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Nonlinear Effects of Exchange Rate Volatility on the Volume of Bilateral Exports

Baum, Christopher; Caglayan, Mustafa; Ozkan, Neslihan - Department of Economics, Boston College - 2000

In this paper, we empirically investigate the impact of exchange rate volatility on real international trade flows … volatility from the intra--monthly variations in the exchange rate to better quantify this latent variable. We find that the … effect of exchange rate volatility on trade flows is nonlinear, depending on its interaction with the importing country …

Persistent link: https://www.econbiz.de/10005027813

On the Sensitivity of the Volume and Volatility of Bilateral Trade Flows to Exchange Rate Uncertainty

Baum, Christopher; Caglayan, Mustafa - Department of Economics, Boston College - 2006

We present an empirical investigation of the hypotheses that exchange rate volatility may have an impact on both the … findings that exchange rate volatility has a consistent positive and significant effect on the volatility of bilateral trade … flows, helping us better understand macroeconomic volatility. …

Persistent link: https://www.econbiz.de/10005027868

The Volatility of International Trade Flows and Exchange Rate Uncertainty

Baum, Christopher; Caglayan, Mustafa - Department of Economics, Boston College - 2008

on the volatility of bilateral trade ﬂows. A one standard deviation increase in exchange rate uncertainty leads to an … eight per cent increase in trade volatility. These effects differ markedly for trade ﬂows between industrialized countries …

Persistent link: https://www.econbiz.de/10005074087

Mergers and Government Policy

Sapozhnikov, Margarita - Department of Economics, Boston College - 2006

It has long been thought that government antitrust policy has an effect on aggregate merger and acquisition activity, but the empirical support for this hypothesis has been weak and inconsistent. This paper uses a new empirical specification and a new dataset on mergers and acquisitions to...

Persistent link: https://www.econbiz.de/10005102623

On the Nature and Stability of Sentiments

Chahrour, Ryan; Gaballo, Gaetano - Department of Economics, Boston College - 2015

We show that non-trivial aggregate fluctuations may originate with vanishingly- small common shocks to either information or fundamentals. These "sentiment" fluctuations can be driven by self-fulfilling variation in either first-order beliefs (as in Benhabib et al., 2015) or higher-order beliefs...

Persistent link: https://www.econbiz.de/10011183464

What's Behind the Decline in the NAIRU?

Murphy, Robert G. - Department of Economics, Boston College - 1999

This paper assesses the apparent decline during the 1990s in the unemployment rate associated with stable inflationâ‰¥the so-called "NAIRU." The paper argues that supply shocks alone are not sufficient to account for this decline and that changes in labor markets are in part responsible. I...

Persistent link: https://www.econbiz.de/10005074052

Accounting for the Recent Decline in the NAIRU

Murphy, Robert G. - Department of Economics, Boston College - 1998

This paper confirms that the unemployment rate associated with stable inflation, the so-called "NAIRU," probably has declined in recent years, after having risen sharply during the late 1970s and early 1980s. Although a demographic shift toward a less experienced workforce and an unexpected...

Persistent link: https://www.econbiz.de/10005074132

Explaining the Persistence of Commodity Prices

Ng, Serena; Ruge-Murcia, Francisco - Department of Economics, Boston College - 1997

This paper extends the Competitive Storage Model by incorporating prominent features of the production process and financial markets. A major limitation of this basic model is that it cannot successfully explain the degree of serial correlation observed in actual data. The proposed extensions...

Persistent link: https://www.econbiz.de/10005102619

Estimating the Rational Expectations Model of Speculative Storage: A Monte Carlo Comparison of Three Simulation Estimators

Michaelides, Alexander; Ng, Serena - Department of Economics, Boston College - 1997

The non-negativity constraint on inventories imposed on the rational expectations theory of speculative storage implies that the conditional mean and variance of commodity prices are nonlinear in lagged prices and have a kink at a threshold point. In this paper, the structural parameters of this...

Persistent link: https://www.econbiz.de/10005102687

Interest Rate Rules for Fixed Exchange Rate Regimes

Ghironi, Fabio; Benigno, Gianluca; Benigno, Pierpaolo - Department of Economics, Boston College - 2000

This paper shows that properly designed interest rate rules can be consistent with maintaining exchange rate stability. It sheds light on the relation between interest rate rules, exchange-rate regimes, and determinacy of the rational expectations equilibrium in a modern macroeconomic framework.

Persistent link: https://www.econbiz.de/10005027860