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Emmanuel Farhi

(deceased)

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Pedro Teles & Emmanuel Farhi, 2011. "Unconventional Fiscal Policy at the Zero Bound," Working Papers w201103, Banco de Portugal, Economics and Research Department.

    Mentioned in:

    1. No One Expects the Spanish Inquisition: More on D.K. Levine and J.M Keynes
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2015-03-21 01:54:00
    2. Liquidity Constraints
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-11-22 04:57:00
  2. Emmanuel Farhi & Iván Werning, 2012. "Fiscal Multipliers: Liquidity Traps and Currency Unions," NBER Working Papers 18381, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. How a Greek drama became a global tragedy
      by Mainly Macro in Mainly Macro on 2013-06-13 17:55:00
    2. Multipliers in a monetary union and at the ZLB
      by Mainly Macro in Mainly Macro on 2013-06-16 13:06:00
  3. Ricardo J. Caballero & Emmanuel Farhi, 2014. "The Safety Trap," NBER Working Papers 19927, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. How to Ensure the Crisis Provision of Safe Assets
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2017-06-26 13:52:56
    2. The safe asset girdle on liquidity
      by SFF in policy economics on 2016-09-23 05:51:03
  4. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," American Economic Review, American Economic Association, vol. 98(1), pages 358-393, March.

    Mentioned in:

    1. Global Imbalances: Links to Economic and Financial Stability
      by Guest Author in the big picture on 2011-02-21 21:09:05
    2. Was fiscal policy too tight in the boom?
      by chris dillow in Stumbling and Mumbling on 2009-11-23 20:54:34
    3. Another case for plan B
      by chris dillow in Stumbling and Mumbling on 2011-07-27 18:31:10
    4. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
    5. The most important Budget number
      by chris dillow in Stumbling and Mumbling on 2009-04-22 21:51:13
  5. Larry G. Epstein & Emmanuel Farhi & Tomasz Strzaleck, 2013. "How Much Would You Pay to Resolve Long-Run Risk?," Boston University - Department of Economics - Working Papers Series WP2013-002, Boston University - Department of Economics.

    Mentioned in:

    1. The price of long-run risk
      by Economic Logician in Economic Logic on 2013-11-12 20:49:00
  6. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2016. "Safe Asset Scarcity and Aggregate Demand," NBER Working Papers 22044, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. How to Ensure the Crisis Provision of Safe Assets
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2017-06-26 13:52:56
  7. Ricardo J Caballero & Emmanuel Farhi, "undated". "The Safety Trap," Working Paper 233766, Harvard University OpenScholar.

    Mentioned in:

    1. How to Ensure the Crisis Provision of Safe Assets
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2017-06-26 13:52:56
    2. The safe asset girdle on liquidity
      by SFF in policy economics on 2016-09-23 05:51:03
  8. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An Equilibrium Model of Global Imbalances and Low Interest Rates," 2006 Meeting Papers 894, Society for Economic Dynamics.

    Mentioned in:

    1. Global Imbalances: Links to Economic and Financial Stability
      by Guest Author in the big picture on 2011-02-21 21:09:05
    2. Was fiscal policy too tight in the boom?
      by chris dillow in Stumbling and Mumbling on 2009-11-23 20:54:34
    3. Another case for plan B
      by chris dillow in Stumbling and Mumbling on 2011-07-27 18:31:10
    4. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
    5. The most important Budget number
      by chris dillow in Stumbling and Mumbling on 2009-04-22 21:51:13
  9. Ricardo J Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An equilibrum model of "global imbalances" and low interest rates," BIS Working Papers 222, Bank for International Settlements.

    Mentioned in:

    1. Global Imbalances: Links to Economic and Financial Stability
      by Guest Author in the big picture on 2011-02-21 21:09:05
    2. Was fiscal policy too tight in the boom?
      by chris dillow in Stumbling and Mumbling on 2009-11-23 20:54:34
    3. Another case for plan B
      by chris dillow in Stumbling and Mumbling on 2011-07-27 18:31:10
    4. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
    5. The most important Budget number
      by chris dillow in Stumbling and Mumbling on 2009-04-22 21:51:13
  10. Emmanuel Farhi & Ivan Werning, "undated". "Dilemma not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows," Working Paper 133566, Harvard University OpenScholar.

    Mentioned in:

    1. Les pays émergents peuvent-ils dompter le cycle financier mondial ?
      by ? in D'un champ l'autre on 2014-11-09 04:59:00
  11. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," NBER Working Papers 11996, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. Global Imbalances: Links to Economic and Financial Stability
      by Guest Author in the big picture on 2011-02-21 21:09:05
    2. Was fiscal policy too tight in the boom?
      by chris dillow in Stumbling and Mumbling on 2009-11-23 20:54:34
    3. Another case for plan B
      by chris dillow in Stumbling and Mumbling on 2011-07-27 18:31:10
    4. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
    5. The most important Budget number
      by chris dillow in Stumbling and Mumbling on 2009-04-22 21:51:13
  12. Aghion, Philippe & Farhi, Emmanuel & Kharroubi, Enisse, 2018. "Monetary Policy, Product Market Competition, and Growth," CEPR Discussion Papers 13214, C.E.P.R. Discussion Papers.

    Mentioned in:

    1. Does debt lead to European prosperity?
      by Bruno Duarte in EUnomics on 2019-01-09 04:59:09
  13. Emmanuel Farhi & Gita Gopinath & Oleg Itskhoki, 2011. "Fiscal Devaluations," NBER Working Papers 17662, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. TVA sociale, tu perds ton sang-froid
      by Benjamin Ting in Economiam on 2012-11-07 02:41:00
  14. Ivan Werning & Emmanuel Farhi, 2012. "Fiscal Unions," NBER Working Papers 18280, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. Les cycles d’affaires se sont-ils synchronisés en zone euro ?
      by ? in D'un champ l'autre on 2014-11-24 04:29:00
  15. Correia, Isabel & Teles, Pedro & Nicolini, Juan Pablo & Farhi, Emmanuel, 2011. "Unconventional Fiscal Policy at the Zero Bound," CEPR Discussion Papers 8193, C.E.P.R. Discussion Papers.

    Mentioned in:

    1. No One Expects the Spanish Inquisition: More on D.K. Levine and J.M Keynes
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2015-03-21 01:54:00
    2. Liquidity Constraints
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-11-22 04:57:00
  16. Author Profile
    1. REPEC December 2018 Academic Economic Report Cards
      by Matthew Kahn in Environmental and Urban Economics on 2019-01-04 01:16:00

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. David Baqaee & Emmanuel Farhi, 2020. "Nonlinear Production Networks with an Application to the Covid-19 Crisis," NBER Working Papers 27281, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic consequences > Production and supply

Wikipedia or ReplicationWiki mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Isabel Correia & Emmanuel Farhi & Juan Pablo Nicolini & Pedro Teles, 2013. "Unconventional Fiscal Policy at the Zero Bound," American Economic Review, American Economic Association, vol. 103(4), pages 1172-1211, June.

    Mentioned in:

    1. Unconventional Fiscal Policy at the Zero Bound (AER 2013) in ReplicationWiki ()
  2. Emmanuel Farhi & Xavier Gabaix, 2016. "Editor's Choice Rare Disasters and Exchange Rates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(1), pages 1-52.

    Mentioned in:

    1. Rare Disasters and Exchange Rates (QJE 2016) in ReplicationWiki ()

Working papers

  1. David Baqaee & Ariel Burstein & Cédric Duprez & Emmanuel Farhi, 2023. "Consumer Surplus from Suppliers: How Big is it and Does it Matter for Growth?," NBER Working Papers 31231, National Bureau of Economic Research, Inc.

    Cited by:

    1. Gloria, José & Miranda-Pinto, Jorge & Fleming-Muñoz, David, 2024. "Production network diversification and economic development," Journal of Economic Behavior & Organization, Elsevier, vol. 218(C), pages 281-295.

  2. Baqaee, David Rezza & Farhi, Emmanuel, 2021. "Keynesian Production Networks and the Covid-19 Crisis: A Simple Benchmark," CEPR Discussion Papers 15664, C.E.P.R. Discussion Papers.

    Cited by:

    1. Jolanta Droždz & Arūnas Burinskas & Viktorija Cohen, 2023. "The Impact of the COVID-19 Pandemic on the Revealed Comparative Advantage of Industries in the Baltic States," Economies, MDPI, vol. 11(2), pages 1-16, February.
    2. Sugata Marjit & Gouranga Gopal Das, 2021. "Contact-Intensity, Collapsing Entertainment Sector and Wage Inequality: A Finite Change Model of Covid-19 Impact," CESifo Working Paper Series 9311, CESifo.
    3. Marjit, Sugata & Das, Gouranga, 2022. "Contact Intensity, Unemployment and Finite Change - The Case of Entertainment Sector under Pandemic: A General Equilibrium Approach," GLO Discussion Paper Series 1200, Global Labor Organization (GLO).
    4. Chavarín, Ricardo & Gómez, Ricardo & Salgado, Alfredo, 2023. "Sectoral supply and demand shocks during COVID-19: Evidence from Mexico," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(1).
    5. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    6. Nashwan M. A. Saif & Jianping Ruan & Bojan Obrenovic, 2021. "Sustaining Trade during COVID-19 Pandemic: Establishing a Conceptual Model Including COVID-19 Impact," Sustainability, MDPI, vol. 13(10), pages 1-20, May.

  3. Baqaee, David Rezza & Farhi, Emmanuel, 2021. "Darwinian Returns to Scale," CEPR Discussion Papers 15712, C.E.P.R. Discussion Papers.

    Cited by:

    1. Matsuyama, Kiminori & Ushchev, Philip, 2022. "Destabilizing Effects of Market Size in the Dynamics of Innovation," CEPR Discussion Papers 15010, C.E.P.R. Discussion Papers.
    2. Yan Liang, 2023. "Misallocation and Markups: Evidence from Indian Manufacturing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 161-176, December.
    3. Jay Hyun & Ryan Kim & Byoungchan Lee, 2022. "Business Cycles with Cyclical Returns to Scale," ISER Discussion Paper 1178, Institute of Social and Economic Research, Osaka University.
    4. Ariel Burstein & Basile Grassi & Vasco Carvalho, 2019. "Bottom-Up Markup Fluctuations," 2019 Meeting Papers 505, Society for Economic Dynamics.
    5. Matsuyama, Kiminori & Ushchev, Philip, 2022. "Selection and Sorting of Heterogeneous Firms through Competitive Pressures," CEPR Discussion Papers 17092, C.E.P.R. Discussion Papers.

  4. Baqaee, David Rezza & Farhi, Emmanuel & Sangani, Kunal, 2021. "The Supply-Side Effects of Monetary Policy," CEPR Discussion Papers 15702, C.E.P.R. Discussion Papers.

    Cited by:

    1. Sandra Eickmeier & Boris Hofmann, 2022. "What drives inflation? Disentangling demand and supply factors," BIS Working Papers 1047, Bank for International Settlements.
    2. Marco Rojas, 2022. "Monetary Policy in Small Open Economies and the International Zero Lower Bound," Working Papers Central Bank of Chile 966, Central Bank of Chile.
    3. Cardi, Olivier & Restout, Romain, 2023. "Sectoral fiscal multipliers and technology in open economy," Journal of International Economics, Elsevier, vol. 144(C).
    4. Gantert, Konstantin, 2022. "The Impact of Active Aggregate Demand on Utilization-Adjusted TFP," VfS Annual Conference 2022 (Basel): Big Data in Economics 264103, Verein für Socialpolitik / German Economic Association.
    5. Gianluca Benigno & Boris Hofmann & Galo Nuño Barrau & Damiano Sandri, 2024. "Quo vadis, r*? The natural rate of interest after the pandemic," BIS Quarterly Review, Bank for International Settlements, March.
    6. Jung, Kuk Mo & Pyun, Ju Hyun, 2023. "A long-run approach to money, unemployment, and equity prices," Economic Modelling, Elsevier, vol. 125(C).
    7. Lisack, Noemie & Lloyd, Simon & Sajedi, Rana, 2022. "Aggregation across each nation: aggregator choice and macroeconomic dynamics," Bank of England working papers 982, Bank of England.
    8. Santoro, Sergio & Viviano, Eliana, 2022. "Optimal trend inflation, misallocation and the pass-through of labour costs to prices," Working Paper Series 2761, European Central Bank.
    9. Anne Duquerroy & Adrien Matray & Farzad Saidi, 2022. "Tracing Banks' Credit Allocation to their Funding Costs," ECONtribute Discussion Papers Series 150, University of Bonn and University of Cologne, Germany.
    10. Anne Duquerroy & Adrien Matray & Farzad Saidi, 2022. "Tracing Banks’ Credit Allocation to their Funding Costs," Working Papers 309, Princeton University, Department of Economics, Center for Economic Policy Studies..
    11. Anastasia Burya & Rui Mano & Mr. Yannick Timmer & Miss Anke Weber, 2022. "Monetary Policy Under Labor Market Power," IMF Working Papers 2022/128, International Monetary Fund.
    12. Falk Bräuning & José Fillat & Gustavo Joaquim, 2023. "Cost-Price Relationships in a Concentrated Economy," Working Papers 23-9, Federal Reserve Bank of Boston.
    13. Jiang, Dou, 2023. "Output drops in ASEAN-5 countries: A business cycle accounting perspective," Economic Modelling, Elsevier, vol. 126(C).
    14. Gantert, Konstantin, 2022. "The impact of active aggregate demand on utilisation-adjusted TFP," IWH Discussion Papers 9/2022, Halle Institute for Economic Research (IWH).
    15. Sebastián Amador, 2022. "Hysteresis, endogenous growth, and monetary policy," Working Papers 348, University of California, Davis, Department of Economics.
    16. Mr. Romain A Duval & Davide Furceri & Raphael Lee & Ms. Marina Mendes Tavares, 2021. "Market Power and Monetary Policy Transmission," IMF Working Papers 2021/184, International Monetary Fund.
    17. Albert Queraltó, 2022. "Monetary Policy in a Model of Growth," International Finance Discussion Papers 1340, Board of Governors of the Federal Reserve System (U.S.).
    18. Conteduca, Francesco Paolo & Panon, Ludovic, 2024. "Natural Disasters and Markups," MPRA Paper 123008, University Library of Munich, Germany.
    19. Darracq Pariès, Matthieu & Notarpietro, Alessandro & Kilponen, Juha & Papadopoulou, Niki & Zimic, Srečko & Aldama, Pierre & Langenus, Geert & Alvarez, Luis Julian & Lemoine, Matthieu & Angelini, Elena, 2021. "Review of macroeconomic modelling in the Eurosystem: current practices and scope for improvement," Occasional Paper Series 267, European Central Bank.
    20. Alam, M. Jahangir & Alvi, Eskander, 2024. "The long-run effects of monetary policy: The role of R&D investment in economic growth," Economic Modelling, Elsevier, vol. 137(C).
    21. Shunsuke Haba & Yuichiro Ito & Shogo Nakano & Takahiro Yamanaka, 2024. "Assessing the Long-Term Impact of Monetary Policy," Bank of Japan Working Paper Series 24-E-19, Bank of Japan.

