Title:Openness and the Case for Flexible Exchange Rates
Author(s):CORSETTI, GiancarloDate:2006Type of Publication:ArticleAbstract:Models of stabilization in open economy traditionally emphasize the role of exchange rates as a substitute for nominal price flexibility in fostering relative price adjustment. This view has been recently criticized on the ...
Title:Optimal-Control of Input Output Systems Via Demand Management
Author(s):SACCO, Pier LuigiDate:1992Type of Publication:ArticleAbstract:This paper studies the optimal control of an input-output model with two sectors where the policy maker controls the level of final demand. It is found that the stationary point is hyperbolic and has a stable manifold of ...
Title:An Overview of the Crisis: Causes, Consequences and Solutions
Author(s):ALLEN, Franklin; CARLETTI, ElenaDate:2009Type of Publication:ArticleAbstract:What caused the crisis? Initially many thought that it was due to incentive problems in the U.S. mortgage industry. However, after the large economic meltdown following Lehman Brothers' bankruptcy in September 2008, it ...
Title:Pareto Improving Financial Innovation in Incomplete Markets
Author(s):CASS, David; CITANNA, AlessandroDate:1998Type of Publication:ArticleAbstract:In this paper we develop a differential technique for investigating the welfare effects of financial innovation in incomplete markets. Utilizing this technique, and after parametrizing the standard competitive, pure-exchange ...
Title:Path Forecast Evaluation
Author(s):JORDÀ, Òscar; MARCELLINO, MassimilianoDate:2010Type of Publication:ArticleAbstract:A path forecast refers to the sequence of forecasts 1 to H periods into the future. A summary of the range of possible paths the predicted variable may follow for a given confidence level requires construction of simultaneous ...
Title:The Performance of the European Central Bank
Author(s):ARTIS, Michael J.Date:2005Type of Publication:ArticleAbstract:The European Monetary Union has been in operation since 1 January 1999. The paper offers an interim assessment of the operations of the European Central Bank (ECB) during this period. It describes how the ECB defined its ...
Title:Personal Influence: Social context and political competition
Author(s):GALEOTTI, Andrea; MATTOZZI, AndreaDate:2011Type of Publication:ArticleAbstract:This paper studies the effect of social learning on political outcomes in a model of informative campaign advertising. Voters' communication network affects parties' incentives to disclose political information, voters' ...
Title:Policy Mix and Debt Sustainability: Evidence from Fiscal Policy Rules
Author(s):CLAEYS, PeterDate:2006Type of Publication:ArticleAbstract:This paper characterizes rules-based fiscal policy setting for G-3 and large
EMS countries. We set up a simple fiscal policy rule and then infer on the policymakers’
reaction coefficients by testing with GMM. Our results ...
Title:Political Instability and Economic Vulnerability
Author(s):BUSSIERE, Matthieu; MULDER, C.Date:2000Type of Publication:ArticleAbstract:This paper analyzes and tests the influence of political instability on economic vulnerability in the context of the 1994 and 1997 crisis episodes. It constructs four political variables that aim at quantifying political ...
Title:Post-Entry Behaviour and the Cycle: Evidence From Germany
Author(s):BOERI, Tito; BELLMANN, L.Date:1995Type of Publication:ArticleAbstract:Based on a rich database on establishments in western Germany, the paper aims at characterising the relationship between, on the one hand, growth and exit of entering cohorts and, on the other hand, aggregate business ...