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Levine, David K. - 2010

More advanced technologies demand higher degrees of specialization - and longer chains of production connecting raw inputs to final outputs. Longer production chains are subject to a "weakest link" effect: they are more fragile and more prone to failure. Optimal chain length is determined by the...

Persistent link: https://www.econbiz.de/10013135410

The European Union, the Euro, and Equity Market Integration

Bekaert, Geert - 2010

At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to … segmentation is significantly lower for EU versus non- EU members. Bilateral valuation differentials remain lower for EU members …, financial regulation, and interest rate differences. Importantly, we find that EU membership reduces equity market segmentation …

Persistent link: https://www.econbiz.de/10013135396

The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the Us and Europe

Justiniano, Alejandro - 2012

-Saxon countries (the US and the UK), two Continental European countries (France and Germany) and two Scandinavian countries (Norway … probabilities observed in US, with mixed success in Europe. In contrast, matching shocks and job destruction shocks play a larger … role in most European countries relative to the US …

Persistent link: https://www.econbiz.de/10013114011

The Euro and European Economic Conditions

Feldstein, Martin S. - 2011

The creation of the euro should now be recognized as an experiment that has led to the sovereign debt crisis in several countries, the fragile condition of major European banks, the high levels of unemployment, and the large trade deficits that now exist in most Eurozone countries. Although the...

Persistent link: https://www.econbiz.de/10013118129

Animal Spirits, Financial Crises and Persistent Unemployment

Farmer, Roger E. A. - 2011

This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of capital may be unbounded above. I argue that this property is an important feature of any rational-agent explanation of a financial crisis, since for the expansion phase of the...

Persistent link: https://www.econbiz.de/10013123693

Does European Unemployment Prop Up American Wages?

Davis, Donald R. - 2011

We consider trade between a flexible wage America and a rigid real wage Europe. In a benchmark case, a move from autarky to free trade doubles the European unemployment rate, while it raises the American unskilled wage to the high European level. Entry of the unskilled South to world markets...

Persistent link: https://www.econbiz.de/10013125263

Labor Market, Financial Crises and Inflation : Jobless and Wageless Recoveries

Calvo, Guillermo A. - 2012

This paper uses a sample of 116 recession episodes in developed and emerging market economies to compare the labor-market recovery during financial crises with that of other recession episodes. It documents two new stylized facts. First, labor-market recovery from financial crises is...

Persistent link: https://www.econbiz.de/10013099123

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

Canzoneri, Matthew B. - 2012

Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New Neoclassical Synthesis (NNS) model, we show that a common monetary policy, responding to area-wide aggregates, has asymmetric effects on countries within the union, depending on...

Persistent link: https://www.econbiz.de/10013100660

Currency Unions and Trade : A Post-Emu Mea Culpa

Glick, Reuven - 2015

In our European Economic Review (2002) paper, we used pre-1998 data on countries participating in and leaving currency unions to estimate the effect of currency unions on trade using (then-) conventional gravity models. In this paper, we use a variety of empirical gravity models to estimate the...

Persistent link: https://www.econbiz.de/10013015976

The Market Crash and Mass Layoffs : How the Current Economic Crisis May Affect Retirement

Coile, Courtney - 2010

Recent dramatic declines in U.S. stock and housing markets have led to widespread speculation that shrinking retirement …

Persistent link: https://www.econbiz.de/10013150735