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A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset markets and a low price elasticity of tradables can account...
Persistent link: https://www.econbiz.de/10009636531
countries whereas it remained at a comparatively low level in the USA despite considerably stronger inflows into the labour … especially noticeable in comparison with the USA. It is also the result of a relatively low significance of jobs in the service …
Persistent link: https://www.econbiz.de/10010732959
nicht mehr den zuvor typischen Aufholprozess bei der Produktivitätsentwicklung gegenüber den USA fortsetzen können … Kommunikationstechnologien -, der hier in den zurückliegenden Jahrzehnten die Entwicklung im Vergleich zu den USA prägte, ins Stocken geraten … Unterschiede in der Produktivitätsmessung zwischen den USA und Deutschland erwartet wurde. Mittelfristig ist aber damit zu rechnen …
Persistent link: https://www.econbiz.de/10011601603
We estimate international technology spillovers to U.S. manufacturing firms via imports and foreign direct investment (FDI) between the years of 1987 and 1996. In contrast to earlier work, our results suggest that FDI leads to substantial productivity gains for domestic firms. The size of FDI...
Persistent link: https://www.econbiz.de/10010260533
In our dynamic optimizing sticky price model, agents are heterogeneous with regard to their age and their productivity. We find that the business cycle dynamics in the OLG model in response to both a technology shock and a monetary shock are similar, but not completely identical to those found...
Persistent link: https://www.econbiz.de/10010261430
The role of expectations for economic fluctuations has received considerable attention in recent business cycle analysis. We exploit Markov regime switching models to identify shocks in cointegrated structural vector autoregressions and investigate different identification schemes for bi-variate...
Persistent link: https://www.econbiz.de/10010264444
This paper studies the productivity impact of heterogeneous capital inputs of selected EU-15 member countries and of the U.S. at the macroeconomic level. The stochastic possibility frontiers approach of Battese and Coelli (1992) applied here is used to identify neutralities or non-neutralities...
Persistent link: https://www.econbiz.de/10010264965