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International transmission of financial stress: evidence from a GVAR
Dovern, Jonas; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013
We analyze the international transmission of financial stress and its effects on economic activity. We construct country specific monthly financial stress indexes (FSI) using dynamic factor models from 1970 until 2012 for 20 countries. We show that there is a strong co-movement of the FSI during...
Persistent link: https://www.econbiz.de/10010886840
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Technology Shocks and Employment in Open Economies
Tervala, Juha - Institut für Weltwirtschaft (IfW) - 2007
A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in employment. A two-country model is used to demonstrate that the open economy dimension can enhance the ability of sticky price models to account for the evidence. The reasoning is as...
Persistent link: https://www.econbiz.de/10005083337
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DSGE Models and Central Banks
Tovar, Camilo Ernesto - Institut für Weltwirtschaft (IfW) - 2008
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10005083409
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Euroland's trade with the rest of the world: An SNA-based estimation
Strauß, Hubert - Institut für Weltwirtschaft (IfW) - 1998
The paper presents an estimation of Euroland's foreign trade with the rest of the world based on the exports and imports of the eleven member states of the European Monetary Union according to their Systems of National Accounts (SNA). In order to isolate the trade with the rest of the world from...
Persistent link: https://www.econbiz.de/10009276603
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Business Cycle Volatility and Globalization: A Survey
Buch, Claudia M. - Institut für Weltwirtschaft (IfW) - 2002
The globalization of capital and product markets has many implications for economic welfare. Countries can specialize in the production of goods for which they have comparative advantages, and capital is allocated more efficiently. However, one potentially adverse effect of globalization is the...
Persistent link: https://www.econbiz.de/10005700551
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Monetary Policy Rules and Oil Price Shocks
Kamps, Christophe; Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2002
This paper studies the relative performance of alternative monetary policy rules in the presence of oil price shocks in a small open economy optimizing model. Our analysis shows that it is important to distinguish between alternative price indices (CPI, core CPI, and GDP deflator) when modeling...
Persistent link: https://www.econbiz.de/10005700608
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Consumer Preferences and the Reliability of Euler Equation Tests of Capital Mobility ; Some Simulation-Based Evidence
Buch, Claudia M.; Doepke, Joerg; Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2002
The globalization of international financial markets has renewed interest in the measurement of capital mobility. Consumption-based tests such as the Euler equation test are commonly used. These tests, however, are derived under restrictive assumptions on consumer behavior. In this paper, we ask...
Persistent link: https://www.econbiz.de/10005755155
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Business Cycle Volatility in Germany
Buch, Claudia M.; Doepke, Joerg; Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2002
Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and the nature of this decline have so far been analyzed mainly for the United States. In this paper, we analyze whether structural breaks in the dynamics and the volatility of the...
Persistent link: https://www.econbiz.de/10005755211
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A Preliminary Evaluation of Monetary Policy Rules for Russia
Esanov, Akram; Merkl, Christian; Souza, Lúcio Vinhas de - Institut für Weltwirtschaft (IfW) - 2004
The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using … different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange … rate in a consistent and predictable manner. Our results indicate that during the period of 1993-2002 the Bank of Russia …
Persistent link: https://www.econbiz.de/10005076111
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Estimating the Shape of Economic Crises under Heterogeneity
Dovern, Jonas; Jannsen, Nils - Institut für Weltwirtschaft (IfW) - 2009
During the ongoing financial crisis the analysis of similar historical crises has gained more and more attention among economic researchers and forecasters. Existing studies, however, do not tackle the immense heterogeneity that is present in cross-country samples in a formal and consistent way....
Persistent link: https://www.econbiz.de/10005012878