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The origins of the German current account surplus: Unbalanced productivity growth and structural change
Coricelli, Fabrizio; Ravasan, Farshad R; Wörgötter, … - C.E.P.R. Discussion Papers - 2013
The surge in the German current account surplus in the 2000s is often interpreted as the result of efficiency-enhancing structural reforms, especially in the labor market. However, this interpretation is puzzling because the growth rate of the German economy has been one of the lowest in the...
Persistent link: https://www.econbiz.de/10011083287
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Global Imbalances: In Midstream?
Blanchard, Olivier J; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does …
Persistent link: https://www.econbiz.de/10008468701
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The 1920s and the 1990s in Mutual Reflection
Gordon, Robert J - C.E.P.R. Discussion Papers - 2005
fixed investment that became excessive and proved to be unsustainable, while the productivity acceleration helps to account …-01 collapse of investment and the stock market proves that good public policy matters, going beyond the narrowly defined …
Persistent link: https://www.econbiz.de/10005792478
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Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2000
Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...
Persistent link: https://www.econbiz.de/10005124252
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Betting the House
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011145419
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What Caused the Decline in U. S. Business Cycle Volatility?
Gordon, Robert J - C.E.P.R. Discussion Papers - 2005
the economy, which concludes that three sectors residential and inventory investment and Federal government spending …
Persistent link: https://www.econbiz.de/10005067357
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Surprise, Surprise - Measuring Firm-level Investment Innovations
Bachmann, Rüdiger; Elstner, Steffen; Hristov, Atanas - C.E.P.R. Discussion Papers - 2014
Firms expect certain investment expenditures. Firms realize certain investment expenditures. The difference is an … investment surprise. With the help of the IFO Investment Survey for the German manufacturing sector we measure firms …’ (quantitative) investment expectations and firms’ (quantitative) investment realizations on a yearly basis and construct a panel of …
Persistent link: https://www.econbiz.de/10011084608
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Towards a Theory of Firm Entry and Stabilization Policy
Bergin, Paul R; Corsetti, Giancarlo - C.E.P.R. Discussion Papers - 2005
investment, as well as its implications for market competitiveness. In this context, monetary policy has an additional role in …
Persistent link: https://www.econbiz.de/10005497957
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Pooling Risk Among Countries
Imbs, Jean; Mauro, Paolo - C.E.P.R. Discussion Papers - 2007
We identify the groups of countries where international risk-sharing opportunities are most attractive. We show that the bulk of risk-sharing gains can be achieved in groups consisting of as few as seven members, and that further marginal benefits quickly become negligible. For many such small...
Persistent link: https://www.econbiz.de/10005791988
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Habit Formation and Fiscal Transmission in Open Economies
Cardi, Olivier; Müller, Gernot - C.E.P.R. Discussion Papers - 2010
model. We find that i) government spending increases output and induces a simultaneous decline of investment and the current … account, but does not affect consumption; ii) the responses of output and investment are smaller in more open economies, while … simultaneous decline in investment and the current account. …
Persistent link: https://www.econbiz.de/10008684676