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Business cycle dynamics in the CEE countries: a political economy approach
Adalet, Müge; Öz, Sumru - 2010
This paper uses a simple VAR analysis to examine 5 CEE countries (the Czech Republic, Hungary, Poland, Romania and Slovakia) in order to understand whether their business cycles are synchronized with each other and/or with the major economies that they are supposed to be linked with, namely the...
Persistent link: https://www.econbiz.de/10010273651
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Has the Euro changed the Business Cycle?
Enders, Zeno; Müller, Gernot J. - 2010
In this paper we analyze European business cycles before and under EMU. Across the two periods we find 1) a significant … able to replicate key features of the data prior to and under EMU.We find that the euro has a strong bearing on the … transmission mechanism as cross-country spillovers increase substantially under EMU. As a result, foreign shocks become more and …
Persistent link: https://www.econbiz.de/10013370079
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One Money, One Cycle? The EMU Experience
Gächter, Martin; Riedl, Aleksandra - 2013
cycles among members of Economic and Monetary Union (EMU) which might arise due to the lack of country-specific monetary …
Persistent link: https://www.econbiz.de/10013370103
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The Synchronization of GDP Growth in the G7 during U.S. Recessions. Is this Time Different?
Antonakakis, Nikolaos; Scharler, Johann - 2010
Using the dynamic conditional correlation (DCC) model due to Engle (2002), we estimate time varying correlations of quarterly real GDP growth among the G7 countries. In general, we find that rathe heterogeneous patterns of international synchronization exist during U.S. recessions. During the...
Persistent link: https://www.econbiz.de/10010294906
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Exchange Rate Variability Inside and Outside the EMU
Bergbom, Lennart - 1998
An often heard view is that exchange rate variability will decrease for a country that joins the EMU. This is not …
Persistent link: https://www.econbiz.de/10010321810
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A simple model of a currency union with endogenous money and saving-investment imbalances
Ehnts, Dirk - 2012
The economic crisis in the euro zone proves that neither the creators of the euro nor today's policy-makers fully understand the functioning of a currency union. Explanations of the macroeconomic relations inside a currency union are therefore in demand. It is now clear that macroeconomic...
Persistent link: https://www.econbiz.de/10010311105
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Imbalances? What imbalances? A dissenting view
Wray, L. Randall - 2012
It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the...
Persistent link: https://www.econbiz.de/10010286507
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Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2011
Using the trilemma indexes developed by Aizenman et al. (2010) that measure the extent of achievement in each of the three policy goals in the trilemma - monetary independence, exchange rate stability, and financial openness - we examine how policy configurations affect macroeconomic...
Persistent link: https://www.econbiz.de/10010331079
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Integration, Disintegration and Trade in Europe: Evolution of Trade Relations During the 1990s
Fidrmuc, Jarko; Fidrmuc, Jan - 2000
The gravity model of trade is used to assess the economic consequences of new borders, which arose in the wake of break-ups of multinational federations in Eastern Europe. The intensity of trade relations among the constituent parts of Czechoslovakia, Soviet Union and the Baltics was very high...
Persistent link: https://www.econbiz.de/10013369959
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The emerging global financial architecture: Tracing and evaluating the new patterns of the Trilemma's configurations
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2009
Using the indexes we developed (Aizenman, Chinn, and Ito, 2008) to measure the degree of the three policy choices countries make with respect to the trilemma: exchange rate stability, monetary independence, and capital account openness, we investigate the normative questions pertaining to the...
Persistent link: https://www.econbiz.de/10010287751