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Transpacific imbalances and macroeconomic codependency

Thorbecke, Willem - 2011

Current account deficits in the United States (US) and current account surpluses in East Asia are an enduring part of the global economic landscape. They are supported by low saving in the US and by reserve accumulation in Asia. This paper argues that this strategy is causing macroeconomic...

Persistent link: https://www.econbiz.de/10010279816

International monetary transmission and exchange rate regimes: Floaters vs. non-floaters

Kim, Soyoung; Yang, Doo Yong - 2009

This paper analyzed the impact of United States (US) monetary shocks on the economies of selected East Asian countries using a structural vector autoregression model. We found that the impacts of the US monetary shocks on domestic interest rates and exchange rates contradict conventional wisdom....

Persistent link: https://www.econbiz.de/10010279850

Estimating the border effect: Some new evidence

Gopinath, Gita; Gourinchas, Pierre-Olivier; Hsieh, Chang-Tai - 2009

To what extent do national borders and national currencies impose costs that segment markets across countries? To answer this question the authors use a dataset with product-level retail prices and wholesale costs for a large grocery chain with stores in the United States and Canada. They...

Persistent link: https://www.econbiz.de/10010280948

The yuan's exchange rates and pass-through effects on the prices of Japanese and US imports

Xing, Yuqing - 2010

This paper estimated the pass-through effects of yuan's exchange rates on prices of the US and Japanese imports from the People's Republic of China (PRC). Empirical results show that, a 1% nominal appreciation of the yuan would result in a 0.23% increase in prices of the US imports in the short...

Persistent link: https://www.econbiz.de/10010286187

Economic stability and choice of exchange rate regimes

Kaji, Sahoko - 2013

the current euro area crisis. The euro may have led to bubbles, but member economies were not free of trouble before the … euro. Many members were losing competitiveness and in need of removing structural rigidities. If anything, the euro was … introduction of the euro and then discuss the governance overhaul taking place in Europe today. This overhaul was something that …

Persistent link: https://www.econbiz.de/10010397268

Emerging economies' supply shocks and Japan's price deflation: International transmissions in a three-country DSGE model

Hirakata, Naohisa; Iwasaki, Yuto; Kawai, Masahiro - 2014

This paper examines the international transmission effects that a positive supply shock in emerging economies may have on inflation in developed economies. We construct a dynamic stochastic general equilibrium (DSGE) model for three countries and analyze the impact of a supply shock in an...

Persistent link: https://www.econbiz.de/10010397229

Uncertainty shocks in a model of effective demand

Basu, Susanto; Bundick, Brent - 2012

This paper examines the role of uncertainty shocks in a one-sector, representative-agent dynamic stochastic general equilibrium model. When prices are flexible, uncertainty shocks are not capable of producing business cycle comovements among key macro variables. With countercyclical markups...

Persistent link: https://www.econbiz.de/10010343352

Inadequate regional financial safety nets reflect complacency

Azis, Iwan J. - 2013

To the extent that financial contagion from the United States and the euro area crisis has occurred in Asia, this paper …

Persistent link: https://www.econbiz.de/10010397287

Real output of bank services: What counts is what banks do, not what they own

Inklaar, Robert; Wang, J. Christina - 2011

The measurement of bank output, a difficult and contentious issue, has become even more important in the aftermath of the devastating financial crisis of recent years. In this paper, we argue that models of banks as processors of information and transactions imply a quantity measure of bank...

Persistent link: https://www.econbiz.de/10010280912

Empirical estimates of changing inflation dynamics

Fuhrer, Jeff; Olivei, Giovanni; Tootell, Geoffrey M. B. - 2009

This paper provides an array of empirical evidence bearing on potentially important changes in the dynamics of U.S. inflation. We examine the overall performance of Phillips curves relative to some well-known benchmarks, the efficiency with which the Federal Reserve's Greenbook forecasts of...

Persistent link: https://www.econbiz.de/10010280920