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International Economics x Prices, Business Fluctuations, and Cycles x clear all

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Anchoring to the Euro (and Grouped Together)? The Case of African Countries

João Loureiro, Manuel M.F. Martins and Ana Paula Ribeiro.

in Journal of African Economies

January 2012; p ublished online August 2011 .

Journal Article. Subjects: International Trade; Prices, Business Fluctuations, and Cycles; International Finance. 11728 words.

This paper assesses the adequacy of the exchange rate regime of 16 African countries that are pegged to the euro since 1999. The evaluation is based on three key criteria borrowed from the...

Balance Sheet Effects, Bailout Guarantees and Financial Crises

Martin Schneider and Aaron Tornell.

in The Review of Economic Studies

July 2004; p ublished online July 2004 .

Journal Article. Subjects: Corporate Governance; Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 16474 words.

This paper provides a model of boom-bust episodes in middle-income countries. It is based on sectoral differences in corporate finance: the nontradables sector is special in that it faces a...

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Can globalisation stop the decline in commodities' terms of trade?

André Varella Mollick, João Ricardo Faria, Pedro H. Albuquerque and Miguel A. León-Ledesma.

in Cambridge Journal of Economics

September 2008; p ublished online January 2008 .

Journal Article. Subjects: International Trade; Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance. 7564 words.

In this paper we address the following question: would a fully integrated world economy eliminate the widely reported decline in the terms of trade of primary commodities? We address the...

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Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?

V. V Chari, Patrick J. Kehoe and Ellen R. McGrattan.

in The Review of Economic Studies

July 2002; p ublished online July 2002 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 0 words.

The central puzzle in international business cycles is that fluctuations in real exchange rates are volatile and persistent. We quantify the popular story for real exchange rate...

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Citius, Altius, Fortius: Is Growth in Sub-Saharan Africa More Resilient?

Cesar Calderon and Sebastien Boreux.

in Journal of African Economies

August 2016; p ublished online August 2016 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance. 10159 words.

Sub-Saharan Africa (SSA) as a region grew at an unprecedented pace over the past two decades. This period of growth resurgence, coined as Africa Rising, witnessed many countries having an...

Counterpart funding requirements and the foreign aid procyclicality puzzle

Stéphane Pallage and Michel A. Robe.

in Oxford Review of Economic Policy

January 2015; p ublished online December 2015 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Economic Development; International Financial Markets; Prices, Business Fluctuations, and Cycles; International Finance. 10332 words.

Official development assistance is a key source of external finance in many developing countries. A striking feature of these aid flows is their positive correlation with business cycles in...

Currency Unions, Product Introductions, and the Real Exchange Rate

Alberto Cavallo, Brent Neiman and Roberto Rigobon.

in The Quarterly Journal of Economics

May 2014; p ublished online March 2014 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 17466 words.

We use a novel data set of online prices of identical goods sold by four large global retailers in dozens of countries to study good-level real exchange rates and their aggregated behavior....

Endogenous Optimal Currency Areas: the Case of the Central African Economic and Monetary Community

Fabrizio Carmignani.

in Journal of African Economies

January 2010; p ublished online August 2009 .

Journal Article. Subjects: International Trade; Prices, Business Fluctuations, and Cycles; Economic Development. 9706 words.

The Central African Economic and Monetary Community (CAEMC) has been a monetary union for several decades now. According to the hypothesis of endogenous optimal currency areas (OCAs), the...

Exports and Financial Shocks

Mary Amiti and David E. Weinstein.

in The Quarterly Journal of Economics

November 2011; p ublished online October 2011 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Banking; Macroeconomic Aspects of International Trade and Finance; Money and Interest Rates. 12028 words.

A striking feature of many financial crises is the collapse of exports relative to output. This article examines whether deteriorations in bank health can help explain the large drops in...

Fiscal Devaluations

Emmanuel Farhi, Gita Gopinath and Oleg Itskhoki.

in The Review of Economic Studies

April 2014; p ublished online November 2013 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance. 18477 words.

