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This overview introduces and summarizes the findings of a practical volume on managing volatility and crises. The … volatility leading to large output and economic growth costs, especially in poor countries. In these circumstances, good times do … cope with volatility also drive crises. Hence, the volume also focuses on the prevention and management of crises. It is a …
Persistent link: https://www.econbiz.de/10013222946
This review article tries to answer four questions: (i) what are the stylized facts about uncertainty over time; (ii) why does uncertainty vary; (iii) do fluctuations in uncertainty matter; and (iv) did higher uncertainty worsen the Great Recession of 2007-2009? On the first question both macro...
Persistent link: https://www.econbiz.de/10013061815
The intellectual response to the Great Depression is often portrayed as a battle between the ideas of Friedrich Hayek and John Maynard Keynes. Yet both the Austrian and the Keynesian interpretations of the Depression were incomplete. Austrians could explain how a country might get into a...
Persistent link: https://www.econbiz.de/10013118250
in the summer of 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark …
Persistent link: https://www.econbiz.de/10013108287
Was foreign currency denominated debt a determinant of exchange rate and monetary policy during the Great Depression? Policy makers of the day thought so. High-frequency bond price data show depreciation was associated with elevated risk premia on public debt. We also show that foreign currency...
Persistent link: https://www.econbiz.de/10013310973
This paper asks whether the slow recovery of the US economy from the trough of the Great Recession was anticipated, and identifies some of the factors that contributed to surprises in the course of the recovery. It constructs a narrative using news reports and government announcements to...
Persistent link: https://www.econbiz.de/10013087447
By any standard, Bolivia's economic crisis in the 1980's has been extraordinary. Like its neighbors. Bolivia suffered from major external shocks, but the extent of economic collapse in the face of these shocks (including a hyperinflation during 1984-85) suggests that internal factors as well as...
Persistent link: https://www.econbiz.de/10012760204
This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of...
Persistent link: https://www.econbiz.de/10013221515
This study reviews broadly the experience of the last decade on crisis prevention and management. It seeks to draw greater attention to policy decisions that are made during the phase when capital inflows come to a sudden stop. Procrastination---the period of financing a balance of payments...
Persistent link: https://www.econbiz.de/10013232190
Recently, research on the causes of the Great Depression has shifted from a heavy emphasis on events in the United States to a broader, more comparative approach that examines the interwar experiences of many countries simultaneously. In this lecture I survey the current state of our knowledge...
Persistent link: https://www.econbiz.de/10013245107