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The effects of news about future productivity on international relative prices: an empirical investigation

Nam, Deokwoo; Wang, Jian - Federal Reserve Bank of Dallas - 2010

In this paper, we find that expected (news) and unexpected (contemporaneous) components of productivity changes have … factor productivity (TFP) into news and contemporaneous productivity changes. The US real exchange rate appreciates following … international transmission of productivity shocks and the modeling of exchange rate volatility. …

Persistent link: https://www.econbiz.de/10008739773

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...

Persistent link: https://www.econbiz.de/10010877944

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10010948836

Estimating Fluctuations in Oil and Gas Investment

Dahl, Roy Endré; Osmundsen, Petter - CESifo - 2014

Governments in extraction countries are anxious to estimate expected investment in development projects, since they represent an essential element of the macro economy. The overall level of activity is also crucial to oil companies, since the macro picture affects cost levels, the supplies...

Persistent link: https://www.econbiz.de/10010948869

Vertical specialization and international business cycle synchronization

Arkolakis, Costas; Ramanarayanan, Ananth - Federal Reserve Bank of Dallas - 2008

countries. We show analytically that fluctuations in measured productivity in our model are not linked across countries through …

Persistent link: https://www.econbiz.de/10005367956

The Impact of the Global Financial Crisis on Business Cycles in Asian Emerging Economies

Fidrmuc, Jarko; Korhonen, Iikka - CESifo - 2009

We analyze the transmission of global financial crisis to business cycles in China and India. The pattern of business cycles in emerging Asian economies generally displays a low degree of synchronization with the OECD countries, which is consistent with the decoupling hypothesis. By contrast,...

Persistent link: https://www.econbiz.de/10005013072

Booms, Recessions and Financial Turmoil: A Fresh Look at Investment Decisions under Cyclical Uncertainty

Chen, Yu-Fu; Funke, Michael - CESifo - 2009

The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework where demand shifts stochastically between three different states, each with different rates of drift and volatility. In our setting the shifts are governed by a three-state Markov...

Persistent link: https://www.econbiz.de/10005013955

Regional productivity and efficiency in the U.S.: effects of business cycles and public capital

Boisso, Dale; Grosskopf, Shawna; Hayes, Kathy - Federal Reserve Bank of Dallas - 1996

Persistent link: https://www.econbiz.de/10005346049

The dynamics of recoveries

Balke, Nathan S.; Wynne, Mark A. - Federal Reserve Bank of Dallas - 1994

Persistent link: https://www.econbiz.de/10005346056

The role of total factor productivity in 'Phoenix Miracles' : insights from an emerging market crisis

Zarazaga, Carlos E. J. M. - Federal Reserve Bank of Dallas - 2007

Key macroeconomic variables such as GDP and investment typically display a V-shaped pattern during major emerging market crises. A notable exception to that pattern is intermediated credit, which follows an L-shaped trajectory instead: it declines at first in lockstep with economic activity, but...

Persistent link: https://www.econbiz.de/10005346059

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