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This paper studies the sources of economic fluctuations in three key Latin American countries (Argentina, Brazil, and Mexico) using a dynamic panel model, distinguishing between external and domestic shocks. The primary motivation is to examine the implications for the choice of monetary and...
Persistent link: https://www.econbiz.de/10005368163
In this paper we develop a modified "early warning system" (EWS) approach to identifying the roles of domestic and external factors in Latin America's crises. Several probit models of balance-of-payments crises, based on different identified sets of crisis dates, were estimated for six Latin...
Persistent link: https://www.econbiz.de/10005368350
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a speech at the Stanford Institute for Economic Policy Research Economic Summit, Stanford, California; February 11, 2005
Persistent link: https://www.econbiz.de/10010725583
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Recent research has challenged the ability of sticky price general equilibrium models to generate a contract multiplier, i.e., an effect of a monetary innovation on output that extends beyond the contract interval. We show that a simple dynamic general equilbrium model that includes...
Persistent link: https://www.econbiz.de/10005368194
the special case in which prices are sticky and wages are perfectly flexible. When the model is calibrated to exhibit an …
Persistent link: https://www.econbiz.de/10005368225
This paper develops a simple framework for examining human capital accumulation, unemployment, and relative wages in a …
Persistent link: https://www.econbiz.de/10005368256
This paper presents a comparative study of the level of unit labor costs in the manufacturing sectors of several countries. The paper begins by surveying earlier estimates of relative productivity and unit labor cost levels and evaluating the various methodologies that have been used in previous...
Persistent link: https://www.econbiz.de/10005368260
nominal wages. This finding contrasts with results obtained using standard sticky-wage models, which employ Walrasian labor … tolerate large fluctuations in real wages that would otherwise not be tolerated in a standard model with Walrasian labor … markets; as a result, any concern for stabilizing nominal wages does not translate into a concern for stabilizing nominal …
Persistent link: https://www.econbiz.de/10005368440