Showing 61 - 70 of 514
Globalization has affected business cycle developments in OECD countries and has increased activities of firms across national borders. This paper analyzes whether these two developments are linked. We use a new firm-level dataset on the foreign activities of German firms to test whether foreign...
Persistent link: https://www.econbiz.de/10010260529
The paper applies an equilibrium correction model to discuss impacts of monetary, labour and external factors on the German inflation. The approach presented is of eclectic character and allows for examination which variables representative for various inflation theories matter empirically when...
Persistent link: https://www.econbiz.de/10010260658
Recent micro studies have documented extensive downward nominal wage rigidity (DNWR) for job stayers in many OECD countries, but the effect on aggregate variables remains disputed. Using data for hourly nominal wages, we explore the existence of DNWR on wages at the industry level in 19 OECD...
Persistent link: https://www.econbiz.de/10010264139
Conventional Phillips-curve models that are used to estimate the output gap detect a substantial decline in potential output due to the present crisis. Using a multivariate state space model, we show that this result does not hold if the long run role of excess liquidity (that we estimate...
Persistent link: https://www.econbiz.de/10010271405
Since the foundational work of Keynes (1936) macroeconomists have emphasized the importance of agents' expectations in determining macroeconomic outcomes Yet in recent decades macroeconomists have devoted almost no effort to modeling actual empirical expectations data instead assuming all...
Persistent link: https://www.econbiz.de/10010293481
This paper studies the dynamics of international consumption risk sharing among the G7 countries. Based on the dynamic conditional correlation model due to Engle (2002), we construct a time-varying, consumption-based measure of risk sharing. We find that although the exposure to country-specific...
Persistent link: https://www.econbiz.de/10010294891
Das Papier untersucht die Rolle von Frühindikatoren bei der Erstellung von Konjunkturprognosen. Gegenstand der Analyse sind die Fragen: Welche Kriterien sollten Frühindikatoren generell erfüllen bzw. was sollten Frühindikatoren leisten? Inwieweit erfüllen die gängigen Indikatoren diese...
Persistent link: https://www.econbiz.de/10010295369
Globalization has effected business cycle developments in OECD countries and has increased activities of firms across national borders. This paper analyzes whether these two developments are linked. We use a new firm-level dataset on the foreign activities of German firms to test whether foreign...
Persistent link: https://www.econbiz.de/10010295678
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10010300360
This paper examines the sources of fluctuations in inflation and output in two leading transitioneconomy candidates for admission to the European Union (EU), Poland and Hungary. Using a rational expectations, dynamic open economy aggregate supply- aggregate demand model, we consider real oil...
Persistent link: https://www.econbiz.de/10010301247