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Convergence Empirics Across Economies with (Some) Capital Mobility

Quah, Danny - C.E.P.R. Discussion Papers - 1994

This paper reinterprets a simple model of growth and fluctuations across many economies to allow for the explicit …, little convergence. The analysis uncovers some `convergence club'-like dynamics, and reveals the wide diversity in growth …

Persistent link: https://www.econbiz.de/10005661869

Mind the Break! Accounting for Changing Patterns of Growth during Transition

Fidrmuc, Jan; Tichit, Ariane - C.E.P.R. Discussion Papers - 2007

time and/or countries. We demonstrate this argument by identifying structural breaks in growth regressions estimated with …-oriented reforms. We find robust evidence that the pattern of growth in transition has changed at least two times, yielding thus three … different models of growth associated with different stages of reform. The speed with which individual countries progress …

Persistent link: https://www.econbiz.de/10005136785

Patterns of convergence and Divergence in the Euro Area

Estrada García, Ángel; Galí, Jordi; Lopez-Salido, David - C.E.P.R. Discussion Papers - 2013

We study the extent of macroeconomic convergence/divergence among euro area countries. Our analysis focuses on four variables (unemployment, inflation, relative prices and the current account), and seeks to uncover the role played by monetary union as a convergence factor by using non-euro...

Persistent link: https://www.econbiz.de/10011083904

The Poor Stay Poor: Non-Convergence Across Countries and Regions

Canova, Fabio; Marcet, Albert - C.E.P.R. Discussion Papers - 1995

We study the issue of income convergence across countries and regions with a Bayesian model which allows us to use information in an efficient and flexible way. We argue that the very slow convergence rates to a common level of per-capita income found, for example, by Barro and Sala-i-Martin, is...

Persistent link: https://www.econbiz.de/10005067447

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

Nonlinearity in Deviations from Uncovered Interest Parity: An Explanation of the Forward Bias Puzzle

Leon, Hyginus; Sarno, Lucio; Valente, Giorgio - C.E.P.R. Discussion Papers - 2006

We provide empirical evidence that deviations from the uncovered interest rate parity (UIP) condition display significant nonlinearities, consistent with theories based on transactions costs or limits to speculation. This evidence suggests that the forward bias documented in the literature may...

Persistent link: https://www.econbiz.de/10005666605

'Aggregation Bias' DOES Explain the PPP Puzzle

Imbs, Jean; Mumtaz, Haroon; Ravn, Morten O; Rey, Hélène - C.E.P.R. Discussion Papers - 2005

This article summarizes our views on the role of an 'aggregation bias' in explaining the PPP Puzzle, in response to the several papers recently written in reaction to our initial contribution. We discuss in particular the criticisms of Imbs, Mumtaz, Ravn and Rey (2002) presented in Chen and...

Persistent link: https://www.econbiz.de/10005497899

The Behaviour of Relative Prices in the European Union: A Sectoral Analysis

Chen, Natalie - C.E.P.R. Discussion Papers - 2002

Using multivariate unit root test methods, this Paper investigates the Purchasing Power Parity (PPP) hypothesis at the sectoral level across six European countries over the last seventeen years. Evidence of mean reversion toward PPP is found for the relative prices of some sectors and countries....

Persistent link: https://www.econbiz.de/10005504281

Exchange Rate Pass-Through to Consumer Prices in South Africa: Evidence from Micro-Data

Aron, Janine; Creamer, Kenneth; Muellbauer, John; … - C.E.P.R. Discussion Papers - 2013

A sizeable literature examines exchange rate pass-through to disaggregated import prices but very few micro-studies focus on consumer prices. This paper explores exchange rate pass-through to consumer prices in South Africa during 2002-2007, using a unique data set of highly disaggregated data...

Persistent link: https://www.econbiz.de/10011084277

Deviations of Exchange Rates from Purchasing Power Parity: A Story Featuring Two Monetary Unions

Bayoumi, Tamim; MacDonald, Ronald - C.E.P.R. Discussion Papers - 1998

We examine the mean-reverting properties of real exchange rates, by comparing the unit root properties of a group of international real exchange rates with two groups of intra-national real exchange rates. Strikingly, we find that while the international real rates taken as a group are...

Persistent link: https://www.econbiz.de/10005666879

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