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Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2010
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … associated with a higher level of inflation while greater exchange rate stability and greater financial openness could lower the … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …
Persistent link: https://www.econbiz.de/10008634683
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Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2008
output growth and inflation, and medium term inflation rates. Some key findings for developing countries include: (i) greater … inflation while greater exchange rate stability and greater financial openness could lower the inflation level; (iii) a policy … the level and the volatility of inflation. …
Persistent link: https://www.econbiz.de/10005828848
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Testing for the Economic Impact of the U.S. Constitution: Purchasing Power Parity across the Colonies versus across the States, 1748-1811
Grubb, Farley - National Bureau of Economic Research (NBER) - 2008
The U.S. Constitution removed real and monetary trade barriers between the states. By contrast, these states when they were British colonies exercised considerable real and monetary autonomy over their borders. Purchasing power parity is used to measure how much economic integration between the...
Persistent link: https://www.econbiz.de/10005037657
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How Much Do Official Price Indexes Tell Us about Inflation?
Weinstein, David; Handbury, Jessie; Watanabe, Tsutomu - National Bureau of Economic Research (NBER) - 2013
Official price indexes, such as the CPI, are imperfect indicators of inflation calculated using ad hoc price formulae … different from the theoretically well-founded inflation indexes favored by economists. This paper provides the first estimate of … how accurately the CPI informs us about "true" inflation. We use the largest price and quantity dataset ever employed in …
Persistent link: https://www.econbiz.de/10010969400
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How Fast are Semiconductor Prices Falling?
Oliner, Stephen D.; Sichel, Daniel; Byrne, David M. - National Bureau of Economic Research (NBER) - 2015
The Producer Price Index (PPI) for the United States suggests that semiconductor prices have barely been falling in recent years, a dramatic contrast from the rapid declines reported from the mid-1980s to the early 2000s. This slowdown in the rate of decline is puzzling in light of evidence that...
Persistent link: https://www.econbiz.de/10011252655
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Lost in Transit: Product Replacement Bias and Pricing to Market
Nakamura, Emi; Steinsson, Jon - National Bureau of Economic Research (NBER) - 2009
The microdata underlying U.S. import and export price indexes exhibit frequent product turnover and highly rigid prices. As a consequence, 40% of products are replaced before a single price change is observed and 70% are replaced after two price changes or less. An aggregate price index that...
Persistent link: https://www.econbiz.de/10005050107
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Trilemma Policy Convergence Patterns and Output Volatility
Aizenman, Joshua; Ito, Hiro - National Bureau of Economic Research (NBER) - 2012
We examine the open macroeconomic policy choices of developing economies from the perspective of the economic "trilemma" hypothesis. We construct an index of divergence of the three trilemma policy choices, and evaluate its patterns in recent decades. We find that the three dimensions of the...
Persistent link: https://www.econbiz.de/10009652891
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Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute
Aizenman, Joshua; Pinto, Brian; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011
We examine how financial expansion and contraction cycles affect the broader economy through their impact on real economic sectors in a panel of countries over 1960-2005. Periods of accelerated growth of the financial sector are more likely to be followed by abrupt financial contractions than...
Persistent link: https://www.econbiz.de/10009325534
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Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09
Ghironi, Fabio; Bussière, Matthieu; Callegari, Giovanni; … - National Bureau of Economic Research (NBER) - 2011
This paper introduces a new methodology for the estimation of demand trade elasticities based on an import intensity-adjusted measure of aggregate demand, with the foundation of a stylized theoretical model. We compute the import intensity of demand components by using the OECD Input-Output...
Persistent link: https://www.econbiz.de/10009399161
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Trade and Income -- Exploiting Time Series in Geography
Feyrer, James - National Bureau of Economic Research (NBER) - 2009
Establishing a robust causal relationship between trade and income has been difficult. Frankel and Romer (1999) use a geographic instrument to identify a positive effect of trade on income. Rodriguez and Rodrik (2000) show that these results are not robust to controlling for omitted variables...
Persistent link: https://www.econbiz.de/10004991257