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Trade Wars and the Optimal Design of Monetary Rules
Auray, Stéphane; Devereux, Michael B.; Eyquem, Aurélien - National Bureau of Economic Research - 2024
Monetary rules may have a large effect on the outcome of trade wars if central banks target the CPI inflation rate or more generally changes in the relative price of traded goods. We lay out a two-country open-economy model with sticky prices where countries engage in trade wars. In the presence...
Persistent link: https://www.econbiz.de/10014544729
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Trade Wars, Nominal Rigidities and Monetary Policy
Auray, Stéphane; Devereux, Michael B.; Eyquem, Aurélien - National Bureau of Economic Research - 2023
This paper shows that the outcome of trade wars for tariffs and welfare will be affected by the monetary policy regime. The key message is that trade policy interacts with monetary policy in a way that magnifies the welfare costs of discretionary monetary policy in an international setting. If...
Persistent link: https://www.econbiz.de/10014322690
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Sovereign Default and Tax-smoothing in the Shadow of Corruption and Institutional Weakness
Azzimonti, Marina; Mitra, Nirvana - National Bureau of Economic Research - 2023
Emerging countries exhibit volatile fiscal policies and frequent sovereign debt crises, that significantly diminish the well-being of their citizens. International advisors typically suggest developed-world solutions as a remedy. We argue that the root of the problem lies in the institutional...
Persistent link: https://www.econbiz.de/10014447264
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Import Constraints
Comin, Diego; Johnson, Robert C.; Jones, Callum J. - National Bureau of Economic Research - 2024
During the recovery from the COVID-19 pandemic, international shipping and logistics capacity was strained, limiting the quantity of imports. We investigate the impact of an import constraint on inflation, following an increase in domestic demand. Whether the binding import constraint raises...
Persistent link: https://www.econbiz.de/10014468272
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Consumption
Hall, Robert E. - 1987
Macroeconomic research on consumption has been influenced profoundly by rational expectations. First, rational … expectations together with the hypothesis of constant expected real interest rates implies that consumption should evolve as a … its failure. Three branches of the literature have developed. The first relies on the durability of consumption to explain …
Persistent link: https://www.econbiz.de/10012476803
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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
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Rebel Governance and Development : The Persistent Effects of Guerrillas in El Salvador
Bandiera, Antonella; Dinarte-Diaz, Lelys; Jimenez, Juan … - National Bureau of Economic Research - 2022
How does rebel governance affect long-term development? We investigate the economic, social, and political consequences of temporary territorial control by guerrillas during the Salvadoran Civil War. During this period, these guerrillas displaced state authorities and promoted the creation of...
Persistent link: https://www.econbiz.de/10013388844
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The Economics of Women's Rights
Tertilt, Michele; Doepke, Matthias; Montenbruck, Laura; … - National Bureau of Economic Research - 2022
Two centuries ago, in most countries around the world, women were unable to vote, had no say over their own children or property, and could not obtain a divorce. Women have gradually gained rights in many areas of life, and this legal expansion has been closely intertwined with economic...
Persistent link: https://www.econbiz.de/10013462666
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Zero-Sum Thinking, the Evolution of Effort-Suppressing Beliefs, and Economic Development
Carvalho, Jean-Paul; Bergeron, Augustin; Henrich, Joseph; … - National Bureau of Economic Research - 2023
We study the evolution of belief systems that suppress productive effort. These include concerns about the envy of others, beliefs in the importance of luck for success, disdain for competitive effort, and traditional beliefs in witchcraft. We show that such demotivating beliefs can evolve when...
Persistent link: https://www.econbiz.de/10014372420
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The Role of Trade in Economic Development
Atkin, David; Donaldson, Dave - National Bureau of Economic Research - 2021
This chapter (to appear in the forthcoming Handbook of International Economics, Vol. 5) develops a framework with which to interpret and survey answers to the question: how does increased openness affect aggregate welfare in a typical developing country? We decompose answers into four...
Persistent link: https://www.econbiz.de/10012629534