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Externalities and Macroprudential Policy
De Nicolo, Gianni - 2012
that can justify macroprudential regulation. It explains how externalities associated with the activity of financial … externalities that can lead to systemic risk as: 1. Externalities related to strategic complementarities, that arise from the … expansionary phase of a financial cycle; 2. Externalities related to fire sales, that arise from a generalized sell-off of …
Persistent link: https://www.econbiz.de/10013105227
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New Estimates for Direction of Trade Statistics
Marini, Marco - 2018
In March 2017, the IMF published an upgrade of its Direction of Trade Statistics (DOTS) dataset. This paper documents the new methodology that has been developed to estimate missing observations of bilateral trade statistics on a monthly basis. The new estimation procedure is founded on a...
Persistent link: https://www.econbiz.de/10012927457
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Estimating Macro-Fiscal Effects of Climate Shocks from Billions of Geospatial Weather Observations
Akyapi, Berkay; Bellon, Matthieu; Massetti, Emanuele - 2022
A growing literature estimates the macroeconomic effect of weather using variations in annual country-level averages of temperature and precipitation. However, averages may not reveal the effects of extreme events that occur at a higher time frequency or higher spatial resolution. To address...
Persistent link: https://www.econbiz.de/10014079013
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Debt Dynamics and Global Imbalances : Some Conventional Views Reconsidered
Meredith, Guy - 2007
We use a general-equilibrium model to explain the rise in global trade and payments imbalances since the mid-1990s, and then to construct adjustment paths to a steady state. Assuming that the shocks giving rise to the imbalances do not suddenly reverse, simulated movements in the U.S. trade...
Persistent link: https://www.econbiz.de/10012777932
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Optimal Monetary Policy Under Bounded Rationality
Benchimol, Jonathan - 2019
The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia...
Persistent link: https://www.econbiz.de/10012864097
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Network Determinants of Cross-Border Merger and Acquisition Decisions
Didier, Tatiana - 2020
This paper assesses whether cross-border M&A decisions exhibit network effects. We estimate exponential random graph models (ERGM) and temporal exponential random graph models (TERGM) to evaluate the determinants of cross-country M&A investments at the sectoral level. The results show that...
Persistent link: https://www.econbiz.de/10012843316
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The Low-Skill, Bad-Job Trap
Snower, Dennis J. - 2008
The paper explains how a country can fall into a quot;low-skill, bad-job trap,quot; in which workers acquire insufficient training and firms provide insufficient skilled vacancies. In particular, the paper argues that in countries where a large proportion of the workforce is unskilled, firms...
Persistent link: https://www.econbiz.de/10012774282
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Diversity in the Workplace
Várdy, Felix - 2006
We study a model where an employer, trying to fill a vacancy, engages in optimal sequential search by drawing from two subpopulations of candidates who differ in their quot;discourse systemsquot;: during an interview, a minority candidate with a discourse system not shared with the employer...
Persistent link: https://www.econbiz.de/10012779099
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Productivity Shocks, Learning, and Open Economy Dynamics
Miniane, Jacques - 2006
I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but not its permanent and transitory components separately. The model`s predictions under learning differ substantially from those under full information and are in line with...
Persistent link: https://www.econbiz.de/10012783176
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Rational Speculation, Financial Crises, and Optimal Policy Responses
Surti, Jay - 2006
This paper develops a theory of the onset of financial crises by solving for the optimal trading strategies of speculators in financial markets, in a model where each speculator tries to coordinate her trades with the market's by observing the decisions of other speculators, while simultaneously...
Persistent link: https://www.econbiz.de/10012783234