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The Imbalances of the Bretton Woods System 1965 to 1973 : U.S. Inflation, The Elephant in the Room

Bordo, Michael D. - 2018

collapse of the Bretton Woods system between 1971 and 1973 was rising U.S. inflation since 1965. It was driven in turn by … imports and a ninety day wage price freeze--was that U.S. inflation, driven by macro policies, was the main problem facing the … Federal Reserve Chairman Arthur F. Burns, Nixon adopted wage and price controls to mask the inflation, hence punting the …

Persistent link: https://www.econbiz.de/10012481056

Inflation, Flexible Exchange Rates, and the Natural Rate of Unemployment

Gordon, Robert J. - 1981

The most important conclusion of this paper is that the growth rate of the money supply influences the U.S. inflation …, help to explain why U.S. inflation was so low in 1976 and why it accelerated so rapidly in 1978. Granger causality tests … indicate that lagged exchange rate changes influence inflation, but lagged inflation does not cause exchange rate changes. A …

Persistent link: https://www.econbiz.de/10012478407

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

U.S. Monetary Policy and International Risk Spillovers

Kalemli-Özcan, Ṣebnem - 2019

I show that monetary policy divergence vis-a-vis the U.S. has larger spillover effects in emerging markets than advanced economies. The monetary policy of the U.S. affects domestic credit costs in other countries through its effect on global investors' risk perceptions. Capital flows in and out...

Persistent link: https://www.econbiz.de/10012480242

U.S. Monetary Policy and Emerging Market Credit Cycles

Bräuning, Falk - 2018

Foreign banks' lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle, EME borrowers experience a...

Persistent link: https://www.econbiz.de/10012480837

U.S. Banks and Global Liquidity

Correa, Ricardo - 2020

We characterize how U.S. global systemically important banks (GSIBs) supply short-term dollar liquidity in repo and foreign exchange swap markets in the post-Global Financial Crisis regulatory environment and serve as the "lenders-of-second-to-last-resort". Using daily supervisory bank balance...

Persistent link: https://www.econbiz.de/10012481346

Post COVID-19 Exit Strategies and Emerging Markets Economic Challenges

Aizenman, Joshua - 2020

We outline two divergent exit strategies of the U.S. from the post COVID-19 debt-overhang, and analyze their implications on Emerging Markets and global stability. The first strategy is the U.S. aiming at returning to the 2019, pre-COVID mode of loose fiscal policy and accommodating monetary...

Persistent link: https://www.econbiz.de/10012482186

Stock Market Spillovers via the Global Production Network : Transmission of U.S. Monetary Policy

Di Giovanni, Julian; Hale, Galina - National Bureau of Economic Research - 2021

We quantify the role of global production linkages in explaining spillovers of U.S. monetary policy shocks to stock returns across countries and sectors using a newly constructed dataset. Our estimation strategy is based on a standard open-economy production network model that delivers a...

Persistent link: https://www.econbiz.de/10012533376

Global Financial Cycles and Risk Premiums

Jordà, Òscar - 2018

This paper studies the synchronization of financial cycles across 17 advanced economies over the past 150 years. The comovement in credit, house prices, and equity prices has reached historical highs in the past three decades. The sharp increase in the comovement of global equity markets is...

Persistent link: https://www.econbiz.de/10012453043

The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets

Burger, John D. - 2017

We analyze the effect of the US Federal Reserve's monetary policy on EME sovereign and corporate bond markets by focusing on two dimensions: the evolution of the structure (size and currency composition) of the bond markets and their allocations within the bond portfolios of US investors. Global...

Persistent link: https://www.econbiz.de/10012455054

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