Similar Search Results

Signaling Credibility --- Choosing Optimal Debt and International Reserves

Aizenman, Joshua; Fernandez-Ruiz, Jorge - 2021

This paper evaluates the challenges facing developing countries when there is uncertainty about the policy maker type. We consider a country characterized by volatile output, inelastic demand for fiscal outlays, high tax collection costs, and sovereign risk, where future output depends on the...

Persistent link: https://www.econbiz.de/10013226188

Modeling Deviations from Purchasing Power Parity (PPP)

Aizenman, Joshua - 2021

term price rigidity as well as in terms of models that consider the magnification effect of new information. This paper …

Persistent link: https://www.econbiz.de/10013225592

Savings and the Terms of Trade Under Borrowing Constraints

Agenor, Pierre-Richard; Aizenman, Joshua - 2021

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond...

Persistent link: https://www.econbiz.de/10013244885

House Valuations and Economic Growth : Some International Evidence

Aizenman, Joshua - 2016

This paper evaluates the relation between house prices and economic growth. Using a dataset that covers house prices for 19 countries from the first quarter of 1975 to the third quarter of 2013. We find that house price appreciations are positively associated with economic growth, while the...

Persistent link: https://www.econbiz.de/10012982021

Financial Spillovers and Macroprudential Policies

Aizenman, Joshua - 2017

We estimate the impact of the extensity of macroprudential policies on the correlation of the policy interest rates between the center economies (CEs, i.e., the U.S., Japan, and the Euro area), and the peripheral economies (PHs). We find a more extensive implementation of macroprudential...

Persistent link: https://www.econbiz.de/10012941469

Optimal wage indexation, foreign exchange intervention, and monetary policy

Aizenman, Joshua; Frenkel, Jacob A. - In: The American economic review 75 (1985) 3, pp. 402-423

Persistent link: https://www.econbiz.de/10001817548

Trade Dependency, Bargaining and External Debt

Aizenman, Joshua - 2010

This paper analyzes the factors determining the effective payment on outstanding debt in the presence of partial defaults, and the feasibility of renewed investment. We show that the bargaining outcome, which determines the repayment, is dictated by the trade dependency, as measured by the...

Persistent link: https://www.econbiz.de/10013135125

Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds

Aizenman, Joshua - 2010

This paper presents a model comparing the degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability of sudden...

Persistent link: https://www.econbiz.de/10013137768

Debt and Conditionality Under Endogenous Terms of Trade Adjustment

Aizenman, Joshua - 2010

The purpose of this study is to identify conditions under which renewed international. lending will benefit both the developed and the developing countries. Our analysis will evaluate how the presence of terms of trade adjust-rent and distorted credit markets affect the conditions for the...

Persistent link: https://www.econbiz.de/10013139886

Financial Crisis and the Paradox of Under- and Over-Regulation

Aizenman, Joshua - 2010

asymmetric information, as is the case when the public does not observe regulator's effort. Higher regulator effort, while … mitigates the above concerns, including information disclosure; increasing the independence of the regulatory agency from the … prudential regulations and information disclosure, enforced by the domestic regulator …

Persistent link: https://www.econbiz.de/10013152612