Narrow search
Showing 1 - 10 of 40
Cover Image
International Liquidity : The Fiscal Dimension
Obstfeld, Maurice - 2011
This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …
Persistent link: https://www.econbiz.de/10012461279
Cover Image
EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509
Cover Image
Monetary and Fiscal Remedies for Deflation
Auerbach, Alan - 2004
Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short … benefits and facilitate the use of powerful fiscal policy tools even in a liquidity trap. In this paper, we consider an … alternative approach that has been suggested for use in a liquidity trap, a scheduled increase in consumption tax rates. We find …
Persistent link: https://www.econbiz.de/10012468404
Cover Image
Zombie Lending and Depressed Restructuring in Japan
Caballero, Ricardo J. - 2006
In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in...
Persistent link: https://www.econbiz.de/10012466526
Cover Image
The Great Disconnect : The Decoupling of Wage and Price Inflation in Japan
Hoshi, Takeo - 2020
has evolved to study inflation in Japan. Our key finding is that labor market dynamics shifted after 1998 so that …
Persistent link: https://www.econbiz.de/10012481526
Cover Image
Time of Troubles : The Yen and Japan's Economy, 1985-2008
Obstfeld, Maurice - 2009
during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period … the price of oil. Since the mid-1990s, the yen's real exchange rate has generally followed a depreciating trend and Japan …
Persistent link: https://www.econbiz.de/10012463831
Cover Image
The Unsustainable US Current Account Position Revisited
Obstfeld, Maurice - 2004
We show that the when one takes into account the global equilibrium ramifications of an unwinding of the US current account deficit, currently estimated at 5.4% of GDP, the potential collapse of the dollar becomes considerably larger--more than 50% larger--than our previous estimates (Obstfeld...
Persistent link: https://www.econbiz.de/10012467820
Cover Image
Liquidity and the international monetary system
Obstfeld, Maurice - In: In the wake of the crisis : leading economists reassess …, (pp. 215-223). 2012
Persistent link: https://www.econbiz.de/10009618611
Cover Image
Banks as Liquidity Providers : An Explanation for the Co-Existence of Lending and Deposit-Taking
Kashyap, Anil K. - 1999
and deposit-taking may be two manifestations of the same primitive function: the provision of liquidity on demand. After …
Persistent link: https://www.econbiz.de/10012471845
Cover Image
Financial Regulation in General Equilibrium
Goodhart, Charles A.E. - 2012
fire sales, namely: limits on loan to value ratios, capital requirements for banks, liquidity coverage ratios for banks …
Persistent link: https://www.econbiz.de/10012460749