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Exchange-Rate Adjustment and Macroeconomic Interdependence between Stagnant and Fully Employed Countries
Ono, Yoshiyasu - CESifo - 2014
This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge...
Persistent link: https://www.econbiz.de/10010747221
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The Impact of Financial (De-)Regulation on Current Account Balances
Moral-Benito, Enrique; Röhn, Oliver - CESifo - 2014
Both global imbalances and financial market (de-)regulation feature prominently among the potential causes of the global financial crisis, but they have been largely discussed separately. In this paper, we take a different angle and investigate the relationship between financial market...
Persistent link: https://www.econbiz.de/10011082830
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The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - CESifo - 2014
Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the … real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We …
Persistent link: https://www.econbiz.de/10010877817
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Austerity, Growth and Inflation. Remarks on the Eurozone's Unresolved Competitiveness Problem
Sinn, Hans-Werner - CESifo - 2013
While the financial protection measures enacted by the ECB and the community of Eurozone members have calmed financial markets, they have left the competitiveness problem of the Eurozone’s southern countries and France unresolved. The paper compares price inflation before the crisis with the...
Persistent link: https://www.econbiz.de/10010877720
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Budgetary and External Imbalances Relationship: A Panel Data Diagnostic
Afonso, António; Rault, Christophe - CESifo - 2009
We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship between the two imbalances for each country for the...
Persistent link: https://www.econbiz.de/10005765818
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Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU
Afonso, António; Rault, Christophe - CESifo - 2009
We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use the panel-data approach of Kónya (2006), which is based on SUR systems and Wald tests with country specific...
Persistent link: https://www.econbiz.de/10005051497
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Discretionary Fiscal Policy: Review and Estimates for the EU
Beetsma, Roel; Giuliodori, Massimo - CESifo - 2010
We briefly review the theoretical and empirical consequences of discretionary fiscal policy changes, after which we provide our own estimates for the EU countries. A fiscal expansion raises output and consumption and reduces the trade balance. Moreover, the stimulating effect of higher...
Persistent link: https://www.econbiz.de/10008534042
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Cross-Border Effects of Fiscal Consolidations: Estimates Based on Narrative Records
Hebous, Shafik; Zimmermann, Tom - CESifo - 2013
We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest rate, and the exchange rate, employing the new IMF action-based fiscal consolidation data. Results indicate a negative effect of foreign fiscal consolidation policies on...
Persistent link: https://www.econbiz.de/10010674455
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Estimating the Effects of Coordinated Fiscal Actions in the Euro Area
Hebous, Shafik; Zimmermann, Tom - CESifo - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...
Persistent link: https://www.econbiz.de/10010568610
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Terms of Trade, Catch-up, and Home Market Effect: The Example of Japan
Urban, Dieter M. - CESifo - 2007
interdependencies between the terms of trade and economic growth are offered: the home market effect and the productivity shock effect …
Persistent link: https://www.econbiz.de/10005405944