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The Exchange Rate in a Dynamic-Optimizing Current Account Model with Nominal Rigidities: A Quantitative Investigation.
Kollman, R. - Centre Interuniversitaire de Recherche en Économie … - 1996
This paper studies a dynamic-optimizing model of a semi-small open economy with sticky nominal prices and wages. The model exhibits exchange rate overshooting in response to money supply shocks. The predicted variability of nominal and real exchange rates is roughly consistent with that of G7...
Persistent link: https://www.econbiz.de/10005729537
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A "Market Clearing" Model of the International Business Cycle that Explains the 1980s.
Pikoulakis, E.V. - Centre d'Études sur l'Économie Internationale et … - 2000
The pioneering work of Meese and Rogoff (193) and, more recently, the work of Flood and Rose (1995) showed conclisively, that traditional Fundamentals of Exchange rate behavior offer little hope of explaining the international business cycle of the 1980s. In this paper we present a model which...
Persistent link: https://www.econbiz.de/10005671481
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The destabilizing effect of company income taxation
Schmid, Peter A. - In: Society and Economy 35 (2013) September, pp. 365-388
This paper examines the effects of company income taxation. Therefore, a tax system is implemented in a dynamic, stochastic macroeconomic model with endogenous financial structure. In addition to the long-term level effects that are in line with the deterministic public economics literature,...
Persistent link: https://www.econbiz.de/10010822442
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Global Factors in Capital Flows and Credit Growth
Bruno, Valentina; Shin, Hyun Song - Griswold Center for Economic Policy Studies, Department … - 2013
It is a cliché that the world has become more connected, but the financial crisis and the boom that preceded it have …
Persistent link: https://www.econbiz.de/10011149975
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Nonlinear exchange rate pass-through in timber products: the case of oriented strand board in Canada and the United States
Goodwin, Barry K.; Holt, Matthew T.; Prestemon, Jeffrey P. - Volkswirtschaftliche Fakultät, … - 2012
We assess exchange rate pass–through (ERPT) for U.S. and Canadian prices for oriented strand board (OSB), a wood panel product used extensively in U.S. residential construction. Because of its prominence in construction and international trade, OSB markets are likely sensitive to general...
Persistent link: https://www.econbiz.de/10011261104
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The "Other" Imbalance and the Financial Crisis
Caballero, Ricardo J - National Bureau of Economic Research (NBER) - 2010
the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …
Persistent link: https://www.econbiz.de/10008610950
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Capital mobility and macroeconomic volatility: evidence from Greece
Anastasios, Pappas - Volkswirtschaftliche Fakultät, … - 2010
This paper focuses on the impact of full capital account liberalization on macroeconomic volatility in Greece. According to the standard neoclassical model, such liberalization is to be desired because, among other advantages, it may reduce macroeconomic volatility. The link between...
Persistent link: https://www.econbiz.de/10009372530
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On Endogenous Risk, the Amplification Effects of Financial Systems and Macro Prudential Policies
Powell, Andrew; Majnoni, Giovanni - Inter-American Development Bank - 2011
The recent global financial crisis has put the spotlight on macro-prudential policies to protect firms and households from problems emanating from the financial sector. This paper proposes an analytical framework that combines exogenous and endogenous risks, the latter seen as stemming from...
Persistent link: https://www.econbiz.de/10009386053
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News Shocks and Asset Price Volatility in General Equilibrium
Rebucci, Alessandro; Matsumoto, Akito; Cova, Pietro; … - Inter-American Development Bank - 2011
This paper studies equity price volatility in general equilibrium with news shocks about future productivity and monetary policy. As West (1998) shows, in a partial equilibrium present discounted value model, news about the future cash flow reduces asset price volatility. This paper shows that...
Persistent link: https://www.econbiz.de/10009386060
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Micro and Macro Determinants of Non-performing Loan
Messai, Ahlem Selma; Jouini, Fathi - In: International Journal of Economics and Financial Issues 3 (2013) 4, pp. 852-852
In this study we tried to detect the determinants of non-performing loans for a sample of 85 banks in three countries (Italy, Greece and Spain) for the period of 2004-2008. These countries have faced financial problems after the subprime crisis on 2008. The variables used are macroeconomic...
Persistent link: https://www.econbiz.de/10010701132