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Exchange Rate Pass-Through in the Deflationary Japan: How Effective is the Yen’s Depreciation for Fighting Deflation?
Fujii, Eiji - CESifo - 2004
There is an increasing endorsement for the yen’s depreciation as a means to fight the ongoing deflation in Japan. The … deflationary period. We then assess quantitatively the expected effectiveness of depreciation in taming the deflation. Our …
Persistent link: https://www.econbiz.de/10005766039
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - CESifo - 2007
Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan … policy after the shift of Japan from a fixed to a floating exchange rate regime. The econometric estimations allow for regime … soften the appreciation pressure by interest rate cuts have led Japan into the liquidity trap. …
Persistent link: https://www.econbiz.de/10005405989
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Structural Distortions and Decentralized Fiscal Policies in EMU
Beetsma, Roel; Bovenberg, Lans - CESifo - 2001
The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a...
Persistent link: https://www.econbiz.de/10005765964
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International Outsourcing under Monopolistic Competition: Winners and Losers
Do, Viet; Long, Ngo Van - CESifo - 2007
We show that, even with flexible domestic wages, international outsourcing may worsen the welfare of the home country and reduce the profits of all firms. If wages are rigid, outsourcing is welfare-improving if and only if the sum of the “trade creation” effect and the “exploitation...
Persistent link: https://www.econbiz.de/10005766050
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The Pathological Export Boom and the Bazaar Effect - How to Solve the German Puzzle
Sinn, Hans-Werner - CESifo - 2006
Germany is the laggard of Europe, yet the country is world champion in merchandise exports. The paper tries to solve this theoretical and empirical puzzle by diagnosing a “pathological export boom” and a “bazaar effect”. Excessively high wages defended by unions and the welfare state...
Persistent link: https://www.econbiz.de/10005405720
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Endogenous Wage Rigidity
Agell, Jonas; Bennmarker, Helge - CESifo - 2003
We use a random survey of Swedish human resource managers to study the reasons for wage rigidity. Our findings are as follows. First, during the exceptional recession of the 1990s only 1.1 percent of workers received a wage cut. Second, much wage rigidity can be traced to behavioral mechanisms...
Persistent link: https://www.econbiz.de/10005406061
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Fair Pay and a Wagebill Argument for Wage Rigidity and Excessive Employment Variability
Thomas, Jonathan - CESifo - 2000
This paper considers a two-period optimal contracting model in which firms make new hires in the second period subject to the constraint that they cannot pay discriminate either against or in favour of the new hires. Under an assumption on the information available to workers, it is shown that...
Persistent link: https://www.econbiz.de/10005406092
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Wage Policy and Endogenous Wage Rigidity: A Representative View From the Inside
Agell, Jonas; Bennmarker, Helge - CESifo - 2002
We report the results from a representative survey of human resource managers in 885 Swedish firms. We estimate that during the severe recession of the 1990s, only 1.1 percent of workers took a cut in regular nominal pay. We trace the lack of wage moderation to a combination of exogenous...
Persistent link: https://www.econbiz.de/10005051594
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Financial Frictions and Foreign Direct Investment: Theory and Evidence from Japanese Microdata
Raff, Horst; Ryan, Michael; Stähler, Frank - CESifo - 2015
We use Japanese microdata to examine how financial market frictions affect foreign direct investment (FDI). The Japanese land price bubble and banking trouble in the late 1980s and early 1990s serve as a quasi natural experiment to identify two possible transmission channels from financial...
Persistent link: https://www.econbiz.de/10011205374
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Did the Japanese Patient Follow the Doctor's Orders? Mostly no! A Public Choice Analysis of Greenhouse Gas Emissions Trading Schemes in Japan before and after the Earthquake
Rudolph, Sven; Schneider, Friedrich - CESifo - 2011
’ energy and climate policy. Japan is one of the biggest emitters of greenhouses gases in the world and still far away from …, we ask what the political reasons for the failure of carbon markets in Japan are and how they can be overcome. We use … Public Choice arguments, but also analyze actual climate policy making in Japan on a case study basis. Thus, on the one hand …
Persistent link: https://www.econbiz.de/10009364314