NBER Papers in International Finance and Macroeconomics

NBER Papers in International Finance and Macroeconomics

browse older papers in this program

2008
w13988 Andrew K. Rose
Mark M. Spiegel

Non-Economic Engagement and International Exchange: The Case of Environmental Treaties

w13986 Pierpaolo Benigno
Luca Antonio Ricci

The Inflation-Unemployment Trade-Off at Low Inflation

w13984 Jiandong Ju
Shang-Jin Wei

When Is Quality of Financial System a Source of Comparative Advantage?

w13983 Ellen R. McGrattan
Edward C. Prescott

Technology Capital and the U.S. Current Account

w13978 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Will Subprime be a Twin Crisis for the United States?

w13889 Frederic S. Mishkin
Exchange Rate Pass-Through And Monetary Policy

w13965 Emi Nakamura
Pass-Through in Retail and Wholesale

w13952 Martin S. Feldstein
Resolving the Global Imbalance: The Dollar and the U.S. Saving Rate

w13948 Frederic S. Mishkin
Globalization, Macroeconomic Performance, and Monetary Policy

w13946 Carmen M. Reinhart
Kenneth S. Rogoff

The Forgotten History of Domestic Debt

w13943 John B. Taylor
John C. Williams

A Black Swan in the Money Market

w13925 Viktoria Hnatkovska
Amartya Lahiri
Carlos A. Vegh

Interest Rates and the Exchange Rate: A Non-Monotonic Tale

w13921 Joshua Aizenman
Yothin Jinjarak

Current Account Patterns and National Real Estate Markets

w13918 Niall Ferguson
Moritz Schularick

The "Thin Film Of Gold": Monetary Rules and Policy Credibility In Developing Countries

w13913 Wolfgang Keller
Carol H. Shiue

Tariffs, Trains, and Trade: The Role of Institutions versus Technology in the Expansion of Markets

w13911 Francesco Giavazzi
Michael McMahon

Policy Uncertainty and Precautionary Savings

w13910 Jón Steinsson
The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models

w13909 Menzie D. Chinn
Jeffrey A. Frankel

The Euro May Over the Next 15 Years Surpass the Dollar as Leading International Currency

w13908 Kristin J. Forbes
Why do Foreigners Invest in the United States?

w13906 Andrea Ferrero
Mark Gertler
Lars E.O. Svensson

Current Account Dynamics and Monetary Policy

w13904 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Acquisition and Under-Diversification

w13902 Joshua Aizenman
Reuven Glick

Sterilization, Monetary Policy, and Global Financial Integration

w13901 Yu-Chin Chen
Kenneth Rogoff
Barbara Rossi

Can Exchange Rates Forecast Commodity Prices?

w13896 Hanno Lustig
Stijn Van Nieuwerburgh
Adrien Verdelhan

The Wealth-Consumption Ratio

w13882 Carmen M. Reinhart
Kenneth S. Rogoff

This Time is Different: A Panoramic View of Eight Centuries of Financial Crises

w13880 Peter Blair Henry
Diego Sasson

Capital Account Liberalization, Real Wages, and Productivity

w13876 Christopher D. Carroll
Jiri Slacalek
Martin Sommer

International Evidence on Sticky Consumption Growth

w13861 Enrique G. Mendoza
Vivian Z. Yue

A Solution to the Default Risk-Business Cycle Disconnect

w13846 Robert Dekle
Jonathan Eaton
Samuel Kortum

Global Rebalancing with Gravity: Measuring the Burden of Adjustment

w13842 Carmen M. Reinhart
Vincent R. Reinhart

Capital Inflows and Reserve Accumulation: The Recent Evidence

w13831 Barry Eichengreen
Douglas A. Irwin

International Economic Policy: Was There a Bush Doctrine?

