Showing 1 - 10 of 115
Although much has been written recently on the likely impact of 1992 on European economies, relatively little attention has been devoted to the external impact of the internal market. Yet, given the importance of the Community in world trade, the completion of Europe's domestic market could...
Persistent link: https://www.econbiz.de/10005791809
A popular view is that the surge in the price of oil during 2003-08 cannot be explained by economic fundamentals, but was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major determinant of the spot price of oil. This interpretation...
Persistent link: https://www.econbiz.de/10011084244
Based on a two-country, two-period general equilibrium model of the spot and futures markets for crude oil, we show that there is no theoretical support for the common view that oil futures prices are good predictors of the spot price in the mean-squared error sense; yet under certain conditions...
Persistent link: https://www.econbiz.de/10005792183
A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in...
Persistent link: https://www.econbiz.de/10005000442
Unlike economies as a whole, manufacturing industries exhibit unconditional convergence in labor productivity. The … the period since 1990. The coefficient of unconditional convergence is estimated quite precisely and is large, at 3 …
Persistent link: https://www.econbiz.de/10009359488
fiscal convergence criteria written into the Treaty of Maastricht and its Protocols. In order to qualify for full membership …
Persistent link: https://www.econbiz.de/10005123517
This paper studies the role of internal migration in income convergence across regions in Japan. Neoclassical theory … predicts that migration should have been an important source of convergence, but regression results suggest otherwise. The … shown that, although this effect did slow down convergence, its magnitude was too small to account for the discrepancy …
Persistent link: https://www.econbiz.de/10005123658
An extensive literature on the convergence of productivity between countries examines whether productivity is pulled … use the wide dispersion of productivity across firms to explore convergence to the national frontier. Given this within …
Persistent link: https://www.econbiz.de/10005123710
Price and output level convergence between new member states and the existing EU necessarily implies inflation and … nominal criteria are suspended, the policy instruments required to achieve euro convergence are in the hands of the individual …
Persistent link: https://www.econbiz.de/10005124072
convergence. Focusing on the late nineteenth century, a period both of globalization and convergence, it shows that trade had an … important force for convergence during this period, however. The analysis suggests that more attention should be paid to open … economy forces when discussing convergence. …
Persistent link: https://www.econbiz.de/10005124198