Showing 1 - 10 of 412
Current policies directed at mitigating global warming appear unlikely to prevent temperatures from rising to levels that would trigger a precipitous increase in the costs of climate change. Various attempts at international cooperation to avoid this outcome have failed. Why is this problem so...
Persistent link: https://www.econbiz.de/10013462728
This paper surveys the decline in real interest rates in advanced and emerging economies over the past several decades, linking that process to a range of global factors that have operated with different force in different periods. The paper argues that estimates of long-run equilibrium real...
Persistent link: https://www.econbiz.de/10014447270
Exchange-rate models fit very well for the U.S. dollar in the 21st century. A "standard" model that includes real interest rates and a measure of expected inflation for the U.S. and the foreign country, the U.S. comprehensive trade balance, and measures of global risk and liquidity demand is...
Persistent link: https://www.econbiz.de/10015056131
We present a dynamic two-country model in which military spending, geopolitical risk, and government bond prices are jointly determined. The model is consistent with three empirical facts: hegemons have a funding advantage, this advantage rises with geopolitical tensions, and war losers suffer...
Persistent link: https://www.econbiz.de/10015056136
The legitimacy of the world trading system is under growing attack, as challenges to its conformity with norms of … fairness and social justice are increasingly voiced by citizens and their governments around the world. Taking a novel "bottom …-related fairness concerns of their citizens. More generally, our findings point to a detailed understanding of real-world perceptions …
Persistent link: https://www.econbiz.de/10015056179
The Global Financial Crisis and the COVID-19 pandemic were two major shocks to the world economy in the 21st century …
Persistent link: https://www.econbiz.de/10015409788
The world has pledged to protect 30 percent of its land and waters by 2030 to halt the rapid deterioration of critical … summarize empirical evidence across multiple regions of the world. In most cases, protection has had at most a modest impact on …
Persistent link: https://www.econbiz.de/10014437004
The developed world is in the midst of an enormous demographic transition, with life expectancy increasing and … the world. This paper serves as the introduction to a volume that brings together experts from ten countries to compare …
Persistent link: https://www.econbiz.de/10014437013
We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020-2023 in several countries, including the United States. The model matches observed inflation together with sector-level prices and wages. We further measure the relative...
Persistent link: https://www.econbiz.de/10014437018
We explore the consequences of global capital market segmentation by currency for the optimal currency composition of borrowing by firms. Global bond portfolios are driven by the currency of denomination of assets as investors prefer to lend in their home currency or the international currency,...
Persistent link: https://www.econbiz.de/10014437022