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Artis, Michael J; Krolzig, Hans-Martin; Toro, Juan - C.E.P.R. Discussion Papers - 1999

This paper deals with the existence and identification of a common European Growth Cycle. It has recently been argued that the formation of a monetary union creates in itself a tendency for business cycle symmetry to emerge. If this holds for the European monetary Union and the quasi-union of...

Persistent link: https://www.econbiz.de/10005114243

Traded and nontraded goods prices, and international risk sharing: an empirical investigation

Corsetti, Giancarlo; Dedola, Luca; Viani, Francesca - C.E.P.R. Discussion Papers - 2011

Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs likely to be affected by imperfections in financial markets. Key to the literature is the evidence,...

Persistent link: https://www.econbiz.de/10009324252

How do Fiscal and Technology Shocks affect Real Exchange Rates? New Evidence for the United States

Enders, Zeno; Müller, Gernot; Scholl, Almuth - C.E.P.R. Discussion Papers - 2010

Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive...

Persistent link: https://www.econbiz.de/10008468685

Inflation in Open Economies with Complete Markets

Celentani, Marco; Conde-Ruiz, José Ignacio; Desmet, Klaus - C.E.P.R. Discussion Papers - 2004

This Paper uses an overlapping generations model to analyse monetary policy in a two-country model with asymmetric shocks. Agents insure against risk through the exchange of a complete set of real securities. Each central bank is able to commit to the contingent monetary policy rule that...

Persistent link: https://www.econbiz.de/10005067456

Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism among G7 Countries

Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - C.E.P.R. Discussion Papers - 2006

This paper investigates the international transmission of productivity shocks in a sample of five G7 countries. For each country, using long-run restrictions, we identify shocks that increase permanently domestic labour productivity in manufacturing (our measure of tradables) relative to an...

Persistent link: https://www.econbiz.de/10005662111

Floats, pegs and the transmission of fiscal policy

Corsetti, Giancarlo; Kuester, Keith; Müller, Gernot - C.E.P.R. Discussion Papers - 2011

According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper we reconsider the transmission of shocks to government spending across these regimes within a standard new-Keynesian model of a small open economy. Because of...

Persistent link: https://www.econbiz.de/10008784752

Environmental Policy and Directed Technical Change in a Global Economy: The Dynamic Impact of Unilateral Environmental Policies

Hemous, David - C.E.P.R. Discussion Papers - 2013

This paper builds a two-country (North, South), two-sector (polluting, nonpolluting) trade model with directed technical change, examining whether unilateral environmental policies can ensure sustainable growth. The polluting good is produced with a clean and a dirty input. I show that a...

Persistent link: https://www.econbiz.de/10011084402

It's Not What You Make, It's How You Use IT: Measuring the Welfare Benefits of the IT Revolution Across Countries

Bayoumi, Tamim; Haacker, Markus - C.E.P.R. Discussion Papers - 2002

This Paper analyses the welfare benefits from falling relative prices of IT (Information Technology) goods across a wide range of countries. Using two separate methodologies and datasets, we find that welfare benefits mainly accrue to users of IT, not their producers, because of falling relative...

Persistent link: https://www.econbiz.de/10005124148

Voracity and Growth

Lane, Philip R.; Tornell, Aaron - C.E.P.R. Discussion Papers - 1998

We analyse an economy that lacks a strong legal-political institutional infrastructure and is populated by multiple powerful groups. Powerful groups dynamically interact via a fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow...

Persistent link: https://www.econbiz.de/10005662300

The Global Welfare Impact of China: Trade Integration and Technological Change

di Giovanni, Julian; Levchenko, Andrei A.; Zhang, Jing - C.E.P.R. Discussion Papers - 2013

This paper evaluates the global welfare impact of China's trade integration and technological change in a multi …-country quantitative Ricardian-Heckscher-Ohlin model. We simulate two alternative growth scenarios: a "balanced" one in which China …'s productivity grows at the same rate in each sector, and an "unbalanced" one in which China's comparative disadvantage sectors catch …

Persistent link: https://www.econbiz.de/10011084266

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