Showing 1 - 10 of 243
reduced restructuring following recessions. We also discuss corroborating evidence from merger waves' in the restructuring of …
Persistent link: https://www.econbiz.de/10012471041
We study whether the sensitivity of economic, health, and livelihood outcomes to climate extremes has declined over the last half century, consistent with adaptation. Understanding whether such adaptation is already occurring is central to anticipating future climate damages, to calibrating the...
Persistent link: https://www.econbiz.de/10015072926
Paths into the Asian Crisis of 1997-98 and the recent global financial crisis were similar, but the roads out could not be more different. Common wisdom has it that on impact Asia endured fiscal austerity imposed by the IMF whereas the IMF recommended stimulus in the case of the advanced nations...
Persistent link: https://www.econbiz.de/10012458823
This paper investigates whether or not the adoption of the Euro has facilitated the introduction of structural reforms, defined as deregulation in the product markets and liberalization and deregulation in the labor markets. After reviewing the theoretical arguments that may link the adoption of...
Persistent link: https://www.econbiz.de/10012464168
How will countries handle idiosyncratic national macroeconomic shocks under the European single currency? The ways in which European countries now react to internally asymmetric shocks provide a better forecast than do the regional response pattern of the United States. In this paper we compare...
Persistent link: https://www.econbiz.de/10012471641
In the United States, many industries have a Silicon Valley-type geographic localization. In Europe, these same industries often have four or more major centers of production. This difference is presumably the result of the formal and informal trade barriers that have divided the European...
Persistent link: https://www.econbiz.de/10012474381
This paper investigates the potential reasons for the surprisingly different labor market performance of the United States, Canada, Germany, and several other OECD countries during and after the Great Recession of 2008-09. Unemployment rates did not change substantially in Germany, increased and...
Persistent link: https://www.econbiz.de/10012457972
This paper presents a general equilibrium approach to calculating labour adjustment costs induced by trade policy changes or external sector shocks, which we illustrate by analyzing the adjustment consequences of eliminating quotas and tariffs on U.S. imports. In our approach, factor adjustments...
Persistent link: https://www.econbiz.de/10012474306
This paper compares monetary policy in the US and EMU during the last decade, employing an estimated hybrid New Keynesian cash-in-advance model, driven by five shocks. It appears that the difference between the two monetary policies between 1998 and 2006 is due to both surprises in productivity...
Persistent link: https://www.econbiz.de/10012463653
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012465125