This study inspects if there is greater convergence with Germany amongst the eurozone founding members and if their relations with the hegemonic economy have been more symmetrical after euroization. The dimensions explored are those inspired by the optimum currency areas (OCA) framework. To some...

Following the latest comprehensive working paper proposal for the Intellectual Property Currency (IPC) at SSRN: http://ssrn.com/abstract=4160537, we have built a scenario showing a specific example of the IPC framework for better understanding it. The scenario describes a quantitative story...

There has been a longstanding concern about protecting intellectual capital. The legislation awards a generator of the capital with a finite period of a monopoly right to access it.Under the protection, a right holder may exclusively exploit its intellectual capital and assign or license the...

his essay places the first blueprint for the Intellectual Property Currency (IPC) funding that the International Central Bank for Intellectual Properties (ICB/IP) would issue to finance the implementation of intellectual capital and the generation of the next one. The blueprint formulates the...

This paper investigates currency and financial crises in an optimizing general equilibrium model. It is shown that a rise in current and expected future budget deficits generates a real exchange rate appreciation and a decumulation of external assets, leading up to a currency crisis when foreign...

Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions to the Value Added Tax. We find that a FD in 'Southern European countries' has a strong positive effect on...

This paper assesses the impact of both monetary and fiscal policy along with other macroeconomic determinants on economic activity using state-level Indian data. Since economic activity can vary across states due to local factors and state government policies, a state-level empirical analysis,...

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...

We consider how fear of model misspecification on the part of the planner and/or the households affects welfare gains from optimal macroprudential taxes in an economy with occasionally binding collateral constraints as in Bianchi (2011). On the one hand, there exist welfare gains from...

In this chapter, we use a benchmark limited-commitment model to explore key issues in the economics of sovereign debt. After highlighting conceptual issues that distinguish sovereign debt as well as reviewing a number of empirical facts, we use the model to discuss debt overhang, risk-sharing,...