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Financial Integration and Monetary Policy Coordination
Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2023
Financial integration generates macroeconomic spillovers that may require international monetary policy coordination. We show that individual central banks may set nominal interest rates too low or too high relative to the cooperative outcome. We identify three sufficient statistics that...
Persistent link: https://www.econbiz.de/10014447329
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Production, Trade, and Cross-Border Data Flows
Chang, Qing; Cong, Lin William; Liyong, Wang; Zhang, … - National Bureau of Economic Research - 2023
-existing development gaps in data economies on each country's production and international trade. Raw data as byproducts of consumption can …
Persistent link: https://www.econbiz.de/10014322803
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On the Effectiveness of Foreign Exchange Reserves During the 2021-22 U.S. Monetary Tightening Cycle
Ahmed, Rashad; Aizenman, Joshua; Saadaoui, Jamel; … - National Bureau of Economic Research - 2023
This paper examines the role of foreign exchange (FX) reserves and other fundamental factors in explaining cross-country differences in foreign currency depreciation observed over the 2021-22 Federal Reserve monetary policy tightening cycle that led to a sharp appreciation of the US dollar....
Persistent link: https://www.econbiz.de/10014226132
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Stagflation and Topsy-Turvy Capital Flows
Bengui, Julien; Coulibaly, Louphou - National Bureau of Economic Research - 2022
Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy's supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on...
Persistent link: https://www.econbiz.de/10013462700
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The Importance of Sound Monetary Policy : Some Lessons for Today from Canada's Experience with Floating Exchange Rates Since 1950
Bordo, Michael D.; Siklos, Pierre L. - National Bureau of Economic Research - 2023
In this paper we revisit the Canadian experience with floating exchange rates since 1950. Canada was a pioneer in successfully adopting a floating exchange rate during the Bretton Woods pegged exchange rate regime. Since then, most advanced countries have followed the Canadian example
Persistent link: https://www.econbiz.de/10014372411
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The Performance of Emerging Markets During The Fed's Easing and Tightening Cycles : A Cross-Country Resilience Analysis
Aizenman, Joshua; Park, Donghyun; Aleem, Irfan; Uddin, … - National Bureau of Economic Research - 2024
We investigate the determinants of emerging markets performance during five U.S. Federal Reserve monetary tightening and easing cycles during 2004-2023. We study how macroeconomic and institutional conditions of an Emerging Market (EM) at the beginning of a cycle explain EM resilience during...
Persistent link: https://www.econbiz.de/10014528343
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Spending and Job-Finding Impacts of Expanded Unemployment Benefits : Evidence from Administrative Micro Data
Ganong, Peter; Greig, Fiona E.; Noel, Pascal J.; … - National Bureau of Economic Research - 2022
We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job-finding impacts. This finding has three implications. First, increased benefits were important for explaining aggregate spending dynamics--but not employment dynamics--during the...
Persistent link: https://www.econbiz.de/10013361970
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Consumer-Financed Fiscal Stimulus : Evidence from Digital Coupons in China
Ding, Jing; Jiang, Lei; Msall, Lucy; Notowidigdo, Matthew J. - National Bureau of Economic Research - 2024
rationalize these results, we develop a dynamic consumption model showing how coupons' minimum spending thresholds create …
Persistent link: https://www.econbiz.de/10014528415
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Dynamic Optimization Meets Budgeting : Unraveling Financial Complexities
Fenig, Guidon - 2024
incomes, prices, and returns in ten-period consumption-saving decisions. Our findings reveal that dynamic optimization poses … inflation and compounding returns, marked by a pronounced tendency to over-smooth consumption …Additionally, we introduce a novel budgeting calculator designed to assist with consumption planning and to collect …
Persistent link: https://www.econbiz.de/10015056146
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Life-cycle Forces make Monetary Policy Transmission Wealth-centric
Beaudry, Paul; Cavallino, Paolo; Willems, Tim - National Bureau of Economic Research - 2024
of consumption/saving decisions, thereby enriching the determinants of aggregate demand and affecting the transmission of …
Persistent link: https://www.econbiz.de/10014544789