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Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard

Chernyshoff, Natalia - 2005

thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary … absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …

Persistent link: https://www.econbiz.de/10012466876

Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar period

Obstfeld, Maurice - 2004

disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but … empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …

Persistent link: https://www.econbiz.de/10012468300

Tariff Reductions, Entry, and Welfare : Theory and Evidence for the Last Two Decades

Caliendo, Lorenzo - 2015

tariff, which comprise one-quarter of the countries in the world …

Persistent link: https://www.econbiz.de/10012456903

The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy

Jordà, Òscar - 2013

After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...

Persistent link: https://www.econbiz.de/10012459247

Trade, Technology, and the Great Divergence

O'Rourke, Kevin Hjortshøj - 2019

Why did per capita income divergence occur so dramatically during the 19th Century, rather than at the outset of the Industrial Revolution? How were some countries able to reverse this trend during the globalization of the late 20th Century? To answer these questions, this paper develops a...

Persistent link: https://www.econbiz.de/10012479692

After the Panic : Are Financial Crises Demand or Supply Shocks? Evidence from International Trade

Benguria, Felipe - 2019

Are financial crises a negative shock to demand or a negative shock to supply? This is a fundamental question for both macroeconomics researchers and those involved in real-time policymaking, and in both cases the question has become much more urgent in the aftermath of the recent financial...

Persistent link: https://www.econbiz.de/10012479740

Financial Crises, Credit Booms, and External Imbalances : 140 Years of Lessons

Jordà, Òscar - 2010

Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed countries over 140 years (1870-2008). We exploit our long-run dataset in a number of different ways. First, we apply new statistical tools to describe the temporal and spatial...

Persistent link: https://www.econbiz.de/10012462090

Credit Booms Gone Bust : Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008

Schularick, Moritz - 2009

The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...

Persistent link: https://www.econbiz.de/10012463137

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice - 2009

In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...

Persistent link: https://www.econbiz.de/10012463821

Collateral Damage : Trade Disruption and the Economic Impact of War

Glick, Reuven - 2005

of World War I and World War II …

Persistent link: https://www.econbiz.de/10012467113