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External Shocks and Domestic Response : Israel'S Macroeconomic Performance, 1965-1982
Bruno, Michael - 2021
The paper applies an aggregate supply and demand framework for the study of Israel's brand of stagflation. After a very rapid growth period between 1967-1973 Israel's subsequent share growth slowdown and accelerated inflation seem particularly marked by any international comparison. The...
Persistent link: https://www.econbiz.de/10013218977
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The Timing of Monetary and Price Changes and the International Transmission of Inflation
Cassese, Antonio; Lothian, James R. - 2021
This paper presents a theoretical and empirical investigation into timing relationships between variables within and across industrialized countries. In the analysis we highlight the two polar cases of completely closed and open economies and draw some implications for timing between monetary...
Persistent link: https://www.econbiz.de/10013220970
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Monetary Policies in Interdependent Economies with Stochastic Disturbances : a Strategic Approach
Turnovsky, Stephen J.; d'Orey, Vasco - 2022
This paper analyzes strategic monetary policies using a standard two country stochastic macro model. Three noncooperative equilibria, namely Cournot, Stackelberg, and Consistent Conjectural Variations, are considered.The Pareto Optimal equilibrium, where aggregate joint costs are minimizedis...
Persistent link: https://www.econbiz.de/10013310160
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Leverage Constraints and the International Transmission of Shocks
Devereux, Michael B. - 2010
Recent macroeconomic experience has drawn attention to the importance of interdependence among countries through financial markets and institutions, independently of traditional trade linkages. This paper develops a model of the international transmission of shocks due to interdependent...
Persistent link: https://www.econbiz.de/10013139756
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Global House Price Fluctuations : Synchronization and Determinants
Hirata, Hideaki - 2012
We examine the properties of house price fluctuations across eighteen advanced economies over the past forty years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To...
Persistent link: https://www.econbiz.de/10013100986
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Comovement in GDP Trends and Cycles Among Trading Partners
Blonigen, Bruce A. - 2012
It has long been recognized that business cycle comovement is greater between countries that trade intensively with one another. Surprisingly, no one has previously examined the relationship between trade intensity and comovement of shocks to the trend level of output. Contrary to the result for...
Persistent link: https://www.econbiz.de/10013106491
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Business Cycles and the Asset Structure of Foreign Trade
Baxter, Marianne - 2010
International financial market linkages are widely believed to be important for the international transmission of business cycles, since these govern the extent to which individuals can smooth consumption in the presence of country-specific shocks to income. This paper develops a two-country,...
Persistent link: https://www.econbiz.de/10012763571
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World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernàndez, Andrés - 2016
Most existing studies of the macroeconomic effects of global shocks assume that they are mediated by a single intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This paper presents an empirical framework in which multiple...
Persistent link: https://www.econbiz.de/10012979352
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International Transmissions of Monetary Shocks : Between a Trilemma and a Dilemma
Han, Xuehui - 2016
This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary...
Persistent link: https://www.econbiz.de/10012979377
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TFP, News, and "Sentiments : " the International Transmission of Business Cycles
Levchenko, Andrei A. - 2015
We propose a novel identification scheme for a non-technology business cycle shock, that we label "sentiment." This is … a shock orthogonal to identified surprise and news TFP shocks that maximizes the short-run forecast error variance of an … shock produces a business cycle in the US, with output, hours, and consumption rising following a positive shock, and …
Persistent link: https://www.econbiz.de/10013026790