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Economic Policy
Concepts -- Issues -- Interdependence -- Fiscal policy -- Monetary policy -- Financial stability -- International financial integration and foreign-exchange policy -- Tax policy -- Growth policies
Dollar Adjustment: How Far? Against What?
The dollar rose about 35 percent in real terms from 1995 to the end of 2001, supporting the US economy of the late 1990s but pushing the current account deficit to a record high. This book looks at the impact of this, examining intervention to achieve desired currency values and the impact of a major dollar realignment on worldwide economies.
The Doha Blues
The Doha Blues investigates the failure of WTO members to conclude the Doha Round of trade negotiations, focusing on the "institutional friction" that has developed since the Uruguay Round. The legacy of GATT traditions, new WTO rules, the expanding scope of the trade liberalization agenda and the expanding WTO membership, have combined to make it extremely difficult for countries to reach consensus. The book concludes with recommendations for improving the environment for trade liberalization.
Exchange-Rate Dynamics
A comprehensive and in-depth look at exchange-rate dynamics Variations in the foreign exchange market influence all aspects of the world economy, and understanding these dynamics is one of the great challenges of international economics. This book provides a new, comprehensive, and in-depth examination of the standard theories and latest research in exchange-rate economics. Covering a vast swath of theoretical and empirical work, the book explores established theories of exchange-rate determination using macroeconomic fundamentals, and presents unique microbased approaches that combine the insights of microstructure models with the macroeconomic forces driving currency trading. Macroeconomic...
The Liberal Heart of Europe
Was the European Union ever a liberal dream? How did the common market impact the liberalization in its member states? Has the EU fostered more or less economic freedom in the Old Continent? This book explores the intellectual and political genesis of the European Union, focusing especially on its relationship to classical liberalism. It explains how the new enthusiasm for liberalization associated with Reagan and Thatcher helped revive the European project in the 1980s, while providing some insights on the current challenges Europe is facing as a result of the financial crisis and the Covid-19 pandemic. The contributors highlight the role of liberal, pro-market ideas played in shaping the EU, the single market and the euro, and how these should be coming into play again if the European project is to be reanimated. This volume originates from a conference the Italian think tank Istituto Bruno Leoni hosted in 2019 and is dedicated to Alberto Giovannini (1955-2019). Giovannini was an influential macroeconomist and financial economist. His vast legacy of studies and ideas prompted this book in his honor, on the occasion of his untimely passing away.
Advances in Info-Metrics
"Info-metrics is a framework for rational inference on the basis of limited, or insufficient, information. It is the science of modeling, reasoning, and drawing inferences under conditions of noisy and insufficient information. Info-metrics has its roots in information theory (Shannon, 1948), Bernoulli's and Laplace's principle of insufficient reason (Bernoulli, 1713) and its offspring the principle of maximum entropy (Jaynes, 1957). It is an interdisciplinary framework situated at the intersection of information theory, statistical inference, and decision-making under uncertainty. Within a constrained optimization setup, info-metrics provides a simple way for modeling and understanding all types of systems and problems. It is a framework for processing the available information with minimal reliance on assumptions and information that cannot be validated. Quite often a model cannot be validated with finite data. Examples include biological, social and behavioral models, as well as models of cognition and knowledge. The info-metrics framework extends naturally for tackling these types of common problems"--
The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area
Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks’ excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we explore empirically the interactions between the PSPP and repo rates. We document different channels through which asset purchases may affect them. Using proprietary data from PSPP purchases and repo transactions for specific (“special") securities, we assess the scarcity channel of PSPP and its impact on repo rates. We estimate that purchasing 1 percent of a bond outstanding is associated with a decline of its repo rate of 0.78 bps. Using an instrumental variable, we find that the full effect may be up to six times higher.
Financial Deregulation
This edited volume is the first archival based historical investigation on the liberalization measures taken in various countries in the financial sector in the decades following the Bretton Woods system, from a comparative and a global perspective.
Who Bore the Brunt of the Pandemic in Europe? Shifting Private Stress to the Public Sector
In Europe, the severe human toll of the COVID-19 pandemic was compounded by the deepest fall in economic activity in modern history. Yet this huge decline in output did surprisingly little damage to the aggregate financial balance sheets of firms and households. This paper discusses how unprecedented policy support transferred private sector income losses to the public sector’s balance sheet and contrasts this experience to that of the global financial crisis.
And Yet it Moves
Over the last decade, the developed world has been hit by the deepest recession since the Great Depression and a rollercoaster in commodity prices. And yet, core inflation has been both low and fairly stable. A rule of thumb that inflation is always near 2%, though more often than not just a bit below, has been quite reliable. The young, or those with short memories, could be forgiven for looking condescendingly at their older friends who speak of inflation as a major economic problem. But, like Galileo Galilei told his contemporaries who thought the Earth was immovable, "Eppur si muove" ("and yet it moves"). Since most societies regard stable inflation as a goal, it is tempting to describe ...
