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Liquidity Traps, Prudential Policies, and International Spillovers

Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2022

This paper studies the transmission channels of monetary and macroprudential policies in an open economy framework and evaluates the normative implications for international spillovers and global welfare. An analytical decomposition uncovers the prominent role of expenditure switching for...

Persistent link: https://www.econbiz.de/10013210066

On the Effectiveness of Foreign Exchange Reserves During the 2021-22 U.S. Monetary Tightening Cycle

Ahmed, Rashad; Aizenman, Joshua; Saadaoui, Jamel; … - National Bureau of Economic Research - 2023

This paper examines the role of foreign exchange (FX) reserves and other fundamental factors in explaining cross-country differences in foreign currency depreciation observed over the 2021-22 Federal Reserve monetary policy tightening cycle that led to a sharp appreciation of the US dollar....

Persistent link: https://www.econbiz.de/10014226132

The Implications of Fiscal Conditions and Growing Internationalization for Monetary Policies and Financial Market Conditions

International Monetary Fund - 1988

The paper argues that the endogenous behavior of monetary authorities provides an important channel through which fiscal policy influences financial variables, and that growing internationalization has increased the sensitivity of financial conditions to fiscal policy. The core of the argument...

Persistent link: https://www.econbiz.de/10014396354

The Rest of the World's Dollar-Weighted Return on U.S. Treasurys

Jiang, Zhengyang; Krishnamurthy, Arvind; Lustig, Hanno - National Bureau of Economic Research - 2022

Since 1980, foreign investors have timed their purchases and sales of U.S. Treasurys to yield particularly low returns. Their annual dollar-weighted returns, measured by IRRs, are around 3% lower than a buy-and-hold strategy over the same horizon. In comparison, the IRRs achieved by domestic...

Persistent link: https://www.econbiz.de/10013210117

International Sanctions and Dollar Dominance

Bianchi, Javier; Sosa Padilla, César - National Bureau of Economic Research - 2023

This paper investigates the implications of international financial sanctions for the reserve currency status of the US dollar. We propose a simple model of a reserve currency, demonstrate how the anticipation of financial sanctions can weaken the dollar's status, and evaluate the welfare...

Persistent link: https://www.econbiz.de/10014247945

International Capital Flow Pressures and Global Factors

Goldberg, Linda S.; Krogstrup, Signe - National Bureau of Economic Research - 2023

The risk sensitivity of international capital flow pressures is explored using a new Exchange Market Pressure index that combines pressures observed in exchange rate adjustments with model-based estimates of incipient pressures that are masked by foreign exchange interventions and policy rate...

Persistent link: https://www.econbiz.de/10013537779

Economic Integration and the Transmission of Democracy

Magistretti, Giacomo; Tabellini, Marco - National Bureau of Economic Research - 2022

In this paper, we study if exposure to the institutions of trade partners changes individuals' attitudes towards democracy and favors the process of democratization. We combine survey data with country-level measures of democracy from 1960 to 2015, and exploit the improvement in air, relative to...

Persistent link: https://www.econbiz.de/10013210083

How Far Goods Travel : Global Transport and Supply Chains from 1965-2020

Ganapati, Sharat; Wong, Woan Foong - National Bureau of Economic Research - 2023

This paper considers the evolution of global transportation usage over the past half century and its implications for supply chains. Transportation usage per unit of real output has more than doubled as costs decreased by a third. Participation of emerging economies in world trade and...

Persistent link: https://www.econbiz.de/10014250184

Population and Welfare : The Greatest Good for the Greatest Number

Adhami, Mohamad; Bils, Mark; Jones, Charles I.; Klenow, … - National Bureau of Economic Research - 2023

people as well as their standard of living. We decompose social welfare growth -- measured in consumption-equivalent (CE …) units -- into contributions from rising population and rising per capita consumption. Because of diminishing marginal … utility from consumption, population growth is scaled up by a value-of-life factor that exceeds one and empirically averages …

Persistent link: https://www.econbiz.de/10014447320

Resource windfalls, macroeconomic stability and growth : the role of political institutions

Arezki, Rabah - 2011

Persistent link: https://www.econbiz.de/10009424793