Title:Fiscal stimulus with spending reversals Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2012Citation:
- The review of economics and statistics, 2012, Vol. 94, No. 4, pp. 878-895
Type:ArticleAbstract:The short-run effects of fiscal policy depend not only on current tax and spending choices, but also on expectations about future policy adjustment. While general equilibrium models typically restrict mediumterm adjustment ...
Title:What drives US foreign borrowing? : evidence on external adjustment to transitory and permanent shocks Author(s):CORSETTI, Giancarlo; KONSTANTINOU, Panagiotis T.Date:2012Citation:
- American economic review, 2012, Vol. 102, No. 2, pp. 1062-1092
Type:ArticleAbstract:The joint dynamics of US net output, consumption, and (the market value of) foreign assets and liabilities, characterized empirically following Lettau and Ludvigson (2004), is shown to be consistent with current account ...
Title:A Macroeconomic Model of International Price Discrimination Author(s):CORSETTI, Giancarlo; DEDOLA, LucaDate:2005Citation:
- Journal of International Economics, 2005, 67, 1, 129-155
Title:International Dimensions of Optimal Monetary Policy Author(s):CORSETTI, Giancarlo; PESENTI, PaoloDate:2005Citation:
- Journal of Monetary Economics, 2005, 52, 2, 281-305
Type: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:The international risk sharing puzzle is at business cycle and lower frequency Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; VIANI, FrancescaDate:2012Citation:
- Canadian journal of economics, 2012, Vol. 45, No. 2, pp. 448-471
Type:ArticleAbstract:We decompose the correlation between relative consumption and the real exchange rate in its dynamic components at different frequencies. Using multivariate spectral analysis techniques, we show that, at odds with a high ...
Title:International Risk Sharing and the Transmission of Productivity Shocks Author(s):CORSETTI, Giancarlo; DEDOLA, Luca; LEDUC, SylvainDate:2008Citation:
- Review of Economic Studies, 2008, 75, 2, 443-473.
Type: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:Cross-Border Spillovers from Fiscal Stimulus Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2010Citation:
- International Journal of Central Banking, 2010, Vol. 6, No. 1, pp. 5-37
Type:ArticleAbstract:The global recession of 2008–09 has revived interest in the international repercussions of domestic policy choices. This paper focuses on the case of fiscal stimulus, investigating cross-border spillovers from an increase ...
Title:Twin deficit : squaring theory, evidence and common sense Author(s):CORSETTI, Giancarlo; MÜLLER, Gernot J.Date:2006Citation:
- Economic Policy, 2006, Vol. 21, No. 48, pp. 597-638
Type:ArticleAbstract:Simple accounting suggests that shocks to the government budget move the current account in the same direction, and this `twin deficits' intuition leads many observers to call for fiscal consolidation in the US as a necessary ...
Title:Twin Deficits, Openness, and the Business Cycle Author(s):CORSETTI, Giancarlo; MÜLLER, Gernot J.Date:2008Citation:
- Journal of the European Economic Association, 2008, Vol. 6, No. 2-3, pp. 404-413
Type:ArticleAbstract:In this article, we study the co-movement of the government budget balance and the trade balance at business-cycle frequencies. In a sample of 10 OECD countries we find that the correlation of the two time series is negative, ...