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This paper suggests that exchange rates are related to economic fundamentals over medium-term horizons, such as a month or longer. We find from a large panel of individual professionals' forecasts that good exchange rate forecasts benefit from the proper understanding of fundamentals,...
Persistent link: https://www.econbiz.de/10009374424
Do financial market analysts use structural economic models when forecasting exchange rates? This is the leading question analysed in this paper. In contrast to other studies we use expectations data instead of observable variables. Therefore we analyse the implicit structural models forecasters...
Persistent link: https://www.econbiz.de/10011442397
This paper provides novel evidence on exchange rate expectations of both chartists and fundamentalists separately. These groups indeed form expectations differently. Chartists change their expectations more often; however, all professionals' expectations vary considerably as they generally...
Persistent link: https://www.econbiz.de/10009521123
This study investigates productivity effects to firms introducing new environmental technologies. The literature on … within-firm organisational change and productivity suggests that firms can get higher productivity effects from adopting new … productivity. The simultaneous implementation of organisational innovations, however, increases the returns to the adoption of …
Persistent link: https://www.econbiz.de/10010238378
Productivity growth has been slow in many continental European countries over the last few decades, especially in … product market competition experience higher rates of productivity growth. We also find weak evidence for the notion that in … Germany's bank-based system of internal control, ownership concentration is harmful for productivity growth. …
Persistent link: https://www.econbiz.de/10011443499
This paper examines how productivity effects of human capital and innovation vary at different points of the … conditional productivity distribution. Our analysis draws upon two large unbalanced panels of 6,634 enterprises in Germany and 14 … performance distributions are more dispersed. In both countries, we observe non-linearities in the productivity effects of …
Persistent link: https://www.econbiz.de/10010405991
productivity but the combination of IT and decentralization does not yield a productivity premium. Contrarily, for the sample of … larger firms, the results show that the productivity of IT depends positively on decentralization. The findings suggest that …
Persistent link: https://www.econbiz.de/10010416339
This paper examines the links between internationalisation, innovation and productivity in service enterprises. For … higher productivity. Among the innovation types that we consider, the largest productivity returns were found for marketing …
Persistent link: https://www.econbiz.de/10011792372
the productivity of labor and relative bargaining power of capital and labor. It turns out that codetermination does not … affect productivity, but leads to a significant increase in workers’ bargaining power and the distribution of rents. …
Persistent link: https://www.econbiz.de/10011738981
In the context of EMU fiscal equalization schemes have been proposed as a means to stabilize regions against asymmetric shocks. A theoretical analysis shows that besides reducing the cross-sectional income variance the redistributive element of fiscal equalization causes incentive effects for...
Persistent link: https://www.econbiz.de/10011442662