Similar Search Results

Greenwood, Jeremy - 1998

explanations are: 1. Productivity slowed down because the implementation of information technologies was both costly and slow. 2 …

Persistent link: https://www.econbiz.de/10012472163

Export versus FDI

Helpman, Elhanan - 2003

This paper builds a multi-country, multi-sector general equilibrium model that explains the decision of heterogeneous firms to serve foreign markets either through exports or local subsidiary sales (FDI). These modes of market access involve different relative costs, some of which are sunk while...

Persistent link: https://www.econbiz.de/10012469264

Foreign Ownership of U.S. Safe Assets : Good or Bad?

Favilukis, Jack - 2014

The last 20 years have been marked by a sharp rise in international demand for U.S. reserve assets, or safe stores-of-value. What are the welfare consequences to U.S. households of these trends, or of a reversal? In a lifecycle model with aggregate and idiosyncratic risks, the young and oldest...

Persistent link: https://www.econbiz.de/10012458747

Exchange Rate Management : Intertemporal Tradoffs

Helpman, Elhanan - 1985

The management of the exchange rate is possible only if the government pursues a monetary-fiscal policy mix which is consistent with its exchange rate targets. In this paper with uncertainty concerning the length of individual life the real consequences of exchange rate management depend on the...

Persistent link: https://www.econbiz.de/10012477494

Balance-of-Payments Crises and Devaluation

Obstfeld, Maurice - 1983

The collapse of a fixed exchange rate is typically marked by a sudden balance-of-payments crisis in which"speculators" fleeing from the domestic currency acquire a large portion of the central bank's foreign exchange holdings.Faced with such an attack, the central bank often withdraws...

Persistent link: https://www.econbiz.de/10012477999

Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation

Obstfeld, Maurice - 1980

The paper develops a model of exchange-rate and current-account determination for a small economy peopled by infinitely lived, utility-maximizing households. In this setting, a central-bank purchase of foreign exchange has no real effects when central-bank foreign reserves earn interest at the...

Persistent link: https://www.econbiz.de/10012478526

The Capitalization of Income Streams and the Effects of Open Market Policy under Fixed Exchange Rates

Obstfeld, Maurice - 1980

This paper investigates the long- and short-run neutrality of open-market monetary policy in a world of fixed exchange rates and imperfect substitutability between bonds denominated in different currencies. Using an illustrative portfolio-balance model, it shows that when the public discounts...

Persistent link: https://www.econbiz.de/10012478607

Structural Breaks in an Endogenous Growth Model

Cogley, Timothy - 2020

We study the effects of parameter uncertainty prompted by structural breaks. In our model, agents respond differently to uncertainty prompted by regime shifts in shock processes than they react to comparable perceived increases in shock volatility. The magnitude of the response to an increase in...

Persistent link: https://www.econbiz.de/10012482245

The Cross-Section and Time-Series of Stock and Bond Returns

Koijen, Ralph S.J. - 2010

Value stocks have higher exposure to innovations in the nominal bond risk premium, which measures the markets' perception of cyclical variation in future output growth, than growth stocks. The ICAPM then predicts a value risk premium provided that good news about future output lowers the...

Persistent link: https://www.econbiz.de/10012462964

Rational Attention Allocation Over the Business Cycle

Kacperczyk, Marcin - 2009

largest literatures in finance. One candidate explanation is that funds process information about future asset values and use … that information to invest in high-valued assets. But formal theories are scarce because information choice models with … attention allocation model that uses the state of the business cycle to predict information choices, which in turn, predict …

Persistent link: https://www.econbiz.de/10012463199