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The Determinants of Privatized Enterprise Performance in Russia
Angelucci, Manuela; Bevan, Alan; Estrin, Saul; Fennema, … - C.E.P.R. Discussion Papers - 2002
Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment outlined in the literature: enterprise ownership; corporate governance; market structures and competition;...
Persistent link: https://www.econbiz.de/10005666814
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Financial Frictions, Investment, and Institutions
Claessens, Stijn; Ueda, Kenichi; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010
frictions using a canonical investment model. We consider two channels by which frictions affect investment: (i) through … frictions, institutions affect investment. We find that improved corporate governance (e.g., less severe informational problems …) and enhanced contractual enforcement reduce financial frictions affecting investment, while stronger creditor rights (e …
Persistent link: https://www.econbiz.de/10008784722
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The Role of Speculation in Oil Markets: What Have We Learned So Far?
Fattouh, Bassam; Kilian, Lutz; Mahadeva, Lavan - C.E.P.R. Discussion Papers - 2012
was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major … than the financialization of oil futures markets. …
Persistent link: https://www.econbiz.de/10011084244
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Liquidity When It Matters Most: QE and Tobin’s q
Driffill, John; Miller, Marcus - C.E.P.R. Discussion Papers - 2011
investment and future aggregate supply. We show that, when the flex-price assumption is dropped, an adverse but temporary …
Persistent link: https://www.econbiz.de/10009275964
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The Structural Dynamics of US Output and Inflation: What Explains the Changes?
Canova, Fabio; Gambetti, Luca; Pappa, Evi - C.E.P.R. Discussion Papers - 2006
We examine the dynamics of US output and inflation using a structural time varying coefficient VAR. We show that there are changes in the volatility of both variables and in the persistence of inflation. Technology shocks explain changes in output volatility, while a combination of technology,...
Persistent link: https://www.econbiz.de/10005666833
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Aggregate Supply and Potential Output
Razin, Assaf - C.E.P.R. Discussion Papers - 2004
The New-Keynesian aggregate supply derives from micro-foundations an inflation-dynamics model very much like the tradition in the monetary literature. Inflation is primarily affected by: (i) economic slack; (ii) expectations; (iii) supply shocks; and (iv) inflation persistence. This Paper...
Persistent link: https://www.econbiz.de/10005791322
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Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey
Canova, Fabio; Favero, Carlo A. - C.E.P.R. Discussion Papers - 2005
We examine monetary policy in the euro area from both theoretical and empirical perspectives. We discuss what theory tells us the strategy of Central banks should be and contrasts it with the one employed by the ECB. We review accomplishments (and failures) of monetary policy in the euro area...
Persistent link: https://www.econbiz.de/10005791458
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Price Inertia and Production Lags
Lindbeck, Assar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1994
The paper shows how prolonged price inertia can arise in a macroeconomic system in which there are temporary price rigidities as well as production lags in the use of intermediate goods. In this context, changes in product demand -- generated, say, by changes in the money supply -- have...
Persistent link: https://www.econbiz.de/10005792119
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Testing the Monetary Policy Rule in the US: a Reconsideration of the Fed’s Behaviour
Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2009
We calibrate a standard New Keynesian model with three alternative representations of monetary policy- an optimal timeless rule, a Taylor rule and another with interest rate smoothing- with the aim of testing which if any can match the data according to the method of indirect inference. We find...
Persistent link: https://www.econbiz.de/10008491715
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Supply Shocks and Currency Crises: The Policy Dilemma Reconsidered
García-Fronti, Javier; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2006
The stylised facts of currency crises in emerging markets include output contraction coming hard on the heels of devaluation, with a prominent role for the adverse balance-sheet effects of liability dollarisation. In the light of the South East Asian experience, we propose an eclectic blend of...
Persistent link: https://www.econbiz.de/10005123989