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We study the global macroeconomic effects of tariffs using a multiregional, general equilibrium model, EAGLE, that we extend by introducing US tariffs against Chinese imports into the US, and subsequently Chinese tariffs against US imports into China, consistent with recent trade policies by the...
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regions. Upon fixing exchange rates, the region with higher structural wage inflation falls into a low-growth trap. When … core. An empirical analysis confirms that the periphery's higher structural wage inflation rate contributed to its lower …
Persistent link: https://www.econbiz.de/10013186796
We find that investor sentiment should affect a firm's employment policy in a world with moral hazard and noise traders. Consistent with the model's predictions, we show that higher sentiment among US investors leads to: (1) higher employment growth worldwide; (2) lower labor productivity, as the...
Persistent link: https://www.econbiz.de/10010503991
In this paper we demonstrate that intra-industry trade (or FDI)between identical countries could produce theobserved deterioration in the relative wages of unskilled workers.This involves a model of North-Northintegration through either increased trade flows or increased MNE-based production....
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free float, an independent monetary authority and inflation targeting yields an outcome that mimics the price stabilization … authority and inflation targeting, would be Pareto-improving when compared to harder regimes. …
Persistent link: https://www.econbiz.de/10011326957
We assess whether climate transition risk is priced in Europe's equity market by analysing relative equity returns of high versus low CO2-emitting firms. We use a panel data set covering firm-specific carbon emissions of 1,555 European companies over the period 2005-2019. We add to the existing...
Persistent link: https://www.econbiz.de/10014317319