Title:International Dimensions of Optimal Monetary Policy
Author(s):CORSETTI, Giancarlo; PESENTI, PaoloDate:2005Type of Publication:ArticleAbstract:This paper provides a baseline general equilibrium model of optimal monetary policy among interdependent economies with monopolistic firms and nominal rigidities. An inward-looking policy of domestic price stabilization ...
Title:International Financial Markets, Cross-Border Transmission of Shocks and Risk-Sharing
Author(s):VIANI, FrancescaDate:2010Type of Publication:ThesisSeries/Report no.:EUI PhD thesesAbstract:One of the most relevant events of the last decades has been the fast integration of international financial markets. As most restrictions to cross-border asset trade were removed, the volume of activity in international ...
Title:International Lending of Last Resort and Moral Hazard: A Model of IMF’s Catalytic Finance
Author(s):CORSETTI, Giancarlo; GUIMARAES, Bernardo; ROUBINI, NourielDate:2006Type of Publication:ArticleAbstract:This paper analyzes the trade-off between official liquidity provision and debtor moral hazard in international financial crises. In the model, crises are caused by the interaction of bad fundamentals, self-fulfilling runs ...
Title:International Macroeconomic Fluctuations and the Current Account
Author(s):HOFFMANN, MathiasDate:2003Type of Publication:ArticleAbstract:Intertemporal models of the current account generally assume that global shocks do not affect the current account. We use this assumption to identify global and country-specific shocks in a bivariate VAR of output and the ...
Title:International Macroeconomic Fluctuations, Capital Mobility and the Current Account: A cointegrated approach
Author(s):HOFFMANN, MathiasDate:1999Type of Publication:ThesisSeries/Report no.:EUI PhD thesesAbstract:In this thesis cointegrated vectorautoregressions are used to explore the empirics of the intertemporal approach to the current account recently popularized by Sachs (1981), Obstfeld (1986), Obstfeld and Rogo? (1995a,b), ...
Title:International Risk Sharing and the Transmission of Productivity Shocks
Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2004Type of Publication:Working PaperSeries/Report no.:CEPR discussion paperAbstract:A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to efficient risk sharing, negatively correlated with cross-country consumption ratios. This Paper shows that ...
Title:International Risk Sharing and the Transmission of Productivity Shocks
Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2008Type of Publication:ArticleAbstract:This paper shows that standard international business cycle models can be reconciled with the empirical evidence on the lack of consumption risk sharing. First, we show analytically that with incomplete asset markets ...
Title:The International Risk-Sharing Puzzle is at Business Cycle and Lower Frequency
Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; VIANI, FrancescaDate:2011-01-01Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We decompose the Backus-Smith [1993] statistic -- a low or negative correlation between relative consumption and the real exchange rate at odds with a high degree of international risk sharing -- in its dynamic components ...
Title:International Schumpeterian competition and optimal R&D subsidies
Author(s):IMPULLITI, GiammarioDate:2007Type of Publication:Working PaperSeries/Report no.:EUI MWPAbstract:This paper studies the welfare effects of international competition in the market for
innovations, and analyzes how competition affects the costs and the benefits of
cooperative and non-cooperative R&D subsidies. I set ...
Title:International Schumpeterian Competition and Optimal R&D Subsidies
Author(s):IMPULLITI, GiammarioDate:2007Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This paper studies the welfare effects of international competition in the market for
innovations, and analyzes how competition affects the costs and the benefits of
cooperative and non-cooperative R&D subsidies. I set ...
Title:International Trade and Growth: The Impact of Selection and Imitation
Author(s):STÖLTING, SarahDate:2009Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This paper develops an endogenous growth model with heterogeneous firms to analyze
the impact of intra-industry trade on productivity growth. Growth is generated by selection,
and sustained by entrants imitating successful ...