Resultats globals: 9 registres trobats en 0.01 segons.
Documents de recerca, 9 registres trobats
Documents de recerca 9 registres trobats  
1.
40 p, 504.4 KB Step away from the zero lower bound : small open economies in a world of secular stagnation / Corsetti, Giancarlo ; Mavroeidi, Eleonora ; Thwaites, Gregory ; Wolf, Martin
We study how small open economies can escape from deation and unemployment in a situation where the world economy is permanently depressed. Building on the framework of Eggertsson et al. (2016), we show that the transition to full employment and at-target inflation requires real and nominal depreciation of the exchange rate. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2018 (ADEMU Working Paper Series ; 132)  
2.
49 p, 1.6 MB Debt sustainability and the terms of official support / Corsetti, Giancarlo ; Erce, Aitor ; Uy, Timothy
We study theoretically and quantitatively how official lending regimes affect a government's decision to raise saving as opposed to defaulting, and its implication for sovereign bond pricing by investors. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2018 (ADEMU Working Paper Series ; 116)  
3.
42 p, 760.7 KB Debt seniority and sovereign debt crises / Ari, Anil ; Corsetti, Giancarlo ; Dedola, Luca
Is the seniority structure of sovereign debt neutral for a government’s decision between defaulting and raising surpluses? In this paper, we address this question using a model of debt crises where a discretionary government endogenously chooses distortionary taxation and whether to apply an optimal haircut to bondholders. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2018 (ADEMU Working Paper Series ; 112)  
4.
45 p, 878.1 KB Exchange rate misalignment, capital flows, and optimal monetary policy trade-offs / Corsetti, Giancarlo ; Dedola, Luca ; Leduc, Sylvain
What determines the optimal monetary trade-off between internal objectives (inflation, and output gap) and external objectives (competitiveness and trade imbalances) when inefficient capital flows cause exchange rate misalignment and distort current account positions? We characterize this trade-off analytically, using the workhorse model of modern monetary theory in open economies under incomplete markets–where inefficient capital flows and exchange rate misalignments can arise independently of nominal distortions. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2018 (ADEMU Working Paper Series ; 89)  
5.
50 p, 689.3 KB One money, many markets : a factor model approach to monetary policy in the euro area with high-frequency identification / Corsetti, Giancarlo ; Duarte, Joao B. ; Mann, Samuel
We reconsider the effects of common monetary policy shocks across countries in the euro area, using a data-rich factor model and identifying shocks with high-frequency surprises around policy announcements. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2018 (ADEMU Working Paper Series ; 87)  
6.
53 p, 2.9 MB Official sector lending strategies during the euro area crisis / Corsetti, Giancarlo ; Erce, Aitor ; Uy, Timothy
In response to the euro area crisis, European policymakers took a gradual, incremental approach to official lending, at first relying on the approach followed by the International Monetary Fund, then developing their own crisis resolution framework. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2017 (ADEMU Working Paper Series ; 70)  
7.
26 p, 604.2 KB Macroeconomic stabilization, monetary-fiscal interactions, and Europe's monetary union / Corsetti, Giancarlo ; Dedola, Luca ; Jarocinski, Marek ; Mackowiak, Bartosz ; Schmidt, Sebastian
The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro area. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2016 (ADEMU Working Paper Series ; 58)  
8.
48 p, 339.5 KB The mystery of the printing press monetary policy and self-fulfilling debt crises / Corsetti, Giancarlo ; Dedola, Luca
We study the conditions under which unconventional (balance-sheet) monetary policy can rule out self-fulfilling sovereign default in a model with optimizing but discretionary scale and monetary policymakers. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2016 (ADEMU Working Paper Series ; 35)  
9.
37 p, 472.4 KB The case for flexilbe exchange rates in a great recession / Corsetti, Giancarlo ; Kuester, Keith
We analyze macroeconomic stabilization in a small open economy which faces a large recession in the rest of the world. We show analytically that for the economy to remain isolated from the external shock, the exchange rate must depreciate not only to offset the collapse in external demand, but also to decouple domestic prices from the deflation in the rest of the world. [...]
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

2016 (ADEMU Working Paper Series ; 24)  

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