Results 241 to 250 of about 61,432 (313)

Generalizing Determinacy under Monetary and Fiscal Policy Switches: The Case of the Zero Lower Bound

open access: yesJournal of Money, Credit and Banking, EarlyView.
Abstract In a fixed‐regime context, it has been established since the work of Leeper (1991) that a determinate and unique equilibrium can be achieved under both monetary dominance (characterized by an active monetary policy and a passive fiscal policy) and fiscal dominance (characterized by an active fiscal policy and a passive monetary policy) regimes
SEONGHOON CHO, ANTONIO MORENO
wiley   +1 more source

Has the Euro Paid Off? A Study of the Trade‐Induced Welfare Effects of the EMU

open access: yesJournal of Money, Credit and Banking, EarlyView.
Abstract This paper aims to provide policy‐relevant insights into the effect of the euro on trade. It uses a new data set of bilateral international and intranational manufacturing trade flows for 69 countries over the period 1986−2016. A general equilibrium gravity model is estimated to quantify the welfare effect of the euro and its impact on ...
Silviano Esteve‐Pérez   +3 more
wiley   +1 more source

Heterogeneity in Manufacturing Growth Risk

open access: yesJournal of Money, Credit and Banking, EarlyView.
Abstract We analyze differences in output growth risk with respect to financial conditions across U.S. manufacturing industries. Using a multilevel quantile regression approach, we find that industries exhibit heterogeneous increases of downside risk in times of tight financial conditions, while upside potential remains stable.
DAAN OPSCHOOR   +2 more
wiley   +1 more source

Liquidity Crises and the Market‐Maker of Last Resort

open access: yesJournal of Money, Credit and Banking, EarlyView.
Abstract We study market illiquidity in an economy subject to nonfundamental shocks. Asset trading occurs via decentralized bargaining. The model has multiple rational expectations equilibria; we associate certain Pareto‐inferior equilibria with liquidity crises.
CHARLES M. KAHN   +2 more
wiley   +1 more source

A Polanyian Framework for Analyzing a Diverse Black‐Market Economy in Cuba

open access: yesJournal of Agrarian Change, EarlyView.
ABSTRACT Inspired by Carmen Diana Deere's work, we examine how planned economies, markets and communal economies interrelate to co‐produce Cuba's agricultural economy. We show the variety of noncapitalist practices interrelated with and embedded in the black market and how these interactions produce diverse ethics.
Federica Bono, John C. Finn
wiley   +1 more source

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