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Devaluation with Contract Redenomination in Argentina

Calomiris, Charles - 2006

This study offers the first empirical microeconomic analysis of the effectiveness of dollar debt and contract redenomination policies to mitigate adverse financial and relative price consequences from a large devaluation. An analysis of Argentina's policy of devaluation with redenomination in...

Persistent link: https://www.econbiz.de/10012466017

The Ins and Outs of Cyclical Unemployment

Elsby, Michael W. - 2007

One of the strongest trends in recent macroeconomic modeling of labor market fluctuations is to treat unemployment … Unemployment," i.e., the extent to which increased unemployment during a recession arises from an increase in the number of … unemployment spells versus an increase in their duration. After broadly reviewing the previous literature, we replicate and extend …

Persistent link: https://www.econbiz.de/10012465803

The Recovery From The Great Recession : A Long, Evolving Expansion

Shambaugh, Jay C.; Strain, Michael R. - National Bureau of Economic Research - 2021

Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in generations. Millions lost jobs and homes. At its peak, one in ten workers who wanted a job could not find one. On an annual basis, the economy contracted by more than it had since the...

Persistent link: https://www.econbiz.de/10012482669

Inflation and Activity – Two Explorations and their Monetary Policy Implications

Blanchard, Olivier - 2015

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

Persistent link: https://www.econbiz.de/10012456944

Household Debt and Business Cycles Worldwide

Mian, Atif R. - 2015

unemployment, and negative growth forecasting errors in a panel of 30 countries from 1960 to 2012. Consistent with the "credit …

Persistent link: https://www.econbiz.de/10012457088

Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations

Mendoza, Enrique G. - 1999

This paper shows that the risk of devaluation can be an important factor accounting for the stylized facts of exchange-rate-based stabilizations. This conclusion follows from studying the quantitative implications of a two-sector equilibrium business cycle model of a small open economy...

Persistent link: https://www.econbiz.de/10012471786

Are Devaluations Contractionary?

Edwards, Sebastian - 1985

Recently a number of authors have criticized the role of devaluations in traditional stabilization programs. It has been argued that, contrary to the traditional view, devaluations are contractionary, and generate a decline in aggregate output. In spite of the renewed theoretical interest in the...

Persistent link: https://www.econbiz.de/10012477404

Discrete Devaluation as a Signal to Price Setters

Katseli, Louka T. - 1984

The central hypothesis of this paper is that both the extent and speed of adjustment of the real exchange rate is affected by the way the central bank manages the nominal exchange rate. Specifically, a large discrete adjustment of the nominal exchange rate is more likely to result in fast...

Persistent link: https://www.econbiz.de/10012477557

Money, The Rate of Devaluation and Interest Rates in a Semi-Open Economy : Colombia 1968-1982

Edwards, Sebastian - 1984

In this paper an empirical model for analyzing the behavior of nominal interest rates in a semi-open economy is developed. The model explicitly incorporates both the role of open economy factors (i.e., world interest rates, expected rate of devaluation) and domestic monetary conditions in...

Persistent link: https://www.econbiz.de/10012477710

Balance-of-Payments Crises and Devaluation

Obstfeld, Maurice - 1983

The collapse of a fixed exchange rate is typically marked by a sudden balance-of-payments crisis in which"speculators" fleeing from the domestic currency acquire a large portion of the central bank's foreign exchange holdings.Faced with such an attack, the central bank often withdraws...

Persistent link: https://www.econbiz.de/10012477999

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