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Distribution and Growth in an Economy with Limited Needs
Saint-Paul, Gilles - 2001
knowledge sector is bounded, as productivity increases, the economy moves from a ?Solovian zone? where wages increase with … bliss point can only be made better-off by an increase in diversity. If wages are set by monopoly unions rather than set … employment in the material goods sector. International trade may reduce wages in poor countries and increase them in rich …
Persistent link: https://www.econbiz.de/10010262477
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Does trade integration alter monetary policy transmission?
Cwik, Tobias J.; Müller, Gernot J.; Wolters, Maik H. - 2008
This paper explores the role of trade integrationor opennessfor monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts...
Persistent link: https://www.econbiz.de/10010303676
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Mitigating Double Taxation in an Open Economy
Lindhe, Tobias - 2001
The interaction of various methods of mitigating economic and international double taxation of corporate source income is studied within a standard neoclassical model of firm behavior. The main purpose is to determine to what extent methods effective in mitigating economic double taxation in a...
Persistent link: https://www.econbiz.de/10010321707
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Estimates of the open economy New Keynesian Phillips curve for euro area countries
Rumler, Fabio - 2005
This paper extends the existing literature on the open economy New Keynesian Phillips Curve by incorporating three different factors of production, domestic labor and imported as well as domestically produced intermediate goods, into a general model which nests existing closed economy and open...
Persistent link: https://www.econbiz.de/10011604542
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The European Monetary Union as a commitment device for new EU member states
Ravenna, Federico - 2005
This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...
Persistent link: https://www.econbiz.de/10011604562
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What is global excess liquidity, and does it matter?
Rüffer, Rasmus; Stracca, Livio - 2006
This paper endeavours to provide a comprehensive analysis of the nature and the possible importance of “global excess liquidity”, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on...
Persistent link: https://www.econbiz.de/10011604742
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US imbalances: the role of technology and policy
Bems, Rudolfs; Dedola, Luca; Smets, Frank - 2007
This paper investigates the role of three likely factors in driving the steady deterioration of the US external balance: US technology developments, changes in the US government fiscal position and the Fed’s monetary policy. Estimating several Vector Autoregressions on US data over the period...
Persistent link: https://www.econbiz.de/10011604765
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Parameter identification in a estimated New Keynesian open economy model
Adolfson, Malin; Lindé, Jesper - 2011
In this paper, we use Monte Carlo methods to study the small sample properties of the classical maximum likelihood (ML) estimator in artificial samples generated by the New-Keynesian open economy DSGE model estimated by Adolfson et al. (2008) with Bayesian techniques. While asymptotic...
Persistent link: https://www.econbiz.de/10010320768
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What Drives Business Cycles in a Small Open Economy with a Fixed Exchange Rate?
Dam, Niels Arne; Gregers Linaa, Jesper - 2005
determination of prices and wages which we estimate with Bayesian techniques. Consistent with the Danish monetary policy regime, we …
Persistent link: https://www.econbiz.de/10010320942
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Male vs. female guest-worker migration: Does it matter for fertility in the source country?
Azarnert, Leonid V. - 2011
Men's additional income from their guest-worker employment generates a pure income effect, which increases fertility. The timing of women's higher-wage employment relative to child bearing is crucial for its effect on fertility. If women work abroad during the same time period when they can bear...
Persistent link: https://www.econbiz.de/10010335987