Under the world dollar standard, a discrete appreciation by a dollar creditor country of the United States, such as China or Japan, has no predictable effect on its trade surplus. Currency appreciation by the creditor country will slow its economic growth and eventually cause deflation but...

Auf den neuen US-amerikanischen Präsidenten warten gewaltige Aufgaben. Seine finanziellen Spielräume sind durch den Irak-Krieg, die Konjunkturprogramme und die nötigen Sanierungsaufwendungen für das Finanzsystem aufgebraucht. Ein aktiver Staat wird benötigt, der gleichzeitig jedoch nicht...

Do generations growing up during recessions have different socio-economic beliefs than generations growing up in good times? We study the relationship between recessions and beliefs by matching macroeconomic shocks during early adulthood with self-reported answers from the General Social Survey....

Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...