Oft wird befürchtet, dass die Globalisierung zu einer erhöhten Schwankungsanfälligkeit besonders kleiner offener Volkswirtschaften führen könnte. Auch wird vermutet, dass die nationalen Konjunkturzyklen im Zeitalter der Globalisierung synchroner verlaufen als zuvor. Sind diese Vermutungen...

This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework of a new open economy macro-model, we show that the link between financial openness and business cycle volatility depends on the nature of the underlying shock....

Aggregated output in industrialized countries has become less volatile over the past decades. Whether this Great Moderation" can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that covers...

From a theoretical point of view, greater trade openness affects firm-level volatility by changing the exposure and the reaction of firms to macroeconomic shocks. The net effect is ambiguous, though. This paper provides firm-level evidence on the link between openness and volatility. Using two...

Aggregated output in industrialized countries has become less volatile over the past decades. Whether this ?Great Moderation? can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that...

Oft wird befürchtet, dass die Globalisierung zu einer erhöhten Schwankungsanfälligkeit besonders kleiner offener Volkswirtschaften führen könnte. Auch wird vermutet, dass die nationalen Konjunkturzyklen im Zeitalter der Globalisierung synchroner verlaufen als zuvor. Sind diese Vermutungen...

The process of European integration has gained considerable momentum during the past couple of years. This paper provides an assessment of the degree of integration of both the accession states of central and eastern Europe and of the pre-ins for monetary union with respect to Germany. Using...

Aggregated output in industrialized countries has become less volatile over the past decades. Whether this “Great Moderation” can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that...

From a theoretical point of view, greater trade openness affects firm-level volatility by changing the exposure and the reaction of firms to macroeconomic shocks. The net effect is ambiguous, though. This paper provides firm-level evidence on the link between openness and volatility. Using two...

Aggregated output in industrialized countries has become less volatile over the past decades. Whether this ?Great Moderation? can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that...