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This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, illustrating its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss are optimal...
Persistent link: https://www.econbiz.de/10005420640
The paper considers the macroeconomic transmission of demand and supply shocks in an open economy under alternative assumptions about whether the zero interest rate floor (ZIF) is binding. It uses a two-country general-equilibrium simulation model calibrated to the Japanese economy relative to...
Persistent link: https://www.econbiz.de/10005420657
Remarks at the Transatlantic Economic Interdependence and Policy Challenges Conference, Federal Reserve Bank of New York, New York City.
Persistent link: https://www.econbiz.de/10010724936
Remarks at the New College of Florida 44th Annual Commencement, Sarasota, Florida.
Persistent link: https://www.econbiz.de/10010725004
Remarks at the Swiss National Bank-International Monetary Fund Conference, Zurich, Switzerland.
Persistent link: https://www.econbiz.de/10010725045
The financial crisis has prompted macroeconomists to think of new policy instruments that could help ensure financial stability. Policymakers are interested in understanding how these should be set in conjunction with monetary policy. We contribute to this debate by analyzing how monetary and...
Persistent link: https://www.econbiz.de/10011027201
need for, but not averting, a domestic recession. The paper shows that the arrival of the sudden stop further aggravates …
Persistent link: https://www.econbiz.de/10005726591
Persistent link: https://www.econbiz.de/10000540679
This paper develops a model of macroeconomic forecasting in which a forecaster's wage is a function of his accuracy as well as the publicity he generates for his firm by being correct. In the resulting Nash equilibrium, forecasters with identical models, information, and incentives nevertheless...
Persistent link: https://www.econbiz.de/10005512210
We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions after calibrating the model to the euro area...
Persistent link: https://www.econbiz.de/10005526265