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Trapped in the Trilemma : When Security Trumps Economics

Bordo, Michael D.; James, Harold - National Bureau of Economic Research - 2022

economy trilemma between capital mobility, democracy and sovereignty; 4. The Financial stability trilemma between capital …

Persistent link: https://www.econbiz.de/10013388862

The Monetary and Fiscal History of Brazil, 1960-2016

Ayres, Joao - 2019

Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of...

Persistent link: https://www.econbiz.de/10012479377

The Monetary and Fiscal History of Bolivia, 1960–2017

Kehoe, Timothy J. - 2019

After the economic reforms that followed the National Revolution of the 1950s, Bolivia seemed positioned for sustained growth. Indeed, it achieved unprecedented growth from 1960 to 1977. The rapid accumulation of debt due to persistent deficits and a fixed exchange rate policy during the 1970s...

Persistent link: https://www.econbiz.de/10012479478

Monetary Policy, Doubts and Asset Prices

Benigno, Pierpaolo - 2010

Asset prices and the equity premium might reflect doubts and pessimism. Introducing these features in an otherwise standard New-Keynesian model changes in a quite substantial way the nature of the policy that maximizes the welfare of the consumers in the model. First, following productivity...

Persistent link: https://www.econbiz.de/10012462270

Why are the 2000s so different from the 1970s? A structural interpretation of changes in the macroeconomic effects of oil prices

Blanchard, Olivier J. - 2009

structure of the economy, which have modified the transmission mechanism of the oil shock: vanishing wage indexation and an …

Persistent link: https://www.econbiz.de/10012463182

Time of Troubles : The Yen and Japan's Economy, 1985-2008

Obstfeld, Maurice - 2009

during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period …

Persistent link: https://www.econbiz.de/10012463831

How Central Bankers See It : The First Decade of ECB Policy and Beyond

Cecchetti, Stephen G. - 2008

In this history of the first decade of ECB policy, we also discuss key challenges for the next decade. Beyond the ECB's track record and an array of published critiques, our analysis relies on unique source material: extensive interviews with current and former ECB leaders and with other...

Persistent link: https://www.econbiz.de/10012464158

How Has the Euro Changed the Monetary Transmission?

Boivin, Jean - 2008

) to an overall reduction in the effects of monetary shocks. Using a structural open-economy model, we argue that the …

Persistent link: https://www.econbiz.de/10012464457

News Shocks and Optimal Monetary Policy

Lorenzoni, Guido - 2007

economy's fundamentals. I ask whether monetary policy can offset the effect of these shocks and whether this offsetting is … when they hit the economy. The main results are: (1) despite the lack of superior information an appropriate monetary … policy rule can change the economy's response to the two shocks; (2) monetary policy can achieve full aggregate stabilization …

Persistent link: https://www.econbiz.de/10012465758

Sticky Prices and Monetary Policy : Evidence from Disaggregated U.S. Data

Boivin, Jean - 2007

This paper disentangles fluctuations in disaggregated prices due to macroeconomic and sectoral conditions using a factor-augmented vector autoregression estimated on a large data set. On the basis of this estimation, we establish eight facts: (1) Macroeconomic shocks explain only about 15% of...

Persistent link: https://www.econbiz.de/10012465833