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The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
Caliendo, Lorenzo; Parro, Fernando; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2014
environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes … pairwise interregional trade across all 50 U.S. states, 26 traded and non-traded industries, labor as a mobile factor, and … matches the U.S. input-output matrix. Using data on trade flows by industry between states, as well as other regional and …
Persistent link: https://www.econbiz.de/10011083376
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The Impact of Exchange Rate Fluctuations on European Union Trade
Sapir, André; Sekkat, Khalid; Weber, Axel A - C.E.P.R. Discussion Papers - 1994
The impact of exchange rate fluctuations on international trade has long been a major concern for policy-makers. This … is particularly the case in Europe, where countries trade extensively with each other. The crisis that began in the … Summer of 1992 generated increased exchange rate fluctuations and, therefore, renewed concerns about consequences for trade …
Persistent link: https://www.econbiz.de/10005136634
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Confidence Crises and Public Debt Management
Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1989
Under free capital mobility, confidence crises can lead to devaluations even when fixed exchange rates are viable, if fiscal authorities can obtain temporary money financing of deficits. During a crisis domestic interest rates increase, reflecting the expected devaluation. Rather than selling...
Persistent link: https://www.econbiz.de/10005791449
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The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility
Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1986
It is often argued that the EMS is an effective disciplinary device for inflation-prone countries in the EEC, since it forces policy-makers in these countries to pursue more restrictive monetary policies than they would otherwise. It is not clear, however, why these countries should submit...
Persistent link: https://www.econbiz.de/10005791653
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The Determinants of Realignment Expectations Under the EMS - Some Empirical Regularities
Chen, Zhaohui; Giovannini, Alberto - C.E.P.R. Discussion Papers - 1993
The stability of the EMS depends crucially on the realignment expectations of market participants. In this paper we discuss how to measure such expectations and how to relate them to economic fundamentals, central bank reputation, and the institutional arrangements of the EMS. We find the...
Persistent link: https://www.econbiz.de/10005136742
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On the Nature of Risk in the Foreign Exchange Markets: Evidence from the Dollar and the EMS Markets
De Grauwe, Paul - C.E.P.R. Discussion Papers - 1989
In this paper we analyze the behavior of the risk premia in exchange markets with very different exchange rate regimes: free floating (dollar markets), the low credibility EMS regime (e.g., Lira/DM and FF/DM) and the high credibility EMS regime (guilder/DM). We find that in the first and the...
Persistent link: https://www.econbiz.de/10005067353
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Fixes: Of the Forward Discount Puzzle
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1994
Regressions of ex-post changes in floating exchange rates on appropriate interest differentials typically imply that the high interest rate currency tends to appreciate - the `forward discount puzzle'. Using data from the European Monetary System we find that a large part of the forward discount...
Persistent link: https://www.econbiz.de/10005067597
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Is There a Safe Passage to EMU? Evidence on Capital Controls and a Proposal
Eichengreen, Barry; Rose, Andrew K; Wyplosz, Charles - C.E.P.R. Discussion Papers - 1994
This paper provides evidence on the effects of capital controls. We show that controls have been associated with significant differences in macroeconomic behaviour, especially in monetary policy. While they have not prevented speculative attacks, they have provided the breathing space needed to...
Persistent link: https://www.econbiz.de/10005067603
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The Geography of Development: Evaluating Migration Restrictions and Coastal Flooding
Desmet, Klaus; Nagy, David Krisztián; Rossi-Hansberg, … - C.E.P.R. Discussion Papers - 2015
We study the relationship between geography and growth. To do so, we first develop a dynamic spatial growth theory with realistic geography. We characterize the model and its balanced growth path and propose a methodology to analyze equilibria with different levels of migration frictions. We...
Persistent link: https://www.econbiz.de/10011252617
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Production Networks, Geography and Firm Performance
Bernard, Andrew B.; Moxnes, Andreas; Saito, Yukiko U. - C.E.P.R. Discussion Papers - 2015
This paper examines the importance of buyer-supplier relationships, geography and the structure of the production network in firm performance. We develop a simple model where firms can outsource tasks and search for suppliers in different locations. Low search and outsourcing costs lead firms to...
Persistent link: https://www.econbiz.de/10011262884