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Import protection, business cycles, and exchange rates: evidence from the Great Recession

Bown, Chad; Crowley, Meredith - Federal Reserve Bank of Chicago - 2011

This paper uses highly detailed, quarterly data for five major industrialized economies to estimate the impact of macroeconomic fluctuations on import protection policies over 1988:Q1–2010:Q4. First, estimates on a pre-Great Recession sample of data provide evidence of two key relationships....

Persistent link: https://www.econbiz.de/10009390673

China and emerging Asia: comrades or competitors?

Ahearne, Alan; Fernald, John; Loungani, Prakash; … - Federal Reserve Bank of Chicago - 2003

We explore whether increases in China’s exports reduce exports of other emerging Asian economies. We find that correlations between Chinese export growth and that of other emerging Asian economies are actually positive (though often not significantly so), even after controlling for the effects...

Persistent link: https://www.econbiz.de/10005419877

Prospective deficits and the Asian currency crisis

Burnside, Craig; Eichenbaum, Martin; Rebelo, Sergio - Federal Reserve Bank of Chicago - 1998

This paper argues that the recent Southeast Asian currency crisis was caused by large prospective deficits associated with implicit bailout guarantees to failing banking systems. We articulate this view using a simple dynamic general equilibrium model whose key feature is that a speculative...

Persistent link: https://www.econbiz.de/10005419937

Hedging and financial fragility in fixed exchange rate regimes

Burnside, Craig; Eichenbaum, Martin; Rebelo, Sergio - Federal Reserve Bank of Chicago - 1999

Currency crises that coincide with banking crises tend to share four elements. First, governments provide guarantees to domestic and foreign bank creditors. Second, banks do not hedge their exchange rate risk. Third, there is a lending boom before the crises. Finally, when the currency/banking...

Persistent link: https://www.econbiz.de/10005419946

International business cycles under fixed and flexible exchange rate regimes

Kouparitsas, Michael - Federal Reserve Bank of Chicago - 2003

This paper studies the changing characteristics of post-war international comovement under fixed and flexible exchange regimes. I find that business cycle comovement among all the G7 economies was highest in the universally flexible exchange rate era following the collapse of Bretton Woods (BW)...

Persistent link: https://www.econbiz.de/10005419984

Real exchange rate fluctuations and the dynamics of retail trade industries on the U.S.-Canada border

Campbell, Jeffrey R.; Lapham, Beverly - Federal Reserve Bank of Chicago - 2002

Consumers living near the U.S.-Canada border can shift their expenditures between the two countries, so real exchange rate fluctuations can act as demand shocks to border areas' retailers. Using annual county-level data, we estimate the effects of real exchange rates on the number of...

Persistent link: https://www.econbiz.de/10005420005

The double play: simultaneous speculative attacks on currency and equity markets

Chakravorti, Sujit; Lall, Subir - Federal Reserve Bank of Chicago - 2000

This paper investigates the potential for foreign speculators to profit from simultaneously taking short positions in foreign exchange and equity markets under a fixed exchange rate regime, in what has been termed as the double play. Such a strategy is considered when the monetary authority is...

Persistent link: https://www.econbiz.de/10005519990

Explaining asset pricing puzzles associated with the 1987 market crash

Benzoni, Luca; Collin-Dufresne, Pierre; Goldstein, Robert S. - Federal Reserve Bank of Chicago - 2010

in option prices. Consumption and dividends remain smooth, and the model is consistent with salient features of …

Persistent link: https://www.econbiz.de/10008740003

Impact of independent directors and the regulatory environment on bank merger prices: evidence from takeover activity in the 1990s

Elijah Brewer, III; William E. Jackson, III; Jagtiana, … - Federal Reserve Bank of Chicago - 2000

restricted by federal and state laws from expanding across state lines. We examine whether bank merger prices were higher or … well as those that may provide some diversification benefits, are offered higher prices.> We find that changes in the … regulatory environment had a significant impact on bank merger activities in general, and bank merger prices in particular. For …

Persistent link: https://www.econbiz.de/10005419870

Recent evidence on the relationship between unemployment and wage growth

Aaronson, Daniel; Sullivan, Daniel - Federal Reserve Bank of Chicago - 2000

The current expansion has delivered the lowest unemployment rates in decades, yet nominal wage growth has remained relatively contained. This suggests to some a shift in the historical relationship between unemployment and wage growth. We look across the states for more timely evidence of a...

Persistent link: https://www.econbiz.de/10005419896