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Currency and Financial Crises of the 1990s and 2000s

Razin, Assaf; Rosefielde, Steven - C.E.P.R. Discussion Papers - 2011

We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) The credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves’ meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of...

Persistent link: https://www.econbiz.de/10008854535

An Equilibrium Model of 'Global Imbalances' and Low Interest Rates

Caballero, Ricardo; Farhi, Emmanuel; Gourinchas, … - C.E.P.R. Discussion Papers - 2006

Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and...

Persistent link: https://www.econbiz.de/10005666722

European Monetary Unification: The Challenges Ahead

Eichengreen, Barry; Ghironi, Fabio - C.E.P.R. Discussion Papers - 1995

This paper reviews the problems that must be resolved at the Intergovernmental Conference in 1996 to clear the way for European Monetary Union: locking in Germany's commitment to the project, and reconciling EMU with variable geometry. It reviews what we know about the costs and benefits of EMU...

Persistent link: https://www.econbiz.de/10005792205

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

The Impact of Exchange Rate Fluctuations on European Union Trade

Sapir, André; Sekkat, Khalid; Weber, Axel A - C.E.P.R. Discussion Papers - 1994

The impact of exchange rate fluctuations on international trade has long been a major concern for policy-makers. This … is particularly the case in Europe, where countries trade extensively with each other. The crisis that began in the … Summer of 1992 generated increased exchange rate fluctuations and, therefore, renewed concerns about consequences for trade …

Persistent link: https://www.econbiz.de/10005136634

Melitz, Jacques - C.E.P.R. Discussion Papers - 1991

there is no expansion and one if all sources of imports and competition in trade are included in the union. The optimal …

Persistent link: https://www.econbiz.de/10005656388

Monetary Overhang and Reforms in the 1940s

Dornbusch, Rudiger; Wolf, Holger C - C.E.P.R. Discussion Papers - 1990

The monetary overhang, pervasive with price controls and shortages in Eastern Europe and the Soviet Union, offers close parallels to the post-1945 picture of Europe. At that time monetary reform was used in many countries, in one form or another, to bring liquid assets in line with the...

Persistent link: https://www.econbiz.de/10005661987

The Reform of October 1979: How it Happened and Why

Lindsey, David E; Orphanides, Athanasios; Rasche, Robert H - C.E.P.R. Discussion Papers - 2005

This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the...

Persistent link: https://www.econbiz.de/10005792211

Macroeconomic Stabilization and Intervention Policy Under an Exchange Rate Band

Beetsma, Roel; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1994

The distributional effects of the minimum wage are analysed in a model where skilled and unskilled labour enter the production function. It is argued that distributional goals are best achieved by letting the labour market clear and achieving redistribution through taxes and transfers.

Persistent link: https://www.econbiz.de/10005504279

The Output Cost of Gender Discrimination: A Model-Based Macroeconomic Estimate

Cavalcanti, Tiago; Tavares, José - C.E.P.R. Discussion Papers - 2007

Gender-based discrimination is a pervasive and costly phenomenon. To a greater or lesser extent, all economies present a gender wage gap, associated with lower female labour force participation rates and higher fertility. This paper presents a growth model where saving, fertility and labour...

Persistent link: https://www.econbiz.de/10005504328