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Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America
Grubb, Farley - National Bureau of Economic Research (NBER) - 2012
Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be acquired only through importation. Given unrestricted trade in specie, market arbitrage should have eliminated chronic scarcity. A model of efficient barter and local inside money is...
Persistent link: https://www.econbiz.de/10011271405
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Global Macroeconomic and Financial Supervision: Where Next?
Goodhart, Charles - National Bureau of Economic Research (NBER) - 2011
The overriding practical problem now is the tension between the global financial and market system and the national political and power structures. The main analytical short-coming lies in the failure to incorporate financial frictions, especially default, into our macro-economic models. Neither...
Persistent link: https://www.econbiz.de/10009395475
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Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates
Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2012
We lay down a standard macroeconomic model of a small open economy with a fixed exchange rate and study optimal capital controls (defined as maximizing the utility of a representative household). We provide sharp analytical and numerical characterizations for a variety of shocks. We find that...
Persistent link: https://www.econbiz.de/10010951293
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A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
Caballero, Ricardo J; Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2013
The global economy has a chronic shortage of safe assets which lies behind many recent macroeconomic imbalances. This paper provides a simple model of the Safe Asset Mechanism (SAM), its recessionary safety traps, and its policy antidotes. Safety traps share many common features with...
Persistent link: https://www.econbiz.de/10010796549
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Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
Calvo, Guillermo; Izquierdo, Alejandro; Loo-Kung, Rudy - National Bureau of Economic Research (NBER) - 2012
America was closest to model-based optimal levels, while reserves in Eastern Europe lay below optimal levels, and those in …
Persistent link: https://www.econbiz.de/10010951260
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Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Rose, Andrew; Spiegel, Mark M - National Bureau of Economic Research (NBER) - 2011
While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...
Persistent link: https://www.econbiz.de/10009277235
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Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 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/10005774513
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From the Exchange Stabilization Fund to the International Monetary Fund
Bordo, Michael David; Schwartz, Anna J. - National Bureau of Economic Research (NBER) - 2001
We highlight the elements of the operation of the U.S. Exchange Stabilization Fund that Harry Dexter White, who directed the Treasury's division of monetary research, transferred to his plan for the operation of the International Monetary Fund. The elements included the principle that all...
Persistent link: https://www.econbiz.de/10005720526
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The Future of International Liquidity and the Role of China
Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2013
This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments' precautionary demand for reserve assets is likely to...
Persistent link: https://www.econbiz.de/10010951079
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Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?
Chinn, Menzie; Frankel, Jeffrey Alexander - National Bureau of Economic Research (NBER) - 2005
currency? Unlike ten years ago, there now exists a credible competitor: the euro. This paper econometrically estimates … long lag (we estimate a weight on the preceding year%u2019s currency share around .9). The advent of the euro interrupts … EMU era. The equation correctly predicts a (small) narrowing in the gap between the dollar and euro over the period 1999 …
Persistent link: https://www.econbiz.de/10005084571