Narrow search
Showing 1 - 10 of 74
Cover Image
Short and Long Run Externalities
Bartelsman, Eric J. - 1991
providing new evidence helpful for discriminating between different types of externalities. We investigate four-digit level … most important factor in the transmission of externalities. This suggests that transactions externalities accruing … primarily to the seller, and/or activity-driven demand externalities are significant for explaining the short-run behavior of …
Persistent link: https://www.econbiz.de/10012475186
Cover Image
The Role of External Economies in U.S. Manufacturing
Caballero, Ricardo J. - 1989
This paper develops a method for joint estimation of both the degree of internal returns to scale and the extent of external economies. We apply the method in estimating returns to scale indexes for U.S. manufacturing industries at the two-digit level. Overall, we find that only three of the...
Persistent link: https://www.econbiz.de/10012476015
Cover Image
An Equilibrium Model of "Global Imbalances" and Low Interest Rates
Caballero, Ricardo J. - 2006
Three of the most important recent facts in global macroeconomics -- the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio -- appear as anomalies from the perspective of conventional wisdom...
Persistent link: https://www.econbiz.de/10012466674
Cover Image
A Monetary Policy Asset Pricing Model
Caballero, Ricardo J.; Simsek, Alp - National Bureau of Economic Research - 2022
We propose a model where monetary policy is the key determinant of aggregate asset prices (financial conditions). Spending decisions are made by a group of agents ("households") that respond to aggregate asset prices, but with noise, delays, and inertia. Asset pricing is determined by a...
Persistent link: https://www.econbiz.de/10013334351
Cover Image
Dollarization of Liabilities : Underinsurance and Domestic Financial Underdevelopment
Caballero, Ricardo J. - 2000
While there is still much disagreement on the causes underlying recent emerging markets' crises, one factor that most observers have agreed upon is that contracting dollar' (foreign currency) denominated external debt as opposed to domestic currency debt created balance sheet mismatches that led...
Persistent link: https://www.econbiz.de/10012470958
Cover Image
International Liquidity Management : Sterilization Policy in Illiquid Financial Markets
Caballero, Ricardo J. - 2000
During the booms that precede crises in emerging economies, policy makers often struggle to limit capital flows and their expansionary consequences. The main policy tool for this task is sterilization - essentially a swap of international reserves for public bonds. However, there is an extensive...
Persistent link: https://www.econbiz.de/10012471010
Cover Image
Institutions, Restructuring, and Macroeconomic Performance
Caballero, Ricardo J. - 2000
A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...
Persistent link: https://www.econbiz.de/10012471041
Cover Image
The Cost of Recessions Revisited : A Reverse-Liquidationist View
Caballero, Ricardo J. - 1999
of theory and empirical evidence on gross job flows and on financial and labor market rents, we find that, cumulatively …
Persistent link: https://www.econbiz.de/10012471429
Cover Image
Inflationary Consequences of Anticipated Macroeconomic Policies
Drazen, Allan - 1986
We consider a model in which the level of taxes and seignorage are too low to finance government expenditures and debt service. Government debt will therefore grow without bound, implying the eventual need to change policy. Starting with utility maximization, we analyze the effect of the...
Persistent link: https://www.econbiz.de/10012477065
Cover Image
Exchange Rate Management : Intertemporal Tradoffs
Helpman, Elhanan - 1985
The management of the exchange rate is possible only if the government pursues a monetary-fiscal policy mix which is consistent with its exchange rate targets. In this paper with uncertainty concerning the length of individual life the real consequences of exchange rate management depend on the...
Persistent link: https://www.econbiz.de/10012477494