Business cycle co-movements across countries have been widely documented, and East Asian economies show no exception. We reevaluate a Bayesian estimated two-country real business cycle model with non-sequentially traded intermediates and a New Keynesian model that incorporates simple vertical...

The rise in college wage premium is well documented, though with shifting sands of consensus on its main causes. This paper intends to investigate if, and how, intangible capital drives wage inequality, and to what extent the outcomes can be shaped by pre-distribution policies. We construct a...

This short note as the first study investigates the symmetry of fluctuations of underground output around trend for four selected Southeast Asian countries, that is, Malaysia, Indonesia, Thailand, and Philippines, over the time horizon of 1970-2006. In particular, we test if the underground...

This paper revisits the hypothesis that globalization may weaken central bank's monetary control by analyzing the potential effect of vertically globalized production structure that increasingly permeates the international production process on domestic macroeconomic dynamics under the foreign...

This short note as the first study investigates the symmetry of fluctuations of underground output around trend for four selected Southeast Asian countries, that is, Malaysia, Indonesia, Thailand, and Philippines, over the time horizon of 1970-2006. In particular, we test if the underground...

Through a finite-lived dynamic stochastic general equilibrium (DSGE) model comprising bubbly capital with fixed supply, one-period gestation lag, and a cash-in-advance constraint, we show that a money-accommodated but not price-accommodated technological shock can trigger excessive movement in...