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Beggar-thyself or beggar-thy-neighbour? : the welfare effects of monetary policy

Tervala, Juha; Engler, Philipp - 2010

This paper examines whether monetary expansion is a beggar-thyself or beggar-thy-neighbour policy. Obstfeld and Rogoff (1995) show that monetary expansion under producer currency pricing increases domestic and foreign overall welfare, in cases where the crosscountry substitutability is high. If...

Persistent link: https://www.econbiz.de/10003962839

The synchronization of GDP growth in the G7 during US recessions : is this time different?

Antonakakis, Nikolaos; Scharler, Johann - 2010

Using the dynamic conditional correlation (DCC) model due to Engle (2002), we estimate time varying correlations of quarterly real GDP growth among the G7 countries. In general, we find that rathe heterogeneous patterns of international synchronization exist during U.S. recessions. During the...

Persistent link: https://www.econbiz.de/10009241001

International Spillovers of Output Growth and Output Growth Volatility : Evidence from the G7

Antonakakis, Nikolaos; Badinger, Harald - 2010

This paper examines the transmission of GDP growth and GDP growth volatility among the G7 countries over the period 1960 q1 - 2009 q3, using a multivariate generalized autoregressive conditional heteroskedasticity (MGARCH) model to identify the source and magnitude of spillovers. Results...

Persistent link: https://www.econbiz.de/10011374385

The Great Recession : a self-fulfilling global panic

Bacchetta, Philippe; Van Wincoop, Eric - 2013

While the 2008-2009 fi nancial crisis originated in the United States, we witnessed steep declines in output, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong home bias in goods and fi nancial markets, what can account...

Persistent link: https://www.econbiz.de/10009751195

Business cycles, international trade and capital flows : evidence from Latin America

Caporale, Guglielmo Maria; Girardi, Alessandro - 2012

This paper adopts a flexible framework to assess both short- and long-run business cycle linkages between six Latin American (LA) countries and the four largest economies in the world (namely the US, the Euro area, Japan and China) over the period 1980:I-2011:IV. The result indicate that within...

Persistent link: https://www.econbiz.de/10009666491

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

Stylized facts and international business cycles : the German case

Gail, Michael - 2000 - Revised July 9th, 2000

This paper studies the business cycle in Germany using the HP-filter (Hodrick/Prescott (1997)) to isolate the cyclical component. A two-country International Business Cycle model in line with Baxter/Crucini (1995) is built to explain these facts. The combination of GHH-preferences with taste...

Persistent link: https://www.econbiz.de/10011525706

Business cycle correlation between the Euro area and the Balkan countries

Gouveia, Sofia - In: International journal of economic sciences and applied … 7 (2014) 1, pp. 33-49

EMU (except Greece and Turkey) and a rather modest degree of association with the Euro area cycle, although Turkey is … nearest the average of the EMU countries. We further document that there is a tendency for an increase in the degree of … synchronisation with EMU for all Balkan countries. We also note, however, that at the end of the period, the degree of synchronisation …

Persistent link: https://www.econbiz.de/10010459812

Globalization and international business cycle dynamics : a conditional GVAR approach

Binder, Michael; Offermanns, Christian J. - 2014

We examine the effects of increased international integration of both goods and financial markets on business cycle dynamics. To do so, we develop a new econometric framework for modelling cross-country spillovers in which the magnitude of these spillovers is an empirically determined function...

Persistent link: https://www.econbiz.de/10010414228

Regionalization vs. globalization

Hirata, Hideaki; Kose, M. Ayhan; Otrok, Christopher M. - 2013

Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the...

Persistent link: https://www.econbiz.de/10009703626