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What drives the German current account? and how does it affect other EU member states?

Kollmann, Robert; Ratto, Marco; in 't Veld, Jan; Vogel, … - Federal Reserve Bank of Dallas - 2014

We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyze the determinants of Germany’s current account surplus after the launch of the Euro. The most important factors driving the German surplus were positive...

Persistent link: https://www.econbiz.de/10010772600

Benefits of foreign ownership: evidence from foreign direct investment in china

Wang, Jian; Wang, Xiao - Federal Reserve Bank of Dallas - 2014

To examine the effect of foreign direct investment, this paper compares the post-acquisition performance changes of foreign- and domestic-acquired firms in China. Unlike previous studies, we investigate the purified effect of foreign ownership by using domestic-acquired firms as the control...

Persistent link: https://www.econbiz.de/10011084954

Is openness inflationary? Imperfect competition and monetary market power

Evans, Richard W. - Federal Reserve Bank of Dallas - 2007

Much empirical work has documented a negative correlation between different measures of globalization or openness and …

Persistent link: https://www.econbiz.de/10005367952

Globalization and monetary policy: an introduction

Martinez-Garcia, Enrique - Federal Reserve Bank of Dallas - 2008

Greater openness has become an almost universal feature of modern, developed economies. This paper develops a workhorse international model, and explores the role of standard monetary policy rules applied to an open economy. For this purpose, I build a two-country DSGE model with monopolistic...

Persistent link: https://www.econbiz.de/10005367953

Some preliminary evidence on the globalization-inflation nexus

Guilloux, Sophie; Kharroubi, Enisse - Federal Reserve Bank of Dallas - 2008

The aim of this paper is to evaluate the impact of globalization, if any, on inflation and the inflation process. We … concluded that globalization has had no significant impact, this paper highlights that trying to capture globalization effects … trade volume statistics to properly describe the impact of globalization. This leads us to adopt a more systematic approach …

Persistent link: https://www.econbiz.de/10005367957

The real exchange rate in sticky price models: does investment matter?

Martinez-Garcia, Enrique; Søndergaard, Jens - Federal Reserve Bank of Dallas - 2008

This paper re-examines the ability of sticky-price models to generate volatile and persistent real exchange rates. We use a DSGE framework with pricing-to-market akin to those in Chari, et al. (2002) and Steinsson (2008) to illustrate the link between real exchange rate dynamics and what the...

Persistent link: https://www.econbiz.de/10005367958

Variety, globalization, and social efficiency

Cox, W. Michael; Ruffin, Roy J. - Federal Reserve Bank of Dallas - 2008

Dixit-Stiglitz-Krugman model of monopolistic competition. We show how the gains from globalization are reflected in the … of sectors where globalization increases productivity through economies of scale. …

Persistent link: https://www.econbiz.de/10005367959

Technical note on "The real exchange rate in sticky price models: does investment matter?"

Martinez-Garcia, Enrique; Søndergaard, Jens - Federal Reserve Bank of Dallas - 2008

This technical note is developed as a mathematical companion to the paper "The Real Exchange Rate in Sticky Price Models: Does Investment Matter?" (Institute working paper no. 17). It contains three basic calculations. First, we derive the equilibrium conditions of the model. Second, we compute...

Persistent link: https://www.econbiz.de/10005367963

Globalization and inflation in Europe

Auer, Raphael; Degen, Kathrin; Fischer, Andreas M. - Federal Reserve Bank of Dallas - 2010

What is the impact of import competition from other low-wage countries (LWCs) on inflationary pressure in Western Europe? This paper seeks to understand whether labor-intensive exports from emerging Europe, Asia, and other global regions have a uniform impact on producer prices in Germany,...

Persistent link: https://www.econbiz.de/10008739772

The southern states in a globalized economy

Fisher, Richard W. - Federal Reserve Bank of Dallas - 2007

--in mastering--globalization. The key to adapting to and profiting from globalization lies in education." …

Persistent link: https://www.econbiz.de/10010723042