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Dollar invoicing, global value chains, and the business cycle dynamics of international trade
Cook, David; Patel, Nikhil - 2022
Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the relationship between monetary policy,...
Persistent link: https://www.econbiz.de/10013170273
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Structural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries
Everaert, Luc - 2006
Using the IMF''s Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most...
Persistent link: https://www.econbiz.de/10014402975
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Facing the global financial cycle : what role for policy responses?
Batini, Nicoletta; Durand, Luigi - 2021
Abstract In this paper we ask whether countries can influence their exposure to changes in global financial conditions. Specifically, we show that even though we can model cross-country capital flows via a global factor that closely tracks changes in global financial conditions, there is a large...
Persistent link: https://www.econbiz.de/10012518283
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One ring to rule them all? : new evidence on world cycles
Monnet, Eric; Puy, Damien - 2019
We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives … and covering a large set of advanced and emerging economies since 1950. World cycles, both real and financial, exist and … time. Although this is true for prices (goods and assets), this not true for quantities (output and credit). The world …
Persistent link: https://www.econbiz.de/10012103742
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Financial Globalization and Monetary Policy
Devereux, Michael B. - 2007
What does financial globalization imply for the design of monetary policy? Does the case for price stability change in …
Persistent link: https://www.econbiz.de/10014399256
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Hysteresis and business cycles
Cerra, Valerie; Fatás, Antonio; Saxena, Sweta Chaman - 2020
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...
Persistent link: https://www.econbiz.de/10012251398
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International Financial Integration, Sovereignty, and Constraintson Macroeconomic Policies
Kletzer, Kenneth - 2006
This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...
Persistent link: https://www.econbiz.de/10014401979
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International capital flows at the security level : evidence from the ECB's Asset Purchase Programme
Bergant, Katharina; Fidora, Michael; Schmitz, Martin - 2020
We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced away from securities targeted under the Public Sector...
Persistent link: https://www.econbiz.de/10012251289
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Euro Area Monetary Policy in Uncharted Waters
Stavrev, Emil - 2009
We analyze the European Central Bank''s (ECB''s) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB''s monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find...
Persistent link: https://www.econbiz.de/10014402463
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Does Global Liquidity Matter for Monetary Policy in the Euro Area?
Berger, Helge - 2009
Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for longer-term interest rate and output effects. We find...
Persistent link: https://www.econbiz.de/10014404266