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Investment-specific technology shocks and international business cycles: An empirical assessment
Mandelman, Federico S.; Rabanal, Pau; Rubio-Ramírez, … - 2010
In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses the quantity, international comovement,...
Persistent link: https://www.econbiz.de/10010292222
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Cointegrated TFP processes and international business cycles
Rabanal, Pau; Rubio-Ramirez, Juan Francisco; Tuesta, Vicente - 2009
A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that total factor productivity processes for the United States and the rest of the world are...
Persistent link: https://www.econbiz.de/10010292354
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Short- and Long-Term Growth Effects of Exchange Rate Adjustment.
Kocenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2012
flexibility. We augment this literature by analyzing short-and long-term growth effects of exchange rate flexibility in a panel-cointegration …
Persistent link: https://www.econbiz.de/10010596146
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What determines real exchange rates? : the Nordic countries
Bergvall, Anders - 2002
This paper presents a model yielding testable implications concerning the long-run co-movements of real exchange rates, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved terms of trade are found to have more appreciated...
Persistent link: https://www.econbiz.de/10011587580
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Intertemporal solvency of Turkey’s current account
Oğuş Binatlı, Ayla; Sohrabji, Niloufer - 2008
+ (which include imports, net interest and unilateral transfer payments). Cointegration between inflows and outflows implies … that the intertemporal budget constraint is satisfied. We use the Johansen and the Gregory and Hansen (1996) cointegration … tests to determine linkages between exports and imports+ in Turkey. Using the Johansen test we find no cointegration and …
Persistent link: https://www.econbiz.de/10011807191
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On the dynamics of the Greek twin deficits: Empirical evidence over the period 1960 - 2007
Panagiotis, Pantelidis; Emmanouil, Trachanas; … - In: International Journal of Economic Sciences and Applied … 2 (2009) 2, pp. 9-32
One of the most important open macroeconomic issues, during the current global economic recession, concerns the sustainability of persistent budget and trade deficits as well as possible interactions between them. These deficits are most crucial due to severe debt servicing costs, faced by...
Persistent link: https://www.econbiz.de/10010289404
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Behavior Equilibrium Exchange Rate and Misalignment of Renminbi: A Recent Empirical Study
Chen, Jinzhao - Institut for Miljø og Erhvervsøkonomi, Syddansk … - 2007
This paper employs the behavioral equilibrium exchange rate (BEER) model to estimate the equilibrium real exchange rate of Renminbi (RMB) and the exchange rate misalignment in China, which covers the period from 1994q1 to 2006q2. Using the most precise and recent data, the main findings of the...
Persistent link: https://www.econbiz.de/10005482025
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Devaluation and trade balance in Latin American countries
Kalyoncu, Huseyin; Ozturk, Ilhan; Artan, Seyfettin; … - In: Zbornik radova Ekonomskog fakulteta u … 27 (2009) 1, pp. 115-128
, Brazil, Mexico and Peru. We use the Johansen-Juselius cointegration test and impulse response function to estimate the long … and Peru. In addition, the cointegration is found among the four variables (trade balance, domestic income, foreign … incomes and real exchange rate) in the case of Argentina and Peru. The results also indicate that there is no cointegration …
Persistent link: https://www.econbiz.de/10010904511
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What Determines Real Exchange Rates? The Nordic Countries
Bergvall, Anders - Nationalekonomiska Institutionen, Uppsala Universitet - 2002
This paper presents a model yielding testable implications concerning the long-run co-movements of real exchange rates, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved terms of trade are found to have more appreciated...
Persistent link: https://www.econbiz.de/10005644528
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Turkish Twin Effects: An Error Correction Model of Trade Balance
Akbostanci, Elif; Tunç, Gül Ipek - İktisat Bölümü, İktisadi ve İdari Bilimler Fakültesi - 2001
cointegration methodology and by estimating an error correction model. This enabled us to search the relationship between the …
Persistent link: https://www.econbiz.de/10005731549