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A Long Term Perspective on the Euro
Bordo, Michael D. - 2008
This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...
Persistent link: https://www.econbiz.de/10012772728
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The Rate of Return on Everything, 1870–2015
Jordà, Òscar - 2018
What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new...
Persistent link: https://www.econbiz.de/10012931594
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Monetary Policy and Performance in the U.S., Japan and Europe, 1973-86
Fischer, Stanley - 2007
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 …Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and …
Persistent link: https://www.econbiz.de/10012777224
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Productivity, Wages, and Prices Inside and Outside of Manufacturing in the U.S., Japan, and Europe
Gordon, Robert J. - 2021
. Results are presented for the U. S., Japan, and an aggregate called "Europe" consisting of eleven European economies. The … uptrend in previously developed wage gap indexes for Japan and Europe between the 1960s and 1980s. If anything real wages in … Europe and Japan were too flexible rather than too rigid, in the sense that much of the increase in wage gap indexes in …
Persistent link: https://www.econbiz.de/10013244903
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Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan
Hoshi, Takeo - 2010
rehabilitate the U.S. banking industry. Many of those strategies were used also in Japan to combat its banking problems in the 1990 … respect to four of the others. So far the U.S. has avoided Japan's problem of having impaired banks prop up zombie firms …
Persistent link: https://www.econbiz.de/10012758287
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Globalization and Monetary Control
Woodford, Michael - 2007
; rather than the supply of liquidity by a national central bank alone; by making real interest rates dependent on the global …
Persistent link: https://www.econbiz.de/10012776195
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Goods and Factor Market Integration : A Quantitative Assessment of the EU Enlargement
Caliendo, Lorenzo - 2017
The economic effects from labor market integration are crucially affected by the extent to which countries are open to trade. In this paper we build a multi-country dynamic general equilibrium model with trade in goods and labor mobility across countries to study and quantify the economic...
Persistent link: https://www.econbiz.de/10012949423
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Big-Think Regionalism : A Critical Survey
Baldwin, Richard - 2008
Small Think Regionalism focused on the Vinerian question: quot;Would a nation gain from joining a trade bloc?quot; Big Think Regionalism considers regionalism's systemic impact on the world trading system, focusing mainly on two questions: quot;Does spreading regionalism harm world welfare?quot;...
Persistent link: https://www.econbiz.de/10012771715
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Seigniorage in Europe
Grilli, Vittorio - 2021
In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the recent past, and we speculate about their importance in the near future. We find that the members of the European community differ widely in the way they manage monetary...
Persistent link: https://www.econbiz.de/10013248704
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Is Japan Creating a Yen Bloc in East Asia and the Pacific?
Frankel, Jeffrey A. - 2021
This paper reaches seven conclusions regarding the Yen Bloc that Japan is reputed to be forming in Pacific Asia. (1 … is no evidence of a special Japan effect. (3) Once one properly accounts for rapid growth in Asia, the statistics do not … Asian countries, though overall its influence is as yet no greater than that of New York. (6) Some of Japan's financial and …
Persistent link: https://www.econbiz.de/10013218103