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Firm-specific productivity risk over the business cycle : facts and aggregate implications
Bachmann, Ruediger; Bayer, Christian - 2009
question in the context of a heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital …
Persistent link: https://www.econbiz.de/10003857672
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The cross-section of firms over the business cycle : new facts and a DSGE exploration
Bachmann, Ruediger; Bayer, Christian - 2009
Using a unique German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The...
Persistent link: https://www.econbiz.de/10003857682
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On the nonlinear influence of Reserve Bank of Australia interventions on exchange rates
Reitz, Stefan; Ruelke, Jan-Christoph; Taylor, Mark P. - 2010
This paper applies nonlinear econometric models to empirically investigate the effectiveness of the Reserve Bank of Australia (RBA) exchange rate policy. First, results from a STARTZ model are provided revealing nonlinear mean reversion of the Australian dollar exchange rate in the sense that...
Persistent link: https://www.econbiz.de/10003964417
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Deciding to peg the exchange rate in developing countries : the role of private-sector debt
Harms, Philipp; Hoffmann, Mathias - 2009
We argue that a higher share of the private sector in a country's external debt raises the incentive to stabilize the exchange rate. We present a simple model in which exchange rate volatility does not affect agents' welfare if all the debt is incurred by the government. Once we introduce...
Persistent link: https://www.econbiz.de/10003915192
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Transmission of nominal exchange rate changes to export prices and trade flows and implications for exchange rate policy
Hoffmann, Mathias; Holtemöller, Oliver - 2009
We discuss how the welfare ranking of fixed and flexible exchange rate regimes in a New Open Economy Macroeconomics model depends on the interplay between the degree of exchange rate pass-through and the elasticity of substitution between home and foreign goods. We identify combinations of these...
Persistent link: https://www.econbiz.de/10003870831
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Real currency appreciation in accession countries : Balassa-Samuelson and investment demand
Fischer, Christoph - 2002
country's real exchange rate to various shocks is derived in a simple model. It is shown that productivity shocks work not …
Persistent link: https://www.econbiz.de/10011431705
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The global dimension of inflation : evidence from factor-augmented Phillips curves
Eickmeier, Sandra (contributor); Moll, Katharina (contributor) - 2008
We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007in a traditional Phillips curve … affect inflation through (the common part of) domestic demand and supplyconditions. Our most important result is that the … common component of changes in unit laborcosts notably affects inflation. We also find evidence that movements in import …
Persistent link: https://www.econbiz.de/10003794365
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Fiscal foundation of convergence to European Union in Pre-Accession Transition Countries
Halpern, László; Neményi, Judit - 2002
Pre-Accession Transition Countries (PATCs) aim at early admittance to the monetary club. Their fiscal indicators - deficit and debt - do not show any serious symptoms. Closer scrutiny reveals, however, that the interest burden of their public debt might be underestimated, and that restructuring...
Persistent link: https://www.econbiz.de/10011431300
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The impact of fiscal policy on economic activity over the business cycle : evidence from a threshold VAR analysis
Baum, Anja; Koester, Gerrit - 2011
Does the state of the business cycle matter for the effects of fiscal policy shocks on GDP? This study analyses quarterly German data from 1976 to 2009 in a threshold SVAR, expanding the SVAR approach by Blanchard and Perotti (2002). In a linear benchmark SVAR, the analysis finds that hiking...
Persistent link: https://www.econbiz.de/10008936115
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FiMod – a DSGE model for fiscal policy simulations
Stähler, Nikolai; Thomas, Carlos - 2011
disaggregation on the government expenditures side, by explicitly distinguishing between (productivity-enhancing) public investment …
Persistent link: https://www.econbiz.de/10008937391