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Bergin, Paul R. - 2012

Long half-lives of real exchange rates are often used as evidence against monetary sticky price models. In this study we show how exchange rate regimes alter the long-run dynamics and half-life of the real exchange rate, and we recast the classic defense of such models by Mussa (1986) from an...

Persistent link: https://www.econbiz.de/10012460316

Newer Need Not be Better : Evaluating the Penn World Tables and the World Development Indicators Using Nighttime Lights

Pinkovskiy, Maxim - 2016

Penn World Tables and of the World Development Indicators better estimate true income per capita. We find that revisions of …-price series in both PWT 8.0 and PWT 8.1, the two most recent vintages of the PWT. We additionally find that the World Development … Indicators are as good, and often better, measures of unobserved true income as are any recent vintages of the Penn World Tables …

Persistent link: https://www.econbiz.de/10012456459

Job Creation, Job Destruction, and the Real Exchange Rate

Klein, Michael W. - 2000

This paper contributes to an understanding of internationally generated adjustment costs by demonstrating a statistically significant and economically relevant effect of the real exchange rate on job creation and job destruction in U.S. manufacturing industries over the period 1973 to 1993. The...

Persistent link: https://www.econbiz.de/10012471310

Evaluating the Welfare State

Heckman, James J. - 1998

A variety of criteria are relevant for evaluating alternative policies in democratic societies composed of persons with diverse values and perspectives. In this paper, we consider alternative criteria for evaluating the welfare state, and the data required to operationalize them. We examine sets...

Persistent link: https://www.econbiz.de/10012472265

Is the Price Level Determined by the Needs of Fiscal Solvency?

Canzoneri, Matthew B. - 1998

A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price …

Persistent link: https://www.econbiz.de/10012472334

Life Cycle Schooling and Dynamic Selection Bias : Models and Evidence for Five Cohorts

Cameron, Stephen V. - 1998

This paper examines an empirical regularity found in many societies: that family influences on the probability of transiting from one grade level to the next diminish at higher levels of education. We examine the statistical model used to establish the empirical regularity and the intuitive...

Persistent link: https://www.econbiz.de/10012472433

Relative Labor Productivity and the Real Exchange Rate in the Long Run : Evidence for a Panel of OECD Countries

Canzoneri, Matthew B. - 1996

The Balassa-Samuelson model, which explains real exchange rate movements in terms of sectoral productivities, rests on two components. First, for a class of technologies including Cobb-Douglas, the model implies that the relative price of nontraded goods in each country should reflect the...

Persistent link: https://www.econbiz.de/10012473166

Forecasting Exchange Rates and Relative Prices with the Hamburger Standard : Is What You Want What You Get With McParity?

Cumby, Robert E. - 1996

A decade ago the Economist began an annual survey of Big Mac prices as a guide to whether currencies are trading at the right exchange rates. This paper asks how well the hamburger standard has performed. Although average deviations from absolute Big Mac parity are large for several currencies,...

Persistent link: https://www.econbiz.de/10012473167

Currency Crashes in Emerging Markets : Empirical Indicators

Frankel, Jeffrey A. - 1996

We use a panel of annual data for over one hundred developing countries from 1971 through 1992 to characterize currency crashes. We define a currency crash as a large change of the nominal exchange rate that is also a substantial increase in the rate of change of nominal depreciation. We examine...

Persistent link: https://www.econbiz.de/10012473427

Exchange Rate Forecasting Techniques, Survey Data, and Implications for the Foreign Exchange Market

Frankel, Jeffrey A. - 1990

The paper presents new empirical results that elucidate the dynamics of the foreign exchange market. The first half of the paper is an updated study of the exchange rate expectations held by market participants, as reflected in responses to surveys, and contains the following conclusions. First,...

Persistent link: https://www.econbiz.de/10012475557