  5. Farhi, Emmanuel & Baqaee, David Rezza, 2020. "Supply and Demand in Disaggregated Keynesian Economies with an Application to the Covid-19 Crisis," CEPR Discussion Papers 14743, C.E.P.R. Discussion Papers.

    Cited by:

    1. Mattia Guerini & Lionel Nesta & Xavier Ragot & Stefano Schiavo, 2022. "The Zombification of the Economy? Assessing the Effectiveness of French Government Support during Covid-19 Lockdown," CESifo Working Paper Series 9850, CESifo.
    2. Marco Bottone & Cristina Conflitti & Marianna Riggi & Alex Tagliabracci, 2021. "Firms' inflation expectations and pricing strategies during Covid-19," Questioni di Economia e Finanza (Occasional Papers) 619, Bank of Italy, Economic Research and International Relations Area.
    3. Chafwehé, Boris & Colciago, Andrea & Priftis, Romanos, 2024. "Reallocation, productivity, and monetary policy in an energy crisis," Bank of England working papers 1091, Bank of England.
    4. Alvaro Silva & Julian di Giovanni & Muhammed A. Yildirim & Sebnem Kalemli-Ozcan, 2023. "Pandemic-era Inflation Drivers and Global Spillovers," Growth Lab Working Papers 224, Harvard's Growth Lab.
    5. Brodeur, Abel & Gray, David & Islam, Anik & Bhuiyan, Suraiya Jabeen, 2020. "A Literature Review of the Economics of COVID-19," GLO Discussion Paper Series 601, Global Labor Organization (GLO).
    6. Gottlieb Charles & Grobovšek Jan & Poschke Markus & Saltiel Fernando, 2022. "Lockdown Accounting," The B.E. Journal of Macroeconomics, De Gruyter, vol. 22(1), pages 197-210, January.
    7. Graham, James & Ozbilgin, Murat, 2021. "Age, industry, and unemployment risk during a pandemic lockdown," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    8. Almut Balleer & Sebastian Link & Manuel Menkhoff & Peter Zorn, 2020. "Nachfrage oder Angebot? Erkenntnisse aus dem Preissetzungsverhalten deutscher Unternehmen während der Coronakrise," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 73(07), pages 13-16, July.
    9. Hale, Galina & Leer, John & Nechio, Fernanda, 2025. "Fiscal policy design and inflation: The COVID-19 pandemic experience," Santa Cruz Department of Economics, Working Paper Series qt9cc4c34z, Department of Economics, UC Santa Cruz.
    10. Jackson, Ilya & Ivanov, Dmitry, 2023. "A beautiful shock? Exploring the impact of pandemic shocks on the accuracy of AI forecasting in the beauty care industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 180(C).
    11. Mahata, Sushobhan & Khan, Rohan Kanti & Chaudhuri, Sarbajit & Nag, Ranjanendra Narayan, 2022. "COVID-19 lockdown, family migration and unemployment in a gendered society," Research in Economics, Elsevier, vol. 76(3), pages 218-236.
    12. Bonam, Dennis & Smădu, Andra, 2021. "The long-run effects of pandemics on inflation: Will this time be different?," Economics Letters, Elsevier, vol. 208(C).
    13. Luca Fornaro & Martin Wolf, 2020. "The scars of supply shocks: Implications for monetary policy," Working Papers 1214, Barcelona School of Economics.
    14. Iris Klinker & Bas ter Weel, 2024. "Wages and employment in the Netherlands, 2017-2023," Tinbergen Institute Discussion Papers 24-042/V, Tinbergen Institute.
    15. Dao, Mai & Dizioli, Allan Gloe & Jackson, Chris & Gourinchas, Pierre-Olivier & Leigh, Daniel, 2023. "Unconventional Fiscal Policy in Times of High Inflation," CEPR Discussion Papers 18435, C.E.P.R. Discussion Papers.
    16. Baqaee, David Rezza & Burstein, Ariel, 2021. "Welfare and Output with Income Effects and Taste Shocks," CEPR Discussion Papers 16132, C.E.P.R. Discussion Papers.
    17. Cruz-Rodriguez, Alexis, 2021. "Impacto de corto y mediano plazo del COVID-19 en la economía dominicana: un análisis de oferta y demanda agregada [Short- and medium-term impact of COVID-19 on the Dominican economy: an analysis of," MPRA Paper 113292, University Library of Munich, Germany.
    18. Pontus Braunerhjelm, 2022. "Rethinking stabilization policies; Including supply-side measures and entrepreneurial processes," Small Business Economics, Springer, vol. 58(2), pages 963-983, February.
    19. Ha, Jongrim & Kose, M. Ayhan & Ohnsorge, Franziska, 2022. "Global Stagflation," CEPR Discussion Papers 17381, C.E.P.R. Discussion Papers.
    20. Pasimeni, Paolo, 2022. "Supply, or Demand, that is the Question: Decomposing Euro Area Inflation," Single Market Economics Papers WP2022/2, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (European Commission), Chief Economist Team.
    21. Benoit Mojon & Daniel Rees & Christian Schmieder, 2021. "How much stress could Covid put on corporate credit? Evidence using sectoral data," BIS Quarterly Review, Bank for International Settlements, March.
    22. Philip Bunn & Lena S. Anayi & Nicholas Bloom & Paul Mizen & Gregory Thwaites & Ivan Yotzov, 2022. "Firming up Price Inflation," NBER Working Papers 30505, National Bureau of Economic Research, Inc.
    23. Woodford, Michael, 2020. "Effective Demand Failures and the Limits of Monetary Stabilization Policy," CEPR Discussion Papers 15211, C.E.P.R. Discussion Papers.
    24. Guido Bulligan & Francesco Corsello & Stefano Neri & Alex Tagliabracci, 2021. "De-anchored long-term inflation expectations in a low growth, low rate environment," Questioni di Economia e Finanza (Occasional Papers) 624, Bank of Italy, Economic Research and International Relations Area.
    25. Dergiades, Theologos & Milas, Costas & Panagiotidis, Theodore, 2022. "Unemployment claims during COVID-19 and economic support measures in the U.S," Economic Modelling, Elsevier, vol. 113(C).
    26. Povilas Lastauskas, 2022. "Lockdown, employment adjustment, and financial frictions," Small Business Economics, Springer, vol. 58(2), pages 919-942, February.
    27. Bayer, Christian & Born, Benjamin & Luetticke, Ralph & Müller, Gernot, 2022. "The Coronavirus Stimulus Package: How large is the transfer multiplier?," CEPR Discussion Papers 14600, C.E.P.R. Discussion Papers.
    28. Ye, Yanyi & Wang, Hongping & Tian, Kailan & Li, Meng, 2024. "Supply chain risks and the cost of debt: Evidence from the COVID-19 pandemic," Research in International Business and Finance, Elsevier, vol. 70(PB).
    29. Theologos Dergiades & Costas Milas & Elias Mossialos & Theodore Panagiotidis, 2023. "COVID-19 anti-contagion policies and economic support measures in the USA," Oxford Economic Papers, Oxford University Press, vol. 75(3), pages 613-630.
    30. Daniel Gros, 2020. "Lessons From the COVID-19 Crisis for Euro Area Fiscal Rules," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(5), pages 281-284, September.
    31. Inna Čábelková & Luboš Smutka & Svitlana Rotterova & Olesya Zhytna & Vít Kluger & David Mareš, 2022. "The Sustainability of International Trade: The Impact of Ongoing Military Conflicts, Infrastructure, Common Language, and Economic Wellbeing in Post-Soviet Region," Sustainability, MDPI, vol. 14(17), pages 1-14, August.
    32. Muzi,Silvia & Jolevski,Filip & Ueda,Kohei & Viganola,Domenico, 2021. "Productivity and Firm Exit during the COVID-19 Crisis : Cross-Country Evidence," Policy Research Working Paper Series 9671, The World Bank.
    33. Agostino Capponi & Chuan Du & Joseph E. Stiglitz, 2024. "Are Supply Networks Efficiently Resilient?," NBER Working Papers 32221, National Bureau of Economic Research, Inc.
    34. Daniel Rees, 2020. "What Comes Next?," BIS Working Papers 898, Bank for International Settlements.
    35. Nicholas Bloom & Philip Bunn & Paul Mizen & Pawel Smietanka & Gregory Thwaites, 2022. "The impact of COVID-19 on productivity," POID Working Papers 061, Centre for Economic Performance, LSE.
    36. ÅžimÅŸek, Alp & Caballero, Ricardo, 2020. "A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock," CEPR Discussion Papers 14627, C.E.P.R. Discussion Papers.
    37. KAWAGUCHI Daiji & KITAO Sagiri & NOSE Manabu, 2021. "The Impact of COVID-19 on Japanese Firms: Mobility and Resilience via Remote Work," Discussion papers 21063, Research Institute of Economy, Trade and Industry (RIETI).
    38. Agostino Consolo & Filippos Petroulakis, 2022. "Did COVID-19 induce a reallocation wave?," Working Papers 295, Bank of Greece.
    39. Francesco Furlanetto & Antoine Lepetit & Ørjan Robstad & Juan F. Rubio-Ramirez & Pål Ulvedal, 2021. "Estimating Hysteresis Effects," Finance and Economics Discussion Series 2021-059, Board of Governors of the Federal Reserve System (U.S.).
    40. Garriga, Carlos & Manuelli, Rody & Sanghi, Siddhartha, 2022. "Optimal management of an epidemic: Lockdown, vaccine and value of life," Journal of Economic Dynamics and Control, Elsevier, vol. 140(C).
    41. Agostino Consolo & Filippos Petroulakis, 2024. "Did COVID‐19 induce a reallocation wave?," Economica, London School of Economics and Political Science, vol. 91(364), pages 1349-1390, October.
    42. Jaravel, Xavier & O'Connell, Martin, 2020. "Real-time price indices: Inflation spike and falling product variety during the Great Lockdown," Journal of Public Economics, Elsevier, vol. 191(C).
    43. Laura Alfaro & Oscar Becerra & Marcela Eslava, 2020. "EMEs and COVID-19 Shutting Down in a World of Informal and Tiny Firms Laura Alfaro, Oscar Becerra y Marcela Eslava," Documentos CEDE 18193, Universidad de los Andes, Facultad de Economía, CEDE.
    44. Alan J. Auerbach & Yuriy Gorodnichenko & Daniel Murphy, 2020. "Inequality, Fiscal Policy and COVID19 Restrictions in a Demand-Determined Economy," NBER Working Papers 27366, National Bureau of Economic Research, Inc.
    45. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    46. Rafael Wildauer & Karsten Kohler & Adam Aboobaker & Alexander Guschanski, 2023. "Energy Price Shocks, Conflict Inflation, and Income Distribution in a Three-sector Model," Working Papers PKWP2309, Post Keynesian Economics Society (PKES).
    47. William D. Craighead, 2022. "Pandemic Preference Shocks and Inflation in a New Keynesian Model," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 50(3), pages 133-146, December.
    48. Le, Minh-Phuong & Chauvet, Lisa & Marouani, Mohamed Ali, 2024. "The Great Lockdown and the Small Business: Impact, Channels and Adaptation to the Covid Pandemic," World Development, Elsevier, vol. 182(C).
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    171. Laura Alfaro & Oscar Becerra & Marcela Eslava, 2020. "EMEs and COVID-19: Shutting Down in a World of Informal and Tiny Firms," NBER Working Papers 27360, National Bureau of Economic Research, Inc.
    172. Gu, Leilei & Li, Jianjun & Ni, Xiaoran & Peng, Yuchao, 2023. "The long shadow beyond lockdown: Board chairs’ professional pandemic experiences and corporate investments," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 522-541.
    173. Nicholas Apergis, 2024. "Euro area inflation in the era of COVID‐19: A permanent or a transitory phenomenon?," Manchester School, University of Manchester, vol. 92(3), pages 231-245, June.
    174. von Schweinitz, Gregor, 2023. "The importance of credit demand for business cycle dynamics," IWH Discussion Papers 21/2023, Halle Institute for Economic Research (IWH).
    175. National Bank of Poland, 2022. "Macroeconomic policy response to the Covid-19 shock," BIS Papers chapters, in: Bank for International Settlements (ed.), The monetary-fiscal policy nexus in the wake of the pandemic, volume 122, pages 241-250, Bank for International Settlements.
    176. Sanha Noh & Ingul Baek, 2022. "What are the Driving Forces of the Economic Downturn in Korea during COVID-19? (Covid-19 Special Issue)," Korean Economic Review, Korean Economic Association, vol. 38, pages 285-322.
    177. Ciccarelli, Matteo & Darracq Pariès, Matthieu & Priftis, Romanos & Angelini, Elena & Bańbura, Marta & Bokan, Nikola & Fagan, Gabriel & Gumiel, José Emilio & Kornprobst, Antoine & Lalik, Magdalena & Mo, 2024. "ECB macroeconometric models for forecasting and policy analysis," Occasional Paper Series 344, European Central Bank.
    178. Federico Ravenna & Carl E. Walsh, 2022. "Worker Heterogeneity, Selection, and Unemployment Dynamics in a Pandemic," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(S1), pages 113-155, February.
    179. Max Breitenlechner & Martin Geiger & Daniel Gründler & Johann Scharler, 2024. "Sequencing the COVID‐19 Recession in the USA: What Were the Macroeconomic Drivers?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 86(1), pages 119-136, February.

