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Nonlinear Mean-Reversion in Real Exchange Rates: Towards a Solution to the Purchasing Power Parity Puzzles

Peel, David; Sarno, Lucio; Taylor, Mark P - C.E.P.R. Discussion Papers - 2001

We fit nonlinearly mean-reverting models to real dollar exchange rates over the post-Bretton Woods period, consistent with a theoretical literature on transaction costs in international arbitrage. The half lives of real exchange rate shocks, calculated through Monte Carlo integration, imply...

Persistent link: https://www.econbiz.de/10005666576

Official Intervention in the Foreign Exchange Market: Is It Effective, and, If So, How Does It Work?

Sarno, Lucio; Taylor, Mark P - C.E.P.R. Discussion Papers - 2001

In this Paper we assess the progress made by the profession in understanding whether and how exchange rate intervention works. To this end, we review the theory and evidence on official intervention, concentrating primarily on work published within the last decade or so. Our reading of the...

Persistent link: https://www.econbiz.de/10005666659

Nonlinear Dynamics, Spillovers and Growth in the G7 Economies: An Empirical Investigation

Sarno, Lucio - C.E.P.R. Discussion Papers - 2000

This paper proposes an empirical growth model which is consistent with a stochastic steady-state labour productivity level varying over time and across countries, where the disequilibrium mechanism leading to long-run equilibrium follows a nonlinear equilibrium correction model. Using data for...

Persistent link: https://www.econbiz.de/10005123970

Employment and Distributional Effects of Restricting Working Time

Marimon, Ramon; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1999

reduces profits and and output. Employment effects are sensitive to the representation of preferences. In our benchmark, small … reductions in working time, starting from the laissez-faire equilibrium solution, always increase employment, while larger … reductions reduce employment. However, the employment gains from reducing working time are relatively small …

Persistent link: https://www.econbiz.de/10005067610

The Detaxation of Overtime Hours: Lessons from the French Experiment

Cahuc, Pierre; Carcillo, Stéphane - C.E.P.R. Discussion Papers - 2011

In October 2007 France introduced an exemption on the income tax and social security contributions that applied to wages received for hours worked overtime. The goal of the policy was to increase the number of hours worked. This article shows that this reform has had no significant impact on...

Persistent link: https://www.econbiz.de/10008854516

How are Product Demand Changes Transmitted to the Labour Market?

Lindbeck, Assar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1993

product demand can affect employment under these conditions. The analysis suggests that the longer-term effectiveness of …

Persistent link: https://www.econbiz.de/10005504209

The Effects of the Tax-Benefit System on UK Unemployment: A Microeconomic Analysis

Beenstock, Michael - C.E.P.R. Discussion Papers - 1987

employment, using explanatory variables such as tax and social security benefit rates. Other variables represent the … estimates do not suggest that employment is significantly explained by the tax-benefit system. Nevertheless, we simulate the …

Persistent link: https://www.econbiz.de/10005504221

Outward Investment, Employment and Wages in Swedish Multinationals

Blomström, Magnus; Kokko, Ari - C.E.P.R. Discussion Papers - 2000

Examining detailed data on Swedish MNCs during the period 1986-1994, this paper shows that there are signs of very notable structural changes in the home country operations of these corporations. It also shows that the character of these changes varies according to economic conditions in the...

Persistent link: https://www.econbiz.de/10005504266

Importing Jobs or Exporting Firms? A Close Look at the Labour Market Implications of Italy's Trade and Foreign Direct Investment Flows

Faini, Riccardo; Falzoni, Anna M; Galeotti, Marzio; … - C.E.P.R. Discussion Papers - 1998

International economic integration is often blamed for the deteriorating fortunes of unskilled workers in industrial countries. We look at the labour market impact of trade and foreign direct investment in the case of Italy. Our empirical framework allows for trade, technology and factor supply...

Persistent link: https://www.econbiz.de/10005504326

Flexible Wages Systems and the Structure of Wages: Evidence from Matched Employer-Employee Data

Bauer, Thomas; Bender, Stefan - C.E.P.R. Discussion Papers - 2001

, however, that HPWOs affect their employment structure. …

Persistent link: https://www.econbiz.de/10005504382

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