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Banking globalization and international business cycles: Cross-border chained credit contracts and financial accelerators
Ueda, Kozo - In: Journal of International Economics 86 (2012) 1, pp. 1-16
This paper constructs a two-country DSGE model to study the nature of the recent financial crisis and its effects that spread immediately throughout the world owing to the globalization of banking. In the model, financial intermediaries (FIs) enter into chained credit contracts at home and...
Persistent link: https://www.econbiz.de/10010582624
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The quantification of structural reforms : introducing country-specific policy effects
Égert, Balázs; Gál, Peter - 2018
This paper presents country-specific effects of structural reforms. It discusses how sizeable and interesting country-specific effects can be identified in a panel setting by conditioning the impact of individual policies on their own level or on the stance of other policies and institutions....
Persistent link: https://www.econbiz.de/10011914264
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Differences in Resilience Between the Euro-Area and US Economies
Drew, Aaron - 2004
This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run...
Persistent link: https://www.econbiz.de/10012444383
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The origins of the German current account surplus: Unbalanced productivity growth and structural change
Coricelli, Fabrizio; Ravasan, Farshad R; Wörgötter, … - C.E.P.R. Discussion Papers - 2013
The surge in the German current account surplus in the 2000s is often interpreted as the result of efficiency-enhancing structural reforms, especially in the labor market. However, this interpretation is puzzling because the growth rate of the German economy has been one of the lowest in the...
Persistent link: https://www.econbiz.de/10011083287
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Global Imbalances: In Midstream?
Blanchard, Olivier J; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does …
Persistent link: https://www.econbiz.de/10008468701
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The Impact of Structural Policies on Saving, Investment and Current Accounts
Kerdrain, Clovis; Koske, Isabell; Wanner, Isabelle - Economics Department, Organisation de Coopération et … - 2010
This paper explores the impact of structural policies on saving, investment, and current accounts in OECD and non … well as for a panel/cross-section of 117 OECD and non-OECD countries that relate saving, investment and current accounts to … saving, investment and current accounts through their impact on macroeconomic conditions such as productivity growth or …
Persistent link: https://www.econbiz.de/10008752697
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Sticky Discount Rates
Fukui, Masao; Gormsen, Niels; Huber, Kilian - National Bureau of Economic Research - 2024
discount rates and thereby raise real investment. We analyze the macroeconomic implications of sticky discount rates using a … New Keynesian model. The model naturally generates investment-consumption comovement in response to household demand … shocks and higher investment in response to government spending. Sticky discount rates imply that inflation has real effects …
Persistent link: https://www.econbiz.de/10014512092
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Doves for the rich, hawks for the poor? : distributional consequences of monetary policy
Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2016
investment …
Persistent link: https://www.econbiz.de/10011563007
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Fiscal and Monetary Policy with Heterogeneous Agents
Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig - National Bureau of Economic Research - 2024
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
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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