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Decomposing the great trade collapse : products, prices, and quantities in the 2008-2009 crisis
Haddad, Mona - 2011
"We identify a new set of stylized facts on the 2008-2009 trade collapse that we hope can be used to shed light on the importance of demand and supply-side factors in explaining the fall in trade. In particular, we decompose the fall in international trade into product entry and exit, price...
Persistent link: https://www.econbiz.de/10011395038
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The First Year of the Eurosystem : Inflation Targeting or Not?
Svensson, Lars E.O. - 2000
This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy...
Persistent link: https://www.econbiz.de/10012470926
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Looking for Contagion : Evidence from the ERM
Favero, Carlo A. - 2000
This paper applies a full-information technique to test for the presence of contagion across the money markets of ERM member countries. We show that whenever it is possible to estimate a model for interdependence, a test for contagion based on a full information technique is more powerful. We...
Persistent link: https://www.econbiz.de/10012470953
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The Rise and Fall of Foreign Exchange Market Intervention
Schwartz, Anna J. - 2000
The premise of the paper is that the fervor for foreign exchange market intervention by U.S, and European monetary authorities has ebbed in recent years. A pattern of initial belief in the effectiveness of foreign exchange market intervention has recently been eroded, as is revealed by the...
Persistent link: https://www.econbiz.de/10012470999
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Institutions, Restructuring, and Macroeconomic Performance
Caballero, Ricardo J. - 2000
A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...
Persistent link: https://www.econbiz.de/10012471041
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Price Level Convergence Among United States Cities : Lessons for the European Central Bank
Cecchetti, Stephen G. - 2000
We study the dynamics of price indices for major U.S. cities using panel econometric methods and find that relative price levels among cities mean revert at an exceptionally slow rate. In a panel of 19 cities from 1918 to 1995, we estimate the half-life of convergence to be approximately nine...
Persistent link: https://www.econbiz.de/10012471080
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The European Central Bank and the Euro : The First Year
Feldstein, Martin - 2000
The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and political history: creating a supranational central bank and leaving eleven countries without national currencies of their own. The experience of the first year confirms that one size...
Persistent link: https://www.econbiz.de/10012471257
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From Bismarck to Maastricht : The March to European Union and the Labor Compact
Krueger, Alan B. - 2000
This paper considers the likely impact that European Union (EU) will have on the labor compact. It is argued that … integration will place on the labor compact. Evidence is presented suggesting that labor mobility among EU countries has not … increased after the elimination of remaining restrictions on intra-EU labor mobility in 1993. Moreover, immigration from non-EU …
Persistent link: https://www.econbiz.de/10012471320
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Exchange Rate Pass-Through and the Welfare Effects of the Euro
Devereux, Michael B. - 1999
This paper explores the implications of the European single currency within a simple sticky price intertemporal model. The main issue we focus on is how the euro may alter the responsiveness of consumer prices to exchange rate changes. Our central conjectures is that the acceptance of the euro...
Persistent link: https://www.econbiz.de/10012471402
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The Future of EMU : What Does the History of Monetary Unions Tell Us?
Bordo, Michael D. - 1999
The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to a number of shortcomings or hazard areas' in the construction of EMU, such as the absence of a central lender of last resort function for EMU, the lack of a central authority...
Persistent link: https://www.econbiz.de/10012471419