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What Segments Equity Markets?
Bekaert, Geert; Harvey, Campbell; Lundblad, Christian T; … - C.E.P.R. Discussion Papers - 2010
We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of …
Persistent link: https://www.econbiz.de/10008784702
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Imperfect Competition and Macroeconomics: A Survey
Dixon, Huw David; Rankin, Neil - C.E.P.R. Discussion Papers - 1992
This survey outlines the general lessons of the recent literature on imperfectly competitive macroeconomies for the theory of monetary and fiscal policy. A general framework is presented which encompasses most of the existing literature. Although money is of itself neutral in these models, the...
Persistent link: https://www.econbiz.de/10005661642
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Two Monetary Tools: Interest Rates and Haircuts
Ashcraft, Adam; Garleanu, Nicolae Bogdan; Pedersen, … - C.E.P.R. Discussion Papers - 2010
We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...
Persistent link: https://www.econbiz.de/10008642875
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Wage Rigidity and Capital Mobility in an Optimizing Model of a Small Open Economy
de Klundert, Theo C N J van; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1987
-state effects of afiscal contraction, monetary disinflation, a worsening of thesupply side, an increase in the world interest rate …
Persistent link: https://www.econbiz.de/10005792502
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Exchange Rates and Policy Coordination in an Asymmetric Model
Kenen, Peter B - C.E.P.R. Discussion Papers - 1988
This paper extends earlier work (Kenen, 1987a, 1987b) on the ranking of exchange rate regimes. Using a two-country portfolio-balance model, it asks how pegged and floating exchange rates affect each country's ability to achieve its domestic policy objectives independently, without having to...
Persistent link: https://www.econbiz.de/10005281328
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Does economic globalization affect regional inequality? A cross-country analysis
Ezcurra, Roberto; Rodriguez-Pose, Andres - C.E.P.R. Discussion Papers - 2013
This paper investigates the relationship between economic globalization and regional inequality in a panel of 47 … countries over the period 1990-2007, using a measure of globalization that distinguishes the different dimensions of economic … integration. The results show that there is a positive and statistically significant association between economic globalization …
Persistent link: https://www.econbiz.de/10011083829
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Trade, Finance, Specialization and Synchronization
Imbs, Jean - C.E.P.R. Discussion Papers - 2003
I investigate the determinants of business cycles synchronization across regions. I use both international and intranational data to evaluate the linkages between trade in goods, trade in financial assets, specialization and business cycles synchronization in the context of a system of...
Persistent link: https://www.econbiz.de/10005123902
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Fiscal Policy and Macroeconomic Stability Within a Currency Union
Kirsanova, Tatiana; Vines, David; Wren-Lewis, Simon - C.E.P.R. Discussion Papers - 2006
We analyse the stability of countries within a monetary union in the face of asymmetric shocks, using a simple but widely applicable model. We show that members of the union may be subject to severe, and possibly unstable, cycles following asymmetric shocks if there is a significant backward...
Persistent link: https://www.econbiz.de/10005792283
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Enterprises in Transition: Macroeconomic Influences on Enterprise Decision-making and Performance
Buiter, Willem H.; Lago, Ricardo; Rey, Hélène - C.E.P.R. Discussion Papers - 1997
study and by reviewing relevant microeconomic and aggregate empirical evidence from across the world as well as from the …
Persistent link: https://www.econbiz.de/10005136652
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Money Supply and the Implementation of Interest Rate Targets
Schabert, Andreas - C.E.P.R. Discussion Papers - 2005
In this paper, we analyze the relation between interest rate targets and money supply in a (bubble-free) rational expectation equilibrium of a standard cash-in-advance model. We examine contingent monetary injections aimed to implement interest rate sequences that satisfy interest rate target...
Persistent link: https://www.econbiz.de/10005114513