This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global …

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …

transmission of monetary policies of the U.S., euro area, Japan, and United Kingdom. Two other studies use international data with …

exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor. In …

Do global current account imbalances still matter in a world of deep international financial markets where gross two …" view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also …