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Large T and Small N: A Three-Step Approach to the Identification of Cointegrating Relationships in Time Series Models with a Small Cross-Sectional Dimension
Hammersland, Roger - 2004
. Identification of the long-run structures of Norwegian exports and international interest rate relationships are used as examples …. Norwegian mainland exports have here been divided into two cross-sectional units; the traditional goods sector and the service …
Persistent link: https://www.econbiz.de/10012143629
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The Degree of Independence in European Goods Markets: An I(2) Analysis of German and Norwegian Trade Data
Hammersland, Roger - 2004
market. Coupled with a constant profit share in domestic sectors this makes European exports vulnerable to vagaries of … past. In fact econometric evidence is not totally at odds with this view. However, neither exports in a large European … large extent can be passed on to prices. On the other hand exports seem to be heavily subject to the vicissitudes of …
Persistent link: https://www.econbiz.de/10012143633
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Firm Exit and Exchange Rates: An Examination with Turkish Firm-Level Data
Karamollaoğlu, Nazlı; Yazgan, M. Ege - 2014
Micro-level empirical research has begun to obtain important results on the effects of currency variations on firms' survival. To date, the literature has lacked detailed analysis of the effects of exchange rates on firms' survival behavior in emerging markets due to a scarcity of firm level...
Persistent link: https://www.econbiz.de/10010500272
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Assessment of the Impact of Fiscal Policy on the Current Account – the Twin Deficit Hypothesis in the Case of Macedonian Economy
Stojcevska, Vesna; Miteski, Mite - 2016
For a small open economy with fixed exchange rate regime, the twin deficit hypothesis is always an interesting and relevant research topic. The aim of this research is to evaluate the effects of the government budget shocks on the current account movement in the case of the Macedonian economy,...
Persistent link: https://www.econbiz.de/10011785359
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PPP in the Medium Run Despite Oil Shocks: The Case of Norway
Akram, Q. Farooq - 2002
Existing studies generally reject purchasing power parity (PPP) on datasets from countries that have been affected by large real shocks, including Norway. However, we offer strong evidence of PPP between Norway and its trading partners during the post-Bretton Woods period, in which the Norwegian...
Persistent link: https://www.econbiz.de/10012143592
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Oil Wealth and Real Exchange Rates: The FEER for Norway
Akram, Q. Farooq - 2004
It is often argued that Norway's sizeable net foreign assets based on its petroleum wealth imply an appreciation of its real exchange rate to a permanently strong level. We investigate this issue within the framework of the fundamental equilibrium real exchange rate (FEER) approach. It is shown...
Persistent link: https://www.econbiz.de/10012143630
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Monetary Policy and the Illusionary Exchange Rate Puzzle
Bjørnland, Hilde C. - 2005
Dornbusch's exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with overshooting. This puzzling result has developed into a "styled facts" to...
Persistent link: https://www.econbiz.de/10012143647
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Monetary Policy and Exchange Rate Interactions in a Small Open Economy
Bjørnland, Hilde C. - 2005
This paper analyses the transmission mechanisms of monetary policy in a small open economy like Norway through structural VARs, paying particular attention to the interdependence between the monetary policy stance and exchange rate movements in the inflation-targeting period. Previous studies of...
Persistent link: https://www.econbiz.de/10012143652
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How Does Monetary Policy Respond to Exchange Rate Movements? New International Evidence
Bjørnland, Hilde C.; Halvorsen, Jørn Inge - 2008
This paper analyzes how monetary policy responds to exchange rate movements in open economies, paying particular attention to the two-way interaction between monetary policy and exchange rate movements. We address this issue using a structural VAR model that is identified using a combination of...
Persistent link: https://www.econbiz.de/10012143695
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The Role of House Prices in the Monetary Policy Transmission Mechanism in the U.S.
Bjørnland, Hilde C.; Jacobsen, Dag Henning - 2008
We analyze the role of house prices in the monetary policy transmission mechanism in the U.S. using structural VARs. The VAR is identified using a combination of short-run and long-run (neutrality) restrictions, allowing for a contemporaneous interaction between monetary policy and various asset...
Persistent link: https://www.econbiz.de/10012143704