Narrow search
Showing 1 - 10 of 313
Cover Image
Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes
Cecchetti, Stephen G. - 1999
Aggregate shocks that move output and inflation in opposite directions create a tradeoff between output and inflation variability, forcing central bankers to make a choice. Differences in the degree of accommodation of shocks lead to disparate variability outcomes, revealing national central...
Persistent link: https://www.econbiz.de/10012471355
Cover Image
The costs and benefits of price stability
Feldstein, Martin S. (contributor); Feldstein, Martin S. (ed.) - 1999
Persistent link: https://www.econbiz.de/10000676626
Cover Image
New Directions for Stochastic Open Economy Models
Obstfeld, Maurice - 1999
The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade....
Persistent link: https://www.econbiz.de/10012471471
Cover Image
Coordination of Monetary and Fiscal Policies in the OECD
McKibbin, Warwick J. - 1986
Discontent with the functioning of the world monetary system has led to many proposals for international monetary … monetary arrangements for fiscal policy in the world economy. In particular we focus upon two issues. The first is the effects … hitting the world economy. In this paper we show that the monetary regime also has important implications for the transmission …
Persistent link: https://www.econbiz.de/10012477277
Cover Image
Globalization, Macroeconomic Performance, and Monetary Policy
Mishkin, Frederic S. - 2008
The paper argues that many of the exaggerated claims that globalization has been an important factor in lowering inflation in recent years just do not hold up. Globalization does, however, have the potential to be stabilizing for individual economies and has been a key factor in promoting...
Persistent link: https://www.econbiz.de/10012464701
Cover Image
Happiness, Contentment and Other Emotions for Central Banks
Tella, Rafael Di - 2007
We show that data on satisfaction with life from over 600,000 Europeans are negatively correlated with the unemployment rate and the inflation rate. Our preferred interpretation is that this shows that emotions are affected by macroeconomic fluctuations. Contentment is, at a minimum, one of the...
Persistent link: https://www.econbiz.de/10012465017
Cover Image
Do Nontraded Goods Explain the Home Bias Puzzle?
Pesenti, Paolo - 1996
Interpretations of the home bias puzzle in international finance have fre- quently focused on the role of fluctuations in domestic nontraded output, through their effects on the marginal utility of tradables consumption. This paper assesses the empirical evidence of this aproach, by deriving an...
Persistent link: https://www.econbiz.de/10012473049
Cover Image
Disaster Risk and Asset Returns : An International Perspective
Lewis, Karen K. - 2017
Recent studies have shown that disaster risk can generate asset return moments similar to those observed in the U.S. data. However, these studies have ignored the cross-country asset pricing implications of the disaster risk model. This paper shows that standard U.S.-based disaster risk model...
Persistent link: https://www.econbiz.de/10012455615
Cover Image
Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence
Bordo, Michael D. - 2013
In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit with asset price booms. Using a panel of up to 18 OECD countries from 1920 to 2011 we estimate the impact that loose monetary policy, low inflation, and bank credit has on house,...
Persistent link: https://www.econbiz.de/10012459076
Cover Image
Country Size, Currency Unions, and International Asset Returns
Hassan, Tarek Alexander - 2012
larger fraction of the world economy. I show that differences in the size of economies indeed explain a large fraction of the …
Persistent link: https://www.econbiz.de/10012460602