  6. David Baqaee & Emmanuel Farhi & Michael J. Mina & James H. Stock, 2020. "Reopening Scenarios," NBER Working Papers 27244, National Bureau of Economic Research, Inc.

    Cited by:

    1. Alberto Bisin & Andrea Moro, 2021. "Spatial-SIR with Network Structure and Behavior: Lockdown Rules and the Lucas Critique," NBER Working Papers 28932, National Bureau of Economic Research, Inc.
    2. Sewon Hur, 2023. "The Distributional Effects Of Covid‐19 And Optimal Mitigation Policies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(1), pages 261-294, February.
    3. Victor Chernozhukov & Hiroyuki Kasahara & Paul Schrimpf, 2020. "Causal impact of masks, policies, behavior on early COVID-19 pandemic in the U.S," CeMMAP working papers CWP24/20, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
    4. Lazebnik, Teddy & Shami, Labib & Bunimovich-Mendrazitsky, Svetlana, 2023. "Intervention policy influence on the effect of epidemiological crisis on industry-level production through input–output networks," Socio-Economic Planning Sciences, Elsevier, vol. 87(PA).
    5. Kitagawa, Toru & Wang, Guanyi, 2023. "Who should get vaccinated? Individualized allocation of vaccines over SIR network," Journal of Econometrics, Elsevier, vol. 232(1), pages 109-131.
    6. Christopher Avery & William Bossert & Adam Clark & Glenn Ellison & Sara Fisher Ellison, 2020. "An Economist's Guide to Epidemiology Models of Infectious Disease," Journal of Economic Perspectives, American Economic Association, vol. 34(4), pages 79-104, Fall.
    7. Michael D. Bordo & Andrew T. Levin & Mickey D. Levy, 2020. "Incorporating Scenario Analysis into the Federal Reserve’s Policy Strategy and Communications," NBER Working Papers 27369, National Bureau of Economic Research, Inc.

  7. David Baqaee & Emmanuel Farhi, 2020. "Entry vs. Rents: Aggregation with Economies of Scale," NBER Working Papers 27140, National Bureau of Economic Research, Inc.

    Cited by:

    1. Vallès Codina, Oriol, 2023. "Business cycles, sectoral price stabilization, and climate change mitigation: A model of multi-sector growth in the tradition of the Bielefeld disequilibrium approach," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 636-653.

  8. Gourinchas, Pierre-Olivier & Farhi, Emmanuel & Caballero, Ricardo, 2020. "Global Imbalances and Policy Wars at the Zero Lower Bound," CEPR Discussion Papers 14424, C.E.P.R. Discussion Papers.

    Cited by:

    1. Sushant Acharya & Julien Bengui, 2016. "Liquidity traps, capital flows," Staff Reports 765, Federal Reserve Bank of New York.
    2. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    3. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2017. "The Safe Assets Shortage Conundrum," Department of Economics, Working Paper Series qt8h3182xb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    4. Banerjee, Ryan & Devereux, Michael B. & Lombardo, Giovanni, 2016. "Self-oriented monetary policy, global financial markets and excess volatility of international capital flows," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 275-297.
    5. Jean Tirole, 2021. "Emmanuel Farhi, Economist Par Excellence," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 1-17, August.
    6. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    7. Gauti Eggertsson & Neil Mehrotra & Sanjay Singh & Lawrence Summers, 2016. "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," 2016 Meeting Papers 1701, Society for Economic Dynamics.
    8. Zhang, Ning, 2023. "Asset home bias in debtor and creditor countries," Journal of Economic Dynamics and Control, Elsevier, vol. 157(C).
    9. Gianluca Benigno & Luca Fornaro, 2015. "Stagnation Traps," Discussion Papers 1606, Centre for Macroeconomics (CFM), revised Dec 2015.
    10. Kulish, Mariano & Yamout, Nadine, 2024. "The fiscal arithmetic of a slowdown in trend growth," European Economic Review, Elsevier, vol. 168(C).
    11. Ugo Panizza & Charles Wyplosz, 2018. "The Folk Theorem of Decreasing Effectiveness of Monetary Policy: What Do the Data Say?," Russian Journal of Money and Finance, Bank of Russia, vol. 77(1), pages 71-107, March.
    12. Serranito, Francisco, 2015. "Dévaluation interne, politiques structurelles et réductions des déficits publics : les réponses apportées par la « troïka » sont-elles un remède aux déséquilibres externes des pays périphériques de la," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 18.
    13. Thorbecke, Willem, 2018. "The exposure of U.S. manufacturing industries to exchange rates," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 538-549.
    14. Wüthrich, Nicolas, 2017. "Book review: review of Peter Spiegler's Behind the model: a constructive critique of economic modelling. Cambridge: Cambridge University Press. 2015. 201pp," LSE Research Online Documents on Economics 84037, London School of Economics and Political Science, LSE Library.
    15. Pınar Kaya Soylu & Mustafa Okur & Özgür Çatıkkaş & Z. Ayca Altintig, 2020. "Long Memory in the Volatility of Selected Cryptocurrencies: Bitcoin, Ethereum and Ripple," JRFM, MDPI, vol. 13(6), pages 1-21, May.
    16. Kollmann, Robert, 2021. "Liquidity Traps in a World Economy," CEPR Discussion Papers 15631, C.E.P.R. Discussion Papers.
    17. Gauti B. Eggertsson & Neil R. Mehrotra & Lawrence H. Summers, 2016. "Secular Stagnation in the Open Economy," NBER Working Papers 22172, National Bureau of Economic Research, Inc.
    18. Anton Korinek, 2017. "Currency wars or efficient spillovers?," BIS Working Papers 615, Bank for International Settlements.
    19. Sara Eugeni, 2019. "Exchange rate volatility and cooperation in an incomplete markets' economy," Department of Economics Working Papers 2019_02, Durham University, Department of Economics.
    20. Anton Korinek, 2016. "Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation," NBER Working Papers 23004, National Bureau of Economic Research, Inc.
    21. Georgiadis, Georgios & Müller, Gernot J. & Schumann, Ben, 2021. "Global risk and the dollar," Working Paper Series 2628, European Central Bank.
    22. Ly Dai Hung, 2020. "Safe Assets at Financial Globalization," Working Papers hal-03413541, HAL.
    23. Amador, Manuel & Bianchi, Javier & Bocola, Luigi & Perri, Fabrizio, 2016. "Reverse speculative attacks," Journal of Economic Dynamics and Control, Elsevier, vol. 72(C), pages 125-137.
    24. Huber, Florian & Punzi, Maria Teresa, 2017. "The shortage of safe assets in the US investment portfolio: Some international evidence," Department of Economics Working Paper Series 243, WU Vienna University of Economics and Business.
    25. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2016. "Safe Asset Scarcity and Aggregate Demand," Department of Economics, Working Paper Series qt7cb7s8wr, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    26. Jeffrey A. Frankel, 2016. "International Coordination," NBER Working Papers 21878, National Bureau of Economic Research, Inc.
    27. Francesco D'Acunto & Daniel Hoang & Michael Weber & Michael Weber, 2016. "Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure," CESifo Working Paper Series 5793, CESifo.
    28. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    29. Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parraga Rodriguez, Susana &, 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank.
    30. Otaviano Canuto, 2023. "The U.S. dollar’s “exorbitant privilege” remains," Policy briefs on Economic Trends and Policies 2322, Policy Center for the New South.
    31. Manuel, Lancastre, 2016. "Age Milestones and Low Interest Rates, an Analytic Approach," MPRA Paper 85046, University Library of Munich, Germany.
    32. Sergio Florez-Orrego, 2021. "Money Matters: Global banks, safe assets and monetary autonomy," Documentos CEDE 19153, Universidad de los Andes, Facultad de Economía, CEDE.
    33. Bahaj, Saleem & Malherbe, Frederic, 2024. "The cross-border effects of bank capital regulation," Journal of Financial Economics, Elsevier, vol. 160(C).
    34. Deepa Dhume Datta & Benjamin K. Johannsen & Hannah Kwon & Robert J. Vigfusson, 2018. "Oil, Equities, and the Zero Lower Bound," Finance and Economics Discussion Series 2018-058, Board of Governors of the Federal Reserve System (U.S.).
    35. Ferreira, Thiago R.T. & Shousha, Samer, 2023. "Determinants of global neutral interest rates," Journal of International Economics, Elsevier, vol. 145(C).
    36. Maurice Obstfeld, 2020. "Harry Johnson's “Case for flexible exchange rates”—50 years later," Manchester School, University of Manchester, vol. 88(S1), pages 86-113, September.
    37. Ruch,Franz Ulrich, 2021. "Neutral Real Interest Rates in Inflation Targeting Emerging and Developing Economies," Policy Research Working Paper Series 9711, The World Bank.
    38. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    39. van Wijnbergen, Sweder, 2018. "Real interest rates, exchange rates and the ZLB: on Secular Stagnation," CEPR Discussion Papers 12837, C.E.P.R. Discussion Papers.
    40. Obstfeld, Maurice, 2020. "Harry Johnson’s “Case for Flexible Exchange Rates†– 50 Years Later," CEPR Discussion Papers 14488, C.E.P.R. Discussion Papers.

  9. Farhi, Emmanuel & Baqaee, David Rezza, 2020. "Nonlinear Production Networks with an Application to the Covid-19 Crisis," CEPR Discussion Papers 14742, C.E.P.R. Discussion Papers.

    Cited by:

