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Coordination and Crisis in Monetary Unions

Aguiar, Mark; Amador, Manuel; Farhi, Emmanuel; … - National Bureau of Economic Research (NBER) - 2014

We characterize fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the...

Persistent link: https://www.econbiz.de/10010969397

Labor Mobility Within Currency Unions

Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2014

We study the effects of labor mobility within a currency union suffering from nominal rigidities. When the demand shortfall in depressed region is mostly internal, migration may not help regional macroeconomic adjustment. When external demand is also at the root of the problem, migration out of...

Persistent link: https://www.econbiz.de/10010969456

El PBI, tres siglos pasados y media centuria venidera

Seminario, Bruno; Alva, Nikolai - In: Cuando despertemos en el 2062: Visiones del Perú en 50 …

Este documento presenta un pronóstico de larga duración, todo el siglo XXI, para las variables económicas más fundamentales del Perú: la población, el producto bruto interno global y por habitante. Podemos derivar la futura trayectoria de la gran mayoría de agregados económicos a partir...

Persistent link: https://www.econbiz.de/10010933510

Cuando despertemos en el 2062: Visiones del Perú en 50 años.

Seminario, Bruno (contributor); Sanborn, Cynthia (contributor) - Departamento Académico de Economía, Universidad del …

Un grupo de investigadores especialistas en distintas áreas del conocimiento se reúne para imaginar los próximos cincuenta años. Se plantean el reto de pensar qué país encontraría un peruano que, tras un prolongado sueño, despertará en el año 2062. Proyectar escenarios futuros implica,...

Persistent link: https://www.econbiz.de/10010933521

Financial Frictions in a DSGE Model for Latvia

Buss, Ginters - Latvijas Banka - 2014

This paper builds a dynamic stochastic general equilibrium (DSGE) model for Latvia that would be suitable for policy analysis and forecasting purposes at Latvijas Banka. For that purpose, the DSGE model with financial frictions of Christiano, Trabandt and Walentin (2011) is adapted to Latvia's...

Persistent link: https://www.econbiz.de/10010944593

A Surplus of Ambition: Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem?

Eichengreen, Barry; Panizza, Ugo - National Bureau of Economic Research (NBER) - 2014

IMF forecasts and the EU's Fiscal Compact foresee Europe's heavily indebted countries running primary budget surpluses of as much as 5 percent of GDP for as long as 10 years in order to maintain debt sustainability and bring their debt/GDP ratios down to the Compact's 60 percent target. We show...

Persistent link: https://www.econbiz.de/10010950713

International Trade and Intertemporal Substitution

Leibovici, Fernando; Waugh, Michael E. - National Bureau of Economic Research (NBER) - 2014

This paper studies the dynamics of international trade flows at business cycle frequencies. We show that introducing … dynamic considerations into an otherwise standard model of trade can account for several puzzling features of trade flows at … business cycle frequencies. Our insight is that because international trade is time-intensive, variation in the rate at which …

Persistent link: https://www.econbiz.de/10010951040

Growth Slowdowns Redux: New Evidence on the Middle-Income Trap

Eichengreen, Barry; Shin, Kwanho; Park, Donghyun - National Bureau of Economic Research (NBER) - 2013

We analyze the incidence and correlates of growth slowdowns in fast-growing middle-income countries, extending the analysis of an earlier paper (Eichengreen, Park and Shin 2012). We continue to find dispersion in the per capita income at which slowdowns occur. But in contrast to our earlier...

Persistent link: https://www.econbiz.de/10010821872

Monetary policy and the financial accelerator in a monetary union

Kempf, Hubert; Gilchrist, Simon; Hairault, Jean-Olivier - 2002

In this paper, we consider the effect of a monetary union in a model with a significant role for financial market imperfections. We do so by introducing a financial accelerator into a stochastic general equilibrium model of a two country economy. We show that financial market imperfections...

Persistent link: https://www.econbiz.de/10011604221

Strategic Exchange-Rate Policy of Accession Countries in ERM II

Fahrholz, Christian - 2003

Exchange-rate policies of Central Eastern European Countries (CEEC) have often been a subject matter. Yet, some new insights in terms of political economy considerations upon exchange-rate policy are provided. It is pointed out that it is more appropriate to analyse exchange-rate policy in...

Persistent link: https://www.econbiz.de/10010262882