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A Decomposition of the Sources of Incomplete Cross-Border Transmission
Hellerstein, Rebecca - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005069367
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Financial Frictions, Distribution Costs, and Current Account Crises
Leduc, Sylvain; Valderrama, Diego - Society for Economic Dynamics - SED - 2004
Current account crises in emerging markets are characterized by large increases in interest rates, big drops in output, and large real currency depreciations. Current models of crisis with financial frictions do not generate very large movements in these variables. Recent work has shown that the...
Persistent link: https://www.econbiz.de/10005069470
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Interest-rate Defenses of Currency Pegs
Sole, Juan - Society for Economic Dynamics - SED - 2004
This paper studies a policy often used to defend a currency peg: raising short-term interest rates. The rationale for this policy is to stem demand for foreign reserves. Yet, this mechanism is absent from most monetary models. This paper develops a general equilibrium model with asset market...
Persistent link: https://www.econbiz.de/10005069569
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Could capital gains smooth a current account rebalancing?
Cavallo, Michele; Tille, Cedric - Society for Economic Dynamics - SED - 2006
A narrowing of the U.S. current account deficit through exchange rate movements is likely to entail a substantial depreciation of the dollar, as stressed in research by Obstfeld and Rogoff. We assess how the adjustment is affected by the high degree of financial integration in the world economy....
Persistent link: https://www.econbiz.de/10005051274
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Financial Integration and the Wealth Effect of Exchange Rate Fluctuations.
Tille, Cedric - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005051392
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Net Foreing Assets and Imperfect Pass-through: The Consumption-Real Exchange Rate Anomaly
Tuesta, Vicente; Selaive, Jorge - Society for Economic Dynamics - SED - 2004
An unresolved issue in international macroeconomics is the apparent lack of risk-sharing across countries, which contradicts the prediction of models based on the assumption of complete markets. We asses the importance of international financial frictions in this issue by constructing an...
Persistent link: https://www.econbiz.de/10005027304
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Capital Flows, Incomplete Markets, and the U.S. European Unemployment Gap
Smits, Karlis; Head, Allen - Society for Economic Dynamics - SED - 2004
This paper investigates the relationship of the ``unemployment gap'' between the United States and Europe to the … opening of international capital markets. The unemployment gap widened dramatically in the mid-1980's, a time period … implications of capital mobility for unemployment levels and current accounts are studied in a multi-country dynamic model with …
Persistent link: https://www.econbiz.de/10005090928
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Indivisible Labor and Its Supply Elasticity: Do Taxes Explain European Employment?
Ljungqvist, Lars; Sargent, Thomas J. - Society for Economic Dynamics - SED - 2006
role to cross-country differences in social unemployment insurance institutions that Prescott argues can be safely ignored …
Persistent link: https://www.econbiz.de/10005069229
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Asymmetric Information and Employment Fluctuations
Bruegemann, Bjoern; Moscarini, Giuseppe - Society for Economic Dynamics - SED - 2006
unemployment and vacancies of the magnitude observed in US data in response to shocks to average labor productivity of plausible … response of unemployment and vacancies to a shock to average labor productivity. In light of these properties, cast in terms of …
Persistent link: https://www.econbiz.de/10005069277
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"The effects of inflation in a search model of labor"
Samaniego, Roberto; Peterson, Brian - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005069369