    1. George, Ammu & Li, Changtai & Lim, Jing Zhi & Xie, Taojun, 2021. "From SARS to COVID-19: The evolving role of China-ASEAN production network," Economic Modelling, Elsevier, vol. 101(C).
    2. Graham, James & Ozbilgin, Murat, 2021. "Age, industry, and unemployment risk during a pandemic lockdown," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    3. Corrado Di Guilmi & Yoshi Fujiwara, 2020. "Does the supply network shape the firm size distribution? The Japanese case," CAMA Working Papers 2020-66, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    4. Alexander Chudik & Kamiar Mohaddes & M. Hashem Pesaran & Mehdi Raissi & Alessandro Rebucci, 2020. "A Counterfactual Economic Analysis of Covid-19 Using a Threshold Augmented Multi-Country Model," NBER Working Papers 27855, National Bureau of Economic Research, Inc.
    5. Peter Eppinger & Gabriel J. Felbermayr & Oliver Krebs & Bohdan Kukharskyy, 2021. "Decoupling Global Value Chains," CESifo Working Paper Series 9079, CESifo.
    6. Federico Huneeus & Tatiana Didier & Mauricio Larrain & Sergio L. Schmukler, 2020. "Financing Firms in Hibernation During the COVID-19 Pandemic," World Bank Publications - Reports 33611, The World Bank Group.
    7. Severin Reissl & Alessandro Caiani & Francesco Lamperti & Tommaso Ferraresi & Leonardo Ghezzi, 2024. "A regional input-output model of the COVID-19 crisis in Italy: decomposing demand and supply factors," Economic Systems Research, Taylor & Francis Journals, vol. 36(1), pages 100-130, January.
    8. Muhammed A. Yildirim & Cem Cakmakli & Selva Demiralp & Sebnem Kalemli-Ozcan & Sevcan Yesiltas, 2021. "The Economic Case for Global Vaccinations: An Epidemiological Model with International Production Networks," Growth Lab Working Papers 169, Harvard's Growth Lab.
    9. Torsten Heinrich, 2021. "Epidemics in modern economies," Papers 2105.02387, arXiv.org, revised May 2021.
    10. Severin Reissl & Alessandro Caiani & Francesco Lamperti & Mattia Guerini & Fabio Vanni & Giorgio Fagiolo & Tommaso Ferraresi & Leonardo Ghezzi & Mauro Napoletano & Andrea Roventini, 2021. "Assessing the economic impact of lockdowns in Italy: a computational input-output approach," SciencePo Working papers Main hal-03373672, HAL.
    11. Torsten Heinrich, 2021. "Epidemics in modern economies," Chemnitz Economic Papers 045, Department of Economics, Chemnitz University of Technology, revised May 2021.
    12. Le, Minh-Phuong & Chauvet, Lisa & Marouani, Mohamed Ali, 2024. "The Great Lockdown and the Small Business: Impact, Channels and Adaptation to the Covid Pandemic," World Development, Elsevier, vol. 182(C).
    13. Anuradha Patnaik, 2022. "Measuring Demand and Supply Shocks From COVID-19: An Industry-Level Analysis for India," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 16(1), pages 76-105, February.
    14. Das, Sonali & Magistretti, Giacomo & Pugacheva, Evgenia & Wingender, Philippe, 2022. "Sectoral spillovers across space and time," Journal of Macroeconomics, Elsevier, vol. 72(C).
    15. Raffaele Giammetti & Luca Papi & Désirée Teobaldelli & Davide Ticchi, 2020. "The Italian value chain in the pandemic: the input–output impact of Covid-19 lockdown," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 47(3), pages 483-497, September.
    16. Sebestyén, Tamás & Szabó, Norbert & Braun, Emese & Bedő, Zsolt, 2024. "Lokális reziliencia számítása térbeli általános egyensúlyi modell felhasználásával [Measuring local resilience with a spatial computable general equilibrium model]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1222-1253.
    17. Giovanni Abramo & Ciriaco Andrea D’Angelo & Ida Mele, 2022. "Impact of Covid-19 on research output by gender across countries," Scientometrics, Springer;Akadémiai Kiadó, vol. 127(12), pages 6811-6826, December.
    18. Ascari, Guido & Colciago, Andrea & Silvestrini, Riccardo, 2023. "Business dynamism, sectoral reallocation and productivity in a pandemic," European Economic Review, Elsevier, vol. 156(C).
    19. Tarek A. Hassan & Laurence van Lent & Stephan Hollander & Ahmed Tahoun, 2020. "Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-340, Boston University - Department of Economics.
    20. Hanming Fang & Chunmian Ge & Hanwei Huang & Hongbin Li, 2020. "Pandemics, Global Supply Chains, and Local Labor Demand: Evidence from 100 Million Posted Jobs in China," PIER Working Paper Archive 20-035, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    21. Tommaso Ferraresi & Leonardo Ghezzi & Fabio Vanni & Alessandro Caiani & Mattia Guerini & Francesco Lamperti & Severin Reissl & Giorgio Fagiolo & Mauro Napoletano & Andrea Roventini, 2021. "On the economic and health impact of the COVID-19 shock on Italian regions: A value chain approach," LEM Papers Series 2021/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    22. Anna Bartocci & Alessandro Notarpietro & Massimiliano Pisani, 2022. "Covid-19 Shock and Fiscal-Monetary Policy Mix in a Monetary Union," Springer Proceedings in Business and Economics, in: Luigi Paganetto (ed.), Economic Challenges for Europe After the Pandemic, pages 233-266, Springer.
    23. Pierre-Olivier Gourinchas & Şebnem Kalemli-Özcan & Veronika Penciakova & Nicholas Sander, 2023. "SME Failures Under Large Liquidity Shocks: An Application to the COVID-19 Crisis," Staff Working Papers 23-32, Bank of Canada.
    24. Lazebnik, Teddy & Shami, Labib & Bunimovich-Mendrazitsky, Svetlana, 2023. "Intervention policy influence on the effect of epidemiological crisis on industry-level production through input–output networks," Socio-Economic Planning Sciences, Elsevier, vol. 87(PA).
    25. Lester C Hunt & Anqi Zhang & Shuonan Zhang, 2022. "Recession and Recovery of the Pandemic," Working Papers in Economics & Finance 2022-05, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    26. Philipp Pfeiffer & Werner Roeger & Jan in ’t Veld, 2020. "The COVID19-Pandemic in the EU: Macroeconomic Transmission and Economic Policy Response," European Economy - Discussion Papers 127, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    27. Barry, John W. & Campello, Murillo & Graham, John R. & Ma, Yueran, 2022. "Corporate flexibility in a time of crisis," Journal of Financial Economics, Elsevier, vol. 144(3), pages 780-806.
    28. Adams-Prassl, Abigail & Boneva, Teodora & Rauh, Christopher & Golin, Marta, 2020. "Work Tasks That Can Be Done From Home: Evidence on Variation Within & Across Occupations and Industries," CEPR Discussion Papers 14901, C.E.P.R. Discussion Papers.
    29. Bonadio, Barthélémy & Huo, Zhen & Levchenko, Andrei A. & Pandalai-Nayar, Nitya, 2021. "Global supply chains in the pandemic," Journal of International Economics, Elsevier, vol. 133(C).
    30. Muhammed A. Yildirim & Cem Cakmakli & Selva Demiralp & Sebnem Kalemli-Ozcan & Sevcan Yesiltas, 2021. "The Economic Case for Global Vaccinations: An Epidemiological Model with International Production Networks," CID Working Papers 390, Center for International Development at Harvard University.
    31. Baqaee, David Rezza & Farhi, Emmanuel, 2021. "Keynesian Production Networks and the Covid-19 Crisis: A Simple Benchmark," CEPR Discussion Papers 15664, C.E.P.R. Discussion Papers.
    32. Faia, Ester & Kudlyak, Marianna & Shabalina, Ekaterina, 2021. "Dynamic Labor Reallocation with Heterogeneous Skills and Uninsured Idiosyncratic Risk," IZA Discussion Papers 14794, Institute of Labor Economics (IZA).
    33. Kubota, So & Onishi, Koichiro & Toyama, Yuta, 2021. "Consumption responses to COVID-19 payments: Evidence from a natural experiment and bank account data," Journal of Economic Behavior & Organization, Elsevier, vol. 188(C), pages 1-17.
    34. Pichler, Anton & Pangallo, Marco & del Rio-Chanona, R. Maria & Lafond, François & Farmer, J. Doyne, 2020. "In and out of lockdown: Propagation of supply and demand shocks in a dynamic input-output model," INET Oxford Working Papers 2021-18, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford, revised Feb 2021.
    35. Qianxue Zhang, 2022. "The Hubei lockdown and its global impacts via supply chains," Review of International Economics, Wiley Blackwell, vol. 30(4), pages 1087-1109, September.
    36. Benjamin Bureau & Anne Duquerroy & Frédéric Vinas, 2021. "Activity shocks and corporate liquidity: the role of trade credit," Working papers 851, Banque de France.
    37. Hallegatte, Stéphane & Jooste, Charl & McIsaac, Florent, 2024. "Modeling the macroeconomic consequences of natural disasters: Capital stock, recovery dynamics, and monetary policy," Economic Modelling, Elsevier, vol. 139(C).
    38. Fernández-Villaverde, Jesús & Jones, Chad, 2020. "Macroeconomic Outcomes and COVID-19: A Progress Report," CEPR Discussion Papers 15393, C.E.P.R. Discussion Papers.
    39. Heinrich, Torsten, 2021. "Epidemics in modern economies," MPRA Paper 107578, University Library of Munich, Germany.
    40. Adams-Prassl, Abi & Boneva, Teodora & Golin, Marta & Rauh, Christopher, 2020. "Work That Can Be Done from Home: Evidence on Variation within and across Occupations and Industries," IZA Discussion Papers 13374, Institute of Labor Economics (IZA).
    41. Laeven, Luc, 2022. "Pandemics, intermediate goods, and corporate valuation," Journal of International Money and Finance, Elsevier, vol. 120(C).
    42. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2020. "COVID-19 and SME Failures," FRB Atlanta Working Paper 2020-21, Federal Reserve Bank of Atlanta.
    43. Ma,Lin & Shapira,Gil & De Walque,Damien B. C. M. & Do,Quy-Toan & Friedman,Jed & Levchenko,Andrei A., 2021. "The Intergenerational Mortality Tradeoff of COVID-19 Lockdown Policies," Policy Research Working Paper Series 9677, The World Bank.
    44. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2021. "Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’," NBER Working Papers 29293, National Bureau of Economic Research, Inc.
    45. Greg Kaplan & Benjamin Moll & Giovanni Violante, 2020. "The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S," Working Papers 2020-119, Becker Friedman Institute for Research In Economics.
    46. Eppinger, Peter S. & Felbermayr, Gabriel & Krebs, Oliver & Kukharskyy, Bohdan, 2020. "Covid-19 shocking global value chains," Kiel Working Papers 2167, Kiel Institute for the World Economy (IfW Kiel).
    47. David Baqaee & Emmanuel Farhi & Michael J. Mina & James H. Stock, 2020. "Reopening Scenarios," NBER Working Papers 27244, National Bureau of Economic Research, Inc.
    48. Cem Cakmakli & Selva Demiralp & Sevcan Yesiltas & Muhammed Ali Yildirim, 2022. "The Sectoral Costs of the Pandemic: What is the Role of Openness?," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 72(72-2), pages 431-451, December.
    49. Giovanni Abramo & Ciriaco Andrea D'Angelo & Ida Mele, 2021. "Gendered impact of COVID-19 pandemic on research production: a cross-country analysis," Papers 2102.05360, arXiv.org.
    50. Christopher Cotton & Bahman Kashi & Huw Lloyd-Ellis & Frederic Tremblay, 2020. "Quantifying the Economic Impacts of COVID-19 Policy Responses on Canada's Provinces in (Almost) Real Time," Working Paper 1441, Economics Department, Queen's University.
    51. Kalemli-Özcan, Sebnem & Çakmaklı, Cem & Demiralp, Selva & Yesiltas, Sevcan, 2020. "COVID-19 and Emerging Markets: A SIR Model, Demand Shocks and Capital Flows," CEPR Discussion Papers 15154, C.E.P.R. Discussion Papers.
    52. Jiang, Shiqi & Lin, Xinyue & Qi, Lingli & Zhang, Yongqiang & Sharp, Basil, 2022. "The macro-economic and CO2 emissions impacts of COVID-19 and recovery policies in China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 981-996.
    53. Adams-Prassl, A. & Boneva, T. & Golin, M. & Rauh, C., 2020. "Work Tasks That Can Be Done From Home: Evidence on Variation Within and Across Occupations and Industries," Cambridge Working Papers in Economics 2040, Faculty of Economics, University of Cambridge.
    54. Juan Andres Espinosa-Torres & Jaime Ramirez-Cuellar, 2023. "The Effects of the Pandemic on Market Power and Profitability," Papers 2303.08765, arXiv.org.
    55. Satoshi Tanaka, 2022. "Economic Impacts of SARS/MERS/COVID‐19 in Asian Countries," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(1), pages 41-61, January.
    56. Ferragina, Anna Maria & Iandolo, Stefano, 2022. "Reacting to the economic fallout of the COVID-19: Evidence on debt exposure and asset management of Italian firms," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 530-547.
    57. Pierre-Olivier Gourinchas & Sebnem Kalemli-Ozcan & Veronika Penciakova & Nicholas Sander, 2022. "Fiscal Policy in the Age of COVID-19: Does It “Get in All of the Cracks”?," Staff Working Papers 22-45, Bank of Canada.
    58. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    59. Xu, Shaofeng & Liu, Tao & Liu, Fengliang, 2024. "On the role of automation in an epidemic," Journal of Economic Dynamics and Control, Elsevier, vol. 160(C).
    60. De Graeve, Ferre & Schneider, Jan David, 2023. "Identifying sectoral shocks and their role in business cycles," Journal of Monetary Economics, Elsevier, vol. 140(C), pages 124-141.
    61. Bachas,Pierre Jean & Brockmeyer,Anne & Semelet,Camille Marine, 2020. "The Impact of COVID-19 on Formal Firms: Micro Tax Data Simulations across Countries," Policy Research Working Paper Series 9437, The World Bank.
    62. Paolo Manasse & G. Alfredo Minerva & Roberto Patuelli & Lorenzo Zirulia, 2020. "How to Lockdown an Economy: an Input Output Analysis of the Italian Case," Working Papers wp1152, Dipartimento Scienze Economiche, Universita' di Bologna.
    63. Giammetti, Raffaele & Papi, Luca & Teobaldelli, Désirée & Ticchi, Davide, 2022. "The optimality of age-based lockdown policies," Journal of Policy Modeling, Elsevier, vol. 44(3), pages 722-738.
    64. Verónica Acurio Vásconez & Olivier Damette & David W. Shanafelt, 2021. "Macroepidemics and unconventional monetary policy: Coupling macroeconomics and epidemiology in a financial DSGE-SIR framework," Working Papers of BETA 2021-04, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    65. Thiago Christiano Silva & Carlos Eduardo de Almeida, 2024. "COVID-19 and Supply Chain Disruptions: a novel perspective using a network of payments in Brazil," Working Papers Series 595, Central Bank of Brazil, Research Department.

  10. Baqaee, David Rezza & Farhi, Emmanuel, 2019. "A Short Note on Aggregating Productivity," CEPR Discussion Papers 13592, C.E.P.R. Discussion Papers.

    Cited by:

    1. Farhi, Emmanuel & Baqaee, David Rezza, 2020. "Nonlinear Production Networks with an Application to the Covid-19 Crisis," CEPR Discussion Papers 14742, C.E.P.R. Discussion Papers.
    2. Natalie Bau & Adrien Matray, 2020. "Misallocation and Capital Market Integration: Evidence from India," Working Papers 2020-31, Princeton University. Economics Department..
    3. Eric J. Bartelsman, 2019. "From New Technology to Productivity," European Economy - Discussion Papers 113, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    4. Ariel Weinberger & Qian Xuefeng & Mahmut Yasar, 2017. "Export Tax Rebates and Resource Misallocation: Evidence from a Large Developing Country," Globalization Institute Working Papers 302, Federal Reserve Bank of Dallas.
    5. Natalie Bau & Adrien Matray, 2023. "Misallocation and Capital Market Integration: Evidence From India," Econometrica, Econometric Society, vol. 91(1), pages 67-106, January.
    6. Flynn, Zach, 2019. "Unproductive by choice: substitution and the slowdown in aggregate productivity growth in the United States," SocArXiv sw42f, Center for Open Science.

  11. David Baqaee & Emmanuel Farhi, 2019. "Networks, Barriers, and Trade," NBER Working Papers 26108, National Bureau of Economic Research, Inc.

