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Disaggregating the international business cycle

Gilhooly, Robert; Weale, Martin; Wieladek, Tomasz - 2012

This paper investigates the international business cycle with new sector level data on hours and output for Canada, Germany, France, Italy, the United Kingdom and the United States from 1992 Q1 to 2011 Q3. We estimate a Bayesian dynamic common factor model on this disaggregate data to decompose...

Persistent link: https://www.econbiz.de/10009580709

Financial integration and the co-movement of economic activity : evidence from U.S. states

Götz, Martin; Gozzi, Juan Carlos - 2021

We analyze the effect of the geographic expansion of banks across U.S. states on the co-movement of economic activity between states. Exploiting the removal of interstate banking restrictions to construct time-varying instrumental variables at the state-pair level, we find that bilateral banking...

Persistent link: https://www.econbiz.de/10012651086

The global financial cycle and macroeconomic tail risks

Beutel, Johannes; Emter, Lorenz; Metiu, Norbert; … - 2022

We study the link between the global financial cycle and macroeconomic tail risks using quantile vector autoregressions. Contractionary shocks to financial conditions and monetary policy in the United States cause elevated downside risks to growth around the world. By tightening financial...

Persistent link: https://www.econbiz.de/10013459721

International Welfare Effects of Monetary Policy

Tervala, Juha - 2011

In this paper, I examine the international welfare effects of monetary policy. I develop a New Keynesian two-country model, where central banks in both countries follow the Taylor rule. I show that a decrease in the domestic interest rate, under producer currency pricing, is a beggar-thyself...

Persistent link: https://www.econbiz.de/10012503020

Learning by Devaluating: A Supply-Side Effect of Competitive Devaluation

Tervala, Juha - 2011

This study shows that the learning by doing (LBD) effect has substantial, both quantitative and qualitative, consequences for the international transmission of monetary policy. LDB implies that a country can increase its productivity-increasing skill level, at the expense of the neighbour, by...

Persistent link: https://www.econbiz.de/10012503021

A transfer mechanism for a monetary union

Engler, Philipp; Voigts, Simon - 2013

We show in a dynamic stochastic general equilibrium framework that the introduction of a common currency by a group of countries with only partially integrated goods markets, incomplete financial markets and no labor migration across member states, significantly increases volatility of...

Persistent link: https://www.econbiz.de/10009723588

Beggar-thyself or beggar-thy-neighbour? : the welfare effects of monetary policy

Tervala, Juha; Engler, Philipp - 2010

This paper examines whether monetary expansion is a beggar-thyself or beggar-thy-neighbour policy. Obstfeld and Rogoff (1995) show that monetary expansion under producer currency pricing increases domestic and foreign overall welfare, in cases where the crosscountry substitutability is high. If...

Persistent link: https://www.econbiz.de/10003962839

Globalization and international business cycle dynamics : a conditional GVAR approach

Binder, Michael; Offermanns, Christian J. - 2014

We examine the effects of increased international integration of both goods and financial markets on business cycle dynamics. To do so, we develop a new econometric framework for modelling cross-country spillovers in which the magnitude of these spillovers is an empirically determined function...

Persistent link: https://www.econbiz.de/10010414228

The organization of knowledge in multinational firms

Gumpert, Anna - 2015

This paper provides the first in-depth study of the organization of knowledge in multinational firms. The paper develops a theoretical model that studies how firms optimally split knowledge between their headquarters and their production plants if communication costs impede the access of...

Persistent link: https://www.econbiz.de/10011373085

Assessment of German-Pakistani relations in trade, investment and strategic cooperation

Mahmood, Talat - 2014

, multiplying domestic challenges like macroeconomic and trade instability, societal conflicts and crises in energy supply and … especially on trade, economic cooperation and strategic interests on both sides. The analysis of the German-Pakistani trade and … private trade business relations with German SME's active on the Pakistani market (mostly through agents) and a lack of …

Persistent link: https://www.econbiz.de/10010340175

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