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Price rigidity, the mark-up and the dynamics of the current account

Lombardo, Giovanni - Deutsche Bundesbank - 2002

Der vorliegende Beitrag zeigt, dass der Grad der Wettbewerbsintensität die Reaktion der Leistungsbilanz auf nominale … Leistungsbilanz. Zunächst wird das Verhältnis zwischen dem Mark-up und der realen Rigidität in einem einfachen Modell einer … geschlossenen Volkswirtschaft untersucht. Anschließend wird numerisch dargestellt, wie der Mark-up die Reaktion der Leistungsbilanz …

Persistent link: https://www.econbiz.de/10005083160

Long-run growth expectations and 'global imbalances'

Hoffmann, Mathias; Krause, Michael; Laubach, Thomas - Deutsche Bundesbank - 2011

This paper examines to what extent the build-up of 'global imbalances' since the mid-1990s can be explained in a purely real open-economy DSGE model in which agents' perceptions of long-run growth are based on filtering observed changes in productivity. We show that long-run growth estimates...

Persistent link: https://www.econbiz.de/10009643167

Determinants of current account developments in the central and east European EU member states - consequences for the enlargement of the euro area

Herrmann, Sabine; Jochem, Axel - Deutsche Bundesbank - 2005

The current accounts of most EU member states in central and eastern Europe have been showing growing deficits in recent years. According to panel estimates the deficits can be attributed primarily to factors characteristic for the stage of development, ie the relative income level and high...

Persistent link: https://www.econbiz.de/10005059036

Financial globalization and monetary policy

Devereux, Michael B.; Sutherland, Alan - Deutsche Bundesbank - 2008

Recent data show substantial increases in the size of gross external asset and liability positions. The implications of these developments for optimal conduct of monetary policy are analyzed in a standard open economy model which is augmented to allow for endogenous portfolio choice. The model...

Persistent link: https://www.econbiz.de/10005083302

Exchange rate dynamics in a target zone: a heterogeneous expectations approach

Bauer, Christian; De Grauwe, Paul; Reitz, Stefan - Deutsche Bundesbank - 2007

We present a simple behavioral model with chartists and fundamentalists and analyze their trading behavior in a floating regime and in a target zone regime. Regarding the floating regime the model replicates the well-known stylized facts like excessive volatility, fat tails, volatility...

Persistent link: https://www.econbiz.de/10005083304

Current account adjustment in EU countries: Does euro-area membership make a difference?

Herrmann, Sabine; Jochem, Axel - Deutsche Bundesbank - 2013

estimation is based on a simple autoregressive model and comes to the conclusion that current account adjustment is significantly …

Persistent link: https://www.econbiz.de/10010957101

The expectations-driven US current account

Hoffmann, Mathias; Krause, Michael U.; Laubach, Thomas - Deutsche Bundesbank - 2013

Since 1991, survey expectations of long-run output growth for the U.S. relative to the rest of the world exhibit a pattern strikingly similar to that of the U.S. current account, and thus also to global imbalances. We show that this finding can to a large extent be rationalized in a two-region...

Persistent link: https://www.econbiz.de/10010957136

German bank lending during emerging market crises: A bank level analysis

Heid, Frank; Nestmann, Thorsten; Mauro, di; Weder, Beatrice - Deutsche Bundesbank - 2004

heterogeneity with panel estimation techniques. We find that the lending of large commercial banks was less stable than the lending …

Persistent link: https://www.econbiz.de/10005082775

Financial exchange rates and international currency exposures

Lane, Philip R.; Shambaugh, Jay C. - Deutsche Bundesbank - 2008

Our goal in this project is to gain a better empirical understanding of the international financial implications of currency movements. To this end, we construct a database of international currency exposures for a large panel of countries over 1990-2004. We show that trade-weighted exchange...

Persistent link: https://www.econbiz.de/10005083251

Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe

Vinhas de Souza, Lúcio - Deutsche Bundesbank - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging...

Persistent link: https://www.econbiz.de/10005083257