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Stochastic Growth in the United States and Euro Area

Ireland, Peter - National Bureau of Economic Research (NBER) - 2011

This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity, both...

Persistent link: https://www.econbiz.de/10008788765

The Agricultural Productivity Gap

Gollin, Douglas; Lagakos, David; Waugh, Michael E. - National Bureau of Economic Research (NBER) - 2013

According to national accounts data, value added per worker is much higher in the non-agricultural sector than in agriculture in the typical country, and particularly so in developing countries. Taken at face value, this "agricultural productivity gap" suggests that labor is greatly misallocated...

Persistent link: https://www.econbiz.de/10010950838

Optimal Monetary Policy and the Sources of Local-Currency Price Stability

Dedola, Luca; Leduc, Sylvain; Corsetti, Giancarlo - National Bureau of Economic Research (NBER) - 2007

We analyze the policy trade-offs generated by local currency price stability of imports in economies where upstream producers strategically interact with downstream firms selling the final goods to consumers. We study the effects of staggered price setting at the downstream level on the optimal...

Persistent link: https://www.econbiz.de/10005084895

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

Rose, Andrew; Spiegel, Mark M - National Bureau of Economic Research (NBER) - 2011

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...

Persistent link: https://www.econbiz.de/10009277235

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009

In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...

Persistent link: https://www.econbiz.de/10005774513

The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back

Calvo, Guillermo - National Bureau of Economic Research (NBER) - 2012

Fiat money contains the seeds of its own destruction. It has no intrinsic value and, yet, it can be exchanged for valuable consumption and production goods. As Hahn (1965) shows, this situation puts fiat money's market value or liquidity premium at the brink of collapse. In this paper I will...

Persistent link: https://www.econbiz.de/10010796587

International Liquidity and Exchange Rate Dynamics

Gabaix, Xavier; Maggiori, Matteo - National Bureau of Economic Research (NBER) - 2014

We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...

Persistent link: https://www.econbiz.de/10011196774

Are Currency Appreciations Contractionary in China?

Shi, Jianhuai - National Bureau of Economic Research (NBER) - 2006

worry that RMB appreciations are contractionary thus have negative impact on China's economic growth and employment. The … purpose of this paper is to empirically assess the effects of RMB real exchange rate on China's output. The econometric … decline in China's output, suggesting that RMB appreciations are contractionary, and that (2) once the international finance …

Persistent link: https://www.econbiz.de/10005720919

Temporary Agency Employment as a Way out of Poverty?

Autor, David; Houseman, Susan N. - National Bureau of Economic Research (NBER) - 2005

The high incidence of temporary agency employment among participants in government employment programs has catalyzed debate about whether these jobs help the poor transition into stable employment and out of poverty. We provide direct evidence on this question through analysis of a Michigan...

Persistent link: https://www.econbiz.de/10005014920

Do Temporary Help Jobs Improve Labor Market Outcomes for Low-Skilled Workers? Evidence from 'Work First'

Autor, David; Houseman, Susan N. - National Bureau of Economic Research (NBER) - 2005

A disproportionate share of low-skilled U.S. workers is employed by temporary-help firms. These firms offer rapid entry into paid employment, but temporary-help jobs are typically brief, and it is unknown whether they foster longer-term employment. We exploit a unique aspect of the city of...

Persistent link: https://www.econbiz.de/10005718872

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