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One Money, One Market: Estimating the Effect of Common Currencies on Trade
Rose, Andrew K - C.E.P.R. Discussion Papers - 1999
A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international … exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate …
Persistent link: https://www.econbiz.de/10005666776
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Institutions, Volatility and Investment
Besley, Timothy J.; Mueller, Hannes Felix - C.E.P.R. Discussion Papers - 2015
Countries with strong executive constraints have lower growth volatility but similar average growth to those with weak … in inflows when strong executive constraints are adopted in terms of the reduction in the volatility in productivity …
Persistent link: https://www.econbiz.de/10011145416
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The Fundamental Surplus in Matching Models
Ljungqvist, Lars; Sargent, Thomas J - C.E.P.R. Discussion Papers - 2015
To generate big responses of unemployment to productivity changes, researchers have reconfigured matching models in various ways: by elevating the utility of leisure, by making wages sticky, by assuming alternating-offer wage bargaining, by introducing costly acquisition of credit, or by...
Persistent link: https://www.econbiz.de/10011201357
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Carry Trades and Global Foreign Exchange Volatility
Menkhoff, Lukas; Sarno, Lucio; Schmeling, Maik; … - C.E.P.R. Discussion Papers - 2011
We investigate the relation between global foreign exchange (FX) volatility risk and the cross-section of excess … FX volatility and thus deliver low returns in times of unexpected high volatility, when low interest rate currencies … provide a hedge by yielding positive returns. Our proxy for global FX volatility risk captures more than 90% of the cross …
Persistent link: https://www.econbiz.de/10008867494
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Leverage as a Predictor for Real Activity and Volatility
Kollmann, Robert; Zeugner, Stefan - C.E.P.R. Discussion Papers - 2011
positively linked to the conditional volatility of future real activity and of equity returns. The joint information in sectoral …
Persistent link: https://www.econbiz.de/10008915810
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Natural resource wealth: the challenge of managing a windfall
van der Ploeg, Frederick; Venables, Anthony J - C.E.P.R. Discussion Papers - 2011
volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high …
Persistent link: https://www.econbiz.de/10009385762
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Financial-Friction Macroeconomics with Highly Leveraged Financial Institutions
Luk, Sheung Kan; Vines, David - C.E.P.R. Discussion Papers - 2011
This paper adds a highly-leveraged financial sector to the Ramsey model of economic growth and shows that this causes the economy to behave in a highly volatile manner: doing this strongly augments the macroeconomic effects of aggregate productivity shocks. Our model is built on the financial...
Persistent link: https://www.econbiz.de/10009322500
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Medium Term Business Cycles in Developing Countries
Comin, Diego; Loayza, Norman; Pasha, Farooq; Servén, Luis - C.E.P.R. Discussion Papers - 2011
Business cycle fluctuations in developed economies (N) tend to have large and persistent effects on developing countries (S). We study the transmission of business cycle fluctuations for developed to developing economies with a two-country asymmetric DSGE model with two features: (i) endogenous...
Persistent link: https://www.econbiz.de/10009322501
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Unemployment and Productivity in the Long Run: the Role of Macroeconomic Volatility
Benigno, Pierpaolo; Ricci, Luca Antonio; Surico, Paolo - C.E.P.R. Discussion Papers - 2010
We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence...
Persistent link: https://www.econbiz.de/10008642883
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The Two Greatest. Great Recession vs. Great Moderation
Rivas, Gadea; Dolores, Maria; Gómez Loscos, Ana; … - C.E.P.R. Discussion Papers - 2014
to an end. This paper offers evidence that the decrease in output volatility still remains in force despite the GR and …
Persistent link: https://www.econbiz.de/10011083709