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Domestic versus foreign drivers of trade (im)balances : how robust is evidence from estimated DSGE models
Cardani, Roberta; Hohberger, Stefan; Pfeiffer, Philipp … - 2020
domestic drivers remain dominant when theory-based restrictions on shock transmission are relaxed, although the transmission of … result based on more agnostic approaches to shock transmission and using "agnostic structural disturbances". We estimate …
Persistent link: https://www.econbiz.de/10012299292
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German wage moderation and European imbalances : feeding the Global VAR with theor
Bettendorf, Timo; León-Ledesma, Miguel A. - 2015
bargaining shock. We then impose these restrictions on a Global VAR consisting of Germany and 8 EMU countries to identify a wage … bargaining shock in Germany. Our results show that, although the German current account was significantly affected by wage …
Persistent link: https://www.econbiz.de/10010532618
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Sources of euro real exchange rate fluctuations : what is behind the euro weakness in 1999-2000?
Döpke, Jörg; Gottschalk, Jan; Kamps, Christophe - 2001
This paper analyzes the factors underlying the weakness of the euro. For this purpose, the framework advocated by Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables: aggregate supply shocks, aggregate spending shocks, and...
Persistent link: https://www.econbiz.de/10011473872
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Macroeconomic Effects of Nominal Exchange Rate Regimes : New Insights into the Role of Price Dynamics
Kollmann, Robert - 2004
interest parity condition. It captures the fact that the sharp increase in nominal exchange rate volatility after the … abandonment of the Bretton Woods (BW) system was accompanied by a commensurate rise in real exchange rate volatility, but had no … pronounced effect on the volatility of U.S. and European output. This holds irrespective of whether flexible and sticky prices …
Persistent link: https://www.econbiz.de/10014132560
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Germany versus the United States : monetary Dominance in the Eurozone
Quah, Chee Heong - In: Economies : open access journal 4 (2016) 2, pp. 1-16
This study inspects if there is greater convergence with Germany amongst the Eurozone founding members and if their relations with the hegemonic economy have been more symmetrical after "euroization". The dimensions explored are those inspired by the optimum currency areas (OCA) framework. To...
Persistent link: https://www.econbiz.de/10011499412
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Feeding the global VAR with theory : is German wage moderation to blame for European imbalances? ; conference paper
Bettendorf, Timo - 2013
shock. This information enables us to identify a German wage markup shock by imposing restrictions on the impulse response …
Persistent link: https://www.econbiz.de/10010344636
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German wage moderation and European imbalances : feeding the global VAR with theory
Bettendorf, Timo; León-Ledesma, Miguel A. - 2015
bargaining shock. We then impose these restrictions on a Global VAR consisting of Germany and 8 EMU countries to identify a wage … bargaining shock in Germany. Our results show that, although the German current account was significantly affected by wage …
Persistent link: https://www.econbiz.de/10011292316
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Exchange Rate Misalignments and Crises
Stein, Jerome L.; Paladino, Giovanna - 2021
The problem is to evaluate the likelihood that a country will face a currency or balance of payments crisis over a given horizon. When is it rational for market participants to expect a depreciation of the currency? On the basis of considerable empirical studies we know that in both banking and...
Persistent link: https://www.econbiz.de/10013320946
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Exchange rates and prices : evidence from the 2015 Swiss Franc appreciation
Auer, Raphael A.; Burstein, Ariel T.; Lein-Rupprecht, … - 2018
The removal of the lower bound on the EUR/CHF exchange rate in January 2015 provides a unique setting to study the implications of a large and sudden appreciation in an otherwise stable macroeconomic environment. Using transaction-level data on non-durable goods purchases by Swiss consumers, we...
Persistent link: https://www.econbiz.de/10011900831
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Are Extremely Low Interest Rates Really Caused by Insufficient Growth and Inflation Rather than by ECB Policy? An Examination of ECB's Defense Against German Critiques
Dor, Eric - 2016
To fight deflationary pressures in the euro area, the ECB has been conducting exceptional policies, such as negative interest rates on excess reserves of banks on their accounts at the Eurosystem, or massive purchases of assets, essentially public bonds. The interest rate on the main refinancing...
Persistent link: https://www.econbiz.de/10012991540