Showing 1 - 10 of 188
experience of the United States, the United Kingdom, and Germany in the late nineteenth century during a period characterized by … based on gold: circumstances which have resonance with the world of today. We identify aggregate supply, aggregate demand …
Persistent link: https://www.econbiz.de/10012468365
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10013316157
This paper compares the role of monetary and fiscal policy shocks in advanced and emerging economies. Using a model with a hierarchical structure we capture the variability of GDP response to policy shocks both between and within the groups of advanced and emerging countries. Our results provide...
Persistent link: https://www.econbiz.de/10012890779
International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...
Persistent link: https://www.econbiz.de/10012459165
The paper argues that many of the exaggerated claims that globalization has been an important factor in lowering inflation in recent years just do not hold up. Globalization does, however, have the potential to be stabilizing for individual economies and has been a key factor in promoting...
Persistent link: https://www.econbiz.de/10012464701
In this paper, we quantify the changes in the relationship between international forces and many key US macroeconomic variables over the 1984-2005 period, and analyze changes in the monetary policy transmission mechanism. We do so by estimating a Factor-Augmented VAR on a large set of US and...
Persistent link: https://www.econbiz.de/10012464911
The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New-Keynesian framework. The main proposition of the paper is twofold. Labor, goods, and capital mobility flatten the tradeoff between inflation and activity. If policy makers are...
Persistent link: https://www.econbiz.de/10012465371
More recently, Alan Greenspan and John Helliwell have shown that the link between domestic saving and domestic investment became substantially weaker after the mid-1990s. The research reported in the current paper suggests that this is true of the smaller OECD countries but not of the larger...
Persistent link: https://www.econbiz.de/10012466816
and financial variables in the rest of the world …
Persistent link: https://www.econbiz.de/10012834227
We explore the different factors that drive expected returns in world markets. Our research offers two innovations …
Persistent link: https://www.econbiz.de/10012471840