Similar Search Results

Financial Integration: A New Methodology and an Illustration

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2003

This Paper develops a simple new methodology to test for asset integration and applies it within and between American stock markets. Our technique is tightly based on a general intertemporal asset-pricing model, and relies on estimating and comparing expected risk-free rates across assets....

Persistent link: https://www.econbiz.de/10005497716

Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2004

This Paper develops a simple but general methodology to estimate the expected intertemporal marginal rate of substitution or ‘EMRS’, using only data on asset prices and returns. Our empirical strategy is general, and allows the EMRS to vary arbitrarily over time. A novel feature of our...

Persistent link: https://www.econbiz.de/10005656417

Takeovers and the Dynamics of Information Flows

Chemla, Gilles - C.E.P.R. Discussion Papers - 2003

This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business relationships. We consider a long-term relationship between a firm and a privately-informed stakeholder, a buyer for example. In our model, takeovers both increase the surplus from...

Persistent link: https://www.econbiz.de/10005662138

Currency Unions and International Integration

Engel, Charles M; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001

This Paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to countries with sovereign monies, and to regions within...

Persistent link: https://www.econbiz.de/10005666442

Why do within firm-product export prices differ across markets?

Görg, Holger; Halpern, László; Muraközy, Balázs - C.E.P.R. Discussion Papers - 2010

constant markups. The differences are important quantitatively; price differences in Hungarian exports between Germany and the …

Persistent link: https://www.econbiz.de/10008530371

Heterogeneity in Wage Setting Behavior in a New-Keynesian Model

Eijffinger, Sylvester C W; Grajales, Anderson; Uras, … - C.E.P.R. Discussion Papers - 2015

In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent … study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting … heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …

Persistent link: https://www.econbiz.de/10011249376

South-South migration and the labor market: Evidence from South Africa

Facchini, Giovanni; Mayda, Anna Maria; Mendola, Mariapia - C.E.P.R. Discussion Papers - 2013

Using census data for 1996, 2001 and 2007 we study the labor market effect of immigration to South Africa. The paper contributes to a small but growing literature on the impact of South-South migration by looking at one of the most attractive destinations for migrant workers in Sub--Saharan...

Persistent link: https://www.econbiz.de/10011083261

Migration, Congestion Externalities, and the Evaluation of Spatial Investments

Dinkelman, Taryn; Schulhofer-Wohl, Sam - C.E.P.R. Discussion Papers - 2012

Evaluations of new infrastructure in developing countries typically focus on direct effects, such as the impact of an electrifification program on household energy use. But if new infrastructure induces people to move into an area, other local publicly provided goods may become congested,...

Persistent link: https://www.econbiz.de/10011083273

Mitigating long-run health effects of drought: Evidence from South Africa

Dinkelman, Taryn - C.E.P.R. Discussion Papers - 2014

Drought is Africa’s primary natural disaster and a pervasive source of income risk for poor households. This paper documents the long-run health effects of early life exposure to drought and investigates an important source of heterogeneity in these effects. Combining birth cohort variation in...

Persistent link: https://www.econbiz.de/10011083817

Review of Monetary Policy in South Africa: 1994-2004

Aron, Janine; Muellbauer, John - C.E.P.R. Discussion Papers - 2006

This paper examines the evolution of monetary policy in South Africa in 1994-2004 in terms of design, the operational framework, the South African Reserve Bank’s (SARB) understanding of monetary policy transmission and the transparency, credibility and predictability of monetary policy....

Persistent link: https://www.econbiz.de/10005661447