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On the Distribution of Exchange Rate Regime Treatment Effects on International Trade

Dorn, Sabrina; Egger, Peter - C.E.P.R. Discussion Papers - 2011

This paper provides evidence of heterogeneous treatment effects on trade from switching among three types of de-facto exchange rate regimes: freely floating, currency bands, and pegs or currency unions. A cottage literature at the interface of macroeconomics and international economics focuses...

Persistent link: https://www.econbiz.de/10009365643

The Exchange Rate - A Shock-Absorber or Source of Shocks? A Study of Four Open Economies

Artis, Michael J; Ehrmann, Michael - C.E.P.R. Discussion Papers - 2000

examine the idea that an independent money and exchange rate should allow for effective shock-absorption. A polar extreme …

Persistent link: https://www.econbiz.de/10005789208

Understanding Exchange Rate Volatility Without the Contrivance of Macroeconomics

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1998

Exchange rate regimes differ primarily by the activity of the exchange rate, not observable macroeconomic ‘fundamentals’. Fixed exchange rates are typically stable and floating exchange rates are volatile, but macro phenomena are regime-independent. Fundamentals only seem to be relevant for...

Persistent link: https://www.econbiz.de/10005788957

Structural Change and the Kaldor Facts of Economic Growth

Foellmi, Reto; Zweimüller, Josef - C.E.P.R. Discussion Papers - 2002

We present a model in which two of the most important features of the long-run growth process are reconciled: the massive changes in the structure of production and employment; and the Kaldor facts of economic growth. We assume that households expand their consumption along a hierarchy of needs...

Persistent link: https://www.econbiz.de/10005792315

Spatial Development

Desmet, Klaus; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2009

We present a theory of spatial development. A continuum of locations in a geographic area choose each period how much to innovate (if at all) in manufacturing and services. Locations can trade subject to transport costs and technology diffuses spatially across locations. The result is an...

Persistent link: https://www.econbiz.de/10008566320

Perfectly Competitive Innovation

Boldrin, Michele; Levine, David - C.E.P.R. Discussion Papers - 2002

We construct a competitive model of innovation and growth under constant returns to scale. Previous models of growth … under constant returns cannot model technological innovation. Current models of endogenous innovation rely on the interplay … innovation and sees the non-rivalrous nature of ideas as a natural conduit to increasing returns. The results here challenge the …

Persistent link: https://www.econbiz.de/10005661529

Testing a DSGE Model of the EU Using Indirect Inference

Meenagh, David; Minford, Patrick; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2008

We use the method of indirect inference, using the bootstrap, to test the Smets and Wouters model of the EU against a VAR auxiliary equation describing their data; the test is based on the Wald statistic. We find that their model generates excessive variance compared with the data. But their...

Persistent link: https://www.econbiz.de/10005791817

Pitfalls in Estimating Asymmetric Effects of Energy Price Shocks

Kilian, Lutz; Vigfusson, Robert J. - C.E.P.R. Discussion Papers - 2009

A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in...

Persistent link: https://www.econbiz.de/10005000442

The Cost Factor in Patent Systems

Francois, Didier; van Pottelsberghe de la Potterie, Bruno - C.E.P.R. Discussion Papers - 2006

The objective of this paper is to assess whether and to what extent the cost of patenting affects the demand for patents. The empirical analysis, which focuses on the patent systems of the USA, Japan, and Europe during the year 2003, leads to the following methodological and empirical...

Persistent link: https://www.econbiz.de/10005662298

Taxes and Government Incentives: Eastern Europe vs. China

Gordon, Roger H; Li, David Daokui - C.E.P.R. Discussion Papers - 1997

Local officials in China have strongly supported new non-state firms, yet other officials in transition countries have often strongly hindered them. We argue that a likely cause of these sharp differences in behaviour is differences in the source of government revenue. Local revenue in China...

Persistent link: https://www.econbiz.de/10005666516

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