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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

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

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

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

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

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

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

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

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

Risk Sharing through Capital Gains

Balli, Faruk - 2011

We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero...

Persistent link: https://www.econbiz.de/10012461045

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