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Unemployment in Latin America and the Caribbean
Ball, Laurence; Hofstetter, Marc; Roux, Nicolás De - National Bureau of Economic Research (NBER) - 2011
This study constructs a new data set on unemployment rates in Latin America and the Caribbean and then explores the determinants of unemployment. We compare different countries, finding that unemployment is influenced by the size of the rural population and that the effects of government...
Persistent link: https://www.econbiz.de/10009226779
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Market Deregulation and Optimal Monetary Policy in a Monetary Union
Fiori, Giuseppe; Ghironi, Fabio; Cacciatore, Matteo - National Bureau of Economic Research (NBER) - 2013
The wave of crises that began in 2008 reheated the debate on market deregulation as a tool to improve economic performance. This paper addresses the consequences of increased flexibility in goods and labor markets for the conduct of monetary policy in a monetary union. We model a two-country...
Persistent link: https://www.econbiz.de/10010696624
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Inflating Away the Public Debt? An Empirical Assessment
Hilscher, Jens; Reis, Ricardo; Raviv, Alon - National Bureau of Economic Research (NBER) - 2014
-expected inflation can lower the real value of outstanding government debt. Looking forward, we derive a formula for the debt burden that …-adjusted probability distributions for inflation at different horizons. The estimates suggest that it is unlikely that inflation will lower … the US fiscal burden significantly, and that the effect of higher inflation is modest for plausible counterfactuals. If …
Persistent link: https://www.econbiz.de/10010821740
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Distance and Political Boundaries: Estimating Border Effects under Inequality Constraints.
Cavallo, Alberto Felipe; Rigobon, Roberto; Borraz, Fernando - National Bureau of Economic Research (NBER) - 2012
The "border effect" literature finds that political borders have a very large impact on relative prices, implicitly adding several thousands of miles to trade. In this paper we show that the standard empirical specification suffers from selection bias, and propose a new methodology based on...
Persistent link: https://www.econbiz.de/10010969225
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Fiscal Multipliers: Liquidity Traps and Currency Unions
Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2012
We provide explicit solutions for government spending multipliers during a liquidity trap and within a fixed exchange regime using standard closed and open-economy models. We confirm the potential for large multipliers during liquidity traps. For a currency union, we show that self-financed...
Persistent link: https://www.econbiz.de/10010969259
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Was This Time Different? Fiscal Policy in Commodity Republics
Cespedes, Luis Felipe; Velasco, Andrés - National Bureau of Economic Research (NBER) - 2013
We revisit the issue of fiscal procyclicality in commodity-rich nations -commodity republics in the nomenclature of this paper. Since commodity prices are plausibly a main driver of fiscal policy outcomes in these countries, we focus on the behavior of fiscal variables across the commodity...
Persistent link: https://www.econbiz.de/10010969315
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Pegs, Downward Wage Rigidity, and Unemployment: The Role of Financial Structure
Schmitt-Grohé, Stephanie Schmitt-Grohe; Uribe, Martín - National Bureau of Economic Research (NBER) - 2012
This paper studies the relationship between financial structure and the welfare consequences of fixed exchange rate regimes in small open emerging economies with downward nominal wage rigidity. The paper presents two surprising results. First, a pegging economy might be better off with a closed...
Persistent link: https://www.econbiz.de/10010969348
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Macroeconomic Adjustment and the History of Crises in Open Economies
Aizenman, Joshua; Noy, Ilan - National Bureau of Economic Research (NBER) - 2012
This paper investigates the impact of the history of crises on macroeconomic performance. We first study the impact of past banking crises on the probability of a future banking crisis. Applying data for 1980‐2010 for all countries for which the required information is available, controlling...
Persistent link: https://www.econbiz.de/10010969363
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Monetary Rules for Commodity Traders
Catão, Luis A.V.; Chang, Roberto - National Bureau of Economic Research (NBER) - 2012
that stabilize the real exchange rate more than PPI targeting, such as targeting expected inflation, deliver higher welfare …
Persistent link: https://www.econbiz.de/10010969401
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Price Setting in Online Markets: Basic Facts, International Comparisons, and Cross-border Integration
Gorodnichenko, Yuriy; Talavera, Oleksandr - National Bureau of Economic Research (NBER) - 2014
We document basic facts about prices in online markets in the U.S. and Canada, a rapidly growing segment of the retail sector. Relative to prices in regular stores, prices in online markets are more flexible as well as exhibit stronger pass-through (60-75 percent) and faster convergence...
Persistent link: https://www.econbiz.de/10010890102