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Inflation Dynamics : A Cross-Country Investigation
Wang, Pengfei - 2006
We document that persistent and lagged inflation (with respect to output) is a world-wide phenomenon in that these … short-run inflation dynamics are highly synchronized across countries. In particular, the average cross-country correlation … of inflation is significantly and systematically stronger than that of output, while the cross-country correlation of …
Persistent link: https://www.econbiz.de/10012733927
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Business cycle synchronization : a regional perspective
Beck, Krzysztof - 2014
Turmoil in euro area once more forces EU authorities to rethink future of further monetary integration. One of the most commonly used criterions for successful monetary in contemporary research is business cycle synchronization (BCS). Though BCS has been vastly described at country level, not as...
Persistent link: https://www.econbiz.de/10012011034
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Domestic cycles, financial cycles, and policies : what has gone wrong?
Dăianu, Daniel - 2017
The financial crisis and its ensuing effects have brought back into the limelight the issue of cycles and of policies which fuel or mitigate crises. Cognitive and operational models in economics and business are questioned. There is a specter of much lower economic growth in the industrialized...
Persistent link: https://www.econbiz.de/10011760593
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Inflation targeting in Korea, Indonesia, Thailand, and the Philippines : the impact on business cycle synchronization between each country and the world
Inoue, Takeshi; Toyoshima, Yuki; Hamori, Shigeyuki - Institute of Developing Economies, Japan External Trade … - 2012
This paper empirically analyzes whether and to what extent the adoption of inflation targeting (IT) in Korea, Indonesia …
Persistent link: https://www.econbiz.de/10010540680
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Can Indeterminacy and Self-Fulfilling Expectations Help Explain International Business Cycles? A Preliminary Investigation
McKnight, Stephen - 2016
We introduce equilibrium indeterminacy into a two-country incomplete asset model with imperfect competition and analyze whether self-fulfilling, belief-driven fluctuations (i.e., sunspot shocks) can help resolve the major puzzles of international business cycles. We find that a combination of...
Persistent link: https://www.econbiz.de/10013004783
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Financial Frictions and the International Transmission of Shocks
Park, Woong Yong - 2019
This study presents a two-good, two-country model with financial frictions, where banks facing a borrowing constraint intermediate funds between households and firms. The endogenous fluctuations of international relative prices increase the business cycle co-movement across countries when...
Persistent link: https://www.econbiz.de/10012858531
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Rethinking Optimum Currency Area Theory : Endogenous Synchronisation of Shocks in Europe
Garcia, José - 2018
This work aims to assess whether the hypothesis of endogenous synchronisation of shocks is verified in the European Economic and Monetary Union (EMU). A state-space model, which yields time-varying coefficients, is estimated with structural demand and supply shocks to several European economies...
Persistent link: https://www.econbiz.de/10012917260
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Exchange Rate Regimes and the International Transmission of Business Cycles : Capital Account Openness Matters
Kim, Kyunghun - 2018
We investigate the role of exchange rate regimes in the international transmission of business cycles during the global financial crisis. We find that exchange rate regimes alone did not account for differences in the international transmission of business cycles during the crisis. However,...
Persistent link: https://www.econbiz.de/10012918089
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Frequency aspects of information transmission in a network of three Western equity markets
Schmidbauer, Harald; Rösch, Angi; Uluceviz, Erhan - 2016
Cycles in the behavior of stock markets have been widely documented. There is an increasing body of literature on whether stock markets anticipate business cycles or its turning points. Several recent studies assert that financial integration impacts positively on business cycle comovements of...
Persistent link: https://www.econbiz.de/10011609909
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Modelling Entry Costs : Does it Matter for Business Cycle Transmission?
Cavallari, Lilia - 2012
This paper studies the business cycle implications of entry costs in a dynamic stochastic general equilibrium model with firm entry and nominal rigidity. Simulations show that my baseline model matches the dynamics observed in the data fairly well. Remarkably, it overcomes the difficulties...
Persistent link: https://www.econbiz.de/10013097653