Similar Search Results

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

Global Business Cycles: Convergence or Decoupling?

Kose, Ayhan; Otrok, Christopher; Prasad, Eswar - National Bureau of Economic Research (NBER) - 2008

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups -- industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...

Persistent link: https://www.econbiz.de/10005777599

Global Forces and Monetary Policy Effectiveness

Boivin, Jean; Giannoni, Marc P. - National Bureau of Economic Research (NBER) - 2008

Factor-Augmented VAR on a large set of US and international data series. We find that the role of international factors in …

Persistent link: https://www.econbiz.de/10005050455

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

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

Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets

Vegh, Carlos; Vuletin, Guillermo - National Bureau of Economic Research (NBER) - 2012

Developing countries have typically pursued procyclical macroeconomic policies, which tend to amplify the underlying business cycle (the "when-it-rains-it-pours" phenomenon). There is, however, evidence to suggest that about a third of developing countries have shifted from procyclical to...

Persistent link: https://www.econbiz.de/10010950700

Reserve Requirement Policy over the Business Cycle

Vegh, Carlos; Federico, Pablo; Vuletin, Guillermo - National Bureau of Economic Research (NBER) - 2014

Based on a novel quarterly dataset for 52 countries for the period 1970-2011, we analyze the use and cyclical properties of reserve requirements (RR) as a macroeconomic stabilization tool and whether RR policy substitutes or complements monetary policy. We find that (i) around two thirds of...

Persistent link: https://www.econbiz.de/10010951132

Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America

Grubb, Farley - National Bureau of Economic Research (NBER) - 2012

Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be acquired only through importation. Given unrestricted trade in specie, market arbitrage should have eliminated chronic scarcity. A model of efficient barter and local inside money is...

Persistent link: https://www.econbiz.de/10011271405

Globalization, Macroeconomic Performance, and Monetary Policy

Mishkin, Frederic - National Bureau of Economic Research (NBER) - 2008

inflation in recent years just do not hold up. Globalization does, however, have the potential to be stabilizing for individual … the sensitivity of inflation to domestic output gaps and thus to domestic monetary policy? No. (2) Are foreign output gaps … playing a more prominent role in the domestic inflation process, so that domestic monetary policy has more difficulty …

Persistent link: https://www.econbiz.de/10005084437

When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies

Kaminsky, Graciela Laura; Reinhart, Carmen; Vegh, Carlos - National Bureau of Economic Research (NBER) - 2004

Based on a sample of 104 countries, we document four key stylized facts regarding the interaction between capital flows, fiscal policy, and monetary policy. First, net capital inflows are procyclical (i.e., external borrowing increases in good times and falls in bad times) in most OECD and...

Persistent link: https://www.econbiz.de/10005084770

1
2
3
4
5
6
7
8
9
10
Next
Last