    Cited by:

    1. Julian di Giovanni & Sebnem Kalemli-Ozcan & Alvaro Silva & Muhammed A. Yildirim, 2022. "Global Supply Chain Pressures, International Trade, and Inflation," Growth Lab Working Papers 188, Harvard's Growth Lab.
    2. Beata S. Javorcik & Lucas Kitzmueller & Helena Schweiger & Muhammed A. Yildirim, 2022. "Economic Costs of Friend-shoring," Growth Lab Working Papers 192, Harvard's Growth Lab.
    3. Alessandro Barattieri & Matteo Cacciatore, 2020. "Self-Harming Trade Policy? Protectionism and Production Networks," NBER Working Papers 27630, National Bureau of Economic Research, Inc.
    4. Benny Kleinman & Ernest Liu & Stephen J. Redding, 2023. "Dynamic Spatial General Equilibrium," Econometrica, Econometric Society, vol. 91(2), pages 385-424, March.
    5. Redding, Stephen & Kleinman, Benny & Liu, Ernest, 2020. "International Friends and Enemies," CEPR Discussion Papers 15068, C.E.P.R. Discussion Papers.
    6. Javorcik, Beata & Demir, Banu & Michalski, Tomasz K. & ÖRS, Evren, 2020. "Financial Constraints and Propagation of Shocks in Production Networks," CEPR Discussion Papers 15316, C.E.P.R. Discussion Papers.
    7. Rodrigo Adao & Costas Arkolakis & Sharat Ganapati, 2020. "Aggregate Implications of Firm Heterogeneity: A Nonparametric Analysis of Monopolistic Competition Trade Models," Cowles Foundation Discussion Papers 2265, Cowles Foundation for Research in Economics, Yale University.
    8. Hinterlang, Natascha & Jäger, Marius & Stähler, Nikolai & Strobel, Johannes, 2024. "On curbing the rise in energy prices: An examination of different mitigation approaches," Discussion Papers 09/2024, Deutsche Bundesbank.
    9. Ottaviano, Gianmarco & Cappariello, Rita & Franco-Bedoya, Sebastian & Gunnella, Vanessa, 2020. "Rising Protectionism and Global Value Chains: Quantifying the General Equilibrium Effects," CEPR Discussion Papers 14423, C.E.P.R. Discussion Papers.
    10. Levchenko, Andrei & Bartelme, Dominick & Lan, Ting, 2020. "Specialization, Market Access and Real Income," CEPR Discussion Papers 15604, C.E.P.R. Discussion Papers.
    11. Ernst, Anne & Hinterlang, Natascha & Mahle, Alexander & Stähler, Nikolai, 2022. "Carbon pricing, border adjustment and climate clubs: An assessment with EMuSe," Discussion Papers 25/2022, Deutsche Bundesbank.
    12. Kreuter, Helena & Riccaboni, Massimo, 2023. "The impact of import tariffs on GDP and consumer welfare: A production network approach," Economic Modelling, Elsevier, vol. 126(C).
    13. Lisack, Noemie & Lloyd, Simon & Sajedi, Rana, 2022. "Aggregation across each nation: aggregator choice and macroeconomic dynamics," Bank of England working papers 982, Bank of England.
    14. Alan Feng & Haishi Li & Yulin Wang, 2023. "We Are All in the Same Boat: Cross-Border Spillovers of Climate Shocks through International Trade and Supply Chain," CESifo Working Paper Series 10402, CESifo.
    15. Alonso de Gortari & Pol Antras, 2016. "On the Geography of Global Value Chains," 2016 Meeting Papers 1252, Society for Economic Dynamics.
    16. Bonadio, Barthélémy & Huo, Zhen & Levchenko, Andrei A. & Pandalai-Nayar, Nitya, 2021. "Global supply chains in the pandemic," Journal of International Economics, Elsevier, vol. 133(C).
    17. Christoph Halser & Florentina Paraschiv, 2022. "Pathways to Overcoming Natural Gas Dependency on Russia—The German Case," Energies, MDPI, vol. 15(14), pages 1-24, July.
    18. Siying Ding & Ahmad Lashkaripour & Volodymyr Lugovskyy, 2024. "A Global Perspective on the Incidence of Monopoly Distortions," CESifo Working Paper Series 11211, CESifo.
    19. Teresa Messner & Thomas Zörner, 2023. "Aggregate price pressures along the supply chain: a euro area perspective," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/22-Q1/, pages 21-32.
    20. Charles Serfaty, 2022. "Sovereign Debt and International Trade," Working papers 901, Banque de France.
    21. Vallès Codina, Oriol, 2023. "Business cycles, sectoral price stabilization, and climate change mitigation: A model of multi-sector growth in the tradition of the Bielefeld disequilibrium approach," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 636-653.
    22. Thomas Hasenzagl & Luis Perez, 2023. "The Micro-Aggregated Profit Share," Papers 2309.12945, arXiv.org, revised Nov 2023.
    23. Pablo D. Fajgelbaum & Pinelopi K. Goldberg & Patrick J. Kennedy & Amit K. Khandelwal, 2019. "The Return to Protectionism," NBER Working Papers 25638, National Bureau of Economic Research, Inc.
    24. Ernst, Anne & Hinterlang, Natascha & Mahle, Alexander & Stähler, Nikolai, 2023. "Carbon pricing, border adjustment and climate clubs: Options for international cooperation," Journal of International Economics, Elsevier, vol. 144(C).
    25. Antrà s, Pol & Chor, Davin, 2021. "Global Value Chains," CEPR Discussion Papers 15908, C.E.P.R. Discussion Papers.
    26. Farrokhi, Farid & Lashkaripour, Ahmad & Pellegrina, Heitor S., 2024. "Trade and technology adoption in distorted economies," Journal of International Economics, Elsevier, vol. 150(C).
    27. Hinterlang, Natascha & Martin, Anika & Röhe, Oke & Stähler, Nikolai & Strobel, Johannes, 2022. "Using energy and emissions taxation to finance labor tax reductions in a multi-sector economy," Energy Economics, Elsevier, vol. 115(C).
    28. Di Bella, Gabriel & Flanagan, Mark & Foda, Karim & Maslova, Svitlana & Pienkowski, Alex & Stuermer, Martin & Toscani, Frederik, 2024. "Natural gas in Europe: The potential impact of disruptions to supply," Energy Economics, Elsevier, vol. 138(C).
    29. Fernández-Cerezo, Alejandro & Moral-Benito, Enrique & Quintana, Javier, 2024. "On the macroeconomic impact of NGEU funds and its propagation through the production network," Economic Modelling, Elsevier, vol. 132(C).
    30. Natascha Hinterlang, 2023. "Effects of Carbon Pricing in Germany and Spain: An Assessment with EMuSe," Working Papers 2328, Banco de España.
    31. Elvira Prades-Illanes & Patrocinio Tello-Casas, 2020. "Spanish regions in Global Value Chains: How important? How different?," Working Papers 2026, Banco de España.
    32. Hinterlang, Natascha & Martin, Anika & Röhe, Oke & Stähler, Nikolai & Strobel, Johannes, 2021. "Using energy and emissions taxation to finance labor tax reductions in a multi-sector economy: An assessment with EMuSe," Discussion Papers 50/2021, Deutsche Bundesbank.
    33. Alejandro Fernández-Cerezo & Enrique Moral-Benito & Javier Quintana, 2023. "A production network model for the Spanish economy with an application to the impact of NGEU funds," Working Papers 2305, Banco de España.
    34. Daron Acemoglu & David Autor & Christina Patterson, 2023. "Bottlenecks: Sectoral Imbalances and the US Productivity Slowdown," NBER Working Papers 31427, National Bureau of Economic Research, Inc.
    35. Ma, Xiao & Nakab, Alejandro & Zhang, Yiran, 2023. "Skill Acquisition and the Gains from Trade: A Cross-country Quantitative Analysis," MPRA Paper 117808, University Library of Munich, Germany.
    36. Iván Kataryniuk & Javier Pérez & Francesca Viani, 2021. "(De-)Globalisation of trade and regionalisation: a survey of the facts and arguments," Occasional Papers 2124, Banco de España.
    37. Sanyal, Anirban, 2021. "Impact of US-China Trade War on Indian External Trade," EconStor Preprints 242250, ZBW - Leibniz Information Centre for Economics.

  12. Omar Barbiero & Emmanuel Farhi & Gita Gopinath & Oleg Itskhoki, 2018. "The Macroeconomics of Border Taxes," NBER Working Papers 24702, National Bureau of Economic Research, Inc.

    Cited by:

    1. Shafik Hebous & Alexander Klemm, 2018. "A Destination-Based Allowance for Corporate Equity," CESifo Working Paper Series 7363, CESifo.
    2. Christopher J. Erceg & Andrea Prestipino & Andrea Raffo, 2022. "Trade policies and fiscal devaluations," International Finance Discussion Papers 1347, Board of Governors of the Federal Reserve System (U.S.).
    3. Alan J. Auerbach, 2019. "Tax Equivalences and Their Implications," Tax Policy and the Economy, University of Chicago Press, vol. 33(1), pages 81-107.
    4. Agnès Bénassy-Quéré & Matthieu Bussière & Pauline Wibaux, 2018. "Trade and currency weapons," Working Papers 2018-08, CEPII research center.
    5. Jingjing Fan & Feng Shi & Junzhu Zhao & Jingming Zhu, 2023. "Trade Policy Uncertainty, Financial Frictions, and Monetary Policy," Annals of Economics and Finance, Society for AEF, vol. 24(1), pages 193-211, May.
    6. Olivier Jeanne, 2021. "Currency Wars, Trade Wars, and Global Demand," NBER Working Papers 29603, National Bureau of Economic Research, Inc.
    7. Sager, Lutz, 2023. "The global consumer incidence of carbon pricing: Evidence from trade," Energy Economics, Elsevier, vol. 127(PB).
    8. Eric W. Bond & Thomas A. Gresik, 2023. "On the incentive compatibility of universal adoption of destination-based cash flow taxation," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 30(6), pages 1576-1600, December.
    9. Georgiadis, Georgios & Hildebrand, Sebastian & Ricci, Martino & Schumann, Ben & van Roye, Björn, 2021. "ECB-Global 2.0: a global macroeconomic model with dominant-currency pricing, tariffs and trade diversion," Working Paper Series 2530, European Central Bank.
    10. Gong, Liutang & Wang, Chan & Wu, Liyuan & Zou, Heng-fu, 2023. "Currency misalignments, international trade in intermediate inputs, and inflation targeting," Journal of International Money and Finance, Elsevier, vol. 134(C).
    11. Lechthaler, Wolfgang & Mileva, Mariya, 2024. "Trade liberalization, wage inequality, and monetary policy," Journal of International Money and Finance, Elsevier, vol. 143(C).
    12. Fan, Haichao & Liu, Yu & Qiu, Larry D. & Zhao, Xiaoxue, 2020. "Export to elude," Journal of International Economics, Elsevier, vol. 127(C).
    13. Johannes Becker & Joachim Englisch, 2020. "Unilateral introduction of destination-based cash-flow taxation," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 27(3), pages 495-513, June.

  13. Phillipe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2018. "Monetary policy, product market competition and growth," CEP Discussion Papers dp1590, Centre for Economic Performance, LSE.

    Cited by:

    1. Viral V. Acharya & Matteo Crosignani & Tim Eisert & Christian Eufinger, 2020. "Zombie Credit and (Dis-)Inflation: Evidence from Europe," NBER Working Papers 27158, National Bureau of Economic Research, Inc.
    2. Rakshit, Bijoy & Bardhan, Samaresh, 2023. "Does bank competition affect the transmission mechanism of monetary policy through bank lending channel? Evidence from India," Journal of Asian Economics, Elsevier, vol. 86(C).
    3. Sèna Kimm Gnangnon, 2022. "Development Aid and Export Resilience in Developing Countries: A Reference to Aid for Trade," Economies, MDPI, vol. 10(7), pages 1-31, July.
    4. Marcella Lucchetta, 2023. "Understanding Monetary Policy: The Real Sector and Welfare," Working Papers 2023:01, Department of Economics, University of Venice "Ca' Foscari".
    5. Jonas Rapsikevicius & Jurgita Bruneckiene & Mantas Lukauskas & Sarunas Mikalonis, 2021. "The Impact of Economic Freedom on Economic and Environmental Performance: Evidence from European Countries," Sustainability, MDPI, vol. 13(4), pages 1-20, February.
    6. Ferrando, Annalisa & McAdam, Peter & Petroulakis, Filippos & Vives, Xavier, 2021. "Product market structure and monetary policy: evidence from the Euro Area," Working Paper Series 2632, European Central Bank.
    7. Francesco Zanetti & Masashige Hamano, 2020. "Monetary Policy, Firm Heterogeneity, and Product Variety," Economics Series Working Papers 917, University of Oxford, Department of Economics.
    8. Renzhi, Nuobu & Beirne, John, 2023. "Corporate market power and monetary policy transmission in Asia," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    9. Hirschbühl, Dominik & Spitzer, Martin, 2021. "International medium-term business cycles," Working Paper Series 2536, European Central Bank.
    10. Mr. Romain A Duval & Davide Furceri & Raphael Lee & Ms. Marina Mendes Tavares, 2021. "Market Power and Monetary Policy Transmission," IMF Working Papers 2021/184, International Monetary Fund.
    11. Tingxi Wang & Hui Zhang, 2022. "Does Counter-Cyclical Monetary Policy Promote Enterprise R&D Investment in a Recession? Empirical Evidence from China," Sustainability, MDPI, vol. 14(10), pages 1-18, May.

