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shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high … MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to … investment shocks, leading our model to infer a central role for these shocks as a source of business cycles. …
Persistent link: https://www.econbiz.de/10012154622
We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost …
Persistent link: https://www.econbiz.de/10009786095
The transmission channels through which monetary policy affects business investment remain opaque. This paper examines … the importance of the interest rate and credit channels on business fixed investment in Germany. We have at our disposal …
Persistent link: https://www.econbiz.de/10011514118
Labor market performance has differed considerably between OECD countries over the last two decades. The focus of the literature so far has been to ask whether these differences can be explained by varying degrees of labor market rigidities and generosity of welfare states. This paper takes a...
Persistent link: https://www.econbiz.de/10011408964
We analyse the impact of both the Global Financial Crisis of 2008 and the European sovereign and banking crisis of 2011-13 on firm-level productivity in France, Italy and Spain. We show that relying on a single break date in 2008 misses both the Eurozone crisis and countries' institutional...
Persistent link: https://www.econbiz.de/10012433745
We investigate the potential for statistical forecasting of aggregate oil and gas investment on the Norwegian … random walk benchmark in an out-of-sample environment. Second, lags of investment growth, crude oil price growth and realized … volatility is found to be adequate predictors for the investment growth. Finally, there is a clear benefit from re-estimating the …
Persistent link: https://www.econbiz.de/10011544319
This paper analyses the impact of exchange rate uncertainty upon the pattern of investment in different exchange rate … exchange rate regimes indicates that currency volatility exerts only a small influence upon the level of investment spending …
Persistent link: https://www.econbiz.de/10011400788
This paper looks at the extent to which the shift in the lower value added production to countries in the following development "tier" is actually becoming a reality. Several countries in East Asia have been upgrading production patterns and moving up the value chain, this paper looks at how...
Persistent link: https://www.econbiz.de/10011891772
This document describes and discusses a new supply side framework that quantifies the impact of structural reforms on per capita income in OECD countries. It presents the overall macroeconomic impacts of reforms by aggregating over the effects on physical capital, employment and productivity...
Persistent link: https://www.econbiz.de/10011638280
outcomes. Lower barriers to foreign trade and investment help MFP. Lower barriers to entry and less pervasive state control of …
Persistent link: https://www.econbiz.de/10011800715