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Weathering the crisis and beyond: Perspectives for the Euro Area
Schmidt, Christoph M; Weigert, Benjamin - C.E.P.R. Discussion Papers - 2013
The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects...
Persistent link: https://www.econbiz.de/10011083564
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The Origins of State Capacity: Property Rights, Taxation, and Politics
Besley, Timothy J.; Persson, Torsten - C.E.P.R. Discussion Papers - 2007
Economists generally assume the existence of sufficient institutions to sustain a market economy and tax the citizens. However, this starting point cannot easily be taken for granted in many states, neither in history nor in the developing world of today. This paper develops a framework where...
Persistent link: https://www.econbiz.de/10005662311
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International Differences in Fiscal Policy During the Global Crisis
Bénétrix, Agustín; Lane, Philip R. - C.E.P.R. Discussion Papers - 2010
We examine the cross-country dispersion in fiscal outcomes during 2007-2009. In principle, international differences in fiscal policy may be related to differences in optimal fiscal positions, funding constraints, political economy factors and fiscal control problems. We find that the decline in...
Persistent link: https://www.econbiz.de/10008642877
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A Global View of Cross-Border Migration
di Giovanni, Julian; Levchenko, Andrei A.; Ortega, Francesc - C.E.P.R. Discussion Papers - 2014
difference, international trade, remittances, and a heterogeneous workforce. We compare welfare under the observed levels of … flows -- such as Jamaica or El Salvador -- are also better off due to migration, but for a different reason: remittances … about 10% in countries with large incoming remittances. Our results are robust to accounting for imperfect transferability …
Persistent link: https://www.econbiz.de/10011083627
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Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model
Söderström, Ulf - C.E.P.R. Discussion Papers - 2008
I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European Union. I first show that the Swedish business cycle since the mid-1990s has been closely correlated with the Euro area economies, suggesting that common shocks have been an...
Persistent link: https://www.econbiz.de/10005124237
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Price Stability as a Nash Equilibrium in Monetary Open-Economy Models
Benigno, Gianluca; Benigno, Pierpaolo - C.E.P.R. Discussion Papers - 2001
A two-country dynamic general-equilibrium model with imperfect competition and price stickiness is considered. This work shows the conditions under which price stability can implement the flexible-price allocation as a Nash equilibrium. This is possible if and only if both countries maintain a...
Persistent link: https://www.econbiz.de/10005136428
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Caution or Activism? Monetary Policy Strategies in an Open Economy
Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - C.E.P.R. Discussion Papers - 2004
We examine optimal policy in a two-country model with uncertainty and learning, where monetary policy actions affect the real economy through the real exchange rate channel. Our results show that whether policy should be cautious or activist depends on the size of one country relative to...
Persistent link: https://www.econbiz.de/10005067656
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Does Trade Integration Alter Monetary Policy Transmission?
Cwik, Tobias; Müller, Gernot; Wolters, Maik H - C.E.P.R. Discussion Papers - 2010
This paper explores the role of trade integration - or openness - for monetary policy transmission in a medium-scale new Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts...
Persistent link: https://www.econbiz.de/10008677243
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A Two-Country Model of Endogenous Growth
Farmer, Roger E A; Lahiri, Amartya - C.E.P.R. Discussion Papers - 2002
In this Paper we study the competitive equilibria of a two-country endogenous growth model in which the source of growth is the linearity of technology in reproducible inputs. We begin by showing that in a model with no externalities there is a unique equilibrium; however, there are multiple...
Persistent link: https://www.econbiz.de/10005662371
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Inflation Targeting in a Small Open Economy
Sutherland, Alan - C.E.P.R. Discussion Papers - 2001
A small open economy model is presented, which allows explicit treatment of uncertainty and its effects on macroeconomic behaviour. Inflation targeting is compared to the welfare maximizing monetary rule and to a fixed nominal exchange rate. It is found that flexible inflation targeting produces...
Persistent link: https://www.econbiz.de/10005791982