  14. Emmanuel Farhi & Jean Tirole, 2018. "Shadow Banking and the Four Pillars of Traditional Financial Intermediation," EconPol Working Paper 16, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Milton Harris & Christian Opp & Marcus Opp, 2020. "The Aggregate Demand for Bank Capital," NBER Working Papers 27858, National Bureau of Economic Research, Inc.
    2. Taejin Kim & Vishal Mangla, 2019. "Capital Regulation with Two Banking Sectors: Cyclicality and Implementation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(2-3), pages 485-537, March.
    3. Federico Lubello & Abdelaziz Rouabah, 2019. "Capturing macroprudential regulation effectiveness: a DSGE approach with shadow intermediaries," Revista de Estabilidad Financiera, Banco de España, issue Otoño.
    4. Christian Calmès & Raymond Théoret, 2021. "Portfolio analysis of big US banks’ performance: the fee business lines factor," Journal of Banking Regulation, Palgrave Macmillan, vol. 22(2), pages 112-132, June.
    5. Z. Mierzwa & З. Межва, 2019. "Жан Тироль: математик-экономист-гуманист // Jean Tirole: Mathematician-Economist-Humanist," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 23(1), pages 13-26.
    6. Jean Tirole, 2021. "Emmanuel Farhi, Economist Par Excellence," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 1-17, August.
    7. Lubello, Federico & Rouabah, Abdelaziz, 2024. "Securitization, shadow banking system and macroprudential regulation: A DSGE approach," Economic Modelling, Elsevier, vol. 131(C).
    8. Dávila, Eduardo & Walther, Ansgar, 2022. "Corrective regulation with imperfect instruments," Working Paper Series 2723, European Central Bank.
    9. Irani, Rustom & Iyer, Rajkamal & Peydró, José-Luis & Meisenzahl, Ralf, 2020. "The Rise of Shadow Banking: Evidence from Capital Regulation," EconStor Preprints 216799, ZBW - Leibniz Information Centre for Economics.
    10. Piguillem, Facundo & Ordoñez, Guillermo, 2018. "Retirement in the Shadow (Banking)," CEPR Discussion Papers 13144, C.E.P.R. Discussion Papers.
    11. François-Éric Racicot & Raymond Théoret, 2022. "Tracking market and non-traditional sources of risks in procyclical and countercyclical hedge fund strategies under extreme scenarios: a nonlinear VAR approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-56, December.
    12. Li, Quan & Zha, Yong & Dong, Yu, 2023. "Subsidize or Not: The Competition of Credit Card and Online Credit in Platform-based Supply Chain System," European Journal of Operational Research, Elsevier, vol. 305(2), pages 644-658.
    13. Repullo, Rafael & Martinez-Miera, David, 2018. "Markets, Banks, and Shadow Banks," CEPR Discussion Papers 13248, C.E.P.R. Discussion Papers.
    14. Julien Bengui & Javier Bianchi, 2018. "Macroprudential Policy with Leakages," Working Papers 754, Federal Reserve Bank of Minneapolis.
    15. Hodula, Martin & Ngo, Ngoc Anh, 2024. "Does macroprudential policy leak? Evidence from shadow bank lending in EU countries," Economic Modelling, Elsevier, vol. 132(C).
    16. Hodula, Martin & Libich, Jan, 2023. "Has monetary policy fueled the rise in shadow banking?," Economic Modelling, Elsevier, vol. 123(C).
    17. Puriya Abbassi & Rajkamal Iyer & José-Luis Peydró & Paul E. Soto, 2020. "Stressed banks? Evidence from the largest-ever supervisory review," Economics Working Papers 1721, Department of Economics and Business, Universitat Pompeu Fabra.
    18. Hodula, Martin & Melecky, Ales & Machacek, Martin, 2020. "Off the radar: Factors behind the growth of shadow banking in Europe," Economic Systems, Elsevier, vol. 44(3).
    19. Bardoscia, Marco & Ka-Kay Pang, Raymond, 2023. "Ring-fencing in financial networks," Bank of England working papers 1046, Bank of England.
    20. Sarah Goldman & Virginia Zhelyazkova, 2023. "Drivers of Shadow Banking System: A Panel Empirical Approach for Developed Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 8, pages 95-122.
    21. Martin Hodula, 2019. "Monetary Policy and Shadow Banking: Trapped between a Rock and a Hard Place," Working Papers 2019/5, Czech National Bank.
    22. Gebauer, Stefan & Mazelis, Falk, 2023. "Macroprudential regulation and leakage to the shadow banking sector," European Economic Review, Elsevier, vol. 154(C).
    23. Chavaz, Matthieu & Elliott, David, 2020. "Separating retail and investment banking: evidence from the UK," Bank of England working papers 892, Bank of England, revised 18 Feb 2021.
    24. Jiang, Bo, 2024. "The real effect of shadow banking regulation: Evidence from China," Emerging Markets Review, Elsevier, vol. 59(C).
    25. Gebauer Stefan, 2021. "Welfare-Based Optimal Macroprudential Policy with Shadow Banks," Working papers 817, Banque de France.
    26. Borys Grochulski & Yuzhe Zhang, 2019. "Optimal liquidity policy with shadow banking," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 68(4), pages 967-1015, November.
    27. Dasol Kim & Luke Olson & Toan Phan, 2024. "Bank Competition and Strategic Adaptation to Climate Change," Working Paper 24-06, Federal Reserve Bank of Richmond.
    28. Fang, Sheng & Qian, Xuesong & Zou, Wei, 2020. "The empirical relation between loan risk and collateral in the shadow banking system: Evidence from China’s entrusted loan market," International Review of Economics & Finance, Elsevier, vol. 67(C), pages 42-54.
    29. Croicu Andreea-Elena & Călin Adrian Cantemir, 2024. "Reconceptualizing Stability: Dynamics of Shadow Banking in Financial Markets," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 1385-1397.
    30. Martin Hodula, 2018. "Off the Radar: Exploring the Rise of Shadow Banking in the EU," Working Papers 2018/16, Czech National Bank.
    31. Bank for International Settlements, 2019. "Unconventional monetary policy tools: a cross-country analysis," CGFS Papers, Bank for International Settlements, number 63.
    32. Poeschl, Johannes & Zhang, Xue, 2018. "Bank Capital Regulation and Endogenous Shadow Banking Crises," MPRA Paper 92529, University Library of Munich, Germany.
    33. Clayton, Christopher & Schaab, Andreas, 2023. "Regulation with Externalities and Misallocation in General Equilibrium," TSE Working Papers 23-1445, Toulouse School of Economics (TSE).
    34. Wenzhe Li, 2024. "China’s shadow banking in 2020–2022: an empirical study," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.

  15. Baqaee, David Rezza & Farhi, Emmanuel, 2018. "The Microeconomic foundations of Aggregate Production Functions," CEPR Discussion Papers 13362, C.E.P.R. Discussion Papers.

    Cited by:

    1. François Geerolf, 2022. "The “Baqaee-Farhi approach” and a russian gas embargo," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(4), pages 143-165.
    2. Andrew Foerster & Andreas Hornstein & Mark Watson & Pierre-Daniel Sarte, 2019. "Sectoral and Aggregate Structural Change," 2019 Meeting Papers 532, Society for Economic Dynamics.
    3. Emir Malikov & Shunan Zhao & Jingfang Zhang, 2023. "A System Approach to Structural Identification of Production Functions with Multi-Dimensional Productivity," Papers 2302.13429, arXiv.org.
    4. Juan E. Jacobo, 2022. "Back to the Surplus: An Unorthodox Neoclassical Model of Growth, Distribution and Unemployment with Technical Change," Papers 2211.14978, arXiv.org.
    5. Philippe Aghion & Celine Antonin & Simon Bunel & Xavier Jaravel, 2022. "Modern manufacturing capital, labor demand, and product market dynamics: evidence from France," POID Working Papers 044.pdf, Centre for Economic Performance, LSE.
    6. Andrew T. Foerster & Andreas Hornstein & Pierre-Daniel G. Sarte & Mark W. Watson, 2022. "Aggregate Implications of Changing Sectoral Trends," Working Paper Series 2019-16, Federal Reserve Bank of San Francisco.
    7. Carlo Milana, 2024. "Refuting Samuelson’s capitulation on the re-switching of techniques in the Cambridge capital controversy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(2), pages 179-197, June.
    8. Eric J. Bartelsman, 2019. "From New Technology to Productivity," European Economy - Discussion Papers 113, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    9. Martina Kirchberger & Keelan Beirne, 2021. "Concrete Thinking About Development," Trinity Economics Papers tep0621, Trinity College Dublin, Department of Economics.

  16. Baqaee, David Rezza & Farhi, Emmanuel, 2018. "Macroeconomics with Heterogeneous Agents and Input-Output Networks," CEPR Discussion Papers 13006, C.E.P.R. Discussion Papers.

    Cited by:

    1. Ali Elguellab & Elhadj Ezzahid, 2023. "Production Networks, Sectoral Shocks and Aggregate Volatility in a Developing Economy: Insights From Morocco," Research papers & Policy papers on Economic Trends and Policies 2320, Policy Center for the New South.
    2. Daza, Brian, 2024. "Government Spending Multipliers and Distribution of Commodity Booms in the Spatial Economy," Working Papers 690, Research Seminar in International Economics, University of Michigan.
    3. Caraiani, Petre, 2019. "Oil shocks and production network structure: Evidence from the OECD," Energy Economics, Elsevier, vol. 84(C).
    4. Raffaele Giammetti & Alberto Russo & Mauro Gallegati, 2020. "Key sectors in input–output production networks: An application to Brexit," The World Economy, Wiley Blackwell, vol. 43(4), pages 840-870, April.
    5. David R. Baqaee & Emmanuel Farhi & Kunal Sangani, 2024. "The Supply-Side Effects of Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 132(4), pages 1065-1112.
    6. Baqaee, David Rezza & Farhi, Emmanuel, 2018. "The Microeconomic foundations of Aggregate Production Functions," CEPR Discussion Papers 13362, C.E.P.R. Discussion Papers.
    7. Fahr, Stephan & Senner, Richard & Vismara, Andrea, 2024. "The globalization of climate change: amplification of climate-related physical risks through input-output linkages," Working Paper Series 2942, European Central Bank.
    8. Caraiani, Petre, 2022. "The impact of oil supply news shocks on corporate investments and the structure of production network," Energy Economics, Elsevier, vol. 110(C).
    9. Eduardo Davila & Andreas Schaab, 2024. "Welfare Accounting," Cowles Foundation Discussion Papers 2412, Cowles Foundation for Research in Economics, Yale University.
    10. Jiang, Zhengyang & Richmond, Robert J., 2023. "Origins of international factor structures," Journal of Financial Economics, Elsevier, vol. 147(1), pages 1-26.

  17. Emmanuel Farhi & François Gourio, 2018. "Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia," Working Paper Series WP-2018-19, Federal Reserve Bank of Chicago.

    Cited by:

