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Currency and Financial Crises of the 1990s and 2000s
Razin, Assaf; Rosefielde, Steven - C.E.P.R. Discussion Papers - 2011
We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) The credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves’ meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of...
Persistent link: https://www.econbiz.de/10008854535
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An Equilibrium Model of 'Global Imbalances' and Low Interest Rates
Caballero, Ricardo; Farhi, Emmanuel; Gourinchas, … - C.E.P.R. Discussion Papers - 2006
Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and...
Persistent link: https://www.econbiz.de/10005666722
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European Monetary Unification: The Challenges Ahead
Eichengreen, Barry; Ghironi, Fabio - C.E.P.R. Discussion Papers - 1995
This paper reviews the problems that must be resolved at the Intergovernmental Conference in 1996 to clear the way for European Monetary Union: locking in Germany's commitment to the project, and reconciling EMU with variable geometry. It reviews what we know about the costs and benefits of EMU...
Persistent link: https://www.econbiz.de/10005792205
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The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
Caliendo, Lorenzo; Parro, Fernando; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2014
environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes … pairwise interregional trade across all 50 U.S. states, 26 traded and non-traded industries, labor as a mobile factor, and … matches the U.S. input-output matrix. Using data on trade flows by industry between states, as well as other regional and …
Persistent link: https://www.econbiz.de/10011083376
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The Impact of Exchange Rate Fluctuations on European Union Trade
Sapir, André; Sekkat, Khalid; Weber, Axel A - C.E.P.R. Discussion Papers - 1994
The impact of exchange rate fluctuations on international trade has long been a major concern for policy-makers. This … is particularly the case in Europe, where countries trade extensively with each other. The crisis that began in the … Summer of 1992 generated increased exchange rate fluctuations and, therefore, renewed concerns about consequences for trade …
Persistent link: https://www.econbiz.de/10005136634
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The Reform of October 1979: How it Happened and Why
Lindsey, David E; Orphanides, Athanasios; Rasche, Robert H - C.E.P.R. Discussion Papers - 2005
This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the...
Persistent link: https://www.econbiz.de/10005792211
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A Suggested Reformulation of the Theory of Optimal Currency Areas
Melitz, Jacques - C.E.P.R. Discussion Papers - 1991
there is no expansion and one if all sources of imports and competition in trade are included in the union. The optimal …
Persistent link: https://www.econbiz.de/10005656388
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Monetary Overhang and Reforms in the 1940s
Dornbusch, Rudiger; Wolf, Holger C - C.E.P.R. Discussion Papers - 1990
The monetary overhang, pervasive with price controls and shortages in Eastern Europe and the Soviet Union, offers close parallels to the post-1945 picture of Europe. At that time monetary reform was used in many countries, in one form or another, to bring liquid assets in line with the...
Persistent link: https://www.econbiz.de/10005661987
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Trust in the Monetary Authority
Bursian, Dirk; Faia, Ester - C.E.P.R. Discussion Papers - 2015
Trust in policy makers fluctuates significantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic...
Persistent link: https://www.econbiz.de/10011252623
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Optimal taxes on fossil fuel in general equilibrium
Golosov, Mikhail; Hassler, John; Krusell, Per; … - C.E.P.R. Discussion Papers - 2011
We analyze a dynamic stochastic general-equilibrium (DSGE) model with an externality---through climate change---from using fossil energy. A central result of our paper is an analytical derivation of a simple formula for the marginal externality damage of emissions. This formula, which holds...
Persistent link: https://www.econbiz.de/10009246613