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Can a real business cycle model without price and wage stickiness explain UK real exchange rate behaviour?
Meenagh, David; Minford, Patrick; Nowell, Eric; Sofat, … - 2010 - Updated
This paper establishes the ability of a Real Business Cycle model to account for real exchange rate behaviour, using UK data. We show that a productivity simulation is capable of explaining initial real appreciation with subsequent depreciation to a lower steady state. The model is tested by the...
Persistent link: https://www.econbiz.de/10011517836
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Reconsidering the price-income relationship across countries
Fujii, Eiji - 2013 - This version: February 2013
This study reconsiders the well-known cross-country positive association between prices and income by focusing on heterogeneity between the inter-developed-country and inter-developing-country relationships. Empirical results reveal not only that developed and developing countries differ in...
Persistent link: https://www.econbiz.de/10009707555
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The Balassa-Samuelson effect reversed : new evidence from OECD countries
Gubler, Matthias; Sax, Christoph - 2011
This paper explores the robustness of the Balassa-Samuelson (BS) hypothesis. We analyze a panel of OECD countries from 1970 to 2008 and compare three different datasets on sectoral productivity, including a newly constructed database on total factor productivity. Overall, our DOLS estimation...
Persistent link: https://www.econbiz.de/10009565593
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The real exchange rate in the long run : Balassa-Samuelson effects reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - 2014
Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample period. Although the traditional Balassa-Samuelson...
Persistent link: https://www.econbiz.de/10010374513
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The empirical determinants of the Euro : short and long run perspectives
Chinn, Menzie David - 2000
The behavior of the dollar/euro exchange rate is modeled using a monetary model of the exchange rate. The econometric analysis is complicated by the short sample span of actual euro data available for analysis. Hence, data on a "synthetic" euro are used. The assumptions underlying the monetary...
Persistent link: https://www.econbiz.de/10009583879
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The role of the Chinese dollar peg for macroeconomic stability in China and the world economy
Schnabl, Gunther - 2010
During the 1997/98 Asian crisis and the 2007-2010 world financial and economic crisis, China has proved to be a … China. The paper explores the current role of China's nominal exchange rate stabilization as stabilizing factor for China … policy coordination between China and the US. The exit from unconventional low interest rate policies in the US combined with …
Persistent link: https://www.econbiz.de/10009012482
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Who funds zombie firms : banks or non-banks?
Tuuli, Saara - 2023
Analyses of zombie firms have emphasised the role of bank financing as the reason for zombie survival. This conclusion was made despite no comparative analysis of the sources of external finance for zombie firms. This paper provides the first analysis of that sort using Finnish data....
Persistent link: https://www.econbiz.de/10013535893
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The macroeconomic implications of changes in bank capital and liquidity requirements in Canada : insights from the BoC-GEM-FIN
De Resende, Carlos; Dib, Ali; Perevalov, Nikita - 2010
The authors use simulations within the BoC-GEM-FIN, the Bank of Canada's version of the Global Economy Model with financial frictions in both the demand and supply sides of the credit market, to investigate the macroeconomic implications of changing bank regulations on the Canadian economy....
Persistent link: https://www.econbiz.de/10008760522
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Exchange rate expectations redux and monetary policy
Pierdzioch, Christian - 2002
This paper uses a dynamic general equilibrium optimizing two-country model to analyze how the formation of exchange rate expectations shapes the effects of monetary policy shocks in open economies. The model implies that the short-run output effects of permanent monetary policy shocks diminish...
Persistent link: https://www.econbiz.de/10011474909
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Raising an inflation target : the Japanese experience with abenomics
De Michelis, Andrea; Iacoviello, Matteo - 2016
This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target during a liquidity trap. We review Japanese data and examine through a VAR model how macroeconomic variables respond to an identified inflation target shock. We apply these...
Persistent link: https://www.econbiz.de/10011563011