    1. Olivier J Blanchard, 2019. "Public Debt and Low Interest Rates," Working Paper Series WP19-4, Peterson Institute for International Economics.
    2. Barış Kaymak & Immo Schott, 2023. "Corporate Tax Cuts and the Decline in the Manufacturing Labor Share," Econometrica, Econometric Society, vol. 91(6), pages 2371-2408, November.
    3. Maarten de Ridder, 2019. "Market Power and Innovation in the Intangible Economy," Discussion Papers 1907, Centre for Macroeconomics (CFM).
    4. Nitschka, Thomas & Satkurunathan, Shajivan, 2021. "Habits die hard: implications for bond and stock markets internationally," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242358, Verein für Socialpolitik / German Economic Association.
    5. Ufuk Akcigit & Sina T. Ates, 2019. "What Happened to U.S. Business Dynamism?," NBER Working Papers 25756, National Bureau of Economic Research, Inc.
    6. Andrea L. Eisfeldt & Antonio Falato & Mindy Z. Xiaolan, 2021. "Human Capitalists," NBER Working Papers 28815, National Bureau of Economic Research, Inc.
    7. Ellen R. McGrattan, 2023. "Taxes, Regulations, and the Value of U.S. Corporations: A Reassessment," Staff Report 647, Federal Reserve Bank of Minneapolis.
    8. Galí, Jordi & Andrade, Philippe & Le Bihan, Hervé & Matheron, Julien, 2018. "The Optimal Inflation Target and the Natural Rate of Interest," CEPR Discussion Papers 12723, C.E.P.R. Discussion Papers.
    9. Janice C. Eberly & James H. Stock & Jonathan H. Wright, 2019. "The Federal Reserve’s Current Framework for Monetary Policy: A Review and Assessment," NBER Working Papers 26002, National Bureau of Economic Research, Inc.
    10. Atif Mian & Ludwig Straub & Amir Sufi, 2021. "Indebted Demand," Working Papers 2021-82, Princeton University. Economics Department..
    11. Bandi, Federico M. & Bretscher, Lorenzo & Tamoni, Andrea, 2023. "Return predictability with endogenous growth," Journal of Financial Economics, Elsevier, vol. 150(3).
    12. Piguillem, Facundo & Grasso, Adriana & Passadore, Juan, 2020. "The Macroeconomics of Hedging Income Shares," CEPR Discussion Papers 14732, C.E.P.R. Discussion Papers.
    13. Valerie Vandermeulen & Werner Roeger, 2021. "Trend Capital when Goods and Capital Market Frictions Exist," European Economy - Discussion Papers 145, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    14. Thomas J. Carter & Xin Scott Chen & José Dorich, 2019. "Le taux neutre au Canada : mise à jour de 2019," Staff Analytical Notes 2019-11fr, Bank of Canada.
    15. Filippo Passerini, 2022. "Monopsony in labor markets: Empirical evidence from Italian firms," French Stata Users' Group Meetings 2022 24, Stata Users Group.
    16. Satyajit Chatterjee & Burcu Eyigungor, 2019. "The Firm Size and Leverage Relationship and Its Implications for Entry and Concentration in a Low Interest Rate World," 2019 Meeting Papers 1041, Society for Economic Dynamics.
    17. Andrew Atkeson & Jonathan Heathcote & Fabrizio Perri, 2022. "The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States," NBER Working Papers 29771, National Bureau of Economic Research, Inc.
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    19. Juan E. Jacobo, 2022. "Back to the Surplus: An Unorthodox Neoclassical Model of Growth, Distribution and Unemployment with Technical Change," Papers 2211.14978, arXiv.org.
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    21. Satyajit Chatterjee & Burcu Eyigungor, 2020. "The Firm Size and Leverage Relationship and Its Implications for Entry and Business Concentration," Working Papers 20-29, Federal Reserve Bank of Philadelphia.
    22. Günter Coenen & Carlos Montes‐Galdón & Frank Smets, 2023. "Effects of State‐Dependent Forward Guidance, Large‐Scale Asset Purchases, and Fiscal Stimulus in a Low‐Interest‐Rate Environment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 825-858, June.
    23. Gunther Tichy, 2019. "Das vernachlässigte Massensparen. Die wirtschaftspolitischen Folgen zunehmender Intermediation," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(8), pages 583-597, August.
    24. Piguillem, Facundo & Ordoñez, Guillermo, 2020. "Savings Rates: Up or Down?," CEPR Discussion Papers 14662, C.E.P.R. Discussion Papers.
    25. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2020. "The Expected Return on Risky Assets: International Long-run Evidence," CEPR Discussion Papers 15610, C.E.P.R. Discussion Papers.
    26. Simon Loretz & Hans Pitlik & Margit Schratzenstaller-Altzinger, 2021. "Bundeshaushalt und Staatsschuld in der COVID-19-Krise. Bundesvoranschlag 2021 und Mittelfristiger Finanzrahmen 2021 bis 2024," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(1), pages 53-65, January.
    27. Joel M. David & Romain Ranciere & David Zeke, 2023. "International Diversification, Reallocation, and the Labor Share," Working Paper Series WP 2023-16, Federal Reserve Bank of Chicago.
    28. Verónica Bäcker-Peral & Jonathon Hazell & Atif R. Mian, 2023. "Dynamics of the Long Term Housing Yield: Evidence from Natural Experiments," NBER Working Papers 31760, National Bureau of Economic Research, Inc.
    29. Auclert, Adrien & Malmberg, Hannes & Martenet, Frederic & Rognlie, Matthew, 2021. "Demographics, Wealth, and Global Imbalances in the Twenty-First Century," CEPR Discussion Papers 16470, C.E.P.R. Discussion Papers.
    30. Challe, Edouard & Matvieiev, Mykhailo, 2024. "On natural interest rate volatility," European Economic Review, Elsevier, vol. 167(C).
    31. Janice C. Eberly, 2019. "Comment on "From Good to Bad Concentration? US Industries over the Past 30 Years"," NBER Chapters, in: NBER Macroeconomics Annual 2019, volume 34, pages 47-54, National Bureau of Economic Research, Inc.
    32. Mehrotra, Neil R. & Sergeyev, Dmitriy, 2021. "Debt sustainability in a low interest rate world," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 1-18.
    33. Jean-Baptiste Michau & Yoshiyasu Ono & Matthias Schlegl, 2018. "Wealth Preference and Rational Bubbles," ISER Discussion Paper 1035, Institute of Social and Economic Research, Osaka University.
    34. Ufuk Akcigit & Sina T. Ates, 2019. "Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory," NBER Working Papers 25755, National Bureau of Economic Research, Inc.
    35. Fernando Broner & Alberto Martin & Jaume Ventura, 2021. "On Public Spending and Economic Unions," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 122-154, March.
    36. Fernando Broner & Alberto Martin & Jaume Ventura, 2020. "On Public Spending and Unions," Economics Working Papers 1715, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2020.
    37. Ansgar Rannenberg & Thomas Theobald, 2022. "Income inequality and the German export surplus," Working Paper Research 424, National Bank of Belgium.
    38. François Gourio, 2019. "Has Business Fixed Investment Really Been Unusually Low?," Chicago Fed Letter, Federal Reserve Bank of Chicago.
    39. Sergeyev, Dmitriy & Mehrotra, Neil, 2020. "Debt Sustainability in a Low Interest Rate World," CEPR Discussion Papers 15282, C.E.P.R. Discussion Papers.
    40. Kaan Celebi & Werner Roeger & Paul J. J. Welfens, 2024. "Persistent US Current Account Deficit: The Role of Foreign Direct Investment," Discussion Papers of DIW Berlin 2074, DIW Berlin, German Institute for Economic Research.
    41. Sebastian Di Tella & Robert E. Hall, 2020. "Risk Premium Shocks Can Create Inefficient Recessions," NBER Working Papers 26721, National Bureau of Economic Research, Inc.
    42. Marx, Magali & Mojon, Benoît & Velde, François R., 2021. "Why have interest rates fallen far below the return on capital?," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 57-76.
    43. Andy Atkeson, 2020. "Alternative Facts Regarding the Labor Share," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 167-180, August.
    44. Gauti B. Eggertsson & Jacob A. Robbins & Ella Getz Wold, 2018. "Kaldor and Piketty’s Facts: The Rise of Monopoly Power in the United States," NBER Working Papers 24287, National Bureau of Economic Research, Inc.
    45. Kersten Kellermann & Carsten-Henning Schlag, 2021. "Überakkumulation oder Investitionslücke? [Over Accumulation or Investment Gap?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(12), pages 964-970, December.
    46. Maarten de Ridder, 2022. "Market power and innovation in the intangible economy," POID Working Papers 064, Centre for Economic Performance, LSE.
    47. Fornaro, Luca & , & Benigno, Gianluca, 2020. "The Global Financial Resource Curse," CEPR Discussion Papers 14441, C.E.P.R. Discussion Papers.
    48. Philippe Aghion & Antonin Bergeaud & Timo Boppart & Peter J. Klenow & Huiyu Li, 2019. "A Theory of Falling Growth and Rising Rents," NBER Working Papers 26448, National Bureau of Economic Research, Inc.
    49. Daniel L. Greenwald & Martin Lettau & Sydney C. Ludvigson, 2019. "How the Wealth Was Won: Factor Shares as Market Fundamentals," NBER Working Papers 25769, National Bureau of Economic Research, Inc.
    50. Vladimir Asriyan & Luca Fornaro & Alberto Martin & Jaume Ventura, 2016. "Monetary policy for a bubbly world," Economics Working Papers 1533, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 2020.
    51. Dmitry Matveev & Julien McDonald-Guimond & Rodrigo Sekkel, 2020. "The neutral rate in Canada: 2020 update," Staff Analytical Notes 2020-24, Bank of Canada.
    52. Emmanuel Farhi & François Gourio, 2019. "What is Driving the Return Spread Between “Safe” and “Risky” Assets?," Chicago Fed Letter, Federal Reserve Bank of Chicago.
    53. Lukasz Rachel & Lawrence H. Summers, 2019. "On Secular Stagnation in the Industrialized World," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(1 (Spring), pages 1-76.
    54. Has van Vlokhoven, 2024. "Estimating the Cost of Capital and the Profit Share," The Economic Journal, Royal Economic Society, vol. 134(661), pages 2175-2206.
    55. Francisco Louçã, 2021. "As time went by - why is the long wave so long?," Journal of Evolutionary Economics, Springer, vol. 31(3), pages 749-771, July.
    56. Tumisang Loate & Ekaterina Pirozhkova & Nicola Viegi, 2021. "Sailing into the Wind evaluating the near future of Monetary Policy in South Africa," Working Papers 11006, South African Reserve Bank.
    57. Guillermo Ordoñez & Facundo Piguillem, 2020. "Savings and Saving Rates: Up or Down?," NBER Working Papers 27179, National Bureau of Economic Research, Inc.
    58. Mumtaz Ahmad & John Fernald & Hashmat Khan, 2019. "Returns to Scale in U.S. Production, Redux," Carleton Economic Papers 19-07, Carleton University, Department of Economics.
    59. Gunther Tichy, 2019. "The Neglected Mass Saving. The Economic Consequences of Increasing Intermediation," WIFO Bulletin, WIFO, vol. 24(17), pages 153-166, December.
    60. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2022. "The big bang: Stock market capitalization in the long run," Journal of Financial Economics, Elsevier, vol. 145(2), pages 527-552.
    61. James Bootsma & Thomas J. Carter & Xin Scott Chen & Christopher Hajzler & Argyn Toktamyssov, 2020. "2020 US Neutral Rate Assessment," Discussion Papers 2020-12, Bank of Canada.
    62. Ernest Liu & Amir Sufi & Atif Mian, 2019. "Low Interest Rates, Market Power, and Productivity Growth," 2019 Meeting Papers 83, Society for Economic Dynamics.
    63. Strauss, Ilan & Yang, Jangho, 2024. "Testing for secular stagnation in investment rates using a Bayesian multilevel model," Structural Change and Economic Dynamics, Elsevier, vol. 70(C), pages 351-364.
    64. Timo Boppart & Huiyu Li, 2021. "Productivity Slowdown: Reducing the Measure of Our Ignorance," Working Paper Series 2021-21, Federal Reserve Bank of San Francisco.
    65. Ferreira, Thiago R.T. & Shousha, Samer, 2023. "Determinants of global neutral interest rates," Journal of International Economics, Elsevier, vol. 145(C).
    66. Strauss, Ilan & Yang, Jangho, 2020. "Corporate Secular Stagnation: Empirical Evidence on the Advanced Economy Investment Slowdown," INET Oxford Working Papers 2019-16, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    67. Guihai Zhao, 2020. "Learning, Equilibrium Trend, Cycle, and Spread in Bond Yields," Staff Working Papers 20-14, Bank of Canada.
    68. Gauti B. Eggertsson & Sergey K. Egiev, 2024. "Liquidity Traps: A Unified Theory of the Great Depression and Great Recession," NBER Working Papers 33195, National Bureau of Economic Research, Inc.
    69. Alessandro Villa, 2022. "Credit Misallocation and Macro Dynamics with Oligopolistic Financial Intermediaries," Working Paper Series WP 2022-41, Federal Reserve Bank of Chicago.
    70. Michael D. Bauer & Glenn D. Rudebusch, 2023. "The Rising Cost of Climate Change: Evidence from the Bond Market," The Review of Economics and Statistics, MIT Press, vol. 105(5), pages 1255-1270, September.
    71. Guillermo Ordonez & Facundo Piguillem, 2022. "Saving Rates and Savings Ratios," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 365-381, October.
    72. Elmar Dönnebrink & Nils Grevenbrock, 2022. "Sustainability gap of public debt: importance of interest rates and a new decomposition with premia," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(4), pages 1009-1030, November.
    73. Cairó, Isabel & Sim, Jae, 2024. "Market power, inequality, and financial instability," Journal of Economic Dynamics and Control, Elsevier, vol. 164(C).
    74. Andreas Fagereng & Matthieu Gomez & Emilien Gouin-Bonenfant & Martin Holm & Benjamin Moll & Gisle Natvik, 2023. "Asset-Pricing Redistribution," Working Papers 02/2023, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
    75. Heylen, Freddy & Mareels, Marthe & Van Langenhove, Christophe, 2024. "Long-run perspectives on r-g in OECD countries: An empirical analysis," Journal of International Money and Finance, Elsevier, vol. 145(C).
    76. Jacopo Bonchi, 2020. "Asset Price Bubbles and Monetary Policy: Revisiting the Nexus at the Zero Lower Bound," Working Papers 9/20, Sapienza University of Rome, DISS.
    77. Jacopo Bonchi, 2021. "Online Appendix to "Asset Price Bubbles and Monetary Policy: Revisiting the Nexus at the Zero Lower Bound"," Online Appendices 20-262, Review of Economic Dynamics.
    78. Cappiello, Lorenzo & Holm-Hadulla, Fédéric & Maddaloni, Angela & Mayordomo, Sergio & Unger, Robert & Arts, Laura & Meme, Nicolas & Asimakopoulos, Ioannis & Migiakis, Petros & Behrens, Caterina & Moura, 2021. "Non-bank financial intermediation in the euro area: implications for monetary policy transmission and key vulnerabilities," Occasional Paper Series 270, European Central Bank.
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    80. Robert Barsky & Matthew Easton, 2021. "The global saving glut and the fall in U.S. real interest rates: A 15-year retrospective," Economic Perspectives, Federal Reserve Bank of Chicago, issue EP-2021-1, pages 1-15, March.
    81. Lawrence Mishel & Josh Bivens, 2021. "The Productivity-Median Compensation Gap in the United States: The Contribution of Increased Wage Inequality and the Role of Policy Choices," International Productivity Monitor, Centre for the Study of Living Standards, vol. 41, pages 61-97, Fall.
    82. Matthew Rognlie, 2018. "Comment on "Accounting for Factorless Income"," NBER Chapters, in: NBER Macroeconomics Annual 2018, volume 33, pages 235-248, National Bureau of Economic Research, Inc.
    83. Morlacco, Monica & Zeke, David, 2021. "Monetary policy, customer capital, and market power," Journal of Monetary Economics, Elsevier, vol. 121(C), pages 116-134.
    84. Strauss, Ilan & Yang, Jangho, 2021. "Slowing investment rates in developing economies: Evidence from a Bayesian hierarchical model," International Review of Financial Analysis, Elsevier, vol. 77(C).

  18. Farhi, Emmanuel & Gourinchas, Pierre-Olivier & Caballero, Ricardo, 2017. "Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields," CEPR Discussion Papers 11833, C.E.P.R. Discussion Papers.

