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Financial Frictions and Inflation Differentials in a Monetary Union

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2010

This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...

Persistent link: https://www.econbiz.de/10008727289

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

Regional Origins of Employment Volatility: Evidence from German States

Buch, Claudia M.; Schlotter, Martin - CESifo - 2008

increase uncertainty through a higher volatility of employment. We use regional data from Germany to test whether openness for … trade has an impact on volatility. We find a downward trend in the unconditional volatility of employment, which has been … interrupted by the re-unification period. Patterns are similar to those for output volatility. The conditional volatility of …

Persistent link: https://www.econbiz.de/10005406262

Business Cycles, International Trade and Capital Flows: Evidence from Latin America

Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2012

American (LA) countries and the four largest economies in the world (namely the US, the Euro area, Japan and China) over the …

Persistent link: https://www.econbiz.de/10010595388

Generalized Taylor and Generalized Calvo Price and Wage-Setting: Micro Evidence with Macro Implications

Dixon, Huw D.; Bihan, Hervé Le - CESifo - 2010

The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro-area economy (France), we...

Persistent link: https://www.econbiz.de/10008572477

Does the Euro-zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation

Flaig, Gebhard; Wollmershäuser, Timo - CESifo - 2007

This paper presents a stress indicator for the Euro-zone that summarizes developments of trends and cycles in real GDP and inflation in the member countries. Stress in a country is defined as the difference between the country’s actual short-term interest rate and the interest rate that would...

Persistent link: https://www.econbiz.de/10005094297

The Price Puzzle Revisited: Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock?

Henzel, Steffen; Hülsewig, Oliver; Mayer, Eric; … - CESifo - 2007

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...

Persistent link: https://www.econbiz.de/10005094397

Market Power and Inflation

Chirinko, Robert S.; Fazzari, Steven M. - CESifo - 2000

Market power exercised by firms has become central to macroeconomics. Recent theoretical work highlights the importance of the relation between market power and inflation. We examine this relation for individual firms in eleven U.S. industries. Our econometric framework exploits restrictions...

Persistent link: https://www.econbiz.de/10005094449

Cross-Country Differences in the Effects of Oil Shocks

Peersman, Gert; Robays, Ine Van - CESifo - 2010

We compare the economic consequences of several types of oil shocks across a set of industrialized countries that are structurally very diverse with respect to the role of oil and other forms of energy in their economy. We find considerably different effects across countries, which crucially...

Persistent link: https://www.econbiz.de/10008833921

Macroeconomic Modeling when Agents are Imperfectly Informed

Grauwe, Paul De - CESifo - 2008

DSGE-models have become important tools of analysis not only in academia but increasingly in the board rooms of central banks. The success of these models has much to do with the coherence of the intellectual framework it provides. The limitations of these models come from the fact that they...

Persistent link: https://www.econbiz.de/10005405712