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China's emergence in the world economy and business cycles in Latin America
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2011
vividly illustrated. This paper investigates how changes in trade linkages between China, Latin America, and the rest of the … world shows that the long-term impact of a China GDP shock on the typical Latin American economy has increased by three … to Latin America and the rest of emerging Asia (excluding China and India) GDP has not undergone any significant change …
Persistent link: https://www.econbiz.de/10009311486
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Global macro-financial cycles and spillovers
Ha, Jongrim; Kose, M. Ayhan; Otrok, Christopher M.; … - 2020
We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...
Persistent link: https://www.econbiz.de/10012178610
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The finnish great depression : from Russia with love
Gorodnichenko, Yuriy; Mendoza, Enrique G.; Tesar, Linda L. - 2009
During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the 1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union, because it induced a costly restructuring of the...
Persistent link: https://www.econbiz.de/10003831152
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Exchange rate volatility effects on the German labour market : a survey of recent results and extensions
Buscher, Herbert S.; Mueller, Claudia - 1999
In this paper, a survey on theoretically expected and empirically proved impacts of exchange rate volatility is given. With regard to the West German unemployment, the effects of volatility are empirically analysed using three different volatility measures and four country groups. In...
Persistent link: https://www.econbiz.de/10011294706
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On the exposure of the BRIC countries to global economic shocks
Belke, Ansgar; Dreger, Christian; Dubova, Irina - 2017
China) countries. The results reveal a strong impact of international variables on GDP growth. In contrast to the other … countries, China plays a crucial role in determining global trade and oil prices. Hence, the change in the Chinese growth …
Persistent link: https://www.econbiz.de/10011631497
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Asymmetric labor market institutions in the EMU and the volatility of inflation and unemployment differentials
Abbritti, Mirko; Müller, Andreas - 2012
How does the asymmetry of labor market institutions affect the adjustment of a currency union to shocks? To answer this question, this paper sets up a dynamic currency union model with monopolistic competition and sticky prices, hiring frictions and real wage rigidities. In our analysis, we...
Persistent link: https://www.econbiz.de/10009536516
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Counteracting unemployment in crises : non-linear effects of short-time work policy
Gehrke, Britta; Hochmuth, Brigitte - 2018
Short-time work is a labor market policy that subsidizes working time reductions among firms in financial difficulty to prevent layoffs. Many OECD countries have used this policy in the Great Recession. This paper shows that the effects of short-time work are strongly time dependent and...
Persistent link: https://www.econbiz.de/10011845664
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Trade and capital flows: substitutes or complements? : an empirical investigation
Belke, Ansgar; Domnick, Clemens - 2019
This paper examines the linkages between the trade of goods and financial assets. Do both flows behave as complements (implying a positive correlation) or as substitutes (negative correlation)? Although a classic topic in international macroeconomics, the empirical evidence has remained...
Persistent link: https://www.econbiz.de/10012099470
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Real wages and the business cycles in Germany
Marczak, Martyna; Beissinger, Thomas - 2010
This paper establishes stylized facts about the cyclicality of real consumer wages and real producer wages in Germany. As detrending methods we apply the deterministic trend model, the Beveridge-Nelson decomposition, the Hodrick-Prescott filter, the Baxter-King filter and the structural time...
Persistent link: https://www.econbiz.de/10009009395
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The dynamics of entrepreneurship : hysteresis, business cycles and government policy
Congregado, Emilio; Golpe, Antonio A.; Parker, Simon C. - 2009
This paper estimates an unobserved components model to explore the macro dynamics of entrepreneurship in Spain and the US. We ask whether entrepreneurship exhibits hysteresis, defined as a macro dynamic structure in which cyclical fluctuations have persistent effects on the natural rate of...
Persistent link: https://www.econbiz.de/10003830249