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International capital flows, external assets and output volatility
Hoffmann, Mathias; Krause, Michael; Tillmann, Peter - 2014
higher uncertainty of the income stream increases the precautionary savings motive of households. They have a desire to save … and a precautionary savings motive will lead to procyclical capital out ows at business cycle frequency and a higher long …
Persistent link: https://www.econbiz.de/10010433418
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Domestic saving and investment revised : can the Feldstein-Horioka equation be used for policy analysis?
Sachsida, Adolfo; Mendonça, Mário Jorge Cardoso de - 2015
Based on the relation between investment and domestic saving proposed by Feldstein and Horioka (1980) to verify capital … autoregressive (SVAR) involving investment and saving in order to evaluate the effect of exogenous shocks through impulse response … showed that investment is sensitive to contemporaneous innovation on saving and this effect lasts for a long time. Regarding …
Persistent link: https://www.econbiz.de/10012038727
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Real financial market exchange rates and capital flows
Gelman, Maria; Jochem, Axel; Reitz, Stefan - 2013
Foreign exchange rates and capital movements are expected to be closely related to each other as international capital markets become more and more integrated. To account for this fact we construct an index of real effective exchange rates as a weighted average of cross-country asset price...
Persistent link: https://www.econbiz.de/10010211958
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A dynamic theory of the Feldstein-Horioka puzzle and financial frictions : re-estimation of the saving retention coefficient
Takahashi, Harutaka - 2020
Persistent link: https://www.econbiz.de/10012582699
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Carry funding and safe haven currencies : a threshold regression approach
Hossfeld, Oliver; MacDonald, Ronald - 2014
In this paper, we analyze which currencies can be regarded as safe haven currencies. Our empirical approach allows us to distinguish between a low- and high stress regime, and to control for the impact of carry trade reversals and other fundamental determinants. We therefore address the question...
Persistent link: https://www.econbiz.de/10010433356
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A consistent set of multilateral productivity approach-based indicators of price competitiveness
Fischer, Christoph; Hossfeld, Oliver - 2014
We propose a novel, multilaterally consistent productivity approach-based indicator to assess the international price competitiveness of 57 industrialized and emerging economies. It is designed to be a useful assessment tool for monetary policy authorities and, thereby, differs from previously...
Persistent link: https://www.econbiz.de/10010373688
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Thoughts on a fiscal union in EMU
Gadatsch, Niklas; Hollmayr, Josef; Stähler, Nikolai - 2016
Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...
Persistent link: https://www.econbiz.de/10011546743
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Optimal fiscal substitutes for the exchange rate in a monetary union
Kaufmann, Christoph - 2016
This paper studies Ramsey-optimal monetary and fiscal policy in a New Keynesian 2-country open economy framework, which is used to assess how far fiscal policy can substitute for the role of nominal exchange rates within a monetary union. Giving up exchange rate flexibility leads to welfare...
Persistent link: https://www.econbiz.de/10011561923
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Capital mobility within EMU
Stirböck, Claudia; Heinemann, Friedrich - 1999
capital in the past. The conclusion is that within EMU domestic saving and investment will be less correlated than they were …
Persistent link: https://www.econbiz.de/10013428227
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International investment positions and exchange rate dynamics
Binder, Michael; Offermanns, Christian J. - 2014
We revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions … as well as weighted foreign prices is a homogeneous function of a country's international investment position. We find … investment positions are an essential component to characterizing this conditionality. …
Persistent link: https://www.econbiz.de/10010414236