Narrow search
Showing 1 - 10 of 50
Cover Image
Implications for the Adjustment Process of International Asset Risks : Exchange Controls, Intervention and Policy Risk, and Sovereign Risk
Buiter, Willem H. - 2021
country risk, the paper discusses a number of modifications in the standard theory of efficient international financial … markets that are necessitated by the existence of country risk., For macroeconomic policy, the major implications are that …
Persistent link: https://www.econbiz.de/10013225837
Cover Image
Who's afraid of the public debt?
Buiter, Willem H. - In: The American economic review 82 (1992) 2, pp. 290-294
Persistent link: https://www.econbiz.de/10001123364
Cover Image
The Role of Economic Policy after the New Classical Macroeconomics
Buiter, Willem H. - 2012
The paper considers the implications of the rational expectations - New Classical Macroeconomics revolution for the "rules versus discretion" debate. The following issues are covered 1) The ineffectiveness of anticipated stabilization policy, 2) Non-causal models and rational expectations, 3)...
Persistent link: https://www.econbiz.de/10013104026
Cover Image
Seigniorage
Buiter, Willem H. - 2007
Governments through the ages have appropriated real resources through the monopoly of the 'coinage'. In modern fiat money economies, the monopoly of the issue of legal tender is generally assigned to an agency of the state, the Central Bank, which may have varying degrees of operational and...
Persistent link: https://www.econbiz.de/10012777609
Cover Image
The Superiority of Contingent Rules Over Fixed Rules in Models with Rational Expectations
Buiter, Willem H. - 2010
The paper investigates the robustness of the proposition that in stochastic models contingent or feddback rules dominate fiped or openloop rules. Four arguments in favour of fixed rules are considere`. 1) The presence of an incompetent op malevolent policy maker. 2) A trade-off between...
Persistent link: https://www.econbiz.de/10012760069
Cover Image
The Role of Economic Policy after the New Classical Macroeconomics
Buiter, Willem H. - 2010
The paper considers the implications of the rational expectations New Classical Macroeconomics revolution for the 'rules versus discretion' debate. The following issues are covered: 1) The ineffectiveness of anticipated stabilization policy, 2) Non-clausal models and rational expectations, 3)...
Persistent link: https://www.econbiz.de/10012760072
Cover Image
Measuring Aspects of Fiscal and Financial Policy
Buiter, Willem H. - 2010
The paper develops a forward-looking comprehensive accounting framework for the public sector.By integrating the public sector budget constraint forward in time the government's present value budget constraint (PVBC) is obtained. In addition to the familiar financial assets and liabilities,...
Persistent link: https://www.econbiz.de/10012760343
Cover Image
The "Gold Standard Paradox" and its Resolution
Buiter, Willem H. - 2010
This paper analyzes Krugman's contention that there is a quot;gold standard paradoxquot; in the speculative attack literature. The paradox occurs if a country's currency appreciates after it runs out of gold or equivalently if a speculative attack can happen only after the country...
Persistent link: https://www.econbiz.de/10012762724
Cover Image
Efficient "Myopic" Asset Pricing in General Equilibrium : a Potential Pitfall in Excess Volatility Tests
Buiter, Willem H. - 2010
Excess volatility tests for financial market efficiency maintain the hypothesis of risk-neutrality. This permits the … from the risk-neutrality assumption in a stripped-down version of Lucas's general equilibrium asset pricing model, I show … variance bounds established under the assumption of risk neutrality. This can occur even without the problems of non …
Persistent link: https://www.econbiz.de/10012762911
Cover Image
The Role of Economic Policy after the New Classical Macroeconomics
Buiter, Willem H. - 2010
The paper considers the implications of the rational expectations New Classical Macroeconomics revolution for the 'rules versus discretion' debate. The following issues are covered: 1) The ineffectiveness of anticipated stabilization policy, 2) Non-clausal models and rational expectations, 3)...
Persistent link: https://www.econbiz.de/10012763179