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Fundamental determinants of exchange rate expectations

Beckmann, Joscha; Czudaj, Robert - 2020

This paper provides a new perspective on the exchange rate disconnect puzzle by referring to the expectations building mechanism in foreign exchange markets. Therefore, we analyze the role of expectations regarding macroeconomic fundamentals for expected exchange rate changes. In doing so, we...

Persistent link: https://www.econbiz.de/10012435503

Sudden stops and reserve accumulation in the presence of international liquidity risk

Lutz, Flora; Zessner-Spitzenberg, Leopold - 2020

We propose a small open economy model where agents borrow internationally and invest in liquid foreign assets to insure against liquidity shocks, which temporarily shut out the economy of short-term credit markets. Due to the presence of a pecuniary externality individual agents borrow too much...

Persistent link: https://www.econbiz.de/10012425195

Transaction balances of small denomination banknotes : findings from the introduction of ES2

Bartzsch, Nikolaus - 2017

At the end of 2015, the Deutsche Bundesbank had issued a total net amount of just over €45 billion in €20 banknotes. In statistical terms, each resident living in Germany was therefore issued with around 30 banknotes of this denomination. Up until now, it was not clear how many of these...

Persistent link: https://www.econbiz.de/10011731375

Impact of technical progress on the relationship between competition and investment

Jeanjean, François - 2018

This paper investigates the impact of technical progress on the relationship between competition an investment. Using a model of oligopoly competition with di¤erentiated products where firms invest to reduce their marginal cost of production, I find that technical progress, which increases the...

Persistent link: https://www.econbiz.de/10011957665

Import competition and firm productivity : evidence from German manufacturing

Braeuer, Richard; Mertens, Matthias; Slavtchev, Viktor - 2020

This study analyzes empirically the effects of import competition on firm productivity (TFPQ) using administrative firm-level panel data from German manufacturing. We find that only import competition from high-income countries is associated with positive incentives for firms to invest in...

Persistent link: https://www.econbiz.de/10012426234

Identifying monetary policy and central bank information shocks using high-frequency exchange rates

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2019

This work investigates effects of conventional monetary policy and central bank information shocks from monetary policy announcements on the U.S. economy. We identify the surprises caused by changes in target rate and central bank’s private information embedded in high frequency exchange rate...

Persistent link: https://www.econbiz.de/10012304714

Agglomeration and exports with heterogeneous firms : evidence from Chinese firm-level and county-level data

Sun, Churen; Yu, Zhihao; Zhang, Tao - 2012 - Version July 1, 2012, preliminary

The paper proposes a model to investigate the influences of agglomeration on heterogeneous firms' exporting behaviors. In the model, firms are heterogeneous in productivity. Selection effect and agglomeration economies caused by agglomeration increase firms' productivity and decreases industrial...

Persistent link: https://www.econbiz.de/10011508161

Effects of knowledge capital on total factor productivity in China : a spatial econometric perspective

Scherngell, Thomas; Borowiecki, Martin; Hu, Yuanjia - 2013

The transformation of China into a knowledge based economy is currently one of the most intensively debated research … knowledge spillovers on manufacturing total factor productivity (TFP) in China - at the level of Chinese regions - through the … question whether TFP in China is increasingly based on knowledge production and diffusion. Relying on the regional KCM as …

Persistent link: https://www.econbiz.de/10011581772

Technological change and total factor productivity growth : evidence from China's telecommunications industry

Lin, Xuchen; Lu, Ting-jie; Chen, Xia - 2018

The fast-growing telecommunications industry in China has been experiencing dramatic technological change and … estimate productivity change, technological change, and relative efficiency change in China's telecommunications industry for …

Persistent link: https://www.econbiz.de/10012009910

The spatial dimension of trade- and FDI-driven productivity growth in Chinese provinces : a global cointegration approach

Özyurt, Selin; Mitze, Timo - 2012

Since the introduction of its "open door" policy in the late 1970s, China has been attracting a growing share of FDI …

Persistent link: https://www.econbiz.de/10011515012