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International Transmission of the US Interest Rate Policy Shocks : Multi-Country Model Analysis Using FAVAR
Yim, Geung Hyung - 2018
This study analyzes the international transmission of US interest rate hikes using the factor-augmented autoregression model. To achieve this purpose, this study first identifies the shocks that result from the US interest rate policies and analyzes how these shocks impact the outputs and prices...
Persistent link: https://www.econbiz.de/10012907265
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The valuation effects of trade
Barbiero, Omar - 2021 - This version: September 2021
This paper estimates the cash flow and real effects of currency mismatches generated by foreign-priced operations of French manufacturers. The value of transactions invoiced in foreign currencies is twice as sensitive to exchange rates as the value of transactions invoiced in the domestic...
Persistent link: https://www.econbiz.de/10012705025
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How Does Globalization Affect the Synchronization of Business Cycles?
Kose, M. Ayhan; Prasad, Eswar S.; Terrones, Marco E. - 2021
This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of...
Persistent link: https://www.econbiz.de/10013320078
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The post-crisis sequencing of economic integration in Asia : trade as a complement to a monetary future
Plummer, Michael G. - 2007
Bilateral and regional cooperation initiatives in Asia have been growing in importance over the last five years … sequence, is there a case for monetary union in East Asia? Is there a case for expanded free-trade areas (FTAs) in the region … Equilibrium (CGE) model, to evaluate the economics of monetary/financial integration and various configurations of FTAs in Asia …
Persistent link: https://www.econbiz.de/10011281489
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Estimating the effects of coordinated fiscal actions in the euro area
Hebous, Shafik; Zimmermann, Tom - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the … members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a … similar size area-wide shock expressed as a weighted average of the fiscal shocks across all member countries. According to …
Persistent link: https://www.econbiz.de/10009581972
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International Propagation of Shocks : A Dynamic Factor Model Using Survey Forecasts
Lahiri, Kajal - 2018
This paper studies the pathways for the propagation of shocks across G7 and major Asia-Pacific countries using multi … industrialized and developing economies after the 2008 recession. However, the direction of shock spillovers during recessions and …
Persistent link: https://www.econbiz.de/10012911318
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How Do Fiscal and Technology Shocks Affect Real Exchange Rates? New Evidence for the United States
Enders, Zeno - 2008
Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive...
Persistent link: https://www.econbiz.de/10012770998
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The exchange rate insulation puzzle
Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2021
We confront the notion that flexible rates insulate a country from external disturbances with new evidence on spillovers from euro-area shocks to neighboring countries. We find that in response to euro-area shocks, spillovers are not smaller, and currency movements not significantly larger, in...
Persistent link: https://www.econbiz.de/10012705556
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The Propagation of European Monetary Policy Shocks into Romania's Economy
Bojesteanu, Elena - 2009
The paper analyses within a two-country framework the role of monetary shocks in transmitting macroeconomic fluctuations across countries, with a special emphasis on the case of Romania. The investigation is important as Romania is preparing to give up its monetary sovereignty and become a full...
Persistent link: https://www.econbiz.de/10012719861
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The exchange rate insulation puzzle
Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; … - 2021
The notion that flexible exchange rates insulate a country from foreign shocks is well grounded in theory, from the classics (Meade, 1951; Friedman 1953), to the more recent open economy literature (Obstfeld and Rogo, 2000). We confront it with new evidence from Europe. Specifically, we study how...
Persistent link: https://www.econbiz.de/10012438341