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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
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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
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Current Account Sustainability in Transition Economies
Roubini, Nouriel - 1998
This paper presents an analysis of the sustainability of current account deficits in transition economies in Central and Eastern Europe. These countries have experienced large current account imbalances in the transition to a market economy. We consider a wide range of macroeconomic factors that...
Persistent link: https://www.econbiz.de/10012472337
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Target Loans, Current Account Balances and Capital Flows : The ECB's Rescue Facility
Sinn, Hans-Werner - 2011
additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank …
Persistent link: https://www.econbiz.de/10012461031
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On Current Account Surpluses and the Correction of Global Imbalances
Edwards, Sebastian - 2007
the Euro Zone growing faster, and the U.S. moderating its growth -- would only make a modest contribution towards the …
Persistent link: https://www.econbiz.de/10012465752
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Three Current Account Balances : A "Semi-Structuralist" Interpretation
Chinn, Menzie D. - 2005
Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area … the Euro area, less than half a percentage point of its current account surplus is found to require an adjustment via real …
Persistent link: https://www.econbiz.de/10012466819
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The Fiscal Consequences of Missing an Inflation Target
Andreolli, Michele; Rey, Hélène - National Bureau of Economic Research - 2023
levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus … Euro Area countries. For comparison we also estimate the fiscal consequences of the Federal Reserve and the Bank of England …
Persistent link: https://www.econbiz.de/10013537713
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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
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Incentive-Compatible Unemployment Reinsurance for the Euro Area
Karajvanov, Alexander K.; Mojon, Benoît; Silva, Luiz … - National Bureau of Economic Research - 2024
We model a reinsurance mechanism for the national unemployment insurance programs of euro area member states. The risk … of the euro area member states' unemployment expenditures risk in the aftermath of the 2009 sovereign debt crisis if … allowed to borrow up to 2 percent of the euro area GDP. Limiting, or not allowing borrowing by the scheme would have still …
Persistent link: https://www.econbiz.de/10014544675
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Medium-Term Determinants of Current Accounts in Industrial and Developing Countries : An Empirical Exploration
Chinn, Menzie D. - 2000
This paper provides an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries. The analysis is based on a structural approach that highlights the roles of the fundamental macroeconomic determinants of saving and...
Persistent link: https://www.econbiz.de/10012471188