate (RXR) behaviour, using UK experience as empirical focus. We show that a productivity burst simulation is capable of explaining the appreciation of RXR and its cyclical pattern observed in the...

Persistent link: https://www.econbiz.de/10005791457

The Swedish Experience of an Inflation Target

Svensson, Lars E O - C.E.P.R. Discussion Papers - 1995

The paper gives a brief account of the Swedish experience of an inflation target in a floating exchange rate regime; identifies, documents and discusses the current problems in Swedish monetary policy and their origins; suggests what can be done to remedy the problems; and draws some general...

Persistent link: https://www.econbiz.de/10005791469

Heckscher-Ohlin Business Cycles

Cuñat, Alejandro; Maffezzoli, Marco - C.E.P.R. Discussion Papers - 2002

This Paper introduces Heckscher-Ohlin trade features into a two-country DSGE model, and studies how productivity shocks propagate through trade in goods. In comparison with standard models, the business cycle properties of our framework are broadly compatible with the empirical evidence....

Persistent link: https://www.econbiz.de/10005791955

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