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Adjustment dynamics and business cycle heterogeneity in the EMU : evidence from estimated DSGE models
Giovannini, Massimo; Hohberger, Stefan; Ratto, Marco; … - 2019
The paper reviews adjustment dynamics in the EMU on the basis of estimated DSGE models for four large EA Member States …
Persistent link: https://www.econbiz.de/10012268789
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How do credit supply shocks propagate internationally? : A GVAR approach
Eickmeier, Sandra; Ng, Tim - 2011
We study how credit supply shocks in the US, the euro area and Japan are transmitted to other economies. We use the recently-developed GVAR approach to model financial variables jointly with macroeconomic variables in 33 countries for the period 1983-2009. We experiment with inter-country links...
Persistent link: https://www.econbiz.de/10009389753
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Emerging Asia's Growth and Integration : How Autonomous are Business Cycles?
Rueffer, Rasmus - 2007
Against the background of the rapid integration of emerging Asia into the global economy, this paper investigates the role of domestic and external factors in driving individual emerging economies in Asia. We estimate VAR models for ten countries over the period 1979Q1-2003Q4, controlling for...
Persistent link: https://www.econbiz.de/10012778007
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How Do Credit Supply Shocks Propagate Internationally? A Gvar Approach
Eickmeier, Sandra - 2016
We study how credit supply shocks in the US, the euro area and Japan are transmitted to other economies. We use the recently-developed GVAR approach to model financial variables jointly with macroeconomic variables in 33 countries for the period 1983-2009. We experiment with inter-country links...
Persistent link: https://www.econbiz.de/10012991020
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What drives business cycle synchronization? : BMA results from the European Union
Beck, Krzysztof - In: Baltic journal of economics 19 (2019) 2, pp. 248-275
The last twenty years have brought a bulk of inconsistent results on the determinants of business cycle synchronization (BCS). Researchers have usually focused their attention on a limited set of possible determinants, not accounting for model uncertainty. For these reasons, Bayesian Model...
Persistent link: https://www.econbiz.de/10012123356
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Has the Euro changed the business cycle?
Enders, Zeno; Jung, Philip; Müller, Gernot J. - 2009
In this paper we analyze European business cycles before and under EMU. Across the two periods we find 1) a significant … able to replicate key features of the data prior to and under EMU. We find that the euro has a strong bearing on the … transmission mechanism as cross-country spillovers increase substantially under EMU. As a result, foreign shocks become more and …
Persistent link: https://www.econbiz.de/10003850663
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The international dimension of confidence shocks
Dées, Stéphane; Güntner, Jochen - 2014
Building on Beaudry, Nam and Wang (2011) - hereafter BNW -, we use survey data on consumer sentiment in order to identify the causal effects of confidence shocks on real economic activity in a selection of advanced economies. Starting from a set of closed-economy VAR models, we show that these...
Persistent link: https://www.econbiz.de/10010354540
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Business Cycles Through International Shocks : A Structural Investigation
Yilmazkuday, Hakan - 2011
This paper investigates the sources of output volatility by decomposing the international shocks into finance and trade shocks. Through structural Bayesian estimations of an open-economy DSGE model on 16 countries, on average, it is found that international shocks explain around 70% of output...
Persistent link: https://www.econbiz.de/10013133507
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The World is Not Enough! Small Open Economies and Regional Dependence
Aastveit, Knut Are - 2013
This paper bridges the new open economy factor augmented VAR (FAVAR) studies with the recent findings in the business cycle synchronization literature emphasizing the importance of regional factors. That is, we estimate and identify a three block FAVAR model with separate world, regional and...
Persistent link: https://www.econbiz.de/10013083050
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Macroeconomic Fluctuations in Sub-Saharan Africa
Hoffmaister, Alexander W. - 2006
The sources of macroeconomic fluctuations in sub-Saharan African are examined by comparing the CFA franc countries with the non-CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA...
Persistent link: https://www.econbiz.de/10012782247