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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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Monetary transmission in low income countries
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010
framework prevalent in LICs drastically reduces the role of securities markets and increases the cost of bank lending to private … properly, the traditional monetary transmission channels (interest rate, bank lending, and asset price) are impaired. The … exchange rate channel, on the other hand, tends to be undermined by central bank intervention in the foreign exchange market …
Persistent link: https://www.econbiz.de/10008466328
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The Dynamics of R&D and Innovation in the Short-Run and in the Long-Run
Bottazzi, Laura; Peri, Giovanni - C.E.P.R. Discussion Papers - 2004
innovation output as measured by patent applications. We first estimate a long-run cointegration relation using recently … developed tests and panel estimation techniques. We find that the stock of knowledge of a country, it’s R&D resources and the …
Persistent link: https://www.econbiz.de/10005666419
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Strategy Dynamics through a Demand-Based Lens: The Evolution of Market Boundaries, Resource Rents and Competitive Positions
Adner, Ron; Zemsky, Peter - C.E.P.R. Discussion Papers - 2003
We develop a novel approach to the dynamics of business strategy that is grounded in an explicit treatment of consumer choice when technologies improve over time. We address the evolution of market boundaries, resource rents and competitive positions by adapting models of competition with...
Persistent link: https://www.econbiz.de/10005667045
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A Tale of Two Platforms: Dealer Intermediation in the European Sovereign Bond Market
Dunne, Peter; Hau, Harald; Moore, Michael - C.E.P.R. Discussion Papers - 2008
Interdealer trading in the European sovereign bond market is characterized by low spreads and high liquidity. This paper examines whether the dealer-customer segment of the market also benefits from low spreads. Customers are smaller banks and buy-side financial institutions who request quotes...
Persistent link: https://www.econbiz.de/10005123656
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Estimating the Border Effect: Some New Evidence
Gopinath, Gita; Gourinchas, Pierre-Olivier; Hsieh, Chang-Tai - C.E.P.R. Discussion Papers - 2009
To what extent do national borders and national currencies impose costs that segment markets across countries? To answer this question we use a dataset with product level retail prices and wholesale costs for a large grocery chain with stores in the U.S. and Canada. We develop a model of pricing...
Persistent link: https://www.econbiz.de/10005000445
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Why do Pre-tax Car Prices Differ so Much Across European Countries?
Flam, Harry; Nordström, Håkan - C.E.P.R. Discussion Papers - 1995
The European car market is segmented by regulatory measures that support price discrimination by manufacturers and make consumer arbitrage difficult and costly. In a sample covering 43 models making up 80% of car sales in 11 countries in 1989-92, we find that the average standard deviation of...
Persistent link: https://www.econbiz.de/10005067533
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On the Effects of Anti-dumping Legislation
Barros, Pedro Luis Pita; Martinez-Giralt, Xavier - C.E.P.R. Discussion Papers - 1997
We show that the nature and extent of trade is significantly affected by the pricing policy that firms are allowed to employ. A switch from discriminatory to non-discriminatory pricing (e.g. strict anti-dumping laws) leads to a switch from two-way trade to one-way trade. It is far from true that...
Persistent link: https://www.econbiz.de/10005504678
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Competition in the Pharmaceutical Industry: How do Quality Differences Shape Advertising Strategies?
de Frutos, Maria-Angeles; Ornaghi, Carmine; Siotis, Georges - C.E.P.R. Discussion Papers - 2010
We present a Hotelling model of price and advertising competition between prescription drugs that differ in quality/side e¤ects. Advertising results in the endogenous formation of two consumer groups: brand loyal and non-brand loyal ones. We show that advertising strategies are strategic...
Persistent link: https://www.econbiz.de/10008680762
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Returns to Mobility in the Transition to a Market Economy
Boeri, Tito; Flinn, Christopher J - C.E.P.R. Discussion Papers - 1999
In spite of ongoing dramatic changes in labor market structure, transitional economies display rather low worker flows across sectors and occupations. Such low mobility can be explained by low returns to job changes as well as by market segmentation in the allocation of job offers. We develop an...
Persistent link: https://www.econbiz.de/10005114168