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Stock Market Dispersion, Sectoral Shocks, and the German Business Cycle

Döpke, Jörg; Pierdzioch, Christian - 2000

This paper elaborates on the relative importance of sectoral shocks for real economic activity in Germany. Implications of multisectoral real business cycle models are examined by resorting to testing techniques based on stock market returns. The empirical evidence is obtained by calculating...

Persistent link: https://www.econbiz.de/10010260560

Inflation and the Skewness of the Distribution of Relative Price Changes: Empirical Evidence for Germany

Döpke, Jörg; Pierdzioch, Christian - 2001

aggregate inflation and the higher-order moments of the distribution of relative price changes. Our empirical findings confirm … explanatory variable for the inflation rate. Further, the skewness measure also helps to explain shifts in the Phillips curve …

Persistent link: https://www.econbiz.de/10010260622

Financial Openness and Business Cycle Volatility

Pierdzioch, Christian; Döpke, Jörg; Buch, Claudia M. - 2002

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....

Persistent link: https://www.econbiz.de/10010260514

The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility

Buch, Claudia M.; Pierdzioch, Christian - 2003

During the last two decades, the degree of openness of national financial systems has increased substantially. At the same time, asymmetries in information and other financial market frictions have remain prevalent. We study both empirically and theoretically the implications of the opening up...

Persistent link: https://www.econbiz.de/10010260621

Low skill but high volatility?

Buch, Claudia M.; Pierdzioch, Christian - 2009

Globalization may impose a double-burden on low-skilled workers. On the one hand, the relative supply of low-skilled labor increases. This suppresses wages of low-skilled workers and/or increases their unemployment rates. On the other hand, low-skilled workers typically face more limited access...

Persistent link: https://www.econbiz.de/10010271862

Financial market volatility and inflation uncertainty: An empirical investigation

Döpke, Jörg; Pierdzioch, Christian - 1999

markets and inflation is analyzed. The results of Granger-causality tests reveal that stock market has no predictive power … volatility for inflation uncertainty, et vice versa. Regarding the subsequent volatility of short-term and of long-term interest … rate. In contrast, inflation uncertainty provides some information. The hypothesis of a causality running from the …

Persistent link: https://www.econbiz.de/10010275547

Globalisierung und Konjunkturzyklen

Buch, Claudia M.; Döpke, Jörg; Pierdzioch, Christian - In: Wirtschaftsdienst 84 (2004) 1, pp. 59-64

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...

Persistent link: https://www.econbiz.de/10010303077

Productivity Shocks and Delayed Exchange-Rate Overshooting

Pierdzioch, Christian - 2004

This paper uses a 'new open economy macroeconomics' model to study the effect of a productivity shock on exchange rate … demonstrate that these features imply that, in an otherwise standard ?new open economy macroeconomics' model, a productivity shock …

Persistent link: https://www.econbiz.de/10010260479

Business Cycle Fluctuations and International Financial Integration

Kizys, Renatas; Pierdzioch, Christian - 2004

Theoretical research on the determinants of business-cycle fluctuations implies that the degree of international financial integration can have important implications for the propagation of, e.g., macroeconomic policy shocks in an open economy. An important assumption underlying this research is...

Persistent link: https://www.econbiz.de/10010260476

Geldpolitik und vorausschauende Taylor-Regeln: Theorie und Empirie am Beispiel der Deutschen Bundesbank

Pierdzioch, Christian; Kamps, Christophe - 2002

Jahren sowohl die Inflation als auch die Konjunktur. Die Geldmenge beeinflusste das Verhalten der Zentralbank über ihre … Eigenschaft als Frühindikator für die zukünftige Inflation. … and Gertler (1998, 2000) to study monetary policy in Germany in the period 1991 to 1998. The estimation results show that …

Persistent link: https://www.econbiz.de/10010260483