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Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks
Feyrer, James; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009
This paper examines the effect of exogenous shocks to savings on world capital markets. Using the exogenous shocks to … US tax policy identified by Romer & Romer, we trace the impact of an exogenous shock to savings through the income … changes in private savings (Ricardian equivalence is not complete). We also find that only a small amount of the resulting …
Persistent link: https://www.econbiz.de/10005036810
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Sovereigns versus Banks: Credit, Crises, and Consequences
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2013
Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...
Persistent link: https://www.econbiz.de/10010969435
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International Health Economics
Philipson, Tomas; Egan, Mark - National Bureau of Economic Research (NBER) - 2013
Perhaps because health care is a local service sector, health economists have paid little attention to international linkages between domestic health care economies. However, the growth in domestic health care sectors is often attributed to medical innovations whose returns are earned worldwide....
Persistent link: https://www.econbiz.de/10010950973
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Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates
Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2012
controls (defined as maximizing the utility of a representative household). We provide sharp analytical and numerical …
Persistent link: https://www.econbiz.de/10010951293
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International Banking and Liquidity Risk Transmission: Lessons from Across Countries
Buch, Claudia M.; Goldberg, Linda S. - National Bureau of Economic Research (NBER) - 2014
Activities of international banks have been at the core of discussions on the causes and effects of the international financial crisis. Yet we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through international banks, including the reasons for...
Persistent link: https://www.econbiz.de/10010951408
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Comovement in GDP Trends and Cycles Among Trading Partners
Blonigen, Bruce A.; Piger, Jeremy; Sly, Nicholas - National Bureau of Economic Research (NBER) - 2012
It has long been recognized that business cycle comovement is greater between countries that trade intensively with one another. Surprisingly, no one has previously examined the relationship between trade intensity and comovement of shocks to the trend level of output. Contrary to the result for...
Persistent link: https://www.econbiz.de/10011271375
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Capital Mobility, Distributive Conflict, and International Tax Coordination
Rodrik, Dani; Ypersele, Tanguy van - National Bureau of Economic Research (NBER) - 1999
Basic economic theory identifies a number of efficiency gains that derive from international capital mobility. But just as free trade in goods, there is no guarantee that capital mobility makes everyone better off. Consequently, capital mobility may be politically unsustainable even though it...
Persistent link: https://www.econbiz.de/10005248913
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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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Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?
Senay, Ozge; Sutherland, Alan - National Bureau of Economic Research (NBER) - 2005
A dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure...
Persistent link: https://www.econbiz.de/10005084875
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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