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How Long Do Unilateral Target Zones Last?

Dumas, Bernard J; Svensson, Lars E O - C.E.P.R. Discussion Papers - 1992

We examine the expected survival time of a unilateral exchange rate target zone, when constraints on monetary policy prevent the central bank from exclusively focusing on defending the target zone. In general, the width of the target zone has a negligible effect on the expected survival time,...

Persistent link: https://www.econbiz.de/10005791503

Target Zones and Realignments

Bertola, Giuseppe; Caballero, Ricardo - C.E.P.R. Discussion Papers - 1990

Recent contribution emphasize that the presence of exchange rate target zones has important effects on the within-band behaviour of exchange rates. We show that the implications of available models are strikingly inconsistent with European Monetary System data, and we propose a model of...

Persistent link: https://www.econbiz.de/10005792134

Managed Floating: Understanding the New International Monetary Order

Bofinger, Peter; Wollmershaeuser, Timo - C.E.P.R. Discussion Papers - 2001

corner solutions. These intermediate regimes are characterized by significant foreign exchange market interventions of … different forms of floating on the basis of a central bank's intervention activity: pure floating (no interventions … interventions and sterilization and we explain why a central bank has an interest in controlling simultaneously the exchange rate …

Persistent link: https://www.econbiz.de/10005114175

The Swinging Dollar: Is Europe Out of Step?

Wyplosz, Charles - C.E.P.R. Discussion Papers - 1988

The large dollar fluctuations of the last decade are often viewed as a classic example of a lack of macroeconomic coordination. This paper examines these fluctuations from a European perspective and suggests five conclusions. First, interdependence between Europe and the US is quite limited as...

Persistent link: https://www.econbiz.de/10005281278

Adjusting to a New Technology: Experience and Training

Helpman, Elhanan; Rangel, Antonio - C.E.P.R. Discussion Papers - 1998

In this paper we study how aggregate output responds to the arrival of a new General Purpose Technology (GPT) by looking at adjustment mechanisms that operate through labour markets. We show that under a wide set of circumstances the arrival of a new GPT that raises long-run output can trigger a...

Persistent link: https://www.econbiz.de/10005789215

Public Training and Outflows from Unemployment: An Augmented Matching Function Approach on Polish Regional Data

Puhani, Patrick A - C.E.P.R. Discussion Papers - 1999

We analyse Polish active labour market policy (ALMP) training programmes from a macroeconomic (regional) point of view …. The effects of training programmes on the outflows from unemployment and the effects of all ALMP programmes on the … gives some tentative support to the view that public training programmes can be used to reduce unemployment. …

Persistent link: https://www.econbiz.de/10005791823

Why do Firms Train? Theory and Evidence

Acemoglu, Daron; Pischke, Jörn-Steffen - C.E.P.R. Discussion Papers - 1996

This paper offers and tests a theory of training whereby workers do not pay for general training they receive. The … firm to provide training. We show that the model can lead to multiple equilibria. In one equilibrium quits are endogenously … high and as a result employers have limited monopsony power and are willing to supply only little training, while in …

Persistent link: https://www.econbiz.de/10005791865

The Impact of Training on Productivity and Wages: Firm Level Evidence

Konings, Jozef; Vanormelingen, Stijn - C.E.P.R. Discussion Papers - 2009

This paper uses firm level panel data of firm provided training to estimate its impact on productivity and wages. To … endogeneity of input factors and training is applied. The productivity premium for a trained worker is estimated at 23%, while the … wage premium of training is estimated at 12%. Our results give support to recent theories that explain work related …

Persistent link: https://www.econbiz.de/10008528543

Training and Search during Unemployment

Spinnewijn, Johannes - C.E.P.R. Discussion Papers - 2010

This paper incorporates training in the design of unemployment policies. Human capital falls upon displacement and … continuously depreciates during unemployment. While training counters the decrease in human capital, it also affects the … willingness of the unemployed to search. I characterize the optimal insurance contract when participation to training programs …

Persistent link: https://www.econbiz.de/10008468659

Why do Firms Train? Empirical Evidence on the First Labour Market Outcomes of Graduate Apprentices

Euwals, Rob; Winkelmann, Rainer - C.E.P.R. Discussion Papers - 2001

The apprenticeship system is the most important source of formal post-secondary training in Germany. Our Paper … contributes to the ongoing debate as to why firms are willing to invest in such training even though many apprentices will leave … the training firm soon after completion of the apprenticeship. A particular advantage over previous empirical studies is …

Persistent link: https://www.econbiz.de/10005281404