Similar Search Results

The Eurocrisis : Muddling Through, or On the Way to a More Perfect Euro Union?

Aizenman, Joshua - 2014

This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new … institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing …

Persistent link: https://www.econbiz.de/10012458424

Regional Nonadjustment and Fiscal Policy : Lessons for EMU

Obstfeld, Maurice - 1999

pattern of the United States. In this paper we compare the US with Germany, Italy, the United Kingdom, and also with Canada …

Persistent link: https://www.econbiz.de/10012471641

International Implications of German Unification

Sinn, Hans-Werner - 1996

This paper advances the hypothesis that the EUS crisis was caused by German unification. The unification has implied a massive resource demand which parallels the US resource demand following Reagan's tax reforms in the eighties. The resource demand revised the German interest rates relative to...

Persistent link: https://www.econbiz.de/10012472989

A Luna-tic Stablecoin Crash

Uhlig, Harald - National Bureau of Economic Research - 2022

After remaining close to 1 US Dollar since its inception in November 2020, the algorithmic stablecoin UST crashed in the two weeks of May 9th to May 15th, 2022, leading to a price collapse of the underlying LUNA token and the erasure of more than 50 Billion U.S. Dollar or 90% in market value

Persistent link: https://www.econbiz.de/10013334473

Money Matters : Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession

Bordo, Michael D.; Duca, John V. - National Bureau of Economic Research - 2023

The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth because past instability in the demand for simple-sum monetary aggregates had made these aggregates unreliable indicators. We find that the demand for more theoretically-based...

Persistent link: https://www.econbiz.de/10014322692

The Demand for Money, Near-Money, and Treasury Bonds

Krishnamurthy, Arvind; Li, Wenhao - National Bureau of Economic Research - 2022

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for a liquid transaction medium and safe store of value. We measure the quantity of these three forms of liquidity and their corresponding liquidity premium over a sample from 1934 to 2016. We empirically...

Persistent link: https://www.econbiz.de/10013210079

The Role of Immigration in Dealing with the Developed World's Demographic Transition

Fehr, Hans - 2004

This paper and its companion study, Fehr, Jokisch, and Kotlikoff (2004), develop a three-region dynamic general equilibrium life-cycle model to analyze general and skill-specific immigration policy during the demographic transition. The three regions are the U.S., Japan, and the EU. Immigration...

Persistent link: https://www.econbiz.de/10012468181

The Developed World's Demographic Transition - The Roles of Capital Flows, Immigration, and Policy

Fehr, Hans - 2003

The developed word stands at the fore of a phenomenal demographic transition. Over the next 30 years the number of elderly in the U.S., the EU, and Japan will more than double. At the same time, the number of workers available to pay the elderly their government-guaranteed pension and health...

Persistent link: https://www.econbiz.de/10012468598

Migration and Welfare State : Why is America Different from Europe?

Razin, Assaf - 2014

Over the years, there emerged two key policy differences between Europe and America, both welfare and migration-states. The former has more generous welfare state and more liberal migration policies than the latter. In this paper we attempt to provide a political-economy explanation for these...

Persistent link: https://www.econbiz.de/10012458218

Free vs. Controlled Migration : Bilateral Country Study

Razin, Assaf - 2011

This paper tests the differential effects of the generosity of the welfare state under free migration and under policy-controlled migration, distinguishing between source developing and developed countries. We utilize free-movement within the EU to examine the free migration regime and compare...

Persistent link: https://www.econbiz.de/10012461827