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Energy and Climate Change in China
Carraro, Carlo; Massetti, Emanuele - C.E.P.R. Discussion Papers - 2012
This paper examines future energy and emissions scenarios in China generated by the Integrated Assessment Model WITCH … levels. The elasticity of China’s emissions is estimated by pooling observations from all scenarios and compared with the … elasticity of emissions in OECD countries. China has a higher elasticity than the OECD for a carbon tax lower than 50$ per ton of …
Persistent link: https://www.econbiz.de/10011084331
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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A Corporate Balance Sheet Approach to Currency Crises
Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit - C.E.P.R. Discussion Papers - 2001
This Paper presents a general equilibrium currency crisis model of the 'third generation', in which the possibility of currency crises is driven by the interplay between private firms' credit-constraints and nominal price rigidities. Despite our emphasis on microfoundations, the model remains...
Persistent link: https://www.econbiz.de/10005124430
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On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013
Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...
Persistent link: https://www.econbiz.de/10011084186
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Complexity and Monetary Policy
Orphanides, Athanasios; Wieland, Volker - C.E.P.R. Discussion Papers - 2012
The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...
Persistent link: https://www.econbiz.de/10011084255
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A Dynamic General Equilibrium Analysis of Monetary Policy Rules, Adverse Selection and Long-Run Financial Risk
Blommestein, Hans J.; Eijffinger, Sylvester C W; Qian, … - C.E.P.R. Discussion Papers - 2011
This paper builds a dynamic general equilibrium macro-finance model with two types of borrowers: entrepreneurs who want to produce and gamblers who want to play a lottery. It links central bank's interest rate policy to expected cash flows of both types. This link enables us to study how the...
Persistent link: https://www.econbiz.de/10009371476
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Chinese Currency Controversies
Eichengreen, Barry - C.E.P.R. Discussion Papers - 2004
This Paper reviews the controversy over China’s exchange rate regime. Placing the issue in the context of the … literature on exit strategies, it argues that now is the best time for China to exit from its peg. Moving to a managed float …
Persistent link: https://www.econbiz.de/10005067647
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Exchange Rate Pass-Through, Domestic Competition, and Inflation: Evidence from the 2005/08 Revaluation of the Renminbi
Auer, Raphael - C.E.P.R. Discussion Papers - 2015
Import competition from China is pervasive in the sense that for many good categories, the competitive environment that …
Persistent link: https://www.econbiz.de/10011145441
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A Phillips Curve for China
Scheibe, Jörg; Vines, David - C.E.P.R. Discussion Papers - 2005
curve for China and show that the output gap, the exchange rate, and inflation expectations play important roles in … relevant to policies regarding possible exchange rate liberalization in China. …
Persistent link: https://www.econbiz.de/10005656372
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R&D Cooperation and the Stability of International Environmental Agreements
Carraro, Carlo; Siniscalco, Domenico - C.E.P.R. Discussion Papers - 1995
International agreements to protect the global environment are typically difficult to reach. In principle they should be profitable for all players involved in the negotiation. Even when they are profitable, however, they are often unstable due to the incentive to free-ride (enjoying the clean...
Persistent link: https://www.econbiz.de/10005792083