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138 records from EconBiz based on author Name
1. The effects of market integration on pollution : an analysis of EU enlargements
abstractWe study the effects of market integration on manufacturing emission intensities of CO 2, SO x, and NO x. For this, we analyse the 2004 and 2007 EU enlargements in a sub-sectoral panel with data on almost all EU member states from 1995 to 2015. We pay close attention to relevant channels of trade, regulation, and efficiency. Overall, the enlargements have resulted in a reduction of emission intensities in new member states: new regulations, which accession countries needed to adopt, have lowered pollution intensities strongly; induced improvements in productivity have further reduced them; and trade integration into the EU has had insignificant effects on emission intensities. We also do not find evidence of within-EU pollution haven effects and thus of leakage from old to new member states. For old members, trade integration, if anything, increased emission intensities, but efficiency improvements have also contributed to cleaner manufacturing sectors here.
Sommer, Konstantin; Groot, Henri L. F. de; Klaassen, Franc;2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link Link 2. Exchange market pressure in interest rate rules
Klaassen, Franc; Mavromatis, Kostas;2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link 3. How do governments respond to interest rates?
Klaassen, Franc; Beetsma, Roel; Jalles, João Tovar;2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 4. The effects of market integration on pollution: an analysis of EU enlargements
Sommer, Konstantin; de Groot, Henri L.F.; Klaassen, Franc;2022
Type: Working Paper;
Availability:
5. Is Fiscal Policy Coordination in Emu Desirable?
abstractIt is widely argued that Europe's unified monetary policy calls for the international coordination at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a demand management tool and we use a simple model to investigate the circumstances under which coordination may be desirable. It turns out that coordination is beneficial when the correlation of the shocks hitting the various economies is low. However, given the potentially adverse reaction by the ECB (as a result of free-riding and/or a conflict on the orientation of the policy mix), fiscal coordination is likely to be counterproductive when demand or supply shocks are highly symmetric across countries and the governments are unable to acquire a strategic leadership position vis-a-vis the ECB
Beetsma, Roel; Debrun, Xavier; Klaassen, Franc;2021
Availability: Link Link
Citations: 27 (based on OpenCitations)
6. Untangling real gravity
abstractWe derive a real gravity equation and gain several new insights that were hidden in the nominal specification used so far. Most importantly, the real effective exchange rate (REER) of the exporter and, via the importer's terms of trade, also the importer's REER matter, and we can identify the elasticity of substitution. We estimate real gravity for 18 OECD countries. Therefore, we extend the untangling normalization method from an it to an ijt panel data model and use it to exploit all variables proposed by theory, despite a broad set of fixed effects (FE). We find that both REERs are important and estimate an elasticity of substitution of 1.5. If we assume homogeneous parameters, as is common, the remaining unexplained exporter-time and importer-time deviations are still substantial, relaxing this assumption improves this. We now explain 64 and 70% of the exporter-time and importer-time deviations, respectively, and thus the majority of the exporter and importer multilateral resistances. Untangling normalization helps to get a better view of what is still unexplained by theory.
Klaassen, Franc; Teulings, Rutger;2017
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link
7. Interest rate rules, exchange market pressure, and successful exchange rate management
abstractCentral banks with an exchange rate objective set the interest rate in response to what they call "pressure." Instead, existing interest rate rules rely on the exchange rate minus its target. To stay closer to actual policy, we introduce a rule that uses exchange market pressure (EMP), the tendency of the currency to depreciate. Our rule can also explain a high interest rate even if the actual exchange rate is on target, in contrast to traditional rules. A further improvement is that the coefficient for EMP depends on the interest rate effectiveness: the rate should be used less if it is more effective. This shows how policy makers should adapt their policy in case of a structural change to avoid missing their objective. Our rule can be applied to many regimes, from the float to the fixed, and to many models, such as the New Keynesian model, as we illustrate.
Klaassen, Franc; Mavromatis, Kostas;2016
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
8. The Dutch position in the Brexit negotiations
Beetsma, Roel; Klaassen, Franc; Teulings, Rutger;2016
Type: Aufsatz im Buch; Book section;
Availability: Link
9. What drives pension reforms in the OECD?
Beetsma, Roel; Klaassen, Franc; Romp, Ward E.; Maurik, Ron van;2020
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link Citations: 6 (based on OpenCitations)
10. Untangling fixed effects and constant regressors
abstractFixed effects (FE) in panel data models overlap each other and prohibit the identification of the impact of ''constant'' regressors. Think of regressors that are constant across countries in a country-time panel with time FE. The traditional approach is to drop some FE and constant regressors by normalizing their impact to zero. We introduce ''untangling normalization'', meaning that we orthogonalize the FE and, if present, the constant regressors. The untangled FE are much easier to interpret. Moreover, the impact of constant regressors can now be estimated, and the untangled FE indicate to what extent the estimates reflect the true value. Our untangled estimates are a linear transformation of the traditional, zero-normalized estimates; no new estimation is needed. We apply the approach to a gravity model for OECD countries' exports to the US. The constant regressors US GDP, world GDP and the US effective exchange rate explain 90% of the time FE, making the latter redundant, so the estimated impacts indeed reflect the true value.
Klaassen, Franc; Teulings, Rutger;2015
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link