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Sharing the Burden : Monetary and Fiscal Responses to a World Liquidity Trap

Cook, David E. - 2011

With integrated trade and financial markets, a collapse in aggregate demand in a large country can cause 'natural real interest rates' to fall below zero in all countries, giving rise to a global 'liquidity trap'. This paper explores the policy choices that maximize the joint welfare of all...

Persistent link: https://www.econbiz.de/10013123644

Endogenous Trade Protection and Exchange Rate Adjustment

Auray, Stéphane - 2019

economy macro model. We show that movement in exchange rates have a direct implication for trade policy when governments …

Persistent link: https://www.econbiz.de/10012893578

Capital Controls, Global Liquidity Traps and the International Policy Trilemma

Devereux, Michael B. - 2013

that, in a global economy with open financial markets, the problem of the zero bound introduces a new dimension to the …

Persistent link: https://www.econbiz.de/10013081245

Globalisation, Pass-Through and the Optimal Policy Response to Exchange Rates

Devereux, Michael B. - 2014

In this paper we examine how monetary policy should respond to nominal exchange rates in a New Keynesian open economy …

Persistent link: https://www.econbiz.de/10013051760

Monetary Policy in the Open Economy Revisited : Price Setting and Exchange Rate Flexibility

Devereux, Michael B.; Engel, Charles M. - 2021

This paper develops a welfare-based model of monetary policy in an open economy. We focus on the extent to which …

Persistent link: https://www.econbiz.de/10013223870

Consumption Risk-Sharing and the Real Exchange Rate : Why Does the Nominal Exchange Rate Make Such a Difference?

Devereux, Michael B. - 2011

fully) accounted for by nominal exchange rate variability. We then ask whether standard open economy macro models can …

Persistent link: https://www.econbiz.de/10013121595