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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

The Eurocrisis: Muddling Through, or On the Way to a More Perfect Euro Union?

Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2014

This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro to achieve a number of design objectives, and this...

Persistent link: https://www.econbiz.de/10010950748

On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment

Durdu, C. Bora; Mendoza, Enrique G.; Terrones, Marco E. - National Bureau of Economic Research (NBER) - 2012

-correction reaction function approach--which tests for a negative long-run relationship between net exports (NX) and net foreign assets …

Persistent link: https://www.econbiz.de/10010951023

Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop

Calvo, Guillermo; Izquierdo, Alejandro; Loo-Kung, Rudy - National Bureau of Economic Research (NBER) - 2012

This paper addresses the issue of the optimal stock of international reserves in terms of a statistical model in which reserves affect both the probability of a Sudden Stop-as well as associated output costs-by reducing the balance-sheet effects of liability dollarization. Optimal reserves are...

Persistent link: https://www.econbiz.de/10010951260

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates

Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2012

We lay down a standard macroeconomic model of a small open economy with a fixed exchange rate and study optimal capital controls (defined as maximizing the utility of a representative household). We provide sharp analytical and numerical characterizations for a variety of shocks. We find that...

Persistent link: https://www.econbiz.de/10010951293

Macro-Prudential Policy in a Fisherian model of Financial Innovation

Mendoza, Enrique G.; Bianchi, Javier; Boz, Emine - National Bureau of Economic Research (NBER) - 2012

The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification...

Persistent link: https://www.econbiz.de/10011271484

International Trade and Business Cycles

Baxter, Marianne - National Bureau of Economic Research (NBER) - 1995

flows are central to understanding world trade and business cycles. In particular, fluctuations in net exports and the … current account are shown to be dominated by trade in capital goods. The paper develops a two country model of international … trade within which capital accumulation and international investment flows play a central role. We explore the channels by …

Persistent link: https://www.econbiz.de/10005248942

Risk Matters: The Real Effects of Volatility Shocks

Fernandez-Villaverde, Jesus; Rubio-Ramirez, Juan F; … - National Bureau of Economic Research (NBER) - 2009

This paper shows how changes in the volatility of the real interest rate at which small open emerging economies borrow have a quantitatively important effect on real variables like output, consumption, investment, and hours worked. To motivate our investigation, we document the strong evidence...

Persistent link: https://www.econbiz.de/10005248956

The U.S. Current Account and the Dollar

Blanchard, Olivier; Giavazzi, Francesco; Sa, Filipa - National Bureau of Economic Research (NBER) - 2005

There are two main forces behind the large U.S. current account deficits. First, an increase in the U.S. demand for foreign goods. Second, an increase in the foreign demand for U.S. assets. Both forces have contributed to steadily increasing current account deficits since the mid--1990s. This...

Persistent link: https://www.econbiz.de/10005078616

Are Valuation Effects Desirable from a Global Perspective?

Benigno, Pierpaolo - National Bureau of Economic Research (NBER) - 2006

Recent studies have emphasized the role of valuation effects due to exchange rate movements in easing the process of adjustment of the external balance of a country. This paper asks to what extent valuation effects are desirable from a global perspective as a mean to achieve an efficient...

Persistent link: https://www.econbiz.de/10005079175

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