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Auerbach, Alan J. - 2019

our findings with the predictions of macroeconomic models and propose modifications to existing theory that can …

Persistent link: https://www.econbiz.de/10012861210

Arellano, Cristina - 2015

The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state...

Persistent link: https://www.econbiz.de/10013017501

Optimal Monetary Growth with Accomodating Fiscal Policy in a Small Open Economy

Turnovsky, Stephen J. - 2021

This paper emphasizes how the choice of the optimal monetary growth rate in a small open economy under perfect capital … occurs through lump sum taxation, the optimal monetary growth rate is shown to be the "distorted" Friedman monetary rule. If … the adjustment occurs through the income tax rate, the optimal monetary growth rate involves a Phelps-type tradeoff …

Persistent link: https://www.econbiz.de/10013240567

Revisiting the Commodity Curse : A Financial Perspective

Alberola, Enrique - 2017

even lead to a growth trap, in which no resources are allocated to the traded sector. From a normative point of view, our …

Persistent link: https://www.econbiz.de/10012962189

Can Structural Small Open Economy Models Account for the Influence of Foreign Disturbances?

Justiniano, Alejandro - 2010

This paper demonstrates that an estimated, structural, small open economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and...

Persistent link: https://www.econbiz.de/10012758033

News Shocks in Open Economies : Evidence from Giant Oil Discoveries

Arezki, Rabah - 2015

This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output–the delay between a discovery and production is on average 4 to 6 years. We first...

Persistent link: https://www.econbiz.de/10013030068

Capital Controls or Macroprudential Regulation?

Korinek, Anton - 2015

We examine the effectiveness of capital controls versus macroprudential regulation in reducing financial fragility in a small open economy model in which there is excessive borrowing because of externalities associated with financial crises and contractionary exchange rate depreciations. We find...

Persistent link: https://www.econbiz.de/10013031032

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income

Dabla-Norris, Era - 2015

A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion...

Persistent link: https://www.econbiz.de/10013030631

Debt, Deficits and Finite Horizons : The Stochastic Case

Farmer, Roger E. A. - 2013

We introduce a solution technique for the study of discrete time stochastic models populated by long-lived agents. We introduce aggregate uncertainty and complete markets into a 'perpetual-youth' model of a kind first studied by Olivier Blanchard and we show that the pure-trade version of the...

Persistent link: https://www.econbiz.de/10013095876

Efficient Local Government Service Provision : the Role of Privatization and Public Sector Unions

Jerch, Rhiannon - 2016

Local governments spend roughly $1.6 trillion per year to provide a variety of public services ranging from police and fire protection to public schools and public transit. However, we know little about public sector's productivity in delivering key services. To understand the productivity both...

Persistent link: https://www.econbiz.de/10012996392

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