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An extension of Hamilton's Markov switching techniques (Hamilton, J. B., 1989, A new approach to the economic analysis of nonstationary time series and the business cycle, Econometrica, 57, 357-84) is used to describe and analyse stock market returns. Using new tests, very strong evidence is...
Persistent link: https://www.econbiz.de/10009206699
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Views in the economic literature on the main factors that influence exchange rates have evolved over time in response to economic developments and new trends in economic theory. This article provides a brief interpretative survey of the main theories of exchange rate determination. The factors...
Persistent link: https://www.econbiz.de/10009371664
Financial market crises may differ, but severe banking crises typically share many common features. The most recent crisis shares many features with the US Savings and Loan crisis of the 1980s and early 90s as well as some features of the LTCM crisis of 1998. More generally, banking crises are...
Persistent link: https://www.econbiz.de/10008581252
Productivity growth is carefully scrutinized by macroeconomists because it plays key roles in understanding private savings behaviour, the sources of macroeconomic shocks, the evolution of international competitiveness and the solvency of public pension systems, among other things. However,...
Persistent link: https://www.econbiz.de/10008751889
Productivity growth is carefully scrutinized by macroeconomists because it plays key roles in understanding private savings behaviour, the sources of macroeconomic shocks, the evolution of international competitiveness and the solvency of public pension systems, among other things. However,...
Persistent link: https://www.econbiz.de/10008764363
A well-documented property of the Beveridge-Nelson trend-cycle decomposition is the perfect negative correlation between trend and cycle innovations. We show how this may be consistent with a structural model where trend shocks enter the cycle, or cyclic shocks enter the trend and that...
Persistent link: https://www.econbiz.de/10010661491
We analyse the effects of a price floor on price wars (or deep price cuts) in the retail market for gasoline. Bertrand supergame oligopoly models predict that price wars should last longer in the presence of price floors. In 1996, the introduction of a price floor in the Quebec retail market for...
Persistent link: https://www.econbiz.de/10008791767
La croissance de la productivité est examinée par les macro-économistes car elle joue des rôles clés dans la compréhension de l'épargne dans le secteur privé, les sources des chocs macroéconomiques, l'évolution de la compétitivité internationale et la solvabilité des régimes de...
Persistent link: https://www.econbiz.de/10008794713
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