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frictions. In the model, financial intermediaries or banks borrow from the world market and lend to domestic households. Banks … in the world interest rate. Unconventional policies, including central bank direct credit, discount lending, and equity …
Persistent link: https://www.econbiz.de/10012999466
This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development, financial development, legal system development, government...
Persistent link: https://www.econbiz.de/10013308338
, the effects of a financial shock are amplified and propagated through large and long-lived disruptions to the distribution … shock itself. This recession, and the subsequent recovery, is distinguished both quantitatively and qualitatively from that …
Persistent link: https://www.econbiz.de/10013121072
This paper develops the thesis that credit market frictions may be an important contributor to high unemployment in Europe. When a change in the technological regime necessitates the creation of new firms, this can happen relatively rapidly in the U.S. where credit markets function efficiently....
Persistent link: https://www.econbiz.de/10013240945
This paper investigates the determinants of the real exchange rate using a panel of disaggregated data for the OECD countries. It also marries two literatures - one which uses panel data to measure relationships between changes in exchange rates to changes in the determinants, and the other...
Persistent link: https://www.econbiz.de/10013248247
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/10013248543
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output–the delay between a discovery and production is on average 4 to 6 years. We first...
Persistent link: https://www.econbiz.de/10013030068
We use the forward-looking information from the US and global capital markets to estimate the economic impact of global warming, specifically, long-run temperature shifts. We find that global warming carries a positive risk premium that increases with the level of temperature and that has almost...
Persistent link: https://www.econbiz.de/10012984763
of both data and estimation. We find that expected risk-free rates vary dramatically over time, unlike short interest …
Persistent link: https://www.econbiz.de/10012762798
real shocks between the U.S. and the rest of the world has declined. We then present a model in which international …
Persistent link: https://www.econbiz.de/10013313636