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Tariffs and the Great Depression revisited
Crucini, Mario J.; Kahn, James - 2003
article in the Journal of Monetary Economics—the argument that features of the Hawley-Smoot tariffs could have done more to … tariffs during the Depression correlates well with the overall measure of productive inefficiency. Our model fails to produce … a labor wedge of any consequence—persuasive evidence that factors other than tariffs also contributed significantly to …
Persistent link: https://www.econbiz.de/10010283390
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The role of global and domestic shocks for inflation dynamics: Evidence from Asia
Finck, David; Tillmann, Peter - 2019
This paper studies the determinants of business cycles in small open economies and adds to the discussion about the changing nature of inflation dynamics. We estimate a series of VAR models for a set of six Asian emerging market economies, in which we identify a battery of domestic and global...
Persistent link: https://www.econbiz.de/10012030948
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Assessing the Welfare Cost of a Fixed Exchange-Rate Policy
Dam, Niels Arne; Gregers Linaa, Jesper - 2005
This paper performs a welfare analysis based on the hypothetical scenario that Denmark gave up its peg and started conducting monetary policy according to a Taylor rule. For this we rely on a dynamic stochastic general equilibrium model for a small open economy that was estimated on Danish data...
Persistent link: https://www.econbiz.de/10010320884
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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
We decompose the Danish business cycle into ten structural shocks using an open-economy DSGE model with infrequent determination of prices and wages which we estimate with Bayesian techniques. Consistent with the Danish monetary policy regime, we formulate an imperfect peg on the foreign...
Persistent link: https://www.econbiz.de/10010320942
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Growing up to Financial Stability
Bordo, Michael D. - 2007
This lecture revisits the evidence on the incidence and severity of different varieties of financial crises within the context of globalization then (pre-1914) and now (1980 to the present). I then discuss the determinants of emerging market crises from the perspective of the recent balance...
Persistent link: https://www.econbiz.de/10010295241
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Growing up to Financial Stability
Bordo, Michael D. - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-12, pp. 1-17
This lecture revisits the evidence on the incidence and severity of different varieties of financial crises within the context of globalization then (pre-1914) and now (1980 to the present). I then discuss the determinants of emerging market crises from the perspective of the recent balance...
Persistent link: https://www.econbiz.de/10010295310
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International bank lending: Water flowing uphill?
Hawkins, John - 2002
International bank lending is a major component of capital flows between advanced and emerging economies. However, in recent years these flows have been going the wrong way, like water flowing uphill. Even four years after the Asian crisis, there is a net flow of funds from emerging economies to...
Persistent link: https://www.econbiz.de/10010279111
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Close Encounters of the European Kind: Economic Integration, Sectoral Heterogeneity and Structural Reforms
Campos, Nauro F.; Eichenauer, Vera Z.; Sturm, Jan-Egbert - 2020
This paper addresses two main questions: (a) Has European integration hindered the implementation of labour, financial and product market structural reforms? (b) Do the effects of these reforms vary more across sectors than across countries? Using more granular reform measures, longer time...
Persistent link: https://www.econbiz.de/10012322505
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The US-China "trade war": The war nobody can win
Yılmaz, Bahri - 2019
affected trade flows, which are still growing in favour of China. Despite the Trump administration's penalty tariffs on China …, the US trade deficit in goods with the country could not be reduced at all. Obviously, the initial round of tariffs …
Persistent link: https://www.econbiz.de/10012388927
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Close encounters of the European kind: Economic integration, sectoral heterogeneity and structural reforms
Campos, Nauro; Eichenauer, Vera; Sturm, Jan-Egbert - 2020
This paper addresses two main questions: (a) Has European integration hindered the implementation of labour, financial and product market structural reforms? (b) Do the effects of these reforms vary more across sectors than across countries? Using more granular reform measures, longer time...
Persistent link: https://www.econbiz.de/10012546037