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Cointegrated TFP processes and international business cycles
Rabanal, Pau; Rubio-Ramirez, Juan Francisco; Tuesta, Vicente - 2009
cointegrated technology shocks to the standard IRBC model helps explaining the observed high real exchange rate volatility. Also …, we show that the observed increase of the real exchange rate volatility with respect to output in the past twenty years …
Persistent link: https://www.econbiz.de/10010292354
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Systemic sudden stops: The relevance of balance-sheet effects and financial integration
Calvo, Guillermo A.; Izquierdo, Alejandro; Mejía, … - 2008
Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. A small supply of tradable goods...
Persistent link: https://www.econbiz.de/10010278271
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Stuck on gold: real exchange rate volatility and the rise and fall of the gold standard, 1870-1939
Chernyshoff, Natalia; Jacks, David S.; Taylor, Alan M. - 2005
Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of … trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard …
Persistent link: https://www.econbiz.de/10010266408
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Real and nominal wage adjustment in open economies
Forslund, Anders; Gottfries, Nils; Westermark, Andreas - 2005
How are wages set in an open economy? What role is played by demand pressure, international competition, and structural factors in the labour market? How important is nominal wage rigidity and exchange rate policy for the medium term evolution of real wages and competitiveness? To answer these...
Persistent link: https://www.econbiz.de/10010317904
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Investment-specific technology shocks and international business cycles: An empirical assessment
Mandelman, Federico S.; Rabanal, Pau; Rubio-Ramírez, … - 2010
In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses the quantity, international comovement,...
Persistent link: https://www.econbiz.de/10010292222
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What Determines Real Exchange Rates? The Nordic Countries
Bergvall, Anders - 2002
This paper presents a model yielding testable implications concerning the long-run co-movements of real exchange rates, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved terms of trade are found to have more appreciated...
Persistent link: https://www.econbiz.de/10010321757
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Deregulation and the Current Account
Harms, Philipp - 2002
We use a dynamic general-equilibrium model to study how removing barriers to competition in the nontraded goods sector affects the current account of a small open economy. We show that the expansion of the nontraded sector that results from such a "deregulation shock" is associated with an...
Persistent link: https://www.econbiz.de/10011430037
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Real exchange rate and international reserves in the era of growing financial and trade integration
Aizenman, Joshua; Riera-Crichton, Daniel - 2006
This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...
Persistent link: https://www.econbiz.de/10010322720
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Real exchange rate and international reserves in an era of growing financial and trade integration
Aizenman, Joshua; Riera-Crichton, Daniel - 2006
This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...
Persistent link: https://www.econbiz.de/10010285305
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Bilateral Exchange Rates and Jobs
Bekkers, Eddy; Francois, Joseph - 2012
We study the labor market effects of bilateral exchange rate realignment. We place emphasis on the composition of trade, the role of intermediates, and the underlying conditions of the labor market. Employment effects hinge on the fraction exported to and imported from the trading partner. A...
Persistent link: https://www.econbiz.de/10010294878