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Productivity shocks and real exchange rate : a reappraisal
Peltonen, Tuomo; Sager, Michael - 2009
We reappraise the relationship between productivity and equilibrium real exchange rates using a panel estimation framework that incorporates a large number of countries and importantly, a dataset that allows explicit consideration of the role of non-traded, as well as traded, sector productivity...
Persistent link: https://www.econbiz.de/10003832627
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Productivity and the ('synthetic') euro-dollar exchange rate
Schnatz, Bernd; Vijselaar, Focco; Osbat, Chiara - 2003
This paper analyses the impact of productivity developments in the United States and the euro area on the euro-dollar exchange rate. The paper presents a new measure of relative average labour productivity (ALP), which does not suffer from the biases implicit in readily available relative ALP...
Persistent link: https://www.econbiz.de/10009639842
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Towards the estimation of equilibrium exchange rates for CEE acceding countries
Maeso-Fernandez, Francisco; Osbat, Chiara; Schnatz, Bernd - 2004
This paper provides a discussion of methodological issues relating to the estimation of the long-run relationship between exchange rates and fundamentals for Central and Eastern European acceding countries, focusing on the so-called behavioural equilibrium exchange rate (BEER) approach. Given...
Persistent link: https://www.econbiz.de/10009639407
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Can non-linear real shocks explain the persistence of PPP exchange rate disequilibria?
Peltonen, Tuomo; Popescu, Adina; Sager, Michael - 2009
A core stylized fact of the empirical exchange rate literature is that half-life deviations of equilibrium real exchange rates from levels implied by Purchasing Power Parity (PPP) are very persistent. Empirical efforts to explain this persistence typically proceed along two distinct paths,...
Persistent link: https://www.econbiz.de/10003867086
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Financial reforms and innovation : a micro-macro perspective
Boikos, Spyridon; Bournakis, Ioannis; Dimitris, … - 2021
We develop a horizontal R&D growth model that allows us to investigate the different channels through which financial … sector produces a straightforward result: a decrease in lending rates which stimulates R&D investment and economic growth …
Persistent link: https://www.econbiz.de/10012508542
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Capital quality improvement and the sources of growth in the euro area
Sakellaris, Plutarchos; Vijselaar, Focco W. - 2004
of equipment and software grow on average 3 percentage points faster annually - a doubling of their growth rates. Quality …-adjusted output grows 0.46 percentage points faster annually - a 20 percent increase. In terms of growth accounting, quality … adjustment subtracts 11 percentage points from the share of TFP in aggregate growth and adds them to the share of equipment stock …
Persistent link: https://www.econbiz.de/10009639422
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Imposing parsimony in cross-country growth regressions
Jarociński, Marek - 2010
The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian … model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many …. The positive relationship between measures of trade openness and growth is much stronger than found in the literature. …
Persistent link: https://www.econbiz.de/10009640306
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Banking sector output measurement in the euro area
Colangelo, Antonio; Inklaar, Robert - 2010
Banks do not charge explicit fees for many of the services they provide but the service payment is bundled with the offered interest rates. This output therefore has to be imputed using estimates of the opportunity cost of funds. We argue that rather than using the single short-term, low-risk...
Persistent link: https://www.econbiz.de/10009640336
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Public and private inputs in aggregate production and growth : a cross-country efficiency approach
Afonso, António; St. Aubyn, Miguel - 2010
resort to stochastic frontier analysis. Results show that private capital is important for growth, although public and human … countries movements vis-à-vis the possibility frontier, and on their relative distances to the frontier. - Economic growth …
Persistent link: https://www.econbiz.de/10003970447
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Banking sector output measurement in the euro area : a modified approach
Colangelo, Antonio; Inklaar, Robert - 2010
Banks do not charge explicit fees for many of the services they provide but the service payment is bundled with the offered interest rates. This output therefore has to be imputed using estimates of the opportunity cost of funds. We argue that rather than using the single short-term, low-risk...
Persistent link: https://www.econbiz.de/10003973506