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The empirical determinants of the Euro : short and long run perspectives
Chinn, Menzie David - 2000
estimation methodologies such as single-equation error correction and first differences specifications. A longer term perspective … is provided by a productivity-based model of the real value of the euro. Some panel regression estimates of the … relationship between intercountry relative productivity differentials and real exchange rates is presented. Using these estimates …
Persistent link: https://www.econbiz.de/10009583879
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Indeterminacy, business cycles, and modest increasing returns to scale
Weder, Mark - 1997
In this paper a dynamic model of monopolistic competition with entry and exit has been presented and examined. It is shown that the model displays indeterminacy at modest degrees of increasing returns in cases where the market power in the consumption goods market and in the investment goods...
Persistent link: https://www.econbiz.de/10009659068
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Complementarity of labor market institutions, equilibrium unemployment and the persistence of business cycles
Burda, Michael C.; Weder, Mark - 1999
This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equililbriurn model econorny. Matching between workers and vacancies with endogenous search intensity, Nash-bargained wages, payroll taxation, and...
Persistent link: https://www.econbiz.de/10009580466
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Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles
Burda, Michael C.; Weder, Mark - 2001
This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equilibrium model economy. Matching between workers and vacancies with endogenous time spent in search, Nash{bargained wages, payroll taxation, and...
Persistent link: https://www.econbiz.de/10009614292
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Common cycles : a frequency domain approach
Breitung, Jörg; Candelon, Bertrand - 2000
series with a zero spectral density at some frequency. Estimation and inference can be performed using an Instrumental …
Persistent link: https://www.econbiz.de/10009612024
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Fractional cointegration and real exchange rates
Caporale, Guglielmo Maria; Gil-Alaña, Luis A. - 2000
exchange rates in terms of both monetary and real factors, more specifically real interest rate and labour productivity …
Persistent link: https://www.econbiz.de/10009611542
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Testing the purchasing power parity in pooled systems of error correction models
Herwartz, Helmut; Reimers, Hans-Eggert - 2000
In this paper we test the purchasing power parity for the post Bretton Woods period for 18 main industrial countries. As base currencies we use alternatively the Deutsche mark, the Japanese yen, and the US dollar. We employ error correction models for single countries and on the level of pooled...
Persistent link: https://www.econbiz.de/10009612044
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Estimation and testing for varying coefficients in additive models with marginal integration
Yang, Lijian; Härdle, Wolfgang; Park, Byeong U. - 2002
We propose marginal integration estimation and testing methods for the coefficients of varying coefficient multivariate … regression model. Asymptotic distribution theory is developed for the estimation method which enjoys the same rate of convergence … as univariate function estimation. For the test statistic, asymptotic normal theory is established. These theoretical …
Persistent link: https://www.econbiz.de/10009627286
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Forecasting the real output using fractionally integrated techniques
Gil-Alaña, Luis A. - 2001
The annual structure of the real GDP in the UK, France, Germany and Italy is examined in this article by means of fractionally integrated techniques. Using a version of a testing procedure due to Robinson (1994), we show that the series can be specified in terms of I(d) statistical models with d...
Persistent link: https://www.econbiz.de/10009613608
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Indeterminacy in the small open economy Ramsey growth model
Weder, Mark - 1999
This paper constructs a small open economy version of the two sector Benhabib-Farmer (1996) indeterminacy model. It can be shown that sunspot equilibria arise at significantly lower magnitude of increasing returns to scale than in the original dosed economy model. Furthermore, if a mix of...
Persistent link: https://www.econbiz.de/10009580484