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Regional influences on U.S. monetary policy: some implications for Europe

Meade, Ellen E.; Sheets, D. Nathan - London School of Economics (LSE) - 2002

This paper looks at the monetary policy decisions of the U.S. Federal Reserve and asks whether those decisions have been influenced solely by national concerns, or whether regional factors have played a role. All of the Federal Reserve''s policymakers have some regional identity, i.e., either...

Persistent link: https://www.econbiz.de/10010884746

The Euro crisis: a historical perspective

Mourlon-Druol, Emmanuel - London School of Economics (LSE) - 2011

In this research report IDEAS explores the current euro crisis by looking at the debates preceding the conception of …

Persistent link: https://www.econbiz.de/10010745583

On building the American and the European empires

Colomer, Josep M. - London School of Economics (LSE) - 2009

The processes of building the United States of America (USA) during the nineteenth century and the European Union (EU) since mid-twentieth century are among the major claims for the possibility of a vast, ‘imperial’-size political unit based on democratic principles. The crucial period for...

Persistent link: https://www.econbiz.de/10010745910

Political credit cycles: the case of the Euro zone

Fernández-Villaverde, Jesús; Garicano, Luis; Santos, … - London School of Economics (LSE) - 2013

We study the mechanisms through which the adoption of the Euro delayed, rather than advanced, economic reforms in the Euro zone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional...

Persistent link: https://www.econbiz.de/10011126656

The estimated effects of the euro on trade: why are they below historical effects of monetary unions among smaller countries?

Frankel, Jeffrey A. - London School of Economics (LSE) - 2009

Andy Rose (2000), followed by many others, has used the gravity model of bilateral trade on a large data set to estimate the trade effects of monetary unions among small countries. The finding has been large estimates: Trade among members seems to double or triple, that is, to increase by...

Persistent link: https://www.econbiz.de/10011071291

Currency Portfolios and Nominal Exchange Rates in a Dual Currency Search Economy.

Craig, B.; Waller, C.J. - London School of Economics (LSE) - 1999

We analyze a dual currency search model in which agents are allowed to hold multiple units of both currencies. Hence …, agents hold portfolios of currency. We study equilibria in which the two currencies are identical and equilibria in which the … two currencies differ according to the magnitude of the 'inflation tax' risk associated with each currency. The inflation …

Persistent link: https://www.econbiz.de/10005776281

Monetary policy under alternative asset market structures: the case of a small open economy

De Paoli, Bianca - London School of Economics (LSE) - 2009

Can the structure of asset markets change the way monetary policy should be conducted? Following a linear-quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our results reveal that the configuration of asset markets significantly...

Persistent link: https://www.econbiz.de/10010884723

Consumption and real exchange rates with incomplete markets and non-traded goods

Benigno, Gianluca; Theonissen, Christoph - London School of Economics (LSE) - 2006

This paper addresses the consumption-real exchange rate anomaly. International real business cycle models based on complete financial markets predict a unitary correlation between the real exchange rate and the ratio of home to foreign consumption when subjected to supply side shocks. In the...

Persistent link: https://www.econbiz.de/10010928603

Designing target rules for international monetary policy cooperation

Benigno, Gianluca; Benigno, Pierpaolo - London School of Economics (LSE) - 2004

This study analyzes a two-country dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy objective function of the policymakers. It is shown...

Persistent link: https://www.econbiz.de/10010928623

Gains from coordination in a multi-sector open economy : does it pay to be different?

Liu, Zheng; Pappa, Evi - London School of Economics (LSE) - 2005

This paper presents a new argument for international monetary policy coordination based on considerations of structural asymmetries across countries. In a two-country world with a traded and a non-traded sector in each country, optimal independent monetary policy cannot replicate the...

Persistent link: https://www.econbiz.de/10010928792