Los autores presentan evidencia sobre el ajuste de la Nueva Curva de Phillips para el area del euro durante el periodo 1970-1998. Utilizan esta evidencia para comparar las caracteristicas dinamicas de la inflacion en el area del euro y en Estados Unidos. Ademas, estudian los factores...

A partir de un modelo teorico, se presenta una medida de las variaciones en el grado de eficiencia ligadas a las fluctuaciones ciclicas de una economia. Este indicador (gap) se descompone en dos componentes: un margen de precios y un marge de salarios, siendo este ultimo el que contribuye en...

We construct a measure of Euro area cyclical effficiency, following the approach developed in Galí, Gertler and López-Salido (2002).Our measure -wich we call “the gap”- corresponds to the inverse of price over social marginal cost. Here we present a time series of this gap for the Euro...

Economics

This paper investigates the relationship between manufacturing profits and the real exchange rate. Using Marston's (1990) model of pricing-to-market, we identify two channels, a valuation channel and volume channel, through which changes in the real exchange rate can shift the profits of a...

This paper uses a two-good version of the rational expectations permanent income model to derive a structural import demand equation for non-durable consumer goods. Under the identification restriction that taste shocks are stationary, the model is shown to imply that log imports, log domestic...

This paper revisits one of the oldest questions in international finance: does the forward exchange rate contain useful information about of the future path of the spot exchange rate? We present a theoretical framework and provide evidence that challenges the common view (Mussa (1979); Dornbusch...

This paper investigates empirically and attempts to identify the sources of real exchange rate fluctuations since the collapse of Bretton Woods. The paper's first two sections survey and extend earlier, non-structural empirical work on this subject by Campbell and Clarida (1987), Meese and...