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In this paper I offer an alternative identification assumption that allows one to test for changing patterns regarding the international propagation of shocks when endogenous variables, omitted variables, and heteroskedasticity are present in the data. Using this methodology, I demonstrate that...
Persistent link: https://www.econbiz.de/10012471430
This paper uses a new pre-1940 Third World data base documenting real wages and relative factor prices to explore their … wages to land rents, on the other hand, declined up to World War I and so did the ratio of wages to GDP per capita. The …
Persistent link: https://www.econbiz.de/10012471648
On the basis of a comparative growth analysis of ten major industrial countries, it is shown that the productivity slowdown of the 1970s can be attributed to a combination of the energy and raw material price shocks and the contractionary macroeconomic policies that were followed in response to...
Persistent link: https://www.econbiz.de/10012478165
Are financial crises a negative shock to demand or a negative shock to supply? This is a fundamental question for both macroeconomics researchers and those involved in real-time policymaking, and in both cases the question has become much more urgent in the aftermath of the recent financial...
Persistent link: https://www.econbiz.de/10012479740
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012479979
Empirical analyses of climatic event impacts on growth, while critical for policy, have been slow to be incorporated into macroeconomic climate-economy models. This paper proposes a joint empirical-structural approach to bridge this gap for tropical cyclones. First, we review competing empirical...
Persistent link: https://www.econbiz.de/10012480548
How does international trade affect the popularity of governments and leaders? We provide the first large-scale, systematic evidence that the divide between skilled and unskilled workers worldwide is producing corresponding differences in the response of political preferences to trade shocks....
Persistent link: https://www.econbiz.de/10012480715
The global financial crisis of 2008 was followed by a wave of regulatory reforms that affected large banks, especially those with a global presence. These reforms were reactive to the crisis.In this paper we propose a structural model of global banking that can be used proactively to perform...
Persistent link: https://www.econbiz.de/10012480855
Donald Trump's election and his nomination of Scott Pruitt, a climate skeptic, to lead the Environmental Protection Agency drastically downshifted expectations on US climate-change policy. We study firms' stock-price reactions and institutional investors' portfolio adjustments after these...
Persistent link: https://www.econbiz.de/10012480961
We analyse the economic conditions (the "shocks") behind currency movements and show how that analysis can help address a range of questions, focusing on exchange rate pass-through to prices. We build on a methodology previously developed for the United Kingdom and adapt this framework so that...
Persistent link: https://www.econbiz.de/10012481294