Narrow search
Showing 1 - 10 of 880
Cover Image
Remittances and the Brain Drain
Faini, Riccardo - C.E.P.R. Discussion Papers - 2006
home thanks to a relatively larger flow of remittances. Skilled migrants typically earn relatively more and, ceteris … flow of remittances from skilled migrants. Hence, the sign of the impact of the brain drain on total remittances is an … home out of a given flow of earnings abroad. We then derive an empirical equation of remittances and estimate it on a large …
Persistent link: https://www.econbiz.de/10005114298
Cover Image
A Global View of Cross-Border Migration
di Giovanni, Julian; Levchenko, Andrei A.; Ortega, Francesc - C.E.P.R. Discussion Papers - 2014
difference, international trade, remittances, and a heterogeneous workforce. We compare welfare under the observed levels of … flows -- such as Jamaica or El Salvador -- are also better off due to migration, but for a different reason: remittances … about 10% in countries with large incoming remittances. Our results are robust to accounting for imperfect transferability …
Persistent link: https://www.econbiz.de/10011083627
Cover Image
Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency
Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2015
We examine global dynamics under learning in New Keynesian models with price level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. Properties of transparent and non-transparent regimes are compared to each...
Persistent link: https://www.econbiz.de/10011213315
Cover Image
Bubbles and Central Banks: Historical Perspectives
Brunnermeier, Markus K; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2015
This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or accompanied by an expansionary monetary...
Persistent link: https://www.econbiz.de/10011249380
Cover Image
Money, Financial Stability and Efficiency
Allen, Franklin; Carletti, Elena; Gale, Douglas M - C.E.P.R. Discussion Papers - 2011
Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate liquidity risk and idiosyncratic liquidity shocks. We show that, with...
Persistent link: https://www.econbiz.de/10009293987
Cover Image
Stock Prices and Monetary Policy Shocks: A General Equilibrium Approach
Challe, Edouard; Giannitsarou, Chryssi - C.E.P.R. Discussion Papers - 2011
Recent empirical literature documents that unexpected changes in the nominal interest rates have a significant effect on stock prices: a 25-basis point increase in the Fed funds rate is associated with an immediate decrease in broad stock indices that may range from 0.5 to 2.3 percent, followed...
Persistent link: https://www.econbiz.de/10009493561
Cover Image
US Post-war Monetary Policy: What Caused the Great Moderation?
Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2010
Using indirect inference based on a VAR we confront US data from 1972 to 2007 with a standard New Keynesian model in which an optimal timeless policy is substituted for a Taylor rule. We find the model explains the data both for the Great Acceleration and the Great Moderation. The implication is...
Persistent link: https://www.econbiz.de/10008692309
Cover Image
Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10008692318
Cover Image
The role of central bank transparency for guiding private sector forecasts
Ehrmann, Michael; Eijffinger, Sylvester C W; … - C.E.P.R. Discussion Papers - 2009
There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...
Persistent link: https://www.econbiz.de/10008458290
Cover Image
Monetary Policy and the Evolution of the US Economy
Canova, Fabio - C.E.P.R. Discussion Papers - 2006
This paper investigates the relationship between monetary policy and the changes experienced by the US economy using a small scale New Keynesian model. The model is estimated with Bayesian techniques and the stability of policy parameter estimates and of the transmission of policy shocks...
Persistent link: https://www.econbiz.de/10005662080