Similar Search Results

Fiscal Adjustments and Business Cycle Synchronization

Agnello, Luca; Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2013

Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of...

Persistent link: https://www.econbiz.de/10010721606

Whither China? Reform and Economic Integration among Chinese Regions

Fidrmuc, Jan; Fidrmuc, Jarko; Huang, Shuo - CESifo - 2013

This paper investigates the changing nature of economic integration in China. Specifically, we consider business-cycle synchronization (correlation of demand and supply shocks) among Chinese provinces during the period 1955-2007. We find that the symmetry of supply shocks has declined after the...

Persistent link: https://www.econbiz.de/10010643334

Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - CESifo - 2012

Due to buoyant capital inflows East Asian central banks with exchange rate targets accumulate foreign reserves and thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus liquidity that mainly emanates from past accumulation of...

Persistent link: https://www.econbiz.de/10009649702

Exchange Rate Volatility and Growth in Emerging Europe and East Asia

Schnabl, Gunther - CESifo - 2007

The paper investigates the impact of exchange rate volatility on growth in Emerging Europe and East Asia. Exchange … panel estimations provide evidence for a negative impact of exchange rate volatility on growth both in Emerging Europe and …

Persistent link: https://www.econbiz.de/10005766163

The Evolution of the East Asian Currency Baskets – Still Undisclosed and Changing

Schnabl, Gunther - CESifo - 2006

Both before and after the Asian crisis, the dollar has been the dominant anchor and reserve currency in East Asia. Due to underdeveloped capital markets and the limited international role of their domestic currencies, the East Asian countries (except Japan) are likely to continue to stabilize...

Persistent link: https://www.econbiz.de/10005416447

Industry Structure and Pricing over the Business Cycle

Spiegel, Yossi; Stahl, Konrad O. - CESifo - 2014

We consider the interaction between an incumbent firm and a potential entrant, and examine how this interaction is affected by demand fluctuations. Our model gives rise to procyclical entry, prices, and price-cost margins, although the average price in the market can be countercyclical if the...

Persistent link: https://www.econbiz.de/10010877829

Unemployment and Endogenous Reallocation over the Business Cycle

Carrillo-Tudela, Carlos; Visschers, Ludo - CESifo - 2013

This paper studies unemployed workers’ decisions to change occupations, and their impact on fluctuations in aggregate unemployment and its underlying duration distribution. We develop an analytically and computationally tractable stochastic equilibrium model with heterogenous labor markets. In...

Persistent link: https://www.econbiz.de/10010877858

Uncertainty and Economic Activity: A Global Perspective

Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - CESifo - 2014

slow down and contract. In this paper, we study the interrelation between financial markets volatility and economic … common factors affect volatility and economic activity with a time lag of at least a quarter. Under these assumptions, we … show analytically that volatility is forward looking and that the output equation of a typical VAR estimated in the …

Persistent link: https://www.econbiz.de/10010757723

Real Wages and Business Cycle Asymmetries

Woitek, Ulrich - CESifo - 2004

The cyclicality of real wages has important implications for the validity of competing business cycle theories. However, the empirical evidence on the aggregate level is inconclusive. Using a threshold vector autoregressive model for the US and Germany to condition the relationship between real...

Persistent link: https://www.econbiz.de/10005765700

Limited Commitment Models of the Labour Market

Thomas, Jonathan; Worrall, Tim - CESifo - 2007

We present an overview of models of long-term self-enforcing labor contracts in which risk sharing is the dominant motive for contractual solutions. A base model is developed which is sufficiently general to encompass the two-agent problem central to most of the literature, including variable...

Persistent link: https://www.econbiz.de/10005766123