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Monetary-Fiscal Coordination with International Hegemon

Ding, Xuning; Jiang, Zhengyang - National Bureau of Economic Research - 2024

Monetary and fiscal policies require coordination to achieve desired macroeconomic outcomes. The literature since Leeper (1991) has focused on two regimes: monetary dominance and fiscal dominance. In both cases, one policy is active while the other is passive and accommodates the former. We...

Persistent link: https://www.econbiz.de/10015145074

Financial Choice in a Non-Ricardian Model of Trade

Russ, Katheryn N. - 2009

We join the new trade theory with a model of choice between bank and bond financing to show the differential effects of financial policy on the distribution of firm size, welfare, aggregate output, gains from trade, and the real exchange rate in a small open economy. Increasing bank efficiency...

Persistent link: https://www.econbiz.de/10012463121

Vehicle Currency Use in International Trade

Goldberg, Linda S. - 2005

Although currency invoicing in international trade transactions is central to the transmission of monetary policy, the forces motivating the choice of currency have long been debated. We introduce a model wherein agents involved in international trade can invoice in the exporter's currency, the...

Persistent link: https://www.econbiz.de/10012467558

Trade, Exchange Rate Regimes and Output Co-Movement : Evidence from the Great Depression

Mathy, Gabriel P. - 2011

A large body of cross-country empirical evidence identifies monetary policy and trade integration as key determinants of business cycle co-movement. Partially consistent with this, many argue that the re-emergence of the gold standard allowed for the global transmission of a deflationary shock...

Persistent link: https://www.econbiz.de/10012461732

Thirty Years of Currency Crises in Argentina : External Shocks or Domestic Fragility?

Kaminsky, Graciela - 2009

This paper examines Argentina's currency crises from 1970 to 2001, with particular attention to the role of domestic and external factors. Using VAR estimations, we find that deteriorating domestic fundamentals matter. For example, at the core of the late 1980s crises was excessively loose...

Persistent link: https://www.econbiz.de/10012463171

The Macroeconomic Implications of a Key Currency

Canzoneri, Matthew - 2008

What are the macroeconomic consequences of the dominant role of the dollar in the international monetary system? Here, we present a calibrated two country model in which exports are invoiced in the key currency, and government bonds denominated in the key currency are held internationally to...

Persistent link: https://www.econbiz.de/10012464405

Conventional and Unconventional Approaches to Exchange Rate Modeling and Assessment

Chinn, Menzie D. - 2006

We examine the relative predictive power of the sticky price monetary model, uncovered interest parity, and a transformation of net exports and net foreign assets. In addition to bringing Gourinchas and Rey's new approach and more recent data to bear, we implement the Clark and West...

Persistent link: https://www.econbiz.de/10012466184

Spillovers and Spillbacks

Acharya, Sushant; Pesenti, Paolo A. - National Bureau of Economic Research - 2024

We study international monetary policy spillovers and spillbacks in a tractable two-country Heterogeneous Agent New Keynesian model. Relative to Representative Agent (RANK) models, our framework introduces a precautionary-savings channel, as households in both countries face uninsurable income...

Persistent link: https://www.econbiz.de/10014512099

The Contribution of China, India and Brazil to Narrowing North-South Differences in GDP/capita, World Trade Shares, and Market Capitalization

Wang, Jing - 2011

/capita, shares in world trade and market capitalization attributable both jointly and single to China, India, and Brazil (the three … time. In contrast the North-China gap falls from 57.2 to 13.1 between 1990 and 2009, and India from 70.4 to 38.1 using … market exchange rates and from 23.4 to 5.5 for China and from 20.7 to 11.4 for India using PPP rates. We calculate the …

Persistent link: https://www.econbiz.de/10012460976

A Sorted Tale of Globalization : White Collar Jobs and the Rise of Service Offshoring

Liu, Runjuan - 2011

We study how the rise of trade in services with China and India has impacted U.S. labour markets. The topic has two … for 1996-2007. The cumulative 10-year impact of rising service imports from China and India has been as follows. (1 …

Persistent link: https://www.econbiz.de/10012461099