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Manufacturing Restructuring and the Role of Real Exchange Rate Shocks

Ekholm, Karolina; Moxnes, Andreas; Ulltveit-Moe, … - C.E.P.R. Discussion Papers - 2008

productivity and restructuring. Unlike previous studies we are able to account for the heterogeneity across firms in their exposure … by increasing productivity. The RER shock was associated with substantial within-firm productivity gains for net … exporters; gains that seem to have come about partly through technological improvements. The productivity gains also appear to …

Persistent link: https://www.econbiz.de/10005666743

The Purchasing Power Parity Debate

Taylor, Alan M.; Taylor, Mark P - C.E.P.R. Discussion Papers - 2004

Originally propounded by the 16th-century scholars of the University of Salamanca, the concept of purchasing power parity (PPP) was revived in the interwar period in the context of the debate concerning the appropriate level at which to re-establish international exchange rate parities. Broadly...

Persistent link: https://www.econbiz.de/10005662378

The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates

Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2000

The relationship between international payments and the real exchange rate - the ‘transfer problem’ - is one of the classic questions in international economics. In this paper we use cross-country data on real exchange rates and a newly constructed data set on countries’ net external...

Persistent link: https://www.econbiz.de/10005067388

Real Exchange Rates and Sectoral Productivity in the Eurozone

Berka, Martin; Devereux, Michael B; Engel, Charles M - C.E.P.R. Discussion Papers - 2014

We investigate the link between real exchange rates and sectoral total factor productivity measures for countries in … previous studies that have found little relationship between productivity levels and the real exchange rate among high …

Persistent link: https://www.econbiz.de/10011083214

Optimal Monetary Policy and the Sources of Local-Currency Price Stability

Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - C.E.P.R. Discussion Papers - 2007

We analyze the policy trade-offs generated by local currency price stability of imports in economies where upstream producers strategically interact with downstream firms selling the final goods to consumers. We study the effects of staggered price setting at the downstream level on the optimal...

Persistent link: https://www.econbiz.de/10005661514

International Business Cycles: The Quantitative Role of Transportation Costs

Mazzenga, Elisabetta; Ravn, Morten O - C.E.P.R. Discussion Papers - 2002

We evaluate the quantitative effects of introducing costs of transporation into an international trade model. We model these costs through the introduction of international transportation services sector. Costs of transportation have substantial long-run effects on welfare and may impact on the...

Persistent link: https://www.econbiz.de/10005661803

Real Exchange Rate Overshooting RBC Style

Meenagh, David; Minford, Patrick; Nowell, Eric; Sofat, … - C.E.P.R. Discussion Papers - 2005

, using UK experience as empirical focus. We show that a productivity burst simulation is capable of explaining the …

Persistent link: https://www.econbiz.de/10005791457

Why crises happen - nonstationary macroeconomics

Davidson, James; Meenagh, David; Minford, Patrick; … - C.E.P.R. Discussion Papers - 2010

A Real Business Cycle model of the UK is developed to account for the behaviour of UK nonstationary macro data. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a VECM representation of the data; we find the model can explain...

Persistent link: https://www.econbiz.de/10008784696

Large Capital Inflows, Sectoral Allocation and Economic Performance

Benigno, Gianluca; Converse, Nathan; Fornaro, Luca - C.E.P.R. Discussion Papers - 2015

This paper describes the stylized facts characterizing periods of exceptionally large capital inflows in a sample of 70 middle- and high-income countries over the last 35 years. We identify 155 episodes of large capital inflows and find that these events are typically accompanied by an economic...

Persistent link: https://www.econbiz.de/10011266535

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...

Persistent link: https://www.econbiz.de/10009293988

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