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External Imbalances and Financial Crises
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2012
In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are …
Persistent link: https://www.econbiz.de/10011084021
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The Global Financial Crisis—What Drove The Build-Up?
Merrouche, Ouarda; Nier, Erlend - C.E.P.R. Discussion Papers - 2014
crisis: rising global imbalances (capital flows); loose monetary policy; and inadequate supervision and regulation. We … imbalances ahead of the crisis. …
Persistent link: https://www.econbiz.de/10011084622
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Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis
Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2015
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It … identification. The paper finds that euro area government bond markets were well integrated prior to the crisis, but saw a … substantial fragmentation from 2010 onward. Flight to quality was present at the height of the crisis, but has largely dissipated …
Persistent link: https://www.econbiz.de/10011276387
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Monetary Policy, Default Risk and the Exchange Rate
Guimarães, Bernardo; Gonçalves, Soares; Eduardo, Carlos - C.E.P.R. Discussion Papers - 2007
In a country with high probability of default, higher interest rates may render the currency less attractive if sovereign default is costly. This paper develops that intuition in a simple model and estimates the effect of changes in interest rates on the exchange rate in Brazil using data from...
Persistent link: https://www.econbiz.de/10005792385
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The Limits to Fiscal Stimulus
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009
The paper considers the case for an internationally coordinated further fiscal stimulus during the second half of 2009. Although this makes some of the analysis period-specific, most of the issues and principles considered are timeless. For a fiscal stimulus to be both effective there must be...
Persistent link: https://www.econbiz.de/10008557012
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Negative Nominal Interest Rates: Three ways to overcome the zero lower bound
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009
The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...
Persistent link: https://www.econbiz.de/10005034754
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Implications of the Great Depression for the Development of the International Monetary System
Bordo, Michael D; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1997
In this paper we speculate about the evolution of the international monetary system in the last two-thirds of the twentieth century absent the Great Depression, but present the major post-Depression political and economic upheavals: World War II and the Cold War. We argue that without the...
Persistent link: https://www.econbiz.de/10005661482
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How Will Transatlantic Policy Interactions Change with the Advent of EMU?
Eichengreen, Barry; Ghironi, Fabio - C.E.P.R. Discussion Papers - 1997
This paper analyses US–European policy interactions under different assumptions about the policy-making regime and the nature of the fiscal environment, contrasting the standard Keynesian case with an anti-Keynesian case in which government spending cuts are expansionary. When fiscal policy is...
Persistent link: https://www.econbiz.de/10005661746
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A Decade of Debt
Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2011
This paper presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those...
Persistent link: https://www.econbiz.de/10008925708
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Income-Induced Expenditure Switching
Bems, Rudolfs; di Giovanni, Julian - C.E.P.R. Discussion Papers - 2014
unique Latvian scanner-level dataset for food and beverages, covering the 2008-09 financial crisis, to study (i) relative … of foreign goods viz. the food CPI increased by 4.4% during the crisis. Second, the majority of the switching took place … value domestic items during the crisis, motivate us to model non-homothetic consumer demand. Over the crisis period, the …
Persistent link: https://www.econbiz.de/10011084540