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A unified model of international business cycles and trade

Bhattarai, Saroj; Kucheryavyy, Konstantin - 2020

We present a unified dynamic framework to study the interconnections between international trade and business cycle models. We prove an aggregate equivalence between a competitive, representative firm model that has aggregate production externalities and dynamic trade models that feature...

Persistent link: https://www.econbiz.de/10012171705

Global banking, trade, and the international transmission of the great recession

Born, Alexandra; Enders, Zeno - 2018

The global financial crisis of 2007-2009 spread through different channels from its origin in the United States to large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify their relative importance for this transmission....

Persistent link: https://www.econbiz.de/10011800166

Twin deficits through the looking glass : time-varying analysis in the euro area

Afonso, António; Coelho, José Carlos - 2022

Using two measures of the fiscal position, the cyclically adjusted primary budget balance (CAPB) and the total budget balance, we assess the Twin Deficit Hypothesis for the Euro Area in the period 1995-2020. Furthermore, we estimate time-varying coefficients of the current account balance...

Persistent link: https://www.econbiz.de/10012813893

Short-term and long-term growth effects of exchange rate adjustment

Kočenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - 2012 - Version: 22 November 2012

long-term growth effects of exchange rate flexibility in a panel-cointegration framework. Countries with a high degree of …

Persistent link: https://www.econbiz.de/10009683152

Nominal wage flexibility, wage indexation and monetary union

Calmfors, Lars; Johansson, Åsa - 2002

Membership in a monetary union implies stronger incentives for nominal wage flexibility in the form of wage indexation and shorter contract length than nonmembership. For example, entry into a monetary union may cause a move from a non-indexation to an indexation equilibrium. But more wage...

Persistent link: https://www.econbiz.de/10011410646

Causal effects of countercyclical interest rates : evidence from the classical gold standard

Mitchener, Kris; Pina, Gonçalo - 2022

We estimate the causal impact of countercyclical interest rates on macroeconomic outcomes in open economies. To identify countercyclical interest rates, we construct a new database of short-term interest rates, principal exports, and international commodity prices for 40 economies from 1870 to...

Persistent link: https://www.econbiz.de/10013183777

A re-examination of the link between real exchange rates and real interest rate differentials

Hoffmann, Mathias; MacDonald, Ronald - 2003

first clarify the logic of applying cointegration methods to the RERI and propose an alternative way of testing the …

Persistent link: https://www.econbiz.de/10011506475

Budgetary and external imbalances relationship : a panel data diagnostic

Afonso, António; Rault, Christophe - 2009

We assess the cointegration relationship between current account and budget balances, and effective real exchange rates …, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …

Persistent link: https://www.econbiz.de/10003808652

Does household borrowing reduce the trade balance? : evidence from developing and developed countries

Xu, Can; Jacobs, Jan; Haan, Jakob de - 2021

We examine the dynamic impact of household borrowing on the trade balance using data from 33 developing countries and 36 developed countries over the 1980-2017 period. Our findings suggest that the impact of household borrowing on the trade balance is by and large negative, both in the short and...

Persistent link: https://www.econbiz.de/10012534684

Prospects for a monetary union in the East Africa community : some empirical evidence

Caporale, Guglielmo Maria; Carcel, Hector; Gil-Alaña, … - 2018

roots and are highly persistent. The fractional bivariate cointegration tests (see Marinucci and Robinson, 2001) suggest …

Persistent link: https://www.econbiz.de/10011859481