Among the harmful effects of inflation, the negative consequences of inflation volatility are of particular concern. These include higher risk premia, hedging costs and unforeseen redistribution of wealth. This paper presents panel estimations for a sample of OECD countries which suggest that...

We lay out an empirical and a theoretical model to analyze the effects of non-fundamental exchange rate volatility on economic activity and welfare. In the first part of the paper, the GARCH-SVARmodel is applied to measure empirically the effect of the conditional exogenous exchange rate...

The European Foundation for the Improvement of Living and Working Conditions organised a seminar for its company network on November 29-30, 2007, hosted by Santander at its corporate headquarters in Madrid, Spain. In intensive discussions over the two days, 32 representatives from companies,...

The European Foundation for the Improvement of Living and Working Conditions organised a seminar for its company network on November 29u009630, 2007, hosted by Santander at its corporate headquarters in Madrid, Spain. In intensive discussions over the two days, 32 representatives from companies,...

The European Foundation for the Improvement of Living and Working Conditions organised a seminar for its company network on November 29u009630, 2007, hosted by Santander at its corporate headquarters in Madrid, Spain. In intensive discussions over the two days, 32 representatives from companies,...

The European Foundation for the Improvement of Living and Working Conditions organised a seminar for its company network on November 29u009630, 2007, hosted by Santander at its corporate headquarters in Madrid, Spain. In intensive discussions over the two days, 32 representatives from companies,...

The European Foundation for the Improvement of Living and Working Conditions organised a seminar for its company network on November 29u009630, 2007, hosted by international bank Santander at its corporate headquarters in Madrid, Spain. In intensive discussions over the two days, 32...

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...