Stock Market Dispersion, Sectoral Shocks, and the German Business Cycle PDF Download
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Author: Jörg Döpke
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 46
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Book Description
Author: Jörg Döpke
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 46
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Book Description
Author: Sangyup Choi
Publisher: International Monetary Fund
ISBN: 1498356303
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
We study the role of uncertainty shocks in explaining unemployment dynamics, separating out the role of aggregate and sectoral channels. Using S&P500 data from the first quarter of 1957 to third quarter of 2014, we construct separate indices to measure aggregate and sectoral uncertainty and compare their effects on the unemployment rate in a standard macroeconomic vector autoregressive (VAR) model. We find that aggregate uncertainty leads to an immediate increase in unemployment, with the impact dissipating within a year. In contrast, sectoral uncertainty has a long-lived impact on unemployment, with the peak impact occurring after two years. The results are consistent with a view that the impact of aggregate uncertainty occurs through a “wait-and-see” mechanism while increased sectoral uncertainty raises unemployment by requiring greater reallocation across sectors.
Author: Jörg Döpke
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
Author: Jörg-Volker Schrader
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
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Book Description
Author:
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 62
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Book Description
Author: Rainer Fehn
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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Book Description
Author: Claudia M. Buch
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Author: Henning Klodt
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Author: Claudia M. Buch
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
Author: Claudia M. Buch
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
Russia's foreign debt problems worsened substantially after the financial crisis of 1998. The paper focuses on the key role of the government in servicing foreign debt and promoting institution building by showing how foreign debt influences the choice between official and unofficial taxation. The enterprise sector is assumed to reallocate its resources between domestic investment and capital flight. It is discussed under which conditions debt rescheduling may create incentives for the government to promote institution building. The results of this paper shed light on the conditions under which the recent agreement with the London Club to write off substantial amounts of former Soviet debt can be successful.
