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Productivity, Wages and Prices Inside and Outside of Manufacturing in the US, Japan and Europe

Gordon, Robert J - C.E.P.R. Discussion Papers - 1986

. Results are presented for the United States, Japan, and an aggregate called "Europe" consisting of eleven European economies …. The primary theme of the paper is that the differences between Europe and the United States have been substantially … exaggerated in recent work. Europe has neither greater nominal wage flexibility nor more rigid real wages than the United States …

Persistent link: https://www.econbiz.de/10005789135

C-CAPM and the Cross-Section of Sharpe Ratios

Söderlind, Paul - C.E.P.R. Discussion Papers - 2003

This Paper studies whether the consumption-based asset-pricing model can explain the cross-section of Sharpe ratios. The constant relative risk aversion (CRRA) model and several extensions (habit persistence, recursive utility and idiosyncratic shocks) all imply that the Sharpe ratio is linearly...

Persistent link: https://www.econbiz.de/10005791769

Macroeconomic Influences on Optimal Asset Allocation

Flavin, Thomas; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2002

We develop a tactical asset allocation strategy that incorporates the effects of macroeconomic variables. The joint distribution of financial asset returns and the macroeconomic variables is modelled using a VAR with an M-GARCH error structure. As a result the portfolio frontier is time varying...

Persistent link: https://www.econbiz.de/10005124166

Public investment and regional growth and convergence: Evidence from Greece

Psycharis, Yannis; Rodriguez-Pose, Andres; Tselios, Vassilis - C.E.P.R. Discussion Papers - 2012

This paper estimates the impact of public investment on regional economic growth and convergence at the NUTS III level in Greece. Using a new database of public expenditure per region for the period 1978-2007, it proposes a model which captures not just the impact of public investment in Greek...

Persistent link: https://www.econbiz.de/10011084166

Multilateral economic cooperation and the international transmission of fiscal policy

Corsetti, Giancarlo; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

During the global financial crisis 2007--2009 fiscal policy was widely used as a stabilization tool. Policymakers allowed a large build-up of public debt resulting from both automatic and discretionary expansionary measures. At the same time, calls for policy coordination stressed that...

Persistent link: https://www.econbiz.de/10011084597

People I Know: Job Search and Social Networks

Cingano, Federico; Rosolia, Alfonso - C.E.P.R. Discussion Papers - 2008

We assess the information spillovers generated by the exchange of job-related information within networks of fellow workers exploiting administrative records covering all employment relationships established in a specific local labor market over 20 years. We recover individual-specific networks...

Persistent link: https://www.econbiz.de/10005661496

Spillover Effects, Bank Lending and Growth

Altug, Sumru G.; Usman, Murat - C.E.P.R. Discussion Papers - 2004

suggest that volatility and unpredictability in bank lending capacities may be a key indicator of various adverse outcomes in …

Persistent link: https://www.econbiz.de/10005789112

International Interdependencies in Fiscal Stabilization Policies

Andersen, Torben M; Spange, Morten - C.E.P.R. Discussion Papers - 2002

Trade links imply that business cycle fluctuations are transmitted to trade partners. To the extent that fiscal policy can mitigate business cycle fluctuations this implies that there are international interdependencies in stabilization policies. We analyse the role of fiscal policy in...

Persistent link: https://www.econbiz.de/10005124478

Is teenage motherhood contagious? Evidence from a Natural Experiment

Monstad, Karin; Propper, Carol; Salvanes, Kjell G - C.E.P.R. Discussion Papers - 2011

There is relatively little research on peer effects in teenage motherhood despite the fact that peer effects, and in particular social interaction within the family, is likely to be important. We estimate the impact of an elder sister’s teenage fertility on the teenage childbearing of their...

Persistent link: https://www.econbiz.de/10009209828

The Effects of Foreign Shocks When Interest Rates Are at Zero

Bodenstein, Martin; Erceg, Christopher; Guerrieri, Luca - C.E.P.R. Discussion Papers - 2010

In a two-country DSGE model, the effects of foreign demand shocks on the home country are greatly amplified if the home economy is constrained by the zero lower bound for policy interest rates. This result applies even to countries that are relatively closed to trade such as the United States....

Persistent link: https://www.econbiz.de/10008642894