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Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'
Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021
We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50...
Persistent link: https://www.econbiz.de/10012629513
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012479979
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COVID-19 and Emerging Markets : An Epidemiological Model with International Production Networks and Capital Flows
Çakmaklı, Cem - 2020
We quantify the macroeconomic effects of COVID-19 for emerging markets using a SIR-multisector-small open economy model and calibrating it to Turkey. Domestic infection rates feed into both sectoral supply and sectoral demand shocks. Sectoral demand shocks also incorporate lower external demand...
Persistent link: https://www.econbiz.de/10012481774
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The Economic Case for Global Vaccinations : An Epidemiological Model with International Production Networks
Çakmaklı, Cem; Demiralp, Selva; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021
COVID-19 pandemic had a devastating effect on both lives and livelihoods in 2020. The arrival of effective vaccines can be a major game changer. However, vaccines are in short supply as of early 2021 and most of them are reserved for the advanced economies. We show that the global GDP loss of...
Persistent link: https://www.econbiz.de/10012482613
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The "Other" Imbalance and the Financial Crisis
Caballero, Ricardo J. - 2010
the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …
Persistent link: https://www.econbiz.de/10012463014
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Global Imbalances and Financial Fragility
Caballero, Ricardo J. - 2009
behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …
Persistent link: https://www.econbiz.de/10012463959
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How Big are the Gains from International Financial Integration?
Hoxha, Indrit - 2009
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...
Persistent link: https://www.econbiz.de/10012464013
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Financial Crash, Commodity Prices and Global Imbalances
Caballero, Ricardo J. - 2008
In this paper we argue that the persistent global imbalances, the subprime crisis, and the volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a global environment where sound and liquid financial assets are in scarce supply
Persistent link: https://www.econbiz.de/10012464126
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On the Macroeconomics of Asset Shortages
Caballero, Ricardo J. - 2006
The world has a shortage of financial assets. Asset supply is having a hard time keeping up with the global demand for … and deflationary episodes in parts of the world, all fall into place once one adopts this asset shortage perspective …
Persistent link: https://www.econbiz.de/10012465908
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An Equilibrium Model of "Global Imbalances" and Low Interest Rates
Caballero, Ricardo J. - 2006
the world and, b) heterogeneity in these regions' capacity to generate financial assets from real investments. In …
Persistent link: https://www.econbiz.de/10012466674