We introduce shocks to the availability of US dollar funding for non-US financial intermediaries in a two-country New Keynesian model with financial frictions. Such dollar shortages lead to uncovered interest rate parity deviations and have a significant negative effects on the macroeconomy....

This paper investigates how monetary expansion affects household consumption and savings through household debts. Using monetary policy cuts in China in the end of 2008 as an experiment, we find that the resulted increase in indebted households’ disposable income leads to increasing...

We build a tractable two-agent New Keynesian (TANK) model to jointly study four types of policy: conventional monetary policy, quantitative easing (QE), government expenditures, and lump-sum transfers. We find QE, transfers, and government spending can have the same effects on the aggregate...

Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in...

This years conference will be the second annual conference of the Economics of Digitization Research Area of the CESifo Network. The area studies societal and economic consequences of digitization. It has a wide scope of relevant research and its aim is bring the leading researchers from both...

Topics: - Reforming the Stability and Growth Pact - Financial stability of the EMU - The role of ECB - Fiscal imbalances and sovereign default in the EU - Debt consolidation strategies - Dealing with Current Account Imbalances - The role of EURO in the emerging world monetary system

Central bank communication and governance questions have taken on greater importance and, as a result, these institutions have become more transparent. While the appeal of greater transparency is seemingly evident, how transparency improves the conduct of monetary policy is subject to differing...

European postal operators are facing unprecedented declines in mail volumes, exacerbated by the economic downturn. This event will provide expert insights into the strategic measures required to reduce operating costs, adapt offerings to meet changing customer expectations, and grow revenues...

This year's conference will again provide excellent insight into key industry developments whilst generating invaluable networking opportunities. Speakers from across the sector will be considering: - What will emerge as the dominant revenue model in broadcasting? - Channel hopping? The future...

Full liberalisation of the postal market has been in place since 2006, and the market has been and will be evolving rapidly as the industry adjusts to competition. We are faced with questions concerning the future role of regulation, adapting to changing customer demand, and how to retain and...