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Dornbusch, Rudiger - 2002

In 1998 Rüdiger Dornbusch gave the Munich Lectures in Economics entitled International Financial Crises . The CES Academic Council awarded him the prize and title Distinguished CES Fellow for his outstanding work on the monetary theory of foreign trade.Rüdiger Dornbusch passed away on July 25,...

Persistent link: https://www.econbiz.de/10011541194

International Financial Crises

Dornbusch, Rudiger; Fischer, Stanley - 2003

Our friend and colleague Rüdiger Dornbusch passed away before he was able tocomplete his book based on the Munich Lectures in Economics that he gave inNovember 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universität.The lectures contain a fascinating overview of the...

Persistent link: https://www.econbiz.de/10011507825

Trade in times of uncertainty

Matzner, Anna Hilda; Meyer, Birgit; Oberhofer, Harald - 2023

This paper analyses the direct and indirect trade volume and trade cost effects of uncertainty on international trade and economic welfare using a structural gravity framework for a panel of 97 developed and developing countries from 2000 to 2018. Our results suggest that an increase in...

Persistent link: https://www.econbiz.de/10013550200

Policy coordination under model disagreement and uncertainty

Hefeker, Carsten; Neugart, Michael - 2019

What are the incentives for governments to coordinate their policies internationally when there is model disagreement and uncertainty? We build a model where countries disagree on policy targets and how policies affect the economies, and show that uncertainty not only determines the type of...

Persistent link: https://www.econbiz.de/10011966668

Policy competition, imitation and coordination under uncertainty

Hefeker, Carsten - 2022

The paper analyzes under what circumstances policymakers experiment with policies with uncertain outcomes, when they prefer to imitate policies initiated in other countries, and when they prefer to coordinate policies internationally. Policymakers have private costs of active policies and...

Persistent link: https://www.econbiz.de/10013187549

Consumption risk sharing over the business cycle : the role of small firms' access to credit markets

Hoffmann, Mathias; Stewen, Iryna - 2009

Consumption risk sharing among U.S. federal states increases in booms and decreases in recessions. We find that small … aggregate risk sharing are more pronounced in states in which small firms account for a large share income or employment. In … to have loosened the dependence of aggregate risk sharing on the business cycle. Not only do our result support that …

Persistent link: https://www.econbiz.de/10003807913

Towards a Macro-Prudential leading indicators framework for monitoring financial vulnerability

Bhattacharyay, Biswanath - 2003

The 1997 Asian financial crisis has revealed the limitations of the current state of monetary and financial monitoring system in most Asian countries in comprehensively addressing financial and monetary problems and issues. This paper attempts to propose a macro-prudential indicators (MPI)...

Persistent link: https://www.econbiz.de/10011509390

Discretionary fiscal policy : review and estimates for the EU

Beetsma, Roel; Giuliodori, Massimo - 2010

We briefly review the theoretical and empirical consequences of discretionary fiscal policy changes, after which we provide our own estimates for the EU countries. A fiscal expansion raises output and consumption and reduces the trade balance. Moreover, the stimulating effect of higher...

Persistent link: https://www.econbiz.de/10003937804

Cross-border effects of fiscal consolidations : estimates based on narrative records

Hebous, Shafik; Zimmermann, Tom - 2013

We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest rate, and the exchange rate, employing the new IMF action-based fiscal consolidation data. Results indicate a negative effect of foreign fiscal consolidation policies on...

Persistent link: https://www.econbiz.de/10009764989

The Greek debt crisis : likely causes, mechanics and outcomes

Arghyrou, Michael Georgiou; Tsoukalas, John D. - 2010

fiscal guarantees, respectively occurring in November 2009 and February/March 2010. We argue that the risk of contagion to …

Persistent link: https://www.econbiz.de/10008757569