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Politics, economics and investment: explaining plant and equipment spending by U.S. direct investors in Argentina, Brazil, and Mexico

Stevens, Guy V.G. - Federal Reserve Board (Board of Governors of the … - 1994

manufacturing affiliates of U.S. multinationals in Argentina, Brazil, and Mexico. The results of these tests show that the …

Persistent link: https://www.econbiz.de/10005368143

Are Long-Term Inflation Expectations Well Anchored in Brazil, Chile and Mexico?

De Pooter, Michiel; Robitaille, Patrice; Walker, Ian; … - Federal Reserve Board (Board of Governors of the … - 2014

In this paper, we consider whether long-term inflation expectations have become better anchored in Brazil, Chile, and … first to examine the evidence from Brazil and Mexico, making use of the fact that markets for longterm government debt have …, consumer prices, or real activity variables. Finally, long-run inflation expectations in Brazil appear to have been less well …

Persistent link: https://www.econbiz.de/10010784200

Cash flows and discount rates, industry and country effects, and co-movement in stock returns

Ammer, John; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2004

This paper examines the relative importance of global, country-specific, and industry-specific factors in both the cash flow and discount rate components of equity returns between 1995 and 2003. Our framework draws upon previously separate literatures on country versus industry effects and...

Persistent link: https://www.econbiz.de/10005368137

Stock markets, growth, and policy

Levine, Ross - Federal Reserve Board (Board of Governors of the … - 1990

In a model that emphasizes technological progress and human capital creator as essential features of economic development, this paper establishes a theoretical link between the financial system and per capita output growth. More specifically, it demonstrates that stock markets--by facilitating...

Persistent link: https://www.econbiz.de/10005368147

The stock market and exchange rate dynamics

Gavin, Michael K. - Federal Reserve Board (Board of Governors of the … - 1986

This paper articulates a model of the small, open economy in which the stock market, rather than the bond market, determines domestic aggregate demand. It resembles in many respects the widely adopted dynamic Mundell-Fleming approach, but can, in some circumstances, exhibit output and asset...

Persistent link: https://www.econbiz.de/10005368168

On risk, rational expectations, and efficient asset markets

Stevens, Guy V.G.; Akbarian, Dara - Federal Reserve Board (Board of Governors of the … - 1994

The notion of asset market efficiency -- that market prices "fully reflect" all available information -- requires the operation of mechanisms that rapidly incorporate new information into asset prices. Particularly problematic -- both theoretically and empirically -- has been the case where new...

Persistent link: https://www.econbiz.de/10005368265

Real-time price discovery in global stock, bond and foreign exchange markets

Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.; … - Federal Reserve Board (Board of Governors of the … - 2006

Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics...

Persistent link: https://www.econbiz.de/10005368290

Inflation, inflation risk, and stock returns

Ammer, John - Federal Reserve Board (Board of Governors of the … - 1994

This paper investigates the empirical relation between inflation and stock returns in ten industrialized countries, with a focus on the implications for links between inflation and the macroeconomy. The stock return decomposition of Campbell and Shiller (1988) is used to determine the extent to...

Persistent link: https://www.econbiz.de/10005368374

Strategic returns to international diversification: an application to the equity markets of Europe, Japan, and North America

Ammer, John; Mei, Jianping - Federal Reserve Board (Board of Governors of the … - 1995

We undertake a decomposition of the risk factor loadings of fifteen national stock market returns from 1972 to 1990, using a variant of the Campbell-Shiller (1988) linearization. We find considerable variation among countries in the relative importance of a cash flow component and a discount...

Persistent link: https://www.econbiz.de/10005368494

International stock price spillovers and market liberalization: evidence from Korea, Japan, and the United States

Kim, Sang W.; Rogers, John H. - Federal Reserve Board (Board of Governors of the … - 1995

In August 1991 the Korean government announced that the stock exchange would undergo a significant liberalization in January 1992, by allowing foreigners to directly own shares in Korean stocks. This paper examines the repercussions on the relationship between the stock markets of Korea, Japan,...

Persistent link: https://www.econbiz.de/10005372543