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The Fiscal Theory of the Price Level with a Bubble
Brunnermeier, Markus K. - 2020
This paper incorporates a bubble term in the standard FTPL equation to explain why countries with persistently negative primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed-form solutions in which idiosyncratic risk on capital returns...
Persistent link: https://www.econbiz.de/10012834354
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Energy Efficiency in General Equilibrium with Input-Output Linkages
Blackburn, Christopher J. - 2020
Industrial activity periodically experiences breakthrough innovations in energy efficiency, but the estimated impacts of these innovations on aggregate energy use are highly varied. We develop a general equilibrium model to investigate whether this variation is determined by the structure of the...
Persistent link: https://www.econbiz.de/10012844213
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Container Trade and the U.S. Recovery
Kilian, Lutz; Nomikos, Nikos K.; Zhou, Xiaoqing - 2021
Since the 1970s, exports and imports of manufactured goods have been the engine of international trade and much of that trade relies on container shipping. This paper introduces a new monthly index of the volume of container trade to and from North America. Incorporating this index into a...
Persistent link: https://www.econbiz.de/10013221179
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Ties
Revelli, Federico - 2019
-voter theory, we develop a model of costly instrumental voting in sequential elections with private information, where voters …
Persistent link: https://www.econbiz.de/10012864930
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Arming in the Global Economy : The Importance of Trade with Enemies and Friends
Garfinkel, Michelle R. - 2019
between enemies versus trade between friends to provide some evidence that is consistent with the theory …
Persistent link: https://www.econbiz.de/10012892081
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Interdependencies between Countries in the Provision of Energy
Radulescu, Doina; Sulger, Philippe - 2021
Many economies are concerned with the future security of electricity supply. This is rooted in the necessity to decarbonise energy systems and in the nuclear phase-out. Hence, some economies, instead of investing in own domestic energy capacity, rely on energy production by their neighbours. At...
Persistent link: https://www.econbiz.de/10013245630
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Quantifying the EU-Japan Economic Partnership Agreement
Felbermayr, Gabriel J. - 2018
This paper provides a quantitative analysis of the new EU-Japan free trade agreement (FTA), the biggest bilateral deal … that both the EU and Japan have concluded so far. It employs a generalized variant of the Eaton-Kortum (2002) model … reductions in the costs of NTBs. This approach yields long-run welfare effects for Japan of about 18 bn. USD per year (0.31% of …
Persistent link: https://www.econbiz.de/10012908655
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Real convergence, price level convergence and inflation differentials in Europe
Égert, Balázs - 2007
This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and non-market-based service, house...
Persistent link: https://www.econbiz.de/10010264234
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Real Convergence, Price Level Convergence and Inflation Differentials in Europe
Égert, Balázs - 2021
This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and non-market-based service, house...
Persistent link: https://www.econbiz.de/10013316808
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Shocks, Frictions, and Inequality in US Business Cycles
Bayer, Christian - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...
Persistent link: https://www.econbiz.de/10012841741