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Labour Market Rigidities, Financial Integration and International Risk Sharing in the OECD
Fidrmuc, Jarko; Foster-McGregor, Neil; Scharler, Johann - 2021
Economic theory predicts that consumption growth rates should be highly correlated across countries. Empirical evidence … integration has a limited impact upon cross-country consumption correlations, labour market rigidities significantly increase … consumption correlations. The results suggest that labour market rigidities improve the allocation of consumption risks either by …
Persistent link: https://www.econbiz.de/10013317001
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A Unified Model of International Business Cycles and Trade
Bhattarai, Saroj - 2020
We present a unified dynamic framework to study the interconnections between international trade and business cycle models. We prove an aggregate equivalence between a competitive, representative firm model that has aggregate production externalities and dynamic trade models that feature...
Persistent link: https://www.econbiz.de/10012840220
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Business Cycle Narratives
Larsen, Vegard - 2019
Research about narratives’ role in economics is scarce, while real word experience and research in other sciences suggest they matter a lot. This article proposes a view and methodology for quantifying the epidemiology of media narratives relevant to business cycles in the US, Japan, and...
Persistent link: https://www.econbiz.de/10012892114
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On Optimal Currency Areas and Common Cycles : Are the Acceding Countries Ready to Join the Euro?
Grimm, Louisa; Steinkamp, Sven; Westermann, Frank - 2021
The former EU president Jean-Claude Junker has proposed that all countries of the European Union should also adopt the euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the classical Optimal Currency Area (OCA) criterion of positively...
Persistent link: https://www.econbiz.de/10013232406
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Price Change Synchronization within and between Firms
Nilsen, Øivind Anti; Skuterud, Håvard; Munthe-Kaas … - 2021
This paper provides evidence on price rigidity at the product- and firm-level in Norway. A strong within-firm synchronization is found supporting the theory of economies of scope in menu costs. The industry synchronization effects are found to be small suggesting that firms either have some...
Persistent link: https://www.econbiz.de/10013213783
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Labour market rigidities, financial integration and international risk sharing in the OECD
Fidrmuc, Jarko; Foster, Neil; Scharler, Johann - 2007
Economic theory predicts that consumption growth rates should be highly correlated across countries. Empirical evidence … integration has a limited impact upon cross-country consumption correlations, labour market rigidities significantly increase … consumption correlations. The results suggest that labour market rigidities improve the allocation of consumption risks either by …
Persistent link: https://www.econbiz.de/10010264155
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Regulating national firms in a common market
Biancini, Sara - 2008
We consider the regulation of national firms in a common market. Regulators can influence the production of national firms but they incur in a positive cost of public funds. First, we show that market integration is welfare improving if and only if the efficiency gains compensate for the...
Persistent link: https://www.econbiz.de/10010264297
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Deviations from the law of one price in Japan
Cheung, Yin-Wong; Fujii, Eiji - 2008
Using 25 years of monthly data on individual Japanese retail prices, we study the behavior of product-specific Law of One Price (LOP) deviations. Individual tradable products, compared with nontradables, are more likely to have different distributions of LOP deviations across cities. Their...
Persistent link: https://www.econbiz.de/10010264343
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Powering up developing countries through integration?
Auriol, Emmanuelle; Biancini, Sara - 2012
Power market integration is analyzed in a two countries model with nationally regulated firms and costly public funds. If generation costs between the two countries are too similar negative business-stealing outweighs efficiency gains so that following integration welfare decreases in both...
Persistent link: https://www.econbiz.de/10010283608
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Stock Market Linkages between the ASEAN Countries, China and the Us : A Fractional Cointegration Approach
Caporale, Guglielmo Maria - 2019
This paper examines stock market integration between the ASEAN five and the US and China, respectively, over the period from November 2002 to March 2018. The linkages between both aggregate and financial sector stock indices (both weekly and monthly) are analysed using fractional integration and...
Persistent link: https://www.econbiz.de/10012891049