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Bodenstein, Martin; Guerrieri, Luca; LaBriola, Joe - Federal Reserve Board (Board of Governors of the … - 2014

Strategic interactions between policymakers arise whenever each policymaker has distinct objectives. Deviating from full cooperation can result in large welfare losses. To facilitate the study of strategic interactions, we develop a toolbox that characterizes the welfare-maximizing cooperative...

Persistent link: https://www.econbiz.de/10011075124

Government budget deficits and trade deficits: are present value constraints satisfied in long-term data?

Ahmed, Shaghil; Rogers, John H. - Federal Reserve Board (Board of Governors of the … - 1995

We undertake tests of whether long term data from the U.S. and U.K. are consistent with the intertemporal government budget constraint and the intertemporal external borrowing constraint being satisfied in expected value terms, both individually and simultaneously. An historical perspective is...

Persistent link: https://www.econbiz.de/10005368127

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 and in preventing a return to the disaster of the...

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

Anticipations of foreign exchange volatility and bid-ask spreads

Wei, Shang-Jin - Federal Reserve Board (Board of Governors of the … - 1991

The paper studies the effect of the market's perceived exchange rate volatility on bid-ask spreads. The anticipated volatility is extracted from currency options data. An increase in the perceived volatility is found to widen bid-ask spreads. The direction of the effect is consistent with an...

Persistent link: https://www.econbiz.de/10005368165

The transmission of domestic shocks in the open economy

Erceg, Christopher J.; Gust, Christopher; … - Federal Reserve Board (Board of Governors of the … - 2007

This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically different, reminiscent of the implications of Mundell-Fleming style models. However, we argue such stark...

Persistent link: https://www.econbiz.de/10005368202

Mercantilism as strategic trade policy: the Anglo-Dutch rivalry for the East India trade

Irwin, Douglas A. - Federal Reserve Board (Board of Governors of the … - 1990

This paper provides a reinterpretation of seventeenth-century mercantilist trade doctrine and policy in light of recent theories of strategic trade policy. Mercantilist economic thought, like strategic export-promotion theories, emphasized the use of government policy to capture rents that arise...

Persistent link: https://www.econbiz.de/10005368203

The dynamics of uncertainty or the uncertainty of dynamics: stochastic J-curves

Marquez, Jaime - Federal Reserve Board (Board of Governors of the … - 1988

exchange-rate shock, this distribution is generated empirically by stochastically simulating this model using random drawings … stationary, that its variance is directly related to the size of the exchange-rate shock, that the dominant source of uncertainty … in the long run. Based on these properties, the analysis applies Chebychev's inequality to the sample of trade …

Persistent link: https://www.econbiz.de/10005368239

Why has trade grown faster than income?

Rose, Andrew K. - Federal Reserve Board (Board of Governors of the … - 1990

Trade of the OECD countries has grown faster than income during the postwar period. This paper tests a number of different hypotheses for the observed growth in the trade/income ratio. For small open economies, increases in real output and international reserves, as well as declines in tariff...

Persistent link: https://www.econbiz.de/10005368240

The U.S. external deficit in the 1980s: an empirical analysis

Helkie, William L.; Hooper, Peter - Federal Reserve Board (Board of Governors of the … - 1987

This paper presents an empirical analysis of the factors that contributed to the unprecedented widening of the U.S. external deficit between 1980 and 1986. The paper presents an empirical model of the U.S. current account that is used to assess the relative importance of changes in U.S. price...

Persistent link: https://www.econbiz.de/10005368243

Human capital, unemployment, and relative wages in a global economy

Davis, Donald R.; Reeve, Trevor A. - Federal Reserve Board (Board of Governors of the … - 2000

This paper develops a simple framework for examining human capital accumulation, unemployment, and relative wages in a global economy. It builds on the models of Davis (1998a, b) of trade between a flexible-wage America and a rigid-wage Europe. To this it adds a model of human capital...

Persistent link: https://www.econbiz.de/10005368256

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