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Trade, Exchange Rate Regimes and Output Co-Movement : Evidence from the Great Depression

Mathy, Gabriel P. - 2011

A large body of cross-country empirical evidence identifies monetary policy and trade integration as key determinants of business cycle co-movement. Partially consistent with this, many argue that the re-emergence of the gold standard allowed for the global transmission of a deflationary shock...

Persistent link: https://www.econbiz.de/10012461732

Wage Gaps vs. Output Gaps : Is There a Common Story for All of Europe?

Gordon, Robert J. - 1987

This paper studies the relationship between real wages and unernployment in Europe. It finds no evidence that high real wages are responsible for the differing behavior of unemployment in Europe as contrasted with the U. S., and across European countries finds patterns of real wage behavior that...

Persistent link: https://www.econbiz.de/10012476613

Procyclical Productivity : Increasing Returns or Cyclical Utilization?

Basu, Susanto - 1995

It has long been argued that cyclical fluctuations in labor and capital utilization and the presence of overhead labor and capital are important for explaining procyclical productivity. Here I present two simple and direct tests of these hypotheses, and a way of measuring the relative importance...

Persistent link: https://www.econbiz.de/10012473533

Business Cycle Volatility and Openness : An Exploratory Cross-Section Analysis

Razin, Assaf - 1992

This paper links business cycle volatility to barriers on international mobility of goods and capital. Theory predicts that capital market integration should lower consumption volatility while raising investment volatility, if most shocks are country-specific and transitory. The removal of...

Persistent link: https://www.econbiz.de/10012474757

World Shocks, World Prices, and Business Cycles : An Empirical Investigation

Fernández, Andrés - 2016

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

Persistent link: https://www.econbiz.de/10012455847

Determinants of Business Cycle Comovement : A Robust Analysis

Baxter, Marianne - 2004

This paper investigates the determinants of business cycle comovement between countries. Our dataset includes over 100 countries, both developed and developing. We search for variables that are robust' in explaining comovement, using the approach of Leamer (1983). Variables considered are (i)...

Persistent link: https://www.econbiz.de/10012467965

Price Inertia and Policy Ineffectiveness in the United States, 1890-1980

Gordon, Robert J. - 1981

structure of the price-setting process are noted--a much higher degree of price responsiveness during World War I and its … before and after World War I, and a marginally significant change in 1967. The results identify five episodes of government … during the two world wars, Korea, and the Nixon era …

Persistent link: https://www.econbiz.de/10012478371

Money, Real Interest Rates, and Output : A Reinterpretation of Postwar U.S. Data

Litterman, Robert B. - 1983

This paper reexamines both monthly and quarterly U.S. postwar data to investigate if the observed comovements between money, real interestrates, prices and output are compatible with the money-real interest-output link suggested by existing monetary theories of output, which include both...

Persistent link: https://www.econbiz.de/10012478026

External Imbalances and Financial Crises

Taylor, Alan M. - 2012

In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are some complementarities among them. One view looks across the border: it mainly blames external imbalances, the large-scale mix of unprecedented pattern current account deficits...

Persistent link: https://www.econbiz.de/10012460056

Monetary Policy and the Predictability of Nominal Exchange Rates

Eichenbaum, Martin - 2017

This paper studies how the monetary policy regime affects the relative importance of nominal exchange rates and inflation rates in shaping the response of real exchange rates to shocks. We document two facts about countries with floating exchange rates where monetary policy controls inflation...

Persistent link: https://www.econbiz.de/10012455523

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