w13820 Linda S. Goldberg
Cédric Tille

Macroeconomic Interdependence and the International Role of the Dollar

w13815 Michael D. Bordo
Harold James

A Long Term Perspective on the Euro

w13814 Charles Engel
Jian Wang

International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities

w13812 Hanno Lustig
Adrien Verdelhan

Note on The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk

w13811 Francis X. Diebold
Kamil Yilmaz

Measuring Financial Asset Return and Volatility Spillovers, With Application to Global Equity Markets

w13805 Emmanuel Farhi
Xavier Gabaix

Rare Disasters and Exchange Rates

w13795 Giancarlo Corsetti
Philippe Martin
Paolo Pesenti

Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment

w13794 Cristina Arellano
Narayana R. Kocherlakota

Internal Debt Crises and Sovereign Defaults

w13792 Selim Elekdag
Rene Lalonde
Douglas Laxton
Dirk Muir
Paolo Pesenti

Oil Price Movements and the Global Economy: A Model-Based Assessment

w13790 George Alessandria
Joseph Kaboski
Virgiliu Midrigan

Inventories, Lumpy Trade, and Large Devaluations

w13782 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries

w13779 Ricardo J. Caballero
Pierre Yared

Inflating the Beast: Political Incentives Under Uncertainty

w13768 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

Cross-Border Returns Differentials

w13723 Itay Goldstein
Assaf Razin
Hui Tong

Liquidity, Institutional Quality and the Composition of International Equity Outflows

w13761 Carmen M. Reinhart
Kenneth S. Rogoff

Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison

w13740 Barry Eichengreen
Sui Generis EMU

w13736 Jean Boivin
Marc Giannoni

Global Forces and Monetary Policy Effectiveness

w13734 Joshua Aizenman
Yi Sun

Globalization and the Sustainability of Large Current Account Imbalances: Size Matters

w13731 Ariel Burstein
Christopher Kurz
Linda Tesar

Trade, Production Sharing, and the International Transmission of Business Cycles

w13721 Woochan Kim
Taeyoon Sung
Shang-Jin Wei

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?


2007
w13714 Momtchil Pojarliev
Richard M. Levich

Do Professional Currency Managers Beat the Benchmark?

w13677 Ramon Marimon
Javier Díaz-Giménez
Giorgia Giovannetti
Pedro Teles

Nominal Debt as a Burden on Monetary Policy

w13658 Francis A. Longstaff
Jun Pan
Lasse H. Pedersen
Kenneth J. Singleton

How Sovereign is Sovereign Credit Risk?

w13624 David Backus
Espen Henriksen
Kjetil Storesletten

Taxes and the Global Allocation of Capital

w13620 Paul R. Bergin
Robert C. Feenstra

Pass-through of Exchange Rates and Competition Between Floaters and Fixers

w13619 Eswar S. Prasad
Raghuram G. Rajan
Arvind Subramanian

Foreign Capital and Economic Growth

w13613 Christopher J. Erceg
Christopher Gust
David López-Salido

The Transmission of Domestic Shocks in the Open Economy

w13612 Fabrice Collard
Harris Dellas
Behzad Diba
Alan Stockman

Goods Trade and International Equity Portfolios

w13611 Jens H. E. Christensen
Francis X. Diebold
Glenn D. Rudebusch

The Affine Arbitrage-Free Class of: Nelson-Siegel Term Structure Models

w13607 Dale F. Gray
Robert C. Merton
Zvi Bodie

New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability

w13659 Katheryn Niles Russ
Exchange Rate Volatility and First-Time Entry by Multinational Firms

w13605 Michael D. Bordo
Ali Dib
Lawrence Schembri

Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s:(Hard) Lessons Learned for Monetary Policy in a Small Open Economy

w13602 Pierre-Olivier Gourinchas
Olivier Jeanne

Capital Flows to Developing Countries: The Allocation Puzzle

w13598 Edith Sand
Assaf Razin

The Political-Economy Positive Role of the Social Security System in Sustaining Immigration (But Not Vice Versa)

w13588 Francis X. Diebold
Canlin Li
Vivian Z. Yue

Global Yield Curve Dynamics and Interactions: A Dynamic Nelson-Siegel Approach

w13586 Li Wang
John Whalley

The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model

w13577 Michael D. Bordo
Christopher M. Meissner

Foreign Capital and Economic Growth in the First Era of Globalization

w13571 Horag Choi
Nelson C. Mark
Donggyu Sul

Endogenous Discounting, the World Saving Glut and the U.S. Current Account

w13566 Frederic S. Mishkin
Will Monetary Policy Become More of a Science?

