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Capital Account Liberalization and Wage Inequality : Evidence from Firm Level Data

Eklou, Kodjovi; Foster, Shakeba - 2023

1995-2019. We find that between-firms wage dispersion alone, accounts for a nontrivial proportion of the variation in the … market Gini. Our empirical findings show that capital account liberalization increases between-firms wage inequality, as … wages grow faster at initially high-paying firms and slow-down at firms at the lower portion of the wage distribution. These …

Persistent link: https://www.econbiz.de/10014254183

Measuring Global and Country-Specific Uncertainty

Ozturk, Ezgi O. - 2017

Motivated by the literature on the capital asset pricing model, we decompose the uncertaintyof a typical forecaster into common and idiosyncratic uncertainty. Using individual surveydata from the Consensus Forecasts over the period of 1989-2014, we develop monthlymeasures of macroeconomic...

Persistent link: https://www.econbiz.de/10012942353

The Distributional Impact of Recessions : The Global Financial Crisis and the Pandemic Recession

Shibata, Ippei - 2020

' jobs (which were not subject to government mandated shut-downs during the recent recession), and (iii) wage distributions …

Persistent link: https://www.econbiz.de/10012828220

Revisiting the Link between Finance and Macroeconomic Volatility

Dabla-Norris, Era - 2013

This paper examines the impact of financial depth on macroeconomic volatility using a dynamic panel analysis for 110 advanced and developing countries. We find that financial depth plays a significant role in dampening the volatility of output, consumption, and investment growth, but only up to...

Persistent link: https://www.econbiz.de/10013086316

Regionalization vs. Globalization

Hirata, Hideaki - 2013

Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the...

Persistent link: https://www.econbiz.de/10013086323

The Global Impact of the Systemic Economies and MENA Business Cycles

Cashin, Paul Anthony - 2013

This paper analyzes spillovers from macroeconomic shocks in systemic economies (China, the Euro Area, and the United States) to the Middle East and North Africa (MENA) region as well as outward spillovers from a GDP shock in the Gulf Cooperation Council (GCC) countries and MENA oil exporters to...

Persistent link: https://www.econbiz.de/10013088734

Mitigating the Deadly Embrace in Financial Cycles : Countercyclical Buffers and Loan-to-Value Limits

Beneš, Jaromír - 2016

This paper presents a new version of MAPMOD (Mark II) to study the effectiveness of macroprudential regulations. We extend the original model by explicitly modeling the housing market. We show how household demand for housing, house prices, and bank mortgages are intertwined in what we call a...

Persistent link: https://www.econbiz.de/10012977752

Global Financial Conditions and Monetary Policy Autonomy

Caceres, Carlos - 2016

Is the Mundell-Fleming trilemma alive and well? International co-movement of asset prices takes place along side synchronized business cycles, complicating the identification of financial spillovers and assessments of monetary policy autonomy. A benchmark for interest rate co-movement is to...

Persistent link: https://www.econbiz.de/10012977862

Booms, Crises, and Recoveries : A New Paradigm of the Business Cycle and its Policy Implications

Cerra, Valerie - 2018

All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for...

Persistent link: https://www.econbiz.de/10012928622

Global Housing Cycles

Igan, Deniz - 2015

Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements....

Persistent link: https://www.econbiz.de/10013036333