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and Japan being the countries that generate the smallest spillovers. Therefore, policymakers should closely monitor the …
Persistent link: https://www.econbiz.de/10012305394
We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross-state capital income flows. While insurance against transitory...
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This paper analyzes the contribution of anticipated capital and labor tax shocks to business cycle volatility in an estimated New Keynesian DSGE model. While fiscal policy accounts for 12 to 20 percent of output variance at business cycle frequencies, the anticipated component hardly matters for...
Persistent link: https://www.econbiz.de/10009748254
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consequent possibility of liquidity traps in countries such as Japan, could significantly magnify these spillover effects …
Persistent link: https://www.econbiz.de/10014399922
German unifikation hit the West German economy in a prosperous and appeared as a huge demand shock at least for the … those resulting from the demand shock of German unification, to effect not only German trade flows, but also real variables … modelling approach and estimation results for the trade submodels are presented in some detail and simmulation results for the …
Persistent link: https://www.econbiz.de/10013428333
Motivated by the increased importance of trade between industrialized and less-developed countries, we build a DSGE model featuring comparative advantage and inter-industry trade to analyze business cycle dynamics of industrialized countries. We show that productivity shocks lead to shifts in...
Persistent link: https://www.econbiz.de/10011478292