w13559 Fernando A. Broner
Alberto Martin
Jaume Ventura

Enforcement Problems and Secondary Markets

w13544 Giancarlo Corsetti
Luca Dedola
Sylvain Leduc

Optimal Monetary Policy and the Sources of Local-Currency Price Stability

w13517 Benjamin Malin
Dirk Krueger
Felix Kubler

Computing Stochastic Dynamic Economic Models with a Large Number of State Variables: A Description and Application of a Smolyak-Collocation Method

w13515 Ellen McGrattan
Edward C. Prescott

Openness, Technology Capital, and Development

w13489 Michael D. Bordo
Alberto F. Cavallo
Christopher M. Meissner

Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913

w13483 Jonathan Heathcote
Fabrizio Perri

The International Diversification Puzzle Is Not As Bad As You Think

w13468 Anna Pavlova
Roberto Rigobon

An Asset-Pricing View of External Adjustment

w13467 Julian di Giovanni
Jay C. Shambaugh

The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime

w13444 Nir Jaimovich
Sergio Rebelo

News and Business Cycles in Open Economies

w13440 Mehmet Fatih Ekinci
Sebnem Kalemli-Ozcan
Bent Sorensen

Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust

w13433 Philip Lane
Jay C. Shambaugh

Financial Exchange Rates and International Currency Exposures

w13432 Gita Gopinath
Oleg Itskhoki
Roberto Rigobon

Currency Choice and Exchange Rate Pass-through

w13424 Nicolas Coeurdacier
Robert Kollmann
Philippe Martin

International Portfolios with Supply, Demand and Redistributive Shocks

w13412 Enrique G. Mendoza
Vincenzo Quadrini
José-Victor Ríos-Rull

On the Welfare Implications of Financial Globalization without Financial Development

w13403 Kris James Mitchener
Marc D. Weidenmier

The Baring Crisis and the Great Latin American Meltdown of the 1890s

w13398 Andrew Atkeson
V. V. Chari
Patrick J. Kehoe

On the Optimal Choice of a Monetary Policy Instrument

w13397 Jon Faust
Jonathan H. Wright

Comparing Greenbook and Reduced Form Forecasts using a Large Realtime Dataset

w13393 Barry Eichengreen
The Breakup of the Euro Area

w13388 Jiandong Ju
Shang-Jin Wei

Current Account Adjustment: Some New Theory and Evidence

w13385 Nicholas Bloom
The Impact of Uncertainty Shocks

w13366 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Immobility and the Home Bias Puzzle

w13364 Hiro Ito
Menzie Chinn

East Asia and Global Imbalances: Saving, Investment, and Financial Development

w13361 Ralph S.J Koijen
Otto Van Hemert
Stijn Van Nieuwerburgh

Mortgage Timing

w13357 A. Craig Burnside
Empirical Asset Pricing and Statistical Power in the Presence of Weak Risk Factors

w13353 Mark Aguiar
Manuel Amador
Gita Gopinath

Investment Cycles and Sovereign Debt Overhang

w13329 Michael Woodford
Globalization and Monetary Control

w13328 Morten O. Ravn
Stephanie Schmitt-Grohé
Martín Uribe

Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate

w13318 Charles Engel
Nelson C. Mark
Kenneth D. West

Exchange Rate Models Are Not as Bad as You Think

w13315 Simon Gilchrist
Jae W. Sim

Investment during the Korean Financial Crisis: A Structural Econometric Analysis

w13313 Barry Bosworth
Susan M. Collins
Gabriel Chodorow-Reich

Returns on FDI: Does the U.S. Really Do Better?

w13281 Mihir A. Desai
Dhammika Dharmapala

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends

w13280 Assaf Razin
Alon Binyamini

Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy: Outcome of Globalization?

