Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of dollar's double role of national and international currency. This is the Triffin dilemma. The paper shows how it works through three examples: price of commodities, dollarization, and the...

How important are liability dollarization in the transmission of commodity shocks on business cycles? To address this question, we developed a small open economy DSGE model with a banking sector and financial friction. The banks collect funds in the international capital markets in the form of...

This paper studies the global imbalances that occurred in the first years of the twenty-first century. The analysis encompasses the two biggest countries in the world: the U.S.A. and China. Many authors defend the assertion that the relationship between the current accounts of these two...

Seit der Wirtschafts- und Finanzkrise haben sich Bruttoinlandsprodukt und Beschäftigung in Deutschland aufwärts bewegt. Worauf basiert diese Robustheit? Michael Hüther sieht die deutsche Wettbewerbsfähigkeit nicht durch einen zu niedrigen Euro-Kurs bedingt. Vielmehr identifiziert er...

This paper studies the theoretical effects of changes in disaster risk on macroeconomic variables in five Latin American economies. It compares country-specific variants of the New Keynesian model with disaster risk developed by Isoré and Szczerbowicz (2017). Countries with higher price...

Many researches and practical experiences clearly indicate the existence of a strong relationship between entrepreneurial activities and the business environment in which these activities are initiated. Although this topic has been quite ignored until the late twentieth century, a lot of studies...

This paper compares the depth of the recent crisis and the Great Depression. We use a new data set to compare the drop in activity in the industrialized countries for seven activity indicators. This is done under the assumption that the recent crisis leveled off in mid-2009 for production and...

We study Switzerland's weak growth during the 1990s through the lens of the business cycle accounting framework of Chari et al. (Econometrica 75(3):781-836, 2007). Our main result is that weak productivity growth cannot account for the 1993-1996 stagnation episode. Rather, the stagnation is...

In this paper, we look for the relevance of chaos in the well-known Hicks-Samuelson's oscillator model investigating the endogenous fluctuations of the national income between two limits: full employment income and under-employment income. We compute the Lyapunov exponent, via Monte-Carlo...