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An empirical analysis of policy coordination in the United States, Japan and Europe
Edison, Hali J.; Tryon, Ralph - Federal Reserve Board (Board of Governors of the … - 1986
Coordination of macroeconomic policy has been a major topic at recent summit meetings, and has been the subject of a number of theoretical studies. However, relatively little empirical research exists on policy coordination. This paper is an attempt to help fill this gap. The paper considers the...
Persistent link: https://www.econbiz.de/10005372624
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International cross-listing, firm performance and top management turnover: a test of the bonding hypothesis
Lel, Ugur; Miller, Darius P. - Federal Reserve Board (Board of Governors of the … - 2006
We examine a primary outcome of corporate governance, the ability to identify and terminate poorly performing CEOs, to test the effectiveness of U.S. investor protections in improving the corporate governance of cross-listed firms. We find that firms from weak investor protection regimes that...
Persistent link: https://www.econbiz.de/10005368296
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Corporate governance and the shareholder base
Lins, Karl V.; Warnock, Francis E. - Federal Reserve Board (Board of Governors of the … - 2004
This paper uses a sample of 4,410 firms from 29 countries to investigate the relation between corporate governance and the shareholder base. In contrast to previous work, our results strongly support the notion that poor corporate governance, at both the firm and country level, negatively...
Persistent link: https://www.econbiz.de/10005368318
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Currency hedging and corporate governance: a cross-country analysis
Lel, Ugur - Federal Reserve Board (Board of Governors of the … - 2006
Corporate governance can provide mechanisms to effectively monitor the use of derivatives. Using a sample of firms from 34 countries over the period 1990 to 1999, I find that firms with strong governance use currency derivatives for value-maximizing reasons as established by theory. On the other...
Persistent link: https://www.econbiz.de/10005498731
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External governance and debt agency costs of family firms
Ellul, Andrew; Guntay, Levent; Lel, Ugur - Federal Reserve Board (Board of Governors of the … - 2007
We investigate the impact of family blockholders on the firm's debt agency costs under different investor protection environments. On one hand, families--through their undiversified investments, inter-generation presence, and reputation concerns--can mitigate debt agency costs. On the other...
Persistent link: https://www.econbiz.de/10005498775
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Optimal monetary and fiscal policy: a linear-quadratic approach
Benigno, Pierpaolo; Woodford, Michael - Federal Reserve Board (Board of Governors of the … - 2004
We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the only available sources of government revenue are...
Persistent link: https://www.econbiz.de/10005368129
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Domestic and cross-border consequences of U.S. macroeconomic policies
Bryant, Ralph C.; Helliwell, John; Hooper, Peter - Federal Reserve Board (Board of Governors of the … - 1989
This paper reviews empirical evidence about the effects of changes in U.S. monetary policy and fiscal policy that has been accumulated during recent years in a series of collaborative research projects involving a variety of global macroeconometric models. The paper also considers, in...
Persistent link: https://www.econbiz.de/10005372596
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Policy rules, information and fiscal effects in a "Ricardian" model
Leeper, Eric M. - Federal Reserve Board (Board of Governors of the … - 1989
According to conventional wisdom, if deficits are inflationary then current deficits should predict subsequent movements in money growth. This paper USES a general equilibrium model fit to data to: (1) explore the policy behavior underlying this accepted viewpoint; (2) examine alternative...
Persistent link: https://www.econbiz.de/10005712657
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Simple monetary rules under fiscal dominance
Kumhof, Michael; Nunes, Ricardo; Yakadina, Irina - Federal Reserve Board (Board of Governors of the … - 2008
This paper asks whether an aggressive monetary policy response to inflation is feasible in countries that suffer from fiscal dominance, as long as monetary policy also responds to fiscal variables. We find that if nominal interest rates are allowed to respond to government debt, even aggressive...
Persistent link: https://www.econbiz.de/10005712686
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Is there a fiscal free lunch in a liquidity trap?
Erceg, Christopher J.; Linde, Jesper - Federal Reserve Board (Board of Governors of the … - 2010
This paper uses a DSGE model to examine the effects of an expansion in government spending in a liquidity trap. If the … liquidity trap is very prolonged, the spending multiplier can be much larger than in normal circumstances, and the budgetary … expansion. Our paper addresses this question in a model environment in which the duration of the liquidity trap is determined …
Persistent link: https://www.econbiz.de/10008679698