w13278 Craig Burnside
Martin S. Eichenbaum
Sergio Rebelo

Understanding the Forward Premium Puzzle: A Microstructure Approach

w13263 Andrew K. Rose
Saktiandi Supaat

Fertility and the Real Exchange Rate

w13251 Rui Albuquerque
Neng Wang

Agency Conflicts, Investment, and Asset Pricing

w13244 Domenico Delli Gatti
Mauro Gallegati
Bruce C. Greenwald
Joseph E. Stiglitz

Net Worth, Exchange Rates, and Monetary Policy: The Effects of a Devaluation in a Financially Fragile Environment

w13241 Pol Antràs
Ricardo J. Caballero

Trade and Capital Flows: A Financial Frictions Perspective

w13239 Robert E. Lipsey
Birgitta Swedenborg

Explaining Product Price Differences Across Countries

w13216 Laura Alfaro
Fabio Kanczuk

Optimal Reserve Management and Sovereign Debt

w13209 Kiminori Matsuyama
Aggregate Implications of Credit Market Imperfections

w13205 Philippe Bacchetta
Eric van Wincoop

Random Walk Expectations and the Forward Discount Puzzle

w13197 Michael P. Dooley
Peter M. Garber
David Folkerts-Landau

The Two Crises of International Economics

w13196 Ravi Bansal
Long-Run Risks and Financial Markets

w13194 Ana Fostel
Graciela Laura Kaminsky

Latin America's Access to International Capital Markets: Good Behavior or Global Liquidity?

w13185 Alexander Ludwig
Dirk Krueger
Axel H. Boersch-Supan

Demographic Change, Relative Factor Prices, International Capital Flows, and Their Differential Effects on the Welfare of Generations

w13183 Pinelopi K. Goldberg
Rebecca Hellerstein

A Framework for Identifying the Sources of Local-Currency Price Stability with an Empirical Application

w13177 Guillermo A. Calvo
Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case

w13173 Pierpaolo Benigno
Portfolio Choices with Near Rational Agents: A Solution of Some International-Finance Puzzles

w13157 Francois Gourio
Anil K Kashyap

Investment Spikes: New Facts and a General Equilibrium Exploration

w13154 Amartya Lahiri
Rajesh Singh
Carlos A. Vegh

Segmented Asset Markets and Optimal Exchange Rate Regimes

w13151 Martin D. D. Evans
Richard K. Lyons

Exchange Rate Fundamentals and Order Flow

w13150 Torsten Persson
Guido Tabellini

The Growth Effect of Democracy: Is It Heterogenous and How Can It Be Estimated?

w13148 Jiandong Ju
Shang-Jin Wei

Domestic Institutions and the Bypass Effect of Financial Globalization

w13143 Roberto Perotti
In Search of the Transmission Mechanism of Fiscal Policy

w13132 Mihir A. Desai
Dhammika Dharmapala

Taxes, Institutions and Foreign Diversification Opportunities

w13131 Laura Alfaro
Fabio Kanczuk

Nominal versus Indexed Debt: A Quantitative Horse Race

w13129 Craig Burnside
The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk: A Comment

w13123 Ceyhun Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

w13120 Simon Johnson
Jonathan D. Ostry
Arvind Subramanian

The Prospects for Sustained Growth in Africa: Benchmarking the Constraints

w13119 Laura Alfaro
Fabio Kanczuk

Debt Maturity: Is Long-Term Debt Optimal?

w13118 Laura Alfaro
Andrew Charlton

International Financial Integration and Entrepreneurial Firm Activity

w13114 Martin Feldstein
Why is the Dollar So High?

w13103 David Dollar
Shang-Jin Wei

Das (Wasted) Kapital: Firm Ownership and Investment Efficiency in China

w13100 Jeffrey A. Frankel
Shang-Jin Wei

Assessing China's Exchange Rate Regime

w13094 Assaf Razin
Efraim Sadka

Productivity and Taxes as Drivers of FDI

w13089 Galina Hale
Assaf Razin
Hui Tong

Credit Constraints and Stock Price Volatility

w13088 John Y. Campbell
Karine Serfaty-de Medeiros
Luis M. Viceira

Global Currency Hedging

w13084 Joshua Aizenman
Mark Spiegel

Takeoffs

w13081 Veronica Cacdac Warnock
Francis E. Warnock

Markets and Housing Finance

w13077 Ricardo J. Caballero
Guido Lorenzoni

Persistent Appreciations and Overshooting: A Normative Analysis

w13076 Fernando A. Broner
Guido Lorenzoni
Sergio L. Schmukler

Why Do Emerging Economies Borrow Short Term?

