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The macroeconomic effects of international uncertainty
Crespo Cuaresma, Jesús; Huber, Florian; Onorante, Luca - 2019
This paper proposes a large-scale Bayesian vector autoregression with factor stochastic volatility to investigate the macroeconomic consequences of international uncertainty shocks in G7 countries. The curse of dimensionality is addressed by means of a global-local shrinkage prior that mimics...
Persistent link: https://www.econbiz.de/10012037349
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Deflationary financial shocks and inflationary uncertainty shocks : an SVAR investigation
De Santis, Roberto A.; Van der Veken, Wouter - 2022
What are the economic implications of financial and uncertainty shocks? We show that financial shocks cause a decline in output and goods prices, while uncertainty shocks cause a decline in output and an increase in goods prices. In response to uncertainty shocks, firms increase their markups,...
Persistent link: https://www.econbiz.de/10013373603
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Current account benchmarks for central and eastern Europe : a desperate search?
Chudik, Alexander; Dieppe, Alistair - 2009
This paper examines two competing approaches for calculating current account benchmarks, i.e. the external sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel econometric techniques. The aim is to gauge the medium...
Persistent link: https://www.econbiz.de/10003826590
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Production interdependence and welfare
Huang, Kevin X. D.; Liu, Zheng - 2004
affects the terms of trade in favor of one country against another depending on the currencies of price setting. In this paper …, we incorporate multiple stages of production and trade into a standard NEOM model to capture world production … dampening the terms-of-trade effect. As a consequence, a unilateral monetary expansion can be mutually beneficial regardless of …
Persistent link: https://www.econbiz.de/10009639409
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Monetary policy in a low pass-through environment
Monacelli, Tommaso - 2003
We study the effects on the optimal monetary policy design problem of allowing for deviations from the law of one price in import goods prices. We reach three basic results. First, incomplete pass-through renders the analysis of monetary policy of an open economy fundamentally different from the...
Persistent link: https://www.econbiz.de/10009639840
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Real convergence and its illusions
Kolasa, Marcin - 2010
This paper uses the EAGLE, a multi-country dynamic general equilibrium model, to illustrate dynamic adjustments in a small open economy undergoing real convergence. We consider the effects of productivity catch-up and misperceptions about future productivity developments. Our results indicate...
Persistent link: https://www.econbiz.de/10009640309
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Chronicle of currency collapses
Bussière, Matthieu; Saxena, Sweta C.; Tovar, Camilo E. - 2010
The impact of currency collapses (i.e. large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical evidence on this relationship using a dataset for 108 emerging and developing economies for the period...
Persistent link: https://www.econbiz.de/10009640314
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disentangling trade and financial linkages
Dées, Stéphane; Zorell, Nico - 2011
business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as … well as the similarity in sectoral specialisation. Overall, our results confirm that trade integration fosters business …
Persistent link: https://www.econbiz.de/10009640698
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The role of the United States in the global economy and its evolution over time
Dées, Stéphane; Saint-Guilhem, Arthur - 2009
role by giving more weights to non-U.S. trade partners in the sensitivity of the various economies to their international …
Persistent link: https://www.econbiz.de/10003832378
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Chronicle of currency collapses : re-examining the effects on output
Bussière, Matthieu; Saxena, Sweta Chaman; Tovar, … - 2010
The impact of currency collapses (i.e. large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical evidence on this relationship using a dataset for 108 emerging and developing economies for the period...
Persistent link: https://www.econbiz.de/10003986706