We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange...

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A General Equilibrium Model of Sovereign Default and Business Cycles

Enrique G. Mendoza and Vivian Z. Yue.

in The Quarterly Journal of Economics

May 2012; p ublished online April 2012 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; International Finance; Money and Interest Rates. 18799 words.

Why are episodes of sovereign default accompanied by deep recessions? The existing literature cannot answer this question. On one hand, sovereign default models treat income fluctuations as...

Implicit asymmetric exchange rate peg under inflation targeting regimes: the case of Turkey

Ahmet Benlialper and Hasan Cömert.

in Cambridge Journal of Economics

November 2016; p ublished online November 2015 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Prices, Business Fluctuations, and Cycles; International Finance. 11995 words.

Especially after the 2000s, many developing countries let exchange rates float and began implementing inflation targeting (IT) regimes based on mainly manipulation of expectations and...

Income Differences and Prices of Tradables: Insights from an Online Retailer

Ina Simonovska.

in The Review of Economic Studies

October 2015; p ublished online April 2015 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; International Trade; Market Structure, Firm Strategy, and Market Performance. 24143 words.

I study the positive relationship between prices of tradable goods and per capita income. I develop a highly tractable general equilibrium model of international trade with heterogeneous...

Inflation and economic growth in an open developing country: the case of Brazil

Carolina Troncoso Baltar.

in Cambridge Journal of Economics

September 2015; p ublished online December 2014 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance. 9938 words.

This articles studies the relationship between inflation and GDP growth after trade and financial liberalisation in Brazil. The aim is to provide an explanation for the inverse relationship...

International Risk Sharing and the Transmission of Productivity Shocks

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc.

in The Review of Economic Studies

April 2008; p ublished online April 2008 .

Journal Article. Subjects: International Trade; Prices, Business Fluctuations, and Cycles; International Finance. 16360 words.

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...

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The intranational business cycle in Japan

Michael Artis and Toshihiro Okubo.

in Oxford Economic Papers

January 2011; p ublished online September 2010 .

Journal Article. Subjects: Urban, Rural, and Regional Economics; Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance. 7781 words.

This paper studies the intranational business cycle—that is the set of regional (prefectural) business cycles—in Japan. One reason for choosing to examine the Japanese case is that long...

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Investment and interest rate policy in the open economy

Stephen McKnight.

in Oxford Economic Papers

December 2011; p ublished online May 2011 .

Journal Article. Subjects: Macroeconomic Aspects of International Trade and Finance; Prices, Business Fluctuations, and Cycles; Monetary Policy, Central Banking, and the Supply of Money and Credit; Money and Interest Rates. 7656 words.

This paper analyses the necessary and sufficient conditions to ensure that interest rate policy does not introduce real indeterminacy and thus self-fulfilling fluctuations into open...

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Is Africa an Optimum Currency Area? A Comparison of Macroeconomic Costs and Benefits

Georgios Karras.

in Journal of African Economies

March 2007; p ublished online September 2006 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; Money and Interest Rates. 6781 words.

This article examines the macroeconomic costs and benefits of adopting a common currency for 37 African countries. Economic theory suggests that the main benefit is enhanced price...

The liquidation of government debt

Carmen M. Reinhart and M. Belen Sbrancia.

in Economic Policy

April 2015; p ublished online March 2015 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomics and Monetary Economics; Growth and Fluctuations; International Finance; National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 17204 words.

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression (FR), a tax on bondholders and savers via negative or...

Macro needs micro

Fabio Ghironi.

in Oxford Review of Economic Policy

January 2018; p ublished online January 2018 .

Journal Article. Subjects: General Aggregative Models; Prices, Business Fluctuations, and Cycles; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Trade; International Factor Movements and International Business; Macroeconomic Aspects of International Trade and Finance. 13015 words.

Abstract

An emerging consensus on the future of macroeconomics views the incorporation of a role for financial intermediation, labour market frictions, and...