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Should Germany Have Built a New Wall? Macroeconomic Lessons from the 2015-18 Refugee Wave
Busch, Christopher - 2020
In 2015-2016 Germany experienced a wave of predominantly low-skilled refugee immigration. We evaluate its macroeconomic …
Persistent link: https://www.econbiz.de/10012481929
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The Eurocrisis : Muddling Through, or On the Way to a More Perfect Euro Union?
Aizenman, Joshua - 2014
institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing … responsibility for the euro's future. Germany's resilience and dominant size within the EU may explain its "muddling …
Persistent link: https://www.econbiz.de/10012458424
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Political Contagion in Currency Crises
Drazen, Allan - 1999
Existing models of contagious currency crises are summarized and surveyed, and it is argued that more weight should be put on political factors. Towards this end, the concept of political contagion introduced, whereby contagion in speculative attacks across currencies arises solely because of...
Persistent link: https://www.econbiz.de/10012471578
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International Capital Flows and Domestic Economic Policies
Frankel, Jeffrey A. - 1987
This paper, written for the NBER Conference on the Changing Role of the United States in the World Economy, covers the capital account in the U.S. balance of payments. It first traces the history from 1946 to 1980, a period throughout which Americans were steadily building up a positive net...
Persistent link: https://www.econbiz.de/10012476859
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International Macroeconomic Policy Coordination When Policy-Makers Disagree on the Model
Frankel, Jeffrey A. - 1986
The existing literature on international macroeconomic policy coordination makes the unrealistic assumption that policy-makers all know the true model, from which it follows in general that the Nash bargaining solution is superior to the Nash non-cooperative solution. But everything changes once...
Persistent link: https://www.econbiz.de/10012477010
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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
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Elections and Macroeconomic Policy Cycles
Rogoff, Kenneth - 1986
in pre-rational expectations macroeconomic theory. Here we show that electoral cycles in taxes, government spending and …
Persistent link: https://www.econbiz.de/10012477238
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International Coordination in the Design of Macroeconomic Policy Rules
Taylor, John B. - 1984
the paper. Using a simple 7 country model -- consisting of Canada, France, Germany, Italy,Japan, the United Kingdom, and …
Persistent link: https://www.econbiz.de/10012477580
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Openness, Relative Prices and Macro Policies
Aizenman, Joshua - 1983
This paper analyzes the role of relative prices in the conduct of wage indexation and monetary policy in a small economy producing traded and non-traded goods under a flexible exchange rate regime. It is shown that the beneficial effect of using relative prices in addition to aggregate prices as...
Persistent link: https://www.econbiz.de/10012477864
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Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation
Obstfeld, Maurice - 1980
The paper develops a model of exchange-rate and current-account determination for a small economy peopled by infinitely lived, utility-maximizing households. In this setting, a central-bank purchase of foreign exchange has no real effects when central-bank foreign reserves earn interest at the...
Persistent link: https://www.econbiz.de/10012478526