Showing 1 - 10 of 36
We explore the impact of vertical specialization—trade in goods across multiple stages of production—on the relationship between trade and international business cycle synchronization. We develop a model in which the degree of vertical specialization is endogenously determined by comparative...
Persistent link: https://www.econbiz.de/10005367956
Persistent link: https://www.econbiz.de/10005346049
Persistent link: https://www.econbiz.de/10005346056
Key macroeconomic variables such as GDP and investment typically display a V-shaped pattern during major emerging market crises. A notable exception to that pattern is intermediated credit, which follows an L-shaped trajectory instead: it declines at first in lockstep with economic activity, but...
Persistent link: https://www.econbiz.de/10005346059
Persistent link: https://www.econbiz.de/10005346090
In discussions of the likely implications for Europe of EMU, the United States is often cited as an example of a monetary union, while the United States' central bank, the Federal Reserve System, is cited as a model for how a central bank would function in a monetary union. While the costs and...
Persistent link: https://www.econbiz.de/10005346137
Persistent link: https://www.econbiz.de/10005346139
In recent papers, Bergin, Feenstra, and Hanson (2007 and 2009, hereafter BFH) analyze the impact that offshoring has in employment and output volatility, particularly on the Mexican maquiladora industry. Their empirical results indicate that employment and output in the offshoring manufacturing...
Persistent link: https://www.econbiz.de/10009292897
The original Mortensen-Pissarides model possesses two elements that are absent from the commonly used simplified version: the job destruction margin and training costs. I find that these two elements enable a model driven by a single aggregate shock to simultaneously explain most movements...
Persistent link: https://www.econbiz.de/10009292898
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