In this paper, the authors assess the extent to which multinational firms - in the first instance, the German ones - may adjust their international outsourcing over the business cycle in the Czech Republic and Slovakia. For that purpose, they have used monthly data of production for the manufacturing sector ...Download Now
This paper provides evidence of spillover effects from the Indian to the US financial markets. The authors use VAR and Kalman filter analysis to assess the influence of financial stress indicators like the LIBOROIS, CDS, the S&P 500 volatility and the exchange rate of the rupee against the Dollar on ...Download Now
Do policies that alter the allocation of human capital across individuals affect the innovation capacity of an economy? To answer this question, the author extends Romer's (1990) growth model to allow for individual heterogeneity. The author finds that the value of an invention rises with equality. If skills and talents ...Download Now
The paper on inflation targeting has up to now focused on its impact on macroeconomic performance or private expectations. In contrast, this paper proposes to investigate empirically whether the institutional adoption of this framework has changed the policy preferences of the central banker. The authors test the hypothesis that inflation ...Download Now
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