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Lost Decade in Translation : Did the Us Learn from Japan's Post-Bubble Mistakes?
Harrigan, James - 2009
in the US post-bubble period. But the US has worse fiscal and current account imbalances than Japan had at the same stage …
Persistent link: https://www.econbiz.de/10012767618
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Global Imbalances and Policy Wars at the Zero Lower Bound
Caballero, Ricardo J. - 2015
This paper explores the consequences of extremely low real interest rates in a world with integrated but heterogenous capital markets and nominal rigidities. We establish four main results: (i) Liquidity traps spread to the rest of the world through the current account, which we illustrate with...
Persistent link: https://www.econbiz.de/10013013171
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The Macroeconomic Stabilization of Tariff Shocks : What is the Optimal Monetary Response?
Bergin, Paul; Corsetti, Giancarlo - 2022
In the wake of Brexit and the Trump tariff war, and a general weakening of the political support for free trade, central banks have been faced with the need to reconsider the role of monetary policy in managing the economic effects of unexpected hikes in tariffs and trade costs. Although tariffs...
Persistent link: https://www.econbiz.de/10013324682
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Deflation, Silent Runs, and Bank Holidays, in the Great Contraction
Rockoff, Hugh - 2021
This paper argues that the banking crises in the United States in the early 1930s were similar to the twin crises' -- banking and balance of payments crises -- which have occurred in developing countries in recent years. The downturn that began in 1929 undermined banks that had made risky loans...
Persistent link: https://www.econbiz.de/10013220071
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Federal Reserve Policy and Bretton Woods
Bordo, Michael D.; Humpage, Owen - 2021
During the Bretton Woods era, balance-of-payments developments, gold losses, and exchange-rate concerns had little influence on Federal Reserve monetary policy, even after 1958 when such issues became critical. The Federal Reserve could largely disregard international considerations because the...
Persistent link: https://www.econbiz.de/10013224132
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Current Account Dynamics and Monetary Policy
Ferrero, Andrea - 2010
We explore the implications of current account adjustment for monetary policy within a simple two-country DSGE model. Our framework nests Obstfeld and Rogoff's (2005) static model of exchange rate responsiveness to current account reversals. It extends this approach by endogenizing the dynamic...
Persistent link: https://www.econbiz.de/10012759418
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The 2006 Economic Report of the President : Comment on Chapter One (the Year in Review) and Chapter Six (the Capital Account Surplus)
Feldstein, Martin S. - 2021
This paper is an analytic comment on two chapters of the Economic Report of the President for 2006. Chapter One deals with the economy in 2005 and the outlook for the future. The chapter provides a detailed analysis of the expansion in 2005 but not an explanation of why the expansion occurred...
Persistent link: https://www.econbiz.de/10013235896
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Crunch Time : Fiscal Crises and the Role of Monetary Policy
Greenlaw, David - 2013
Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...
Persistent link: https://www.econbiz.de/10013077956
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A Quantitative Model of Sudden Stops and External Liquidity Management
Caballero, Ricardo J.; Panageas, Stavros - 2021
Emerging market economies, which have much of their growth ahead of them, run persistent current account deficits in order to smooth consumption intertemporally. The counterpart of these deficits is their dependence on capital inflows, which can suddenly stop. In this paper we develop and...
Persistent link: https://www.econbiz.de/10013228758
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Monetary Policy and Performance in the U.S., Japan and Europe, 1973-86
Fischer, Stanley - 2007
Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and … Bundesbank and the Bank of Japan each focus on one money target, described by the Bundesbank as a target, and by the Bank of … Japan as a projection. None of the countries has stuck rigorously to the targets, though the Bank of Japan has come close …
Persistent link: https://www.econbiz.de/10012777224