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How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches
Fratzscher, Marcel - 2005
The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates over the medium- to long-run. It compares empirical evidence based on time-series analysis with that obtained from an eventstudy approach. Both the time-series approach based...
Persistent link: https://www.econbiz.de/10011604574
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Global financial transmission of monetary policy shocks
Ehrmann, Michael; Fratzscher, Marcel - 2006
The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...
Persistent link: https://www.econbiz.de/10011604662
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Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
skills of analysts – such as their educational and employment backgrounds – and to geography. In particular, there is …
Persistent link: https://www.econbiz.de/10011604741
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The transmission of emerging market shocks to global equity markets
Cuadro Sáez, Lucía; Fratzscher, Marcel; Thimann, Christian - 2007
The paper analyses whether, and to what extent, emerging market economies (EMEs) have systemic importance for global financial markets, above and beyond their influence during crises episodes. Using a novel database of exogenous economic and political shocks for 14 systematically relevant EMEs,...
Persistent link: https://www.econbiz.de/10011604770
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What explains global exchange rate movements during the financial crisis?
Fratzscher, Marcel - 2009
A striking and unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar,...
Persistent link: https://www.econbiz.de/10011605106
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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - 2009
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10011605168
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Aggregate worker reallocation and occupational mobility in the United States: 1971 - 2000
Moscarini, Giuseppe; Vella, Francis - 2002
We investigate the evolution and the sources of aggregate employment reallocation in the United States in the 1971 … different technology. We find that the total reallocation of employment across occupations has been strongly procyclical and … these patterns, while correcting for possible worker selection into employment, we construct a synthetic panel based on …
Persistent link: https://www.econbiz.de/10010292926
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The lifecycle model of consumption and saving
Browning, Martin; Crossley, Thomas F, - 2001
The life-cycle framework is the standard way that economists think about the intertemporal allocation of time, effort and money. The framework has a venerable history in the economics profession with roots in the in…nite horizon models of Ramsey (1926) and Friedman (1957) and the …nite...
Persistent link: https://www.econbiz.de/10010292931
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The SES health gradient on both sides of the Atlantic
Banks, James; Marmot, Michael; Oldfield, Zoë; Smith, … - 2006
In this paper we investigate the size of health differences that exist among men in England and the United States and how those differences vary by Socio-Economic Status (SES) in both countries. Three SES measures are emphasized - education, household income, and household wealth - and the...
Persistent link: https://www.econbiz.de/10010292933
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Why is consumption more log normal than income? Gibrat's law revisited
Battistin, Erich; Blundell, Richard; Lewbel, Arthur - 2007
Significant departures from log normality are observed in income data, in violation of Gibrat’s law. We identify a new empirical regularity, which is that the distribution of consumption expenditures across households is, within cohorts, closer to log normal than the distribution of income. We...
Persistent link: https://www.econbiz.de/10010292940