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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 period. Although the traditional Balassa-Samuelson...
Persistent link: https://www.econbiz.de/10010877817
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International Trade in Natural Resources: Practice and Policy
Ruta, Michele; Venables, Anthony J. - CESifo - 2012
Natural resources account for 20% of world trade, and dominate the exports of many countries. Policy is used to …
Persistent link: https://www.econbiz.de/10010540254
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Construction of Composite Business Cycle Indicators in a Sparse Data Environment
Abberger, Klaus; Nierhaus, Wolfgang - CESifo - 2011
Business cycle indicators are important instruments for monitoring economic development. When employing indicators one usually relies on a sound statistical database. This paper deals with indicator development in a sparse data situation. Indicator building is merged with temporal...
Persistent link: https://www.econbiz.de/10009278135
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Effects of Unilateral Climate Policy on Terms of Trade, Capital Accumulation, and Welfare in a World Economy
Farmer, Karl; Bednar-Friedl, Birgit; Rainer, Andreas - CESifo - 2008
, if the country which unilaterally reduces her emission permits is a net creditor to the world economy, her own welfare …
Persistent link: https://www.econbiz.de/10005765695
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Globalization, Cross-Border Pollution and Welfare
Hatzipanayotou, Panos; Lahiri, Sajal; Michael, Michael S. - CESifo - 2005
We construct a two-good general equilibrium model of international trade for two small open economies where pollution from production is transmitted across borders. Governments in both countries impose emission taxes non-cooperatively. Within this framework, we examine the effect of trade...
Persistent link: https://www.econbiz.de/10005181636
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Terms of Trade, Catch-up, and Home Market Effect: The Example of Japan
Urban, Dieter M. - CESifo - 2007
This paper explores theoretically and empirically the long run relation of the terms of trade (ratio of domestic and foreign prices of traded manufacturing goods) and economic growth of a pair of industrialized countries, one of which experiences a major catch-up process towards the other. It is...
Persistent link: https://www.econbiz.de/10005405944
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The Micro Dynamics of Macro Announcements
Mittnik, Stefan; Robinzonov, Nikolay; Wohlrabe, Klaus - CESifo - 2013
response analysis. Second, we examine the announcements effects on market volatility in a more detailed fashion by … adequately analyze both conditional mean and volatility effects. …
Persistent link: https://www.econbiz.de/10010877723
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Commodity Price Volatility, Democracy and Economic Growth
Arezki, Rabah; Gylfason, Thorvaldur - CESifo - 2011
We use a new dataset on non-resource GDP to examine the impact of commodity price volatility on economic growth in a … panel of up to 158 countries during the period 1970-2007. Our main finding is that commodity price volatility leads to a … result, we show that increased commodity price volatility leads to a statistically significant and quantitatively large …
Persistent link: https://www.econbiz.de/10009352227
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The Relative Volatility of Commodity Prices: A Reappraisal
Arezki, Rabah; Lederman, Daniel; Zhao, Hongyan - CESifo - 2011
This paper studies the volatility of commodity prices on the basis of a large dataset of monthly prices observed in … evidence does not actually attempt to measure the volatility of prices of individual goods or commodities. The literature tends … to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and …
Persistent link: https://www.econbiz.de/10009391720
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Natural Resources, Volatility, and Inclusive Growth: Perspectives from the Middle East and North Africa
Arezki, Rabah; Nabli, Mustapha K. - CESifo - 2012
experienced relatively low and non inclusive economic growth as well as high levels of macroeconomic volatility. Important …
Persistent link: https://www.econbiz.de/10010550241