Similar Search Results

US shocks and global exchange rate configurations

Fratzscher, Marcel - 2007

The paper analyses the heterogeneity in the link between macroeconomic fundamentals and exchange rates. For a set of important US-specific economic shocks, it shows that such shocks have exerted a remarkably heterogeneous effect on global exchange rate configurations over the past 25 years....

Persistent link: https://www.econbiz.de/10011604881

Assessing the factors behind oil price changes

Dées, Stéphane; Gasteuil, Audrey; Kaufmann, Robert K.; … - 2008

The rapid rise in the price of crude oil between 2004 and the summer of 2006 are the subject of debate. This paper investigates the factors that might have contributed to the oil price increase in addition to demand and supply for crude oil, by expanding a model for crude oil prices to include...

Persistent link: https://www.econbiz.de/10011604901

House Prices, Money, Credit and the Macroeconomy.

Goodhart, Charles; Hofmann, Boris - 2008

This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries … effects of shocks to money and credit are found to be stronger when house prices are booming. The last two results are …

Persistent link: https://www.econbiz.de/10011604934

Globalisation, domestic inflation and global output gaps: Evidence from the euro area

Calza, Alessandro - 2008

This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the global output gap (the “global output gap hypothesis”) holds for the euro area. The empirical analysis uses quarterly data over the period 1979-2003. Measures of the global...

Persistent link: https://www.econbiz.de/10011604936

Identification of new Keynesian Phillips Curves from a global perspective.

Dées, Stéphane; Pesaran, Hashem; Smith, Vanessa; … - 2008

New Keynesian Phillips Curves (NKPC) have been exten-sively used in the analysis of monetary policy, but yet there are a number of issues of concern about how they are estimated and then related to the underlying macro-economic theory. The first is whether such equations are identified. To check...

Persistent link: https://www.econbiz.de/10011604938

Repo markets, counterparty risk and the 2007/2008 liquidity crisis

Ewerhart, Christian; Tapking, Jens - 2008

important innovation, we allow for two-sided counterparty risk. Our findings relate to empirical characteristics of repo …

Persistent link: https://www.econbiz.de/10011604955

Government spending volatility and the size of nations

Furceri, Davide; Poplawski Ribeiro, Marcos - 2008

This paper provides empirical evidence showing that smaller countries tend to have more volatile government spending for a sample of 160 countries from 1960 to 2000. We argue that the larger size of a country decreases the volatility of government spending because it acts as an insurance against...

Persistent link: https://www.econbiz.de/10011604970

Channels of international risk-sharing: capital gains versus income flows

Bracke, Thierry; Schmitz, Martin - 2008

Global financial integration unlocks a huge potential for international risk sharing. We examine the degree to which … international equity holdings act as a risk sharing device in industrial and emerging economies. We split equity returns into … potential for risk sharing. Our evidence suggests that net capital gains are a more potent channel of risk sharing. They behave …

Persistent link: https://www.econbiz.de/10011604984

Foreign-currency bonds: currency choice and the role of uncovered and covered interest parity

Habib, Maurizio Michael; Joy, Mark - 2008

Using count-data techniques, this paper studies the determinants of currency choice in the issuance of foreign-currency-denominated bonds. In particular, we investigate whether bond issuers choose their issuance currency in order to exploit the borrowing-cost savings associated with deviations...

Persistent link: https://www.econbiz.de/10011604993

Exchange rate pass-through in the global economy: the role of emerging market economies

Bussière, Matthieu; Peltonen, Tuomas A. - 2008

This paper estimates export and import price equations for 41 countries –including 28 emerging market economies. Further, it relates the estimated elasticities to structural factors and tests for statistical breaks in the relation between trade prices and exchange rates. Results indicate that...

Persistent link: https://www.econbiz.de/10011604997