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The GATT's contribution to economic recovery in post-war Western Europe

Irwin, Douglas A. - Federal Reserve Board (Board of Governors of the … - 1993

By freeing Europe's regional and international trade from tariffs and other trade barriers, the General Agreement on … Tariffs and Trade (GATT) has often been hailed as a key factor in promoting the post-war economic recovery in Western Europe … the GATT in supporting economic recovery in Western Europe in the decade after 1947. The formation of the GATT by itself …

Persistent link: https://www.econbiz.de/10005368148

Fiscal implications of the transition from planned to market economy

Craig, R. Sean; Mann, Catherine L. - Federal Reserve Board (Board of Governors of the … - 1992

Community, should cause expenditure and tax systems in East-Central Europe to resemble the Western European model. This paper …

Persistent link: https://www.econbiz.de/10005368235

Hyperinflation and stabilization: Cagan revisited

Miller, Marcus; Zhang, Lei - Federal Reserve Board (Board of Governors of the … - 1995

In this paper Cagan's analysis of hyperinflations is adapted to look at situations where the deficits to be financed by money creation are large and variable, but fiscal stabilisation is expected--features found in some of the republics of the Former Soviet Union soon after independence. The...

Persistent link: https://www.econbiz.de/10005368437

Strategic returns to international diversification: an application to the equity markets of Europe, Japan, and North America

Ammer, John; Mei, Jianping - Federal Reserve Board (Board of Governors of the … - 1995

We undertake a decomposition of the risk factor loadings of fifteen national stock market returns from 1972 to 1990, using a variant of the Campbell-Shiller (1988) linearization. We find considerable variation among countries in the relative importance of a cash flow component and a discount...

Persistent link: https://www.econbiz.de/10005368494

Eastern European export performance during transition

Sheets, Nathan; Boata, Simona - Federal Reserve Board (Board of Governors of the … - 1996

During the past decade, Eastern European exports have undergone a deep transformation, as communist bloc trading relationships have collapsed and trade with the West has increased. The extent of this geographical re-orientation has generally exceeded the predictions of equilibrium models...

Persistent link: https://www.econbiz.de/10005712730

Efficiency barriers to the consolidation of the European financial services industry

Berger, Allen N.; DeYoung, Robert; Udell, Gregory F. - Federal Reserve Board (Board of Governors of the … - 2000

Cross-border consolidation of financial institutions within Europe has been relatively limited, possibly reflecting …

Persistent link: https://www.econbiz.de/10005721193

Political and economic consequences of alternative privatization strategies

Mann, Catherine L.; Lenway, Stefanie; Utter, Derek - Federal Reserve Board (Board of Governors of the … - 1993

The different approaches to large-scale privatization in Hungary, Poland, and the Czech Republic imply somewhat different patterns of corporate governance--that is, ownership, monitoring, and control of firms. Corporate governance affects economic incentives within the firm, and therefore...

Persistent link: https://www.econbiz.de/10005498826

An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases

Kandrac, John; Schlusche, Bernd - Federal Reserve Board (Board of Governors of the … - 2015

In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling for factors that affect prepayment behavior, and...

Persistent link: https://www.econbiz.de/10011273692

Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations

Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - Federal Reserve Board (Board of Governors of the … - 2015

We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...

Persistent link: https://www.econbiz.de/10011255343

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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