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Technology Diffusion: Measurement, Causes and Consequences
Comin, Diego; Mestieri, Martí - National Bureau of Economic Research (NBER) - 2013
This chapter discusses different approaches pursued to explore three broad questions related to technology diffusion: what general patterns characterize the diffusion of technologies, and how have they changed over time; what are the key drivers of technology, and what are the macroeconomic...
Persistent link: https://www.econbiz.de/10010969266
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Coordination and Crisis in Monetary Unions
Aguiar, Mark; Amador, Manuel; Farhi, Emmanuel; … - National Bureau of Economic Research (NBER) - 2014
We characterize fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the...
Persistent link: https://www.econbiz.de/10010969397
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Labor Mobility Within Currency Unions
Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2014
We study the effects of labor mobility within a currency union suffering from nominal rigidities. When the demand shortfall in depressed region is mostly internal, migration may not help regional macroeconomic adjustment. When external demand is also at the root of the problem, migration out of...
Persistent link: https://www.econbiz.de/10010969456
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A Surplus of Ambition: Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem?
Eichengreen, Barry; Panizza, Ugo - National Bureau of Economic Research (NBER) - 2014
IMF forecasts and the EU's Fiscal Compact foresee Europe's heavily indebted countries running primary budget surpluses of as much as 5 percent of GDP for as long as 10 years in order to maintain debt sustainability and bring their debt/GDP ratios down to the Compact's 60 percent target. We show...
Persistent link: https://www.econbiz.de/10010950713
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International Trade and Intertemporal Substitution
Leibovici, Fernando; Waugh, Michael E. - National Bureau of Economic Research (NBER) - 2014
This paper studies the dynamics of international trade flows at business cycle frequencies. We show that introducing … dynamic considerations into an otherwise standard model of trade can account for several puzzling features of trade flows at … business cycle frequencies. Our insight is that because international trade is time-intensive, variation in the rate at which …
Persistent link: https://www.econbiz.de/10010951040
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Current Account Dynamics and Monetary Policy
Gertler, Mark; Svensson, Lars E.O.; Ferrero, Andrea - National Bureau of Economic Research (NBER) - 2008
We explore the implications of current account adjustment for monetary policy within a simple two-country DSGE model. Our framework nests Obstfeld and Rogoff's (2005) static model of exchange rate responsiveness to current account reversals. It extends this approach by endogenizing the dynamic...
Persistent link: https://www.econbiz.de/10005085081
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Monetary Policy in a Changing International Environment: The Role of Global Capital Flows
Feldstein, Martin S. - National Bureau of Economic Research (NBER) - 2005
The Feldstein-Horioka study of 1980 found that OECD countries with high saving rates had high investment rates and vice versa, contrary to the traditional theory of global capital market integration. This capital market segmentation view, which has been verified in various studies over the past...
Persistent link: https://www.econbiz.de/10005085291
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Resource Windfalls, Political Regimes, and Political Stability
Caselli, Francesco; Tesei, Andrea - National Bureau of Economic Research (NBER) - 2011
We study theoretically and empirically whether natural resource windfalls affect political regimes. We document the following regularities. Natural resource windfalls have no effect on the political system when they occur in democracies. However, windfalls have significant political consequences...
Persistent link: https://www.econbiz.de/10009372443
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Capital Account Liberalization, The Cost of Capital, and Economic Growth
Henry, Peter Blair - National Bureau of Economic Research (NBER) - 2003
Three things happen when emerging economies open their stock markets to foreign investors. First, the aggregate dividend yield falls by 240 basis points. Second, the growth rate of the capital stock increases by an average of 1.1 percentage points per year. Third, the growth rate of output per...
Persistent link: https://www.econbiz.de/10005710530
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IS-LM-BP in the Pampas
Cespedes, Luis Felipe; Chang, Roberto; Velasco, Andres - National Bureau of Economic Research (NBER) - 2002
Emerging markets (sometimes endowed with fertile pampas) have limited access to world capital markets and suffer from original sin: they cannot borrow in their own currency. Does this mean that monetary and exchange rate policy has non-standard effects in such countries? We develop a simple...
Persistent link: https://www.econbiz.de/10005720735