Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...

Central banks can go broke and have done so, although mainly in developing countries. The conventional balance sheet of the central bank is uninformative about the financial resources it has at its disposal and about its ability to act as an effective lender of last resort and market marker of...

Nous examinons, en utilisant un modele d'equilibre international de portefeuille a 3 zones (Etats-Unis, zone euro, Reste du Monde), les effets sur les parites d'equilibre de chocs portanta sur le commerce exterieur, les politiques monetaires ou les choix de portefeuille. Nous analysos les effets...

Nous nous demandons dans quelles circonstances des chocs affectant l'equilibre financier international ( et en particulier resultant de modifications de la situation americaine : politique monetarire, balance courante ...) peuvent modifier les parites des monnaies europeennes les unes vis a vis...

Nous construisons un modele theorique d'equilibre du marche des changes pour tenter d'expliquer les faits observes suivants: les retournements de tendance des parites sont violents et accompagnes d'une forte hausse de la volatilite du taux de change; ces retournements (dans le cas de la parite...

Nous construisons un modele theorique dynamique a deux pays (Japon et Etats-Unis) pour essayer d'analyser les effets sur les taux d'interet, les taux de change, les balances commerciales... des pertes patrimoniales (en bourse, sur l'immobilier) subies au Japon. Nous distinguons le court terme,...

Nous examinons la dynamique des anticipations de change, des reserves de change, des placements des investisseurs etrangers, pour un pays connaissant un desequilibre economique (inflation excessive) et qui maintient un regime de changes fixes, dans un modele qui generalise ceux utilises pour...

Most interpretations of the Exchange Rate Mechanism crisis of 1992/3 ignore the key role played by structural policy spillovers among European countries, and overlook the effects of coordination (or lack thereof) of monetary and exchange rate policies among the countries making up the periphery...

The main conclusions of this paper are the following. In order to minimize switching costs, the name of the new EU currency should be the Deutschmark. Differential national requirements for seigniorage revenue provide a weak case for retaining national monetary independence. From the point of...

The paper analyses the modalities and consequences of a breakdown of cooperation between the monetary authorities of inflation-prone periphery countries that use an exchange rate peg as an anti-inflationary device, when the centre is hit by an aggregate demand shock. Cooperation in the periphery...