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Davis, Steven J. - 2019

-based measures. Examples from countries around the world illustrate the role of political and policy developments as drivers of …

Persistent link: https://www.econbiz.de/10012480187

An Index of Global Economic Policy Uncertainty

Davis, Steven J. - 2016

Building on Baker, Bloom and Davis (2016), I construct a monthly index of Global Economic Policy Uncertainty (GEPU) from January 1997. The GEPU Index is a GDP-weighted average of national EPU indices for 16 countries that account for two-thirds of global output. Each national EPU index reflects...

Persistent link: https://www.econbiz.de/10012455940

The Economic Effects of Private Equity Buyouts

Davis, Steven J. - 2019

We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions....

Persistent link: https://www.econbiz.de/10012480316

The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy

Jordà, Òscar - 2013

After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...

Persistent link: https://www.econbiz.de/10012459247

Precaution Versus Mercantilism : Reserve Accumulation, Capital Controls, and the Real Exchange Rate

Choi, Woo Jin - 2017

We document a new international stylized fact describing the relationship between real exchange rates and external asset holdings. Economists have long argued that the real exchange rate is associated with the net international investment position, appreciating as external wealth increases. This...

Persistent link: https://www.econbiz.de/10012455340

A Century of Purchasing-Power Parity

Taylor, Alan M. - 2000

This paper investigates purchasing-power parity (PPP) since the late nineteenth century. I collected data for a group of twenty countries over one hundred years, a larger historical panel of annual data than has ever been studied before. The evidence for long-run PPP is favorable using recent...

Persistent link: https://www.econbiz.de/10012470719

On the Gains to International Trade in Risky Financial Assets

Davis, Steven J. - 2000

enormous gains to trade when asset returns are calibrated to observed risk premia and all agents participate in asset markets …. The gains-to-trade puzzle is closely related to, but distinct from, the equity premium puzzle. High risk aversion merely … both puzzles. We also identify three reasons for limited international risk sharing. First, the requirement that asset …

Persistent link: https://www.econbiz.de/10012470954

The Great Depression as a Watershed : International Capital Mobility over the Long Run

Obstfeld, Maurice - 1997

This paper surveys the evolution of international capital mobility since the late nineteenth century. We begin with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital...

Persistent link: https://www.econbiz.de/10012472861

International Capital Mobility in History : The Saving-Investment Relationship

Taylor, Alan M. - 1996

Economic historians have been concerned with the evolution of international capital markets over the long run, but empirical testing of market integration has been limited. This paper augments the literature by investigating long- and short-run criteria for capital mobility using time-series and...

Persistent link: https://www.econbiz.de/10012473091

International Capital Mobility in History : Purchasing-Power Parity in the Long Run

Taylor, Alan M. - 1996

This paper investigates purchasing-power parity (PPP) since the late nineteenth century for a sample of twenty countries, a broader sample of pooled annual data than has been studied before. Econometric results for time-series and panel samples allows us to test the robustness of the PPP...

Persistent link: https://www.econbiz.de/10012473092