6 research outputs found
Growth, technology and inequality : an industrial approach
Digitised version produced by the EUI Library and made available online in 2020
A historical approach to American skill differentials
Digitised version produced by the EUI Library and made available online in 2020
American skill differentials in the short and in the long run
Defence date: 19 January 1998Examining board: Prof. Giuseppe Bertola, EUI ; Prof. James Bradford DeLong, Harvard University ; Prof. Stephen Machin, University College London ; Prof. Robert Waldmann, EUI and IGIER, Milan, SupervisorPDF of thesis uploaded from the Library digitised archive of EUI PhD theses completed between 2013 and 201
Skill differentials in the long and in the short run : a 4-digit SIC level U.S. manufacturing study
Digitised version produced by the EUI Library and made available online in 2020
Global Equilibrium Exchange Rates
This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.