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International Trade, Technological Shocks and Spillovers in the Labour Market : A GVAR Analysis of the US Manufacturing Sector

Vansteenkiste, Isabel - 2007

We empirically analyse the response of US manufacturing labour market variables to various shocks, notably to trade openness and technology. The econometric approach involves an application of the recently developed global VAR (GVAR) methodology of Dees, DiMauro, Pesaran, and Smith (2005) to 12...

Persistent link: https://www.econbiz.de/10012777698

Global financial transmission of monetary policy shocks

Ehrmann, Michael; Fratzscher, Marcel - 2006

The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...

Persistent link: https://www.econbiz.de/10011604662

Institutional Features of Wage Bargaining in 23 European Countries, the US and Japan

Du Caju, Philip - 2008

This paper presents information on wage bargaining institutions, collected using a standardised questionnaire. Our data provide information from 1995 and 2006, for four sectors of activity and the aggregate economy, considering 23 European countries, plus the US and Japan. Main findings include...

Persistent link: https://www.econbiz.de/10012768345

Labour Market Adjustments in Europe and the US : How Different?

Beyer, Robert - 2015

We compare the labour market response to region-specific shocks in Europe and the US and to national shocks in Europe …-specific variables and the country factors. We find that both in Europe and the US labour mobility accounts for about 50% of the long run … adjustment to region-specific labour demand shocks and only a little more in the US than in Europe, where adjustment takes twice …

Persistent link: https://www.econbiz.de/10013025742

What Has Driven Inflation Dynamics in the Euro Area, the United Kingdom and the United States

Melolinna, Marko - 2015

This paper studies factors behind inflation dynamics in the euro area, the UK and the US. It introduces a factor-augmented vector autoregression (FAVAR) framework with sign restrictions to study the effects of fundamental macroeconomic shocks on inflation in the three economies. The FAVAR model...

Persistent link: https://www.econbiz.de/10013020653

The Eurosystem, the US Federal Reserve and the Bank of Japan : Similarities and Differences

Gerdesmeier, Dieter - 2007

The paper provides a systematic comparison of the Eurosystem, the US Federal Reserve and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks, which reflect different historical conditions and national characteristics. However, widespread changes in central...

Persistent link: https://www.econbiz.de/10012777320

A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area

Adjemian, Stephane - 2008

The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric frame-work. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and...

Persistent link: https://www.econbiz.de/10012772411

Shocks, Structures or Monetary Policies? The Euro Area and US After 2001

Christiano, Lawrence J. - 2007

The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Persistent link: https://www.econbiz.de/10012776610

Inflation Persistence in the European Union, the Euro Area, and the United States

Gadzinski, Gregory - 2011

In this paper we report results on inflation persistence using 79 inflation series covering the EU countries, the euro area and the US for five different inflation variables. The picture that emerges is one of moderate inflation persistence across the board. In particular we find euro area...

Persistent link: https://www.econbiz.de/10013120765

Consumer Confidence as a Predictor of Consumption Spending : Evidence for the United States and the Euro Area

Dees, Stephane - 2011

For most academics and policy makers, the depth of the 2007-09 financial crisis, its longevity and its impacts on the real economy resulted from an erosion of confidence. This paper proposes to assess empirically the link between consumer sentiment and consumption expenditures for the United...

Persistent link: https://www.econbiz.de/10013124648