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The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
Caliendo, Lorenzo; Parro, Fernando; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2014
environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes … pairwise interregional trade across all 50 U.S. states, 26 traded and non-traded industries, labor as a mobile factor, and … matches the U.S. input-output matrix. Using data on trade flows by industry between states, as well as other regional and …
Persistent link: https://www.econbiz.de/10011083376
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The Science of Monetary Policy: A New Keynesian Perspective
Clarida, Richard; Galí, Jordi; Gertler, Mark - C.E.P.R. Discussion Papers - 1999
This paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy...
Persistent link: https://www.econbiz.de/10005666476
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Exchange Rates in Search of Fundamentals: The Case of the Euro-Dollar Rate
De Grauwe, Paul - C.E.P.R. Discussion Papers - 2000
The decline of the euro against the dollar during 1999-2000 was mostly unrelated to observable news about the underlying fundamentals. This corroborates a general finding from the empirical literature testing the traditional exchange rate models, i.e. that exchange rate movements are...
Persistent link: https://www.econbiz.de/10005123754
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EMU and Asymmetries and Adjustment Problems in the EMS
Weber, Axel A - C.E.P.R. Discussion Papers - 1990
The paper empirically analyzes asymmetries in the EMS with special reference to their implication for the creation of a monetary union (EMU). Two types of asymmetries are analyzed: those in the form of "German dominance" are detected in the conduct of monetary policies in the EMS, in particular...
Persistent link: https://www.econbiz.de/10005124043
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Simple Rules for the Open Economy: Evaluating Alternative Proposals
Tirelli, Patrizio; Vines, David - C.E.P.R. Discussion Papers - 1991
The paper evaluates some proposals for macroeconomic stabilization in an open economy, which take the form of simple rules. The first rule assigns monetary policy to inflation control and does not require fiscal intervention. The second rule adds fiscal control of a foreign wealth target to the...
Persistent link: https://www.econbiz.de/10005067614
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Currency Bonds, Target Zones and Cash Limits: Thresholds for Monetary and Fiscal Policy
Miller, Marcus; Weller, Paul - C.E.P.R. Discussion Papers - 1990
Exchange rate behavior is analyzed in the context of a stochastic rational expectations model in which there are random shocks to the price setting mechanism and in which the authorities choose to impose either nominal or real exchange rate bands. Results are compared to those that emerge from a...
Persistent link: https://www.econbiz.de/10005498128
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Monetary Policy Interactions under Managed Exchange Rates
Giavazzi, Francesco; Giovannini, Alberto - C.E.P.R. Discussion Papers - 1986
This paper studies monetary policy games in a two-period Mundell-Fleming model, under a regime of managed exchange rates. A regime of managed exchange rates is defined as one where exchange rates are pegged but bilateral parities can be changed from time to time. The paper argues that such a...
Persistent link: https://www.econbiz.de/10005504262
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Price and Trade Effects of Exchange Rate Fluctuations and the Design of Policy Coordinaton
Cohen, Daniel; Wyplosz, Charles - C.E.P.R. Discussion Papers - 1990
two countries considered, the price effect of exchange rate fluctuations dominates the trade effects relatively to the …
Persistent link: https://www.econbiz.de/10005504748
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Measuring Monetary Policy in Open Economies
Bagliano, Fabio-Cesare; Favero, Carlo A.; Franco, Francesco - C.E.P.R. Discussion Papers - 1999
The empirical VAR literature on the monetary transmission mechanism in open economies has not yet provided a commonly accepted solution to the problem of simultaneity between interest rates and the exchange rate. In this paper we propose to solve the identification problem by using information...
Persistent link: https://www.econbiz.de/10005656246
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On Optimal World Stabilization and the Target Zones Proposal
Alogoskoufis, George - C.E.P.R. Discussion Papers - 1987
In this paper I examine issues of optimal stabilization in two types of world economy, a competitive one where all countries are small, and one where there is a Stackelberg leader. The focus is on the 1985 target zones proposal of Williamson, according to which there should be a periodic fixing...
Persistent link: https://www.econbiz.de/10005281296