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From Great Depression to Great Credit Crisis : Similarities, Differences and Lessons

Almunia, Miguel - 2009

The Great Depression of the 1930s and the Great Credit Crisis of the 2000s had similar causes but elicited strikingly different policy responses. It may still be too early to assess the effectiveness of current policy responses, but it is possible to analyze monetary and fiscal policies in the...

Persistent link: https://www.econbiz.de/10013153988

The Economic Consequences of the Franc Poincare

Eichengreen, Barry; Wyplosz, Charles - 2021

In this paper we reassess the cyclical performance of the French economy in the 1920s, focusing in particular on the … exports as a share of GDP turned down as early as 1928, the economy continued to expand for several subsequent years …. Investment, not exports, emerges as the proximate source of the French economy's resistance to the Great Depression. And fiscal …

Persistent link: https://www.econbiz.de/10013215366

Before the Accord : U.S. Monetary-Financial Policy 1945-51

Eichengreen, Barry; Garber, Peter M. - 2021

Thia paper analyzes U.S. monetary-financial policy in the period leading up to the Treasury-Fed Accord. We model policy as an implicit target zone for the price level and an explicit zone for interest rates, and the difficulties on the eve of the Accord as an incipient run on a collapsing...

Persistent link: https://www.econbiz.de/10013211663

From Benign Neglect to Malignant Preoccupation : U.S. Balance-of-Payments Policy in the 1960s

Eichengreen, Barry - 2010

expanding world economy was dollar balances. The role of the United States was to act as banker to the world, borrowing short …

Persistent link: https://www.econbiz.de/10014161214

From Benign Neglect to Malignant Preoccupation : U.S. Balance-of-Payments Policy in the 1960s

Eichengreen, Barry - 2021

expanding world economy was dollar balances. The role of the United States was to act as banker to the world, borrowing short …

Persistent link: https://www.econbiz.de/10013229056

Fiscal Rules, Financial Stability and Optimal Currency Areas

De Grauwe, Paul - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...

Persistent link: https://www.econbiz.de/10013020581

Fiscal Policy and Monetary Union : Is There a Tradeoff between Federalism and Budgetary Restrictions?

Eichengreen, Barry; von Hagen, Jürgen - 2021

The Maastricht Treaty on Europe Union features an Excessive Deficit Procedure limiting the freedom to borrow of governments participating in the European monetary union. One justification is to prevent states from over- borrowing and demanding a bailout which could divert the European Central...

Persistent link: https://www.econbiz.de/10013249559

The Breakup of the Euro Area

Eichengreen, Barry - 2010

The possibility that the euro area might break up was being raised even before the single currency existed. These scenarios were then lent new life five or six years on, when appreciation of the euro and problems of slow growth in various member states led politicians to blame the European...

Persistent link: https://www.econbiz.de/10012759842

Relaxing the External Constraint : Europe in the 1930s

Eichengreen, Barry - 2011

This paper documents the effects of exchange rates and the external constraint during the interwar years. In the absence of international policy coordination, exchange rate depreciation is shown to have been a necessary precondition for the adoption of policies promoting recovery from the Great...

Persistent link: https://www.econbiz.de/10013125958

The European Central Bank : Lender of Last Resort in the Government Bond Markets?

De Grauwe, Paul - 2013

The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...

Persistent link: https://www.econbiz.de/10013092424