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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/10013120324

Monetary and Fiscal Remedies for Deflation

Auerbach, Alan J. - 2011

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/10013133109

Emu : Ready, or Not?

Obstfeld, Maurice - 2021

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/10013235280

Time of Troubles : The Yen and Japan's Economy, 1985-2008

Obstfeld, Maurice - 2010

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/10012757671

The International Monetary System : Living with Asymmetry

Obstfeld, Maurice - 2013

system: international liquidity and exchange rate management. Despite radical changes since World War II in the market … context for liquidity and exchange rate concerns, they remain central to discussions of international macroeconomic policy … coordination. To take two prominent examples of specific (and related) coordination problems, liquidity issues are paramount in …

Persistent link: https://www.econbiz.de/10013092069

Creditor Rights and Corporate Risk-Taking

Acharya, Viral V. - 2010

We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...

Persistent link: https://www.econbiz.de/10013149976

Dynamic Seigniorage Theory : an Exploration

Obstfeld, Maurice - 2008

This paper shows that the optimal extraction of seigniorage implies a strong tendency for inflation to fall over time toward its socially optimal level. The point is made using a multi-period model in which (i) the government can finance deficits through bond issue or money creation, (ii)...

Persistent link: https://www.econbiz.de/10012774830

Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate

Obstfeld, Maurice - 2010

Even when the exchange-rate plays no expenditure-switching role, countries may wish to have flexible exchange rates in order to free the domestic interest rate as a stabilization tool. In a setting with nontraded goods, exchange-rate movements may also enhance international risk sharing

Persistent link: https://www.econbiz.de/10012760533

Global Dimensions of U.S. Monetary Policy

Obstfeld, Maurice - 2019

This paper is a partial exploration of mechanisms through which global factors influence the tradeoffs that U.S. monetary policy faces. It considers three main channels. The first is the determination of domestic inflation in a context where international prices and global competition play a...

Persistent link: https://www.econbiz.de/10012867084

Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?

Acharya, Viral V. - 2019

We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period … bank liquidity does not translate into lower loan spreads for high-risk banks for maturities beyond one year, even as it …

Persistent link: https://www.econbiz.de/10012858814