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Southern African Economic Integration: Evidence from an Augmented Gravity Model

Warin, Thierry; Wunnava, Phanindra V.; Tengia, Optat; … - Institute for the Study of Labor (IZA) - 2009

This paper investigates the feasibility of creating a common-currency union consisting of 16 countries in Southern Africa. We estimate an augmented-gravity model that includes public deficit, public debt, public expenditure, inflation, and the foreign reserves position. We also integrate...

Persistent link: https://www.econbiz.de/10004976903

Identification of New Keynesian Phillips Curves from a Global Perspective

Dees, Stephane; Pesaran, Hashem; Smith, L. Vanessa; … - Institute for the Study of Labor (IZA) - 2008

New Keynesian Phillips Curves (NKPC) have been extensively used in the analysis of monetary policy, but yet there are a number of issues of concern about how they are estimated and then related to the underlying macroeconomic theory. The first is whether such equations are identified. To check...

Persistent link: https://www.econbiz.de/10005763475

European Integration and Employment: A New Role for Active Fiscal Policies?

Gatti, Donatella - Institute for the Study of Labor (IZA) - 2002

This paper theoretically investigates the impact of European integration on employment by developing a new-keynesian model where fiscal policy effectively reduces firms’ market power. Stronger product market competition is shown to reduce the marginal ability of governments to improve...

Persistent link: https://www.econbiz.de/10005566365

Global Business Cycles: Convergence or Decoupling?

Kose, M. Ayhan; Otrok, Christopher; Prasad, Eswar - Institute for the Study of Labor (IZA) - 2008

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups – industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then...

Persistent link: https://www.econbiz.de/10005566406

How Does Globalization Affect the Synchronization of Business Cycles?

Kose, M. Ayhan; Prasad, Eswar E.; Terrones, Marco E. - Institute for the Study of Labor (IZA) - 2003

This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of...

Persistent link: https://www.econbiz.de/10005762165

Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness

Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - Institute for the Study of Labor (IZA) - 2009

Low international competitiveness of a set of euro area countries, which have become evident by large current account … analyse the role of private restructuring and public structural reforms for the urgently needed readjustment of intra-euro … intra-euro area competitiveness. This implies that private restructuring and public reforms are rather than public transfers …

Persistent link: https://www.econbiz.de/10008632737

Agency and Communication in IMF Conditional Lending: Theory and Empirical Evidence

Marchesi, Silvia; Sabani, Laura; Dreher, Axel - Institute for the Study of Labor (IZA) - 2009

We focus on the role that the transmission of information between a multilateral (the IMF) and a country has for the optimal design of conditional reforms. Our model predicts that when agency problems are especially severe, and/or IMF information is valuable, a centralized control is indeed...

Persistent link: https://www.econbiz.de/10005703398

Der Euro als Jobmaschine? Zu den Auswirkungen des Euro auf den deutschen Arbeitsmarkt

Franz, Wolfgang - Institute for the Study of Labor (IZA) - 1998

jobs in the past. Decreased transaction costs might have a positive effect on employment. On the other hand, the Euro will … the labor market. Assessing these aspects of EMU, one should not expect massive positive employment effects of the Euro. …

Persistent link: https://www.econbiz.de/10005566768

Fiscal Policy, Interest Rate Spreads, and the Zero Lower Bound

Bredemeier, Christian; Juessen, Falko; Schabert, Andreas - Institute for the Study of Labor (IZA) - 2015

This paper questions unconventional fiscal policy effects when the monetary policy rate is at the zero lower bound. We provide evidence for the US that the spread between the policy rate and the US-LIBOR, which is more relevant for private sector transactions, increases with government...

Persistent link: https://www.econbiz.de/10011265653

Inflation Persistence and the Phillips Curve Revisited

Karanassou, Marika; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2007

A major criticism against staggered nominal contracts is that they give rise to the so called "persistency puzzle" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips...

Persistent link: https://www.econbiz.de/10005703349