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The effects of news about future productivity on international relative prices: an empirical investigation

Nam, Deokwoo; Wang, Jian - Federal Reserve Bank of Dallas - 2010

In this paper, we find that expected (news) and unexpected (contemporaneous) components of productivity changes have … factor productivity (TFP) into news and contemporaneous productivity changes. The US real exchange rate appreciates following … international transmission of productivity shocks and the modeling of exchange rate volatility. …

Persistent link: https://www.econbiz.de/10008739773

Vertical specialization and international business cycle synchronization

Arkolakis, Costas; Ramanarayanan, Ananth - Federal Reserve Bank of Dallas - 2008

countries. We show analytically that fluctuations in measured productivity in our model are not linked across countries through …

Persistent link: https://www.econbiz.de/10005367956

Optimal monetary policy under financial sector risk

Davis, Scott; Huang, Kevin X.D. - Federal Reserve Bank of Dallas - 2011

We consider whether or not a central bank should respond directly to financial market conditions when setting monetary policy. Specifically, should a central bank put weight on interbank lending spreads in its Taylor rule policy function? ; Using a model with risk and balance sheet effects in...

Persistent link: https://www.econbiz.de/10009292919

Financial integration and international business cycle co-movement: the role of balance sheets

Davis, Scott - Federal Reserve Bank of Dallas - 2011

This paper investigates the effect of international financial integration on international business cycle co-movement. We first show with a reduced form empirical approach how capital market integration (equity) has a negative effect on business cycle co-movement while credit market integration...

Persistent link: https://www.econbiz.de/10009321090

Banking globalization and international business cycles

Ueda, Kozo - Federal Reserve Bank of Dallas - 2010

This paper constructs a two-country DSGE model to study the nature of the recent financial crisis and its effects that spread immediately throughout the world owing to the globalization of banking. In the model, financial intermediaries (FIs) enter into chained credit contracts at home and...

Persistent link: https://www.econbiz.de/10008498898

Leverage constraints and the international transmission of shocks

Devereux, Michael B. - Federal Reserve Bank of Dallas - 2010

Recent macroeconomic experience has drawn attention to the importance of interdependence among countries through financial markets and institutions, independently of traditional trade linkages. This paper develops a model of the international transmission of shocks due to interdependent...

Persistent link: https://www.econbiz.de/10008475889

Production sharing and real business cycles in a small open economy

Lopez, Jose Joaquin - Federal Reserve Bank of Dallas - 2007

Production sharing and vertical specialization account for a significant share of trade between developed and developing countries. The Mexican maquiladora industry provides an ideal example of production sharing in a small open economy. The typical "maquila" imports most of its inputs from and...

Persistent link: https://www.econbiz.de/10005498675

Micro price dynamics during Japan's lost decades

Sudo, Nao; Ueda, Kozo; Watanabe, Kota - Federal Reserve Bank of Dallas - 2013

We study micro price dynamics and their macroeconomic implications using daily scanner data from 1988 to 2013. We provide five facts. First, posted prices in Japan are ten times as flexible as those in the U.S. scanner data. Second, regular prices are almost as flexible as those in the U.S. and...

Persistent link: https://www.econbiz.de/10010772598

Efficient bailouts?

Bianchi, Javier - Federal Reserve Bank of Dallas - 2012

This paper develops a non-linear DSGE model to assess the interaction between ex-post interventions in credit markets and the build-up of risk ex ante. During a systemic crisis, bailouts relax balance sheet constraints and mitigate the severity of the recession. Ex ante, the anticipation of such...

Persistent link: https://www.econbiz.de/10010599257

Business cycles and remittances: can the Beveridge-Nelson decomposition provide new evidence?

Coronado, Roberto - Federal Reserve Bank of Dallas - 2009

In this paper, I analyze the business cycle properties of remittances and output series for three pairs of countries: United States-Mexico, United States-El Salvador, and Germany-Turkey. Using an unobserved components state-space model (via the Beveridge-Nelson decomposition), I decompose the...

Persistent link: https://www.econbiz.de/10008611001