Showing 1 - 10 of 642
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
In the past decade, a new paradigm for fiscal and monetary policy analysis has emerged, combining the canonical macro model of income and wealth inequality with the New Keynesian model. These Heterogeneous-Agent New Keynesian ("HANK") models feature new transmission channels and allow for the...
Persistent link: https://www.econbiz.de/10015072932
The Global Financial Crisis and the COVID-19 pandemic were two major shocks to the world economy in the 21st century. In this study, we analyze the patterns of recessions and recoveries of 101 advanced and developing economies. We identify the turning points of recessions and expansions between...
Persistent link: https://www.econbiz.de/10015409788
Hegemonic powers, like the United States and China, exert influence on other countries by threatening the suspension or alteration of financial and trade relationships. Mechanisms that generate gains from integration, such as external economies of scale and specialization, also increase the...
Persistent link: https://www.econbiz.de/10015171710
-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
Persistent link: https://www.econbiz.de/10011618385
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
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
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
We investigate the resilience of CESEE countries during ECB monetary cycles after the entrance of ten countries to the EU in 2004. Undeniably, these countries have experienced a 'miracle' growth during the 2000s decade. However, several obstacles appeared following the global financial crisis...
Persistent link: https://www.econbiz.de/10015072898