Similar Search Results

Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?

Senay, Ozge; Sutherland, Alan - National Bureau of Economic Research (NBER) - 2005

A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure...

Persistent link: https://www.econbiz.de/10005084875

Globalization and Monetary Control

Woodford, Michael - National Bureau of Economic Research (NBER) - 2007

It has recently become popular to argue that globalization has had or will soon have dramatic consequences for the … banks. In this paper, I consider three possible mechanisms through which it might be feared that globalization can undermine … globalization, even of a much more thorough sort than has yet occurred, is unlikely to weaken the ability of national central banks …

Persistent link: https://www.econbiz.de/10005720669

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

Pesenti, Paolo A.; Corsetti, Giancarlo - National Bureau of Economic Research (NBER) - 2005

This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. We present a stylized theoretical framework, and illustrate its main properties with the help of an intuitive graphical apparatus. Among the issues we discuss: optimal...

Persistent link: https://www.econbiz.de/10005049891

Sovereigns versus Banks: Credit, Crises, and Consequences

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...

Persistent link: https://www.econbiz.de/10010969435

International Health Economics

Philipson, Tomas; Egan, Mark - National Bureau of Economic Research (NBER) - 2013

Perhaps because health care is a local service sector, health economists have paid little attention to international linkages between domestic health care economies. However, the growth in domestic health care sectors is often attributed to medical innovations whose returns are earned worldwide....

Persistent link: https://www.econbiz.de/10010950973

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

International Banking and Liquidity Risk Transmission: Lessons from Across Countries

Buch, Claudia M.; Goldberg, Linda S. - National Bureau of Economic Research (NBER) - 2014

Activities of international banks have been at the core of discussions on the causes and effects of the international financial crisis. Yet we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through international banks, including the reasons for...

Persistent link: https://www.econbiz.de/10010951408

Comovement in GDP Trends and Cycles Among Trading Partners

Blonigen, Bruce A.; Piger, Jeremy; Sly, Nicholas - National Bureau of Economic Research (NBER) - 2012

It has long been recognized that business cycle comovement is greater between countries that trade intensively with one another. Surprisingly, no one has previously examined the relationship between trade intensity and comovement of shocks to the trend level of output. Contrary to the result for...

Persistent link: https://www.econbiz.de/10011271375

Capital Mobility, Distributive Conflict, and International Tax Coordination

Rodrik, Dani; Ypersele, Tanguy van - National Bureau of Economic Research (NBER) - 1999

Basic economic theory identifies a number of efficiency gains that derive from international capital mobility. But just as free trade in goods, there is no guarantee that capital mobility makes everyone better off. Consequently, capital mobility may be politically unsustainable even though it...

Persistent link: https://www.econbiz.de/10005248913

Are Valuation Effects Desirable from a Global Perspective?

Benigno, Pierpaolo - National Bureau of Economic Research (NBER) - 2006

Recent studies have emphasized the role of valuation effects due to exchange rate movements in easing the process of adjustment of the external balance of a country. This paper asks to what extent valuation effects are desirable from a global perspective as a mean to achieve an efficient...

Persistent link: https://www.econbiz.de/10005079175

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