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In search of real rigidities
Gopinath, Gita; Itskhoki, Oleg - 2010
The closed and open economy literatures both work on evaluating the role of real rigidities, but in parallel. This paper brings the two literatures together. We use international price data and exchange rate shocks to evaluate the importance of real rigidities in price setting. We show that,...
Persistent link: https://www.econbiz.de/10010280896
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International shocks and domestic prices: How large are strategic complementarities?
Amiti, Mari; Itskhoki, Oleg; Konings, Jozef - 2016
How strong are strategic complementarities in price setting across firms? In this paper, we provide a direct empirical estimate of firm price responses to changes in prices of their competitors. We develop a general framework and an empirical identification strategy to estimate the elasticities...
Persistent link: https://www.econbiz.de/10011506815
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Global value chains and effective exchange rates at the country-sector level
Patel, Nikhil; Wang, Zhi; Wei, Shang-jin - 2017
The real effective exchange rate (REER) is one of the most cited statistical constructs in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within...
Persistent link: https://www.econbiz.de/10011944183
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The Taxing Deed of Globalization
Egger, Peter; Nigai, Sergey; Strecker, Nora - 2016
We examine the effects of globalization on the size and composition of tax revenues, worker-specific tax burdens, and … increasing mobility of firms and high-income workers, globalization led governments in OECD countries to seek tax revenues from …-2007, they experienced a globalization-induced rise in their personal income tax rate of around 1.5, whereas the top 1% of …
Persistent link: https://www.econbiz.de/10011725459
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Migration, international trade and capital formation: Cause or effect?
Felbermayr, Gabriel J.; Grossmann, Volker; Kohler, … - 2012
technology, globalization tends to lead to convergence. Moreover, under non-convex technology trade and migration tend to be … the effects of migration on the accumulation of both knowledge and human capital, by invoking endogenous growth theory …
Persistent link: https://www.econbiz.de/10010289941
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Macroeconomic challenges and the resilience of emerging market economies in the 21st century
Aizenman, Joshua - 2020
A growing share of emerging markets (EMs) uses hybrid versions of inflation targeting that differ from the IT regimes of the OECD countries. Real exchange rate and international reserve changes affect the policy interest rates in commodity countries, aiming to stabilize their real exchange rate...
Persistent link: https://www.econbiz.de/10012610026
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The causes of Original Sin: An empirical investigation of emerging market and developing countries
Gegenfurtner, Dennis Andreas - 2021
International Original Sin is still a persistent and widespread phenomenon, especially in emerging market and developing (EMD) countries. The difficulties that may arise from the inability of countries to borrow internationally in their domestic currency, among other effects, can hamper EMD...
Persistent link: https://www.econbiz.de/10012795750
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Original sin and the CFA Franc: A case study of the West African Economic and Monetary Union
Peist, Moritz Manuel - 2023
This paper investigates Original Sin in the West African Economic and Monetary Union in the framework of regional integration and cooperation initiatives. The phenomenon describes the inability of countries to borrow in their currency. The central hypothesis is that smaller South-South...
Persistent link: https://www.econbiz.de/10014282673
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Capital account regulation as part of the macroeconomic regime: comparing Brazil in the 1990s and 2000s
Fritz, Barbara; Prates, Daniela - In: European Journal of Economics and Economic Policies: … 15 (2018) 3, pp. 313-334
Capital account regulation (CAR) has experienced profound reconsideration since the global financial crisis. This new debate focuses on the macroeconomic gains of regulating international capital flows in terms of reducing external and financial vulnerability, but it does not consider relevant...
Persistent link: https://www.econbiz.de/10014363335
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The US-China "trade war": The war nobody can win
Yılmaz, Bahri - 2019
The main aim of this paper is to analyze US-China trade relations and the so-called "trade war" between the two countries. As a first step, we will look at the trade relations between the two countries and explain why President Trump is eagerly following a protectionist trade policy toward China...
Persistent link: https://www.econbiz.de/10012388927