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The Trilemma in History: Trade-offs Among Exchange Rates, Monetary Policies and Capital Mobility

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2004

The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark trade …-off among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without … challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue that under the modern float there could be limited monetary autonomy …

Persistent link: https://www.econbiz.de/10005123496

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2004

-economy trilemma - the inability of policy-makers simultaneously to pursue a fixed exchange rate, open capital markets, and autonomous … empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …

Persistent link: https://www.econbiz.de/10005067639

Finance at Center Stage: Some Lessons of the Euro Crisis

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013

. Recent events, in both Europe and the industrial world at large, challenge this assumption. After reviewing the roots of the … confront a financial/fiscal trilemma: countries in the euro zone can no longer enjoy all three of financial integration with …

Persistent link: https://www.econbiz.de/10011083272

Money and Happiness: Evidence from the Industry Wage Structure

Pischke, Jörn-Steffen - C.E.P.R. Discussion Papers - 2011

There is a well-established positive correlation between life-satisfaction measures and income in individual level cross-sectional data. This paper attempts to provide some evidence on whether this correlation reflects causality running from money to happiness. I use industry wage differentials...

Persistent link: https://www.econbiz.de/10009643510

Competition and Well-Being

Brandts, Jordi; Riedl, Arno; Winden, Frans A.A.M. van - C.E.P.R. Discussion Papers - 2006

This paper experimentally studies the effects of competition in an environment where people's actions can not be contractually fixed. We find that, in comparison with no competition, the presence of competition does neither increase efficiency nor does it yield any gains in earnings for the...

Persistent link: https://www.econbiz.de/10005123778

Happiness on Tap: Piped Water Adoption in Urban Morocco

Devoto, Florencia; Duflo, Esther; Dupas, Pascaline; … - C.E.P.R. Discussion Papers - 2011

We study the demand for household water connections in urban Morocco, and the effect of such connections on household welfare. In the northern city of Tangiers, among homeowners without a private connection to the city’s water grid, a random subset was offered a simplified procedure to...

Persistent link: https://www.econbiz.de/10008915808

Decentralization, Happiness, and the Perception of Institutions

Diaz-Serrano, Luis; Rodriguez-Pose, Andres - C.E.P.R. Discussion Papers - 2011

This paper analyses whether the different powers and resources at the disposal of local and regional governments across Europe deliver greater satisfaction with political institutions and lead to greater personal happiness. The analysis uses microdata from the four available waves of the...

Persistent link: https://www.econbiz.de/10009001061

Trust, Growth and Well-Being: New Evidence and Policy Implications

Algan, Yann; Cahuc, Pierre - C.E.P.R. Discussion Papers - 2013

This survey reviews the recent research on trust, institutions and economic development. It discusses the various measures of trust and documents the substantial heterogeneity of trust across space and time. The conceptual mechanisms that explain the influence of trust on economic performance...

Persistent link: https://www.econbiz.de/10011084699