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Assessing International Efficiency
Heathcote, Jonathan; Perri, Fabrizio - National Bureau of Economic Research (NBER) - 2013
This paper is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation of...
Persistent link: https://www.econbiz.de/10010796707
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International Reserves and Rollover Risk
Bianchi, Javier; Hatchondo, Juan Carlos; Martinez, Leonardo - National Bureau of Economic Research (NBER) - 2012
This paper provides a theoretical framework for quantitatively investigating the optimal accumulation of international reserves as a hedge against rollover risk. We study a dynamic model of endogenous default in which the government faces a tradeoff between the insurance benefits of reserves and...
Persistent link: https://www.econbiz.de/10010821884
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The Great Recession: A Self-Fulfilling Global Panic
Bacchetta, Philippe; van Wincoop, Eric - National Bureau of Economic Research (NBER) - 2013
While the 2008-2009 financial crisis originated in the United States, we witnessed steep declines in output, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong home bias in goods and financial markets, what can account...
Persistent link: https://www.econbiz.de/10010821917
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Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects
Broner, Fernando; Erce, Aitor; Martin, Alberto; … - National Bureau of Economic Research (NBER) - 2013
In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...
Persistent link: https://www.econbiz.de/10010821965
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TFP, News, and "Sentiments:'" The International Transmission of Business Cycles
Levchenko, Andrei A.; Pandalai-Nayar, Nitya - National Bureau of Economic Research (NBER) - 2015
We propose a novel identification scheme for a non-technology business cycle shock, that we label "sentiment." This is … a shock orthogonal to identified surprise and news TFP shocks that maximizes the short-run forecast error variance of an … shock produces a business cycle in the US, with output, hours, and consumption rising following a positive shock, and …
Persistent link: https://www.econbiz.de/10011196763
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Trade Wedges, Inventories, and International Business Cycles
Alessandria, George; Kaboski, Joseph P.; Midrigan, Virgiliu - National Bureau of Economic Research (NBER) - 2012
The large, persistent fluctuations in international trade that can not be explained in standard models by changes in expenditures and relative prices are often attributed to trade wedges. We show that these trade wedges can reflect the decisions of importers to change their inventory holdings....
Persistent link: https://www.econbiz.de/10010785629
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Home Production, Labor Wedges, and International Real Business Cycles
Karabarbounis, Loukas - National Bureau of Economic Research (NBER) - 2012
This paper explores implications of non-separable preferences with home production for international business cycles. Home production induces substitution effects that break the link between market consumption and its marginal utility and help explain several stylized facts of the open economy....
Persistent link: https://www.econbiz.de/10010569814
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Recovery from Financial Crises: Evidence from 100 Episodes
Reinhart, Carmen; Rogoff, Kenneth S - National Bureau of Economic Research (NBER) - 2014
We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ½ years. Five to six years after...
Persistent link: https://www.econbiz.de/10010969301
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International Financial Integration and Crisis Contagion
Devereux, Michael B.; Yu, Changhua - National Bureau of Economic Research (NBER) - 2014
International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral con- straints....
Persistent link: https://www.econbiz.de/10010950927
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Dollar Funding and the Lending Behavior of Global Banks
Scharfstein, David; Stein, Jeremy; Ivashina, Victoria - National Bureau of Economic Research (NBER) - 2012
in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because … shock leads to a greater withdrawal of dollar funding. Banks can borrow in euros and swap into dollars to make up for the …
Persistent link: https://www.econbiz.de/10010592551