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Productivity and the ('synthetic') euro-dollar exchange rate

Schnatz, Bernd; Vijselaar, Focco; Osbat, Chiara - 2003

This paper analyses the impact of productivity developments in the United States and the euro area on the euro-dollar exchange rate. The paper presents a new measure of relative average labour productivity (ALP), which does not suffer from the biases implicit in readily available relative ALP...

Persistent link: https://www.econbiz.de/10009639842

Towards the estimation of equilibrium exchange rates for CEE acceding countries

Maeso-Fernandez, Francisco; Osbat, Chiara; Schnatz, Bernd - 2004

This paper provides a discussion of methodological issues relating to the estimation of the long-run relationship between exchange rates and fundamentals for Central and Eastern European acceding countries, focusing on the so-called behavioural equilibrium exchange rate (BEER) approach. Given...

Persistent link: https://www.econbiz.de/10009639407

Capital quality improvement and the sources of growth in the euro area

Sakellaris, Plutarchos; Vijselaar, Focco W. - 2004

of equipment and software grow on average 3 percentage points faster annually - a doubling of their growth rates. Quality …-adjusted output grows 0.46 percentage points faster annually - a 20 percent increase. In terms of growth accounting, quality … adjustment subtracts 11 percentage points from the share of TFP in aggregate growth and adds them to the share of equipment stock …

Persistent link: https://www.econbiz.de/10009639422

Imposing parsimony in cross-country growth regressions

Jarociński, Marek - 2010

The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian … model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many …. The positive relationship between measures of trade openness and growth is much stronger than found in the literature. …

Persistent link: https://www.econbiz.de/10009640306

Banking sector output measurement in the euro area

Colangelo, Antonio; Inklaar, Robert - 2010

Banks do not charge explicit fees for many of the services they provide but the service payment is bundled with the offered interest rates. This output therefore has to be imputed using estimates of the opportunity cost of funds. We argue that rather than using the single short-term, low-risk...

Persistent link: https://www.econbiz.de/10009640336

Comparing economic dynamics in the EU and CEE accession countries

Süppel, Ralph - 2003

This paper presents evidence for structural differences in economic growth dynamics between the current EU and the … have posted higher average growth and wider output fluctuations than the euro area and other EU countries. Second, a set of …

Persistent link: https://www.econbiz.de/10009635910

Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...

Persistent link: https://www.econbiz.de/10009635917

Exchange rates and fundamentals

Engel, Charles; West, Kenneth David - 2003

Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help predict changes in floating exchange rates u0097 that...

Persistent link: https://www.econbiz.de/10009635953

The impact of monetary union on trade prices

Anderton, Robert; Baldwin, Richard E.; Taglioni, Daria - 2003

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...

Persistent link: https://www.econbiz.de/10009635969

Exchange rate risks and asset prices in a small open economy

Derviz, Alexis - 2004

The paper proposes a multi-factor international asset pricing model in which the exchange rate is allowed to be co-determined by a risk factor imperfectly correlated to other priced risks in the economy. The significance of this factor can be established as long as one is able to observe a proxy...

Persistent link: https://www.econbiz.de/10009636537