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Adjustment Is Much Slower Than You Think

Caballero, Ricardo J.; Engel, Eduardo M.R.A. - 2003

holds for the microeconomic response of some of the most important economic variables, such as investment, labor demand, and … actual response to shocks is less than half as fast as the estimated response. For investment, labor demand and prices, the …, even after aggregating investment across all establishments in U.S. manufacturing, the estimate of its speed of adjustment …

Persistent link: https://www.econbiz.de/10010369179

Does openness to international financial flows contribute to productivity growth?

Kose, M. Ayhan; Prasad, Eswar S.; Terrones, Marco E. - 2008

productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output … growth, far less attention has been paid to its effects on productivity growth. This paper provides a comprehensive analysis … of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that …

Persistent link: https://www.econbiz.de/10010268841

How important are spillovers from major emerging markets?

Huidrom, Raju; Kose, M. Ayhan; Ohnsorge, Franziska - 2017

The seven largest emerging market economies -China, India, Brazil, Russia, Mexico, Indonesia, and Turkey- constituted more than one-quarter of global output and more than half of global output growth during 2010-15.These emerging markets, which we call EM7,are also closely integrated with other...

Persistent link: https://www.econbiz.de/10012060228

Fear of Sudden Stops: Lessons from Australia and Chile

Caballero, Ricardo J.; Cowan, Kevin; Kearns, Jonathan - 2005

Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden financial distress. This paper explores ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the response...

Persistent link: https://www.econbiz.de/10010327063

Price stickiness in Ss models: new interpretations of old results

Caballero, Ricardo J.; Engel, Eduardo M. R. A. - 2007

What is the relation between infrequent price adjustment and the dynamic response of the aggregate price level to monetary shocks? The answer to this question ranges from a one-to-one-link (Calvo, 1983) to no connection whatsoever (Caplin and Spulber, 1987). The purpose of this paper is to...

Persistent link: https://www.econbiz.de/10010264858

Asset prices and macroeconomic outcomes: A survey

Claessens, Stijn; Kose, M. Ayhan - 2017

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...

Persistent link: https://www.econbiz.de/10012060200

Slowing growth: More than a rough patch

Kose, M. Ayhan; Ohnsorge, Franziska - 2023

Across the world, a structural growth slowdown is underway: at current trends, the global potential growth rate - the maximum rate at which an economy can grow without igniting inflation - is expected to fall to a three-decade low over the remainder of the 2020s. The slowdown could be even more...

Persistent link: https://www.econbiz.de/10014540975

Why do fiscal multipliers depend on fiscal positions?

Huidrom, Raju; Kose, M. Ayhan; Lim, Jamus Jerome; … - 2019

The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...

Persistent link: https://www.econbiz.de/10012060222

Growing apart or moving together? Synchronization of informal and formal economy cycles

Elgin, Ceyhun; Kose, M. Ayhan; Ohnsorge, Franziska; Yu, Shu - 2021

We study the degree of synchronization between formal- and informal-economy business cycles. Using a comprehensive database of informal activity that covers a wide range of informality measures from almost 160 countries over the 1990-2018 period, we report two major results. First, fluctuations...

Persistent link: https://www.econbiz.de/10012628467

Do fiscal multipliers depend on fiscal positions?

Huidrom, Raju; Kose, M. Ayhan; Lim, Jamus Jerome; … - 2016

credit risks when stimulus is implemented from a weak initial fiscal position, crowd out private investment; and, a Ricardian …

Persistent link: https://www.econbiz.de/10011696302