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Liquidity Traps, Prudential Policies, and International Spillovers

Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2022

This paper studies the transmission channels of monetary and macroprudential policies in an open economy framework and evaluates the normative implications for international spillovers and global welfare. An analytical decomposition uncovers the prominent role of expenditure switching for...

Persistent link: https://www.econbiz.de/10013210066

Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies

Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - National Bureau of Economic Research - 2022

We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere. In the short run, a country with a...

Persistent link: https://www.econbiz.de/10013334403

A Portfolio Approach to Global Imbalances

Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony - National Bureau of Economic Research - 2022

We use a portfolio-based framework to understand what drives the decline of the U.S. net foreign asset (NFA) position and the reversal in returns earned on the US NFA (exorbitant privilege). We show that global savings gluts and monetary policies widened the U.S. NFA position, while investor...

Persistent link: https://www.econbiz.de/10013334470

Fear of Appreciation and Current Account Adjustment

Bergin, Paul R.; Kim, Kyunghun; Pyun, Ju Hyun - National Bureau of Economic Research - 2022

This paper finds that limited exchange rate flexibility in the form of "fear of appreciation" significantly slows adjustment of current account imbalances, providing novel support for Friedman's conjecture regarding exchange-rate flexibility. We present a new stylized fact: floaters have faster...

Persistent link: https://www.econbiz.de/10013334498

On the Speed of Transition Central Europe

Aghion, Philippe - 1994

Transition in Central Europe is four years old. State firms which dominated the economy are struggling with market forces. A new private sector quickly emerged and has taken hold. Unemployment, which did not exist, is high and still increasing. Will this process of transition accelerate, or slow...

Persistent link: https://www.econbiz.de/10012474189

What Directions for Labor Market Institutions in Eastern and Central Europe?

Freeman, Richard B. - 1992

Poland, Hungary. and Czechoslovakia and develop a model of changing support for reforms during the transition to a market … wage increases so enterprises would not give increases that matched or exceeded inflation and instituted tripartite forums … massive vacancies. The dispersion of wages increased substantially in Hungary and Poland though not in Czechoslovakia. My …

Persistent link: https://www.econbiz.de/10012474756

Making Sense of the Soviet Trade Shock in Eastern Europe : A Framework and Some Estimates

Rodrik, Dani - 1992

Eastern European countries have experienced sharp declines in real GDP since 1990. One of the reasons for this decline is the Soviet trade shock, deriving from the collapse of the CMEA and of traditional export markets in the Soviet Union. This paper is an attempt to quantify the magnitude of...

Persistent link: https://www.econbiz.de/10012474863

COVID-19 and SME Failures

Gourinchas, Pierre-Olivier - 2020

We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after...

Persistent link: https://www.econbiz.de/10012481180

The Micro and Macro Dynamics of Capital Flows

Saffie, Felipe - 2020

liberalization in Hungary, a policy reform that led to capital inflows. We show that firms in capital intensive industries expand, as …

Persistent link: https://www.econbiz.de/10012481566

COVID-19 and SMEs : A 2021 "Time Bomb"?

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

This paper assesses the prospects of a 2021 time bomb in SME failures triggered by the generous support policies enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 "time-bomb" for SMEs. Rather, business failures and policy costs remain...

Persistent link: https://www.econbiz.de/10012482634