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The Effectiveness of Foreign-Exchange Intervention : Recent Experience
Obstfeld, Maurice - 2021
Since the September 1985 Plaza Hotel announcement by the Group of Five industrial countries, a substantial realignment of exchange rates has been achieved. At the same time, foreign exchange market intervention, much of it concerted and much of it sterilized, has been undertaken on a scale not...
Persistent link: https://www.econbiz.de/10013215363
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The Political Economy of Hatred
Glaeser, Edward L. - 2021
What determines the intensity and objects of hatred? Hatred forms when people believe that out-groups are responsible for past and future crimes, but the reality of past crimes has little to do with the level of hatred. Instead, hatred is the result of an equilibrium where politicians supply...
Persistent link: https://www.econbiz.de/10013218402
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Young and Out in Germany : On the Youths' Chances of Labor Market Entrance in Germany
Franz, Wolfgang; Inkmann, Joachim; Pohlmeier, Winfried; … - 2021
This paper deals with the labor market entrance of young people in the Federal Republic" of Germany. The main focus is … on failures during this stage. First, an overview of the youth" labor market in Germany is given. Then, the transition …
Persistent link: https://www.econbiz.de/10013222219
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German and American Wage and Price Dynamics : Differences and Common Thenes
Franz, Wolfgang; Gordon, Robert J. - 2021
The evolution of unemployment in West Germany and the U. S. stands in sharp contrast, with German unemployment much … big difference berween the two countries is that there is no feedback from wages to prices in Germany, and so high … unemployment does not put downward pressure on the inflation rate. During the 19705 and 19805 in Germany there emerged a growing …
Persistent link: https://www.econbiz.de/10013237265
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The Duration of Youth Unemployment in West Germany : Some Theoretical Considerations
Franz, Wolfgang - 2021
This paper presents a theoretical model dealing with the duration of youth unemployment in West Germany. Duration can …
Persistent link: https://www.econbiz.de/10013249173
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The Reservation Wage of Unemployed Persons in the Federal Republic of Germany : Theory and Empirical Tests
Franz, Wolfgang - 2021
This study examines the determinants of the reservation wage of unemployed persons in the Federal Republic of Germany …
Persistent link: https://www.econbiz.de/10013249255
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Exchange Rates, Inflation and the Sterilization Problem : Germany, 1975-1981
Obstfeld, Maurice - 2021
When the goals of internal and external macroeconomic equilibrium are in conflict, sterilized intervention in the foreign exchange market may provide an independent policy instrument through which the central bank can resolve its dilemma in the short run. This paper is concerned with the West...
Persistent link: https://www.econbiz.de/10013246518
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Sterilization and Offsetting Capital Movements : Evidence from West Germany, 1960-1970
Obstfeld, Maurice - 2022
The purpose of this paper is two fold. First, to estimate, using structural methods, the extent to which capital flows undermined West German monetary policy during the Bretton Woods years 1960 to 1970 and second, to show that earlier reduced form estimates of the capital-account offset...
Persistent link: https://www.econbiz.de/10013322145
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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-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. In an earlier paper, we showed that this reasoning does...
Persistent link: https://www.econbiz.de/10013133109
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The Political Risks of Fighting Market Failures : Subversion, Populism and the Government Sponsored Enterprises
Glaeser, Edward L. - 2012
There are many possible ways of reforming the Government-Sponsored Enterprises that insure mortgages against default, including a purely public option, complete privatization or a hybrid model with private firms and public catastrophic insurance. If the government is sufficiently capable and...
Persistent link: https://www.econbiz.de/10013106080