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Inflation expectations and monetary policy surprises
(2017-01)
We use monthly data across fifteen euro-area economies for the period 1985:1-2015:3 to obtain monetary policy changes that can be regarded as surprises for different types of consumers. A novel feature of our empirical ...
R&D, innovation, and technological progress: A test of the Schumpeterian framework without scale effects
(2003)
I use U.S. manufacturing industry data to estimate a system of three equations implied by a model of R&D-induced growth in steady state. These equations relate R&D intensity to patenting, patenting to technological progress, ...
International price dispersion and the direction of trade
(2006)
The importance of trade costs in segmenting product markets cannot be captured by considering aggregate prices or in the absence of information on the direction of trade. We address
this problem by utilizing product-specific ...
Trends in international prices
(2010)
We exploit the panel dimension of a price levels dataset for more than one hundred product
items across 140 cities in 90 countries for the period from 1990 to 2009 in order to improve
our understanding of international ...
Inflation Expectations and Monetary Policy in Europe
(Social Science Research Network, 2016)
We use monthly data across fifteen euro-area economies for the period 1985:1-2015:3 to obtain different monetary policy shocks pertaining to more versus less informed individuals. We then investigate how these affect ...
R&D-induced growth in the OECD?
(2004)
The study uses aggregate and manufacturing sector data for a group of ten OECD countries for the period 1971 to 1995 to estimate a system of two equations implied by a model of RandD-induced growth in steady state. These ...
International technology diffusion and the growth of TFP in the manufacturing sector of developing economies
(Wiley, 2005-11)
This paper evaluates various channels through which foreign technology diffuses to the manufacturing sector of developing economies. These economies undertake virtually no own R&D, so they rely on foreign technology to a ...
Public debt and state-dependent effects of fiscal policy in the euro area
(2023-02)
We investigate public debt related state dependencies of fiscal policy shocks for fifteen euro area economies during the period from 2000:Q1 to 2019:Q4. Our estimated impulse
response functions suggest that the impact of ...
Understanding post-Crisis price deviations in Europe: Disintegration or mere adjustment?
(Springer, 2020-03)
The paper investigates the process of European integration using law of one price (LOP) deviations for a large number of individual goods and services during the recent Crisis. We find that the degree of integration of ...
Which banks smooth and at what price?
(Elsevier, 2020-12)
By adjusting lending, banks can smooth the macroeconomic impact of deposit fluctuations. This may, however, lead to extended periods of disproportionately high lending relative to deposit intake and, under certain conditions, ...