w13074 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

The Stability of Large External Imbalances: The Role of Returns Differentials

w13073 Ariel Burstein
Alexander Monge-Naranjo

Foreign Know-How, Firm Control, and the Income of Developing Countries

w13057 Kevin H. O'Rourke
Ahmed S. Rahman
Alan M. Taylor

Trade, Knowledge, and the Industrial Revolution

w13055 Joan R. Rosés
Kevin H. O'Rourke
Jeffrey G. Williamson

Globalization, Growth and Distribution in Spain 1500-1913

w13050 Jeffrey Frankel
On the Rand: Determinants of the South African Exchange Rate

w13035 Robert Dekle
Jonathan Eaton
Samuel Kortum

Unbalanced Trade

w13028 Timothy Besley
Torsten Persson

The Origins of State Capacity: Property Rights, Taxation, and Politics

w13020 Shang-Jin Wei
Zhiwei Zhang

Collateral Damage: Exchange Controls and International Trade

w13019 Sebastian Edwards
Crises and Growth: A Latin American Perspective

w13010 Richard Clarida
Daniel Waldman

Is Bad News About Inflation Good News for the Exchange Rate?

w13004 Shin-ichi Fukuda
Yoshifumi Kon

Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia

w13003 N. Nergiz Dincer
Barry Eichengreen

Central Bank Transparency: Where, Why, and with What Effects?

w12993 Michael D. Bordo
Growing Up to Financial Stability

w12990 Kristian R. Miltersen
Eduardo S. Schwartz

Real Options With Uncertain Maturity and Competition

w12983 Gary Richardson
Patrick Van Horn

Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931

w12961 Morten Ravn
Stephanie Schmitt-Grohe
Martin Uribe

Incomplete Cost Pass-Through Under Deep Habits

w12953 Kathryn M.E. Dominguez
Freyan Panthaki

The Influence of Actual and Unrequited Interventions

w12947 Enrique G. Mendoza
Jonathan D. Ostry

International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?

w12945 Ricardo J. Caballero
Eduardo M.R.A. Engel

Price Stickiness in Ss Models: New Interpretations of Old Results

w12943 Barry Bosworth
Susan M. Collins

Accounting for Growth: Comparing China and India

w12937 Fabio Ghironi
Jaewoo Lee
Alessandro Rebucci

The Valuation Channel of External Adjustment

w12925 Olivier Blanchard
Current Account Deficits in Rich Countries

w12919 Willem H. Buiter
Seigniorage

w12916 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

The Returns to Currency Speculation in Emerging Markets

w12909 Enrique G. Mendoza
Vincenzo Quadrini
Jose-Victor Rios-Rull

Financial Integration, Financial Deepness and Global Imbalances

w12904 Sebastian Edwards
On Current Account Surpluses and the Correction of Global Imbalances

w12901 Barry Bosworth
Susan M. Collins
Arvind Virmani

Sources of Growth in the Indian Economy

w12896 Ricardo J. Caballero
Arvind Krishnamurthy

Collective Risk Management in a Flight to Quality Episode

w12861 Andrew Atkeson
Ariel Burstein

Pricing-to-Market in a Ricardian Model of International Trade

w12856 Eric Van Wincoop
Cedric Tille

International Capital Flows

w12855 Pol Antràs
Mihir A. Desai
C. Fritz Foley

Multinational Firms, FDI Flows and Imperfect Capital Markets

w12852 Sebastian Edwards
Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability

w12850 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

The Overvaluation of Renminbi Undervaluation

w12839 Willem H. Buiter
Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

w12822 Carlo Favero
Francesco Giavazzi

Debt and the Effects of Fiscal Policy


Generated Sat May 17 03:41:13 2008

 


 
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