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onto the US economy from the disproportionate impact of US monetary policy on the outside world. In themselves, global …
Persistent link: https://www.econbiz.de/10012861912
cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth … with measures of U.S. domestic and international dollar funding stress that themselves reflect global investors' risk …
Persistent link: https://www.econbiz.de/10014247924
Basic economic theory identifies a number of efficiency gains that derive from international capital mobility. But just …
Persistent link: https://www.econbiz.de/10014192020
Persistent link: https://www.econbiz.de/10001117865
Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the...
Persistent link: https://www.econbiz.de/10005085026
We develop a three-region economic model to assess how a significant reduction in global current account imbalances might impact dollar, euro, and Asian real exchange rates under alternative scenarios. Sizable exchange rate shifts appear to be a necessary corollary of adjustment even under...
Persistent link: https://www.econbiz.de/10005021980
We show that the when one takes into account the global equilibrium ramifications of an unwinding of the US current account deficit, currently running at more than 6% of GDP, the potential collapse of the dollar becomes considerably larger than our previous estimates (Obstfeld and Rogoff 2000a)...
Persistent link: https://www.econbiz.de/10005124302
We show that the when one takes into account the global equilibrium ramifications of an unwinding of the US current account deficit, currently estimated at 5.4% of GDP, the potential collapse of the dollar becomes considerably larger--more than 50% larger--than our previous estimates (Obstfeld...
Persistent link: https://www.econbiz.de/10005088870
The New Open Economy Macroeconomics has allowed economists to tackle classical problems with new tools, while also generating new ideas and questions. In their attempts to make the new models capture empirical regularities, researchers have entertained a variety of assumptions about the...
Persistent link: https://www.econbiz.de/10005119450
The New Open Economy Macroeconomics has allowed economists to tackle classical problems with new tools, while also generating new ideas and questions. In their attempts to make the new models capture empirical regularities, researchers have entertained a variety of assumptions about the...
Persistent link: https://www.econbiz.de/10005656335