    Cited by:

    1. Olivier J Blanchard, 2019. "Public Debt and Low Interest Rates," Working Paper Series WP19-4, Peterson Institute for International Economics.
    2. Benjamin Moll & Lukasz Rachel & Pascual Restrepo, 2021. "Uneven Growth: Automation's Impact on Income and Wealth Inequality," NBER Working Papers 28440, National Bureau of Economic Research, Inc.
    3. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2017. "The Safe Assets Shortage Conundrum," Department of Economics, Working Paper Series qt8h3182xb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    4. Bailey, Andrew & Cesa-Bianchi, Ambrogio & Garofalo, Marco & Harrison, Richard & McLaren, Nick & Sajedi, Rana & Piton, Sophie, 2023. "Structural change, global R* and the missing-investment puzzle," Bank of England working papers 997, Bank of England.
    5. Piguillem, Facundo & Grasso, Adriana & Passadore, Juan, 2020. "The Macroeconomics of Hedging Income Shares," CEPR Discussion Papers 14732, C.E.P.R. Discussion Papers.
    6. Luo, Yuwei & Mei, Dongzhou, 2023. "The shortage of safe assets and China's housing boom," Economic Modelling, Elsevier, vol. 119(C).
    7. Sophie Piton, 2018. "Do Unit Labor Costs Matter? A Decomposition Exercise on European Data," PSE Working Papers halshs-01785345, HAL.
    8. Amaral, Francisco & Dohmen, Martin & Kohl, Sebastian & Schularick, Moritz, 2023. "Interest rates and the spatial polarization of housing markets," CEPR Discussion Papers 17780, C.E.P.R. Discussion Papers.
    9. Enrico Sergio Levrero & Giacomo Sbrenna, 2022. "Some Factors Affecting US Capital Profitability over the Last Decades," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 77-101, December.
    10. Philippon, Thomas & Gutierrez, German, 2017. "Declining Competition and Investment in the U.S," CEPR Discussion Papers 12536, C.E.P.R. Discussion Papers.
    11. Emmanuel Farhi & François Gourio, 2018. "Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia," NBER Working Papers 25282, National Bureau of Economic Research, Inc.
    12. Monica Amici & Emmanuele Bobbio & Roberto Torrini, 2018. "Patterns of Convergence (Divergence) in the Euro Area: Profitability Versus Cost and Price Indicators," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(3), pages 367-384, November.
    13. Juan Passadore & Facundo Piguillem & Adriana Grasso, 2017. "Rising Capital Shares, Risk Taking and The Secular Stagnation," 2017 Meeting Papers 1513, Society for Economic Dynamics.
    14. Noëmie Lisack & Rana Sajedi & Gregory Thwaites, 2019. "Population Ageing and the Macroeconomy," Working papers 745, Banque de France.
    15. Joachim Hubmer, 2019. "The Race Between Preferences and Technology," 2019 Meeting Papers 1430, Society for Economic Dynamics.
    16. Orhan Erem Atesagaoglu & Hakki Yazici, 2021. "Optimal Taxation of Capital in the Presence of Declining Labor Share," CESifo Working Paper Series 9101, CESifo.
    17. Jonas Loebbing, 2022. "An Elementary Theory of Directed Technical Change and Wage Inequality," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(1), pages 411-451.
    18. Ricardo J. Caballero & Alp Simsek, 2017. "A Risk-centric Model of Demand Recessions and Speculation," NBER Working Papers 23614, National Bureau of Economic Research, Inc.
    19. Jacob A. Kerspien & Jakob B. Madsen, 2024. "Markups, Tobin's q, and the Increasing Capital Share," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 569-587, March.
    20. Paul Schreyer & María Belén Zinni, 2021. "Productivity Measurement, R&D Assets, and Mark‐Ups in OECD Countries," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(4), pages 787-809, December.
    21. Paul Hackworth, 2024. "The Current and Expected Pricing Markup as Derived from the Capital Asset Pricing Model and Tobin’s Q and Applied to the UK’s FTSE 100," JRFM, MDPI, vol. 17(3), pages 1-17, March.
    22. German Gutierrez, 2018. "Investigating Global Labor and Pro t Shares," 2018 Meeting Papers 165, Society for Economic Dynamics.
    23. Goldin, Ian & Koutroumpis, Pantelis & Lafond, François & Winkler, Julian, 2020. "Why is productivity slowing down?," MPRA Paper 99172, University Library of Munich, Germany.
    24. Tarek Benjamin Moll & Lukasz Rachel & Pascual Restrepo, 2019. "Uneven Growth: Automation’s Impact on Income and Wealth Inequality," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-333, Boston University - Department of Economics.
    25. Maurice Obstfeld, 2020. "Global Dimensions of U.S. Monetary Policy," International Journal of Central Banking, International Journal of Central Banking, vol. 16(1), pages 73-132, February.
    26. Taylor, Alan M. & Kopecky, Joseph V., 2020. "The Murder-Suicide of the Rentier: Population Aging and the Risk Premium," CEPR Discussion Papers 14576, C.E.P.R. Discussion Papers.
    27. David Rezza Baqaee & Emmanuel Farhi, 2020. "Productivity and Misallocation in General Equilibrium," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(1), pages 105-163.
    28. Drago Bergholt & Francesco Furlanetto & Nicolò Maffei-Faccioli, 2022. "The Decline of the Labor Share: New Empirical Evidence," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(3), pages 163-198, July.
    29. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2020. "Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market," Documents de Travail de l'OFCE 2020-14, Observatoire Francais des Conjonctures Economiques (OFCE).
    30. Papetti, Andrea, 2019. "Demographics and the natural real interest rate: historical and projected paths for the euro area," Working Paper Series 2258, European Central Bank.
    31. Fernando Broner & Alberto Martin & Jaume Ventura, 2021. "On Public Spending and Economic Unions," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 122-154, March.
    32. Acharya, Sushant & Dogra, Keshav, 2020. "The Side Effects of Safe Asset Creation," CEPR Discussion Papers 14440, C.E.P.R. Discussion Papers.
    33. Fernando Broner & Alberto Martin & Jaume Ventura, 2020. "On Public Spending and Unions," Economics Working Papers 1715, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2020.
    34. Brand, Claus & Goy, Gavin & Lemke, Wolfgang, 2021. "Natural rate chimera and bond pricing reality," Working Paper Series 2612, European Central Bank.
    35. Benjamin Grosse-Rueschkamp & Jörg Rocholl, 2020. "Ursachen und Konsequenzen von Niedrigzinsen [Causes and Consequences of Low Interest Rates]," Schmalenbach Journal of Business Research, Springer, vol. 72(4), pages 401-421, December.
    36. Cesa-Bianchi, Ambrogio & Harrison, Richard & Sajedi, Rana, 2022. "Decomposing the drivers of Global R," Bank of England working papers 990, Bank of England.
    37. Aditya Aladangady & Etienne Gagnon & Benjamin K. Johannsen & William B. Peterman, 2021. "Macroeconomic Implications of Inequality and Income Risk," Finance and Economics Discussion Series 2021-073, Board of Governors of the Federal Reserve System (U.S.).
    38. Maurice Obstfeld, 2023. "Perspectives on r-bar and r-star," IMES Discussion Paper Series 23-E-03, Institute for Monetary and Economic Studies, Bank of Japan.
    39. Marx, Magali & Mojon, Benoît & Velde, François R., 2021. "Why have interest rates fallen far below the return on capital?," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 57-76.
    40. Gauti B. Eggertsson & Jacob A. Robbins & Ella Getz Wold, 2018. "Kaldor and Piketty’s Facts: The Rise of Monopoly Power in the United States," NBER Working Papers 24287, National Bureau of Economic Research, Inc.
    41. Loukas Karabarbounis & Brent Neiman, 2019. "Accounting for Factorless Income," NBER Macroeconomics Annual, University of Chicago Press, vol. 33(1), pages 167-228.
    42. Robert Dixon & Guay C. Lim, 2018. "Labor’s Share, the firm’s market power and TFP," Department of Economics - Working Papers Series 2038, The University of Melbourne.
    43. Kersten Kellermann & Carsten-Henning Schlag, 2021. "Überakkumulation oder Investitionslücke? [Over Accumulation or Investment Gap?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(12), pages 964-970, December.
    44. Maarten de Ridder, 2022. "Market power and innovation in the intangible economy," POID Working Papers 064, Centre for Economic Performance, LSE.
    45. B. De Backer & J. Wauters, 2017. "The cyclical and structural determinants of the low interest rate environment," Economic Review, National Bank of Belgium, issue ii, pages 69-86, september.
    46. Piton, Sophie, 2021. "Economic integration and unit labour costs," European Economic Review, Elsevier, vol. 136(C).
    47. Kevin Rennert & Brian C. Prest & William A. Pizer & Richard G. Newell & David Anthoff & Cora Kingdon & Lisa Rennels & Roger Cooke & Adrian E. Raftery & Hana Sevcikova & Frank Errickson, 2021. "The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 52(2 (Fall)), pages 223-305.
    48. Tomas Reichenbachas & Linas Jurkšas & Rokas Kaminskas, 2021. "Natural real rates of interest across Euro area countries: Are R-stars getting closer together?," Bank of Lithuania Discussion Paper Series 24, Bank of Lithuania.
    49. ADACHI Daisuke & SAITO Yukiko, 2020. "Multinational Production and Labor Share," Discussion papers 20012, Research Institute of Economy, Trade and Industry (RIETI).
    50. Matthew Smith & Danny Yagan & Owen Zidar & Eric Zwick, 2019. "Capitalists in the Twenty-First Century," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 134(4), pages 1675-1745.
    51. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.
    52. Ansgar Rannenberg, 2023. "The Rise in Inequality, the Decline in the Natural Interest Rate, and the Increase in Household Debt," International Journal of Central Banking, International Journal of Central Banking, vol. 19(2), pages 1-93, June.
    53. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2022. "The big bang: Stock market capitalization in the long run," Journal of Financial Economics, Elsevier, vol. 145(2), pages 527-552.
    54. Maarten De Ridder, 2024. "Market Power and Innovation in the Intangible Economy," American Economic Review, American Economic Association, vol. 114(1), pages 199-251, January.
    55. Mr. Romain A Duval & Davide Furceri & Raphael Lee & Ms. Marina Mendes Tavares, 2021. "Market Power and Monetary Policy Transmission," IMF Working Papers 2021/184, International Monetary Fund.
    56. Ricardo Reis, 2021. "The constraint on public dept when r," BIS Working Papers 939, Bank for International Settlements.
    57. Robert N McCauley, 2019. "Safe assets: made, not just born," BIS Working Papers 769, Bank for International Settlements.
    58. Michał Gradzewicz & Jakub Mućk, 2020. "Unravelling the Markups Changes: The Role of Demand Elasticity and Concentration," KAE Working Papers 2020-056, Warsaw School of Economics, Collegium of Economic Analysis.
    59. Charles Goodhart & Manoj Pradhan, 2017. "Demographics will reverse three multi-decade global trends," BIS Working Papers 656, Bank for International Settlements.
    60. Brand, Claus & Bielecki, Marcin & Penalver, Adrian, 2018. "The natural rate of interest: estimates, drivers, and challenges to monetary policy JEL Classification: E52, E43," Occasional Paper Series 217, European Central Bank.
    61. Goto, Eiji, 2023. "International comovement of r∗: A case study of the G7 countries," Journal of Empirical Finance, Elsevier, vol. 74(C).
    62. Michał Gradzewicz & Jakub Mućk, 2019. "Globalization and the fall of markups," NBP Working Papers 304, Narodowy Bank Polski.
    63. Michael D. Bauer & Glenn D. Rudebusch, 2023. "The Rising Cost of Climate Change: Evidence from the Bond Market," The Review of Economics and Statistics, MIT Press, vol. 105(5), pages 1255-1270, September.
    64. Pfeiffer, Philipp & Roeger, Werner & Vogel, Lukas, 2021. "Optimal fiscal policy with low interest rates for government debt," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    65. Mertens, Matthias, 2019. "Micro-mechanisms behind declining labour shares: Market power, production processes, and global competition," IWH-CompNet Discussion Papers 3/2019, Halle Institute for Economic Research (IWH).
    66. Alexius, Annika, 2017. "Why are real interest rates so low? Evidence from a structural VAR with sign restrictions," Research Papers in Economics 2017:6, Stockholm University, Department of Economics.
    67. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2023. "Systemically important banks - emerging risk and policy responses: An agent-based investigation," LEM Papers Series 2023/30, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    68. Joachim Hubmer, 2023. "The Race Between Preferences and Technology," Econometrica, Econometric Society, vol. 91(1), pages 227-261, January.
    69. Orhan Erem Atesagaoglu & Hakki Yazici, 2021. "Optimal Taxation of Capital in the Presence of Declining Labor Share," Bristol Economics Discussion Papers 21/739, School of Economics, University of Bristol, UK.
    70. Joseba Martinez, 2018. "Automation, Growth and Factor Shares," 2018 Meeting Papers 736, Society for Economic Dynamics.
    71. De Ridder, Maarten, 2024. "Market power and innovation in the intangible economy," LSE Research Online Documents on Economics 120285, London School of Economics and Political Science, LSE Library.

  19. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2017. "Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," Department of Economics, Working Paper Series qt9dw1f40q, Department of Economics, Institute for Business and Economic Research, UC Berkeley.

    Cited by:

    1. Olivier J Blanchard, 2019. "Public Debt and Low Interest Rates," Working Paper Series WP19-4, Peterson Institute for International Economics.
    2. Benjamin Moll & Lukasz Rachel & Pascual Restrepo, 2021. "Uneven Growth: Automation's Impact on Income and Wealth Inequality," NBER Working Papers 28440, National Bureau of Economic Research, Inc.
    3. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2017. "The Safe Assets Shortage Conundrum," Department of Economics, Working Paper Series qt8h3182xb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    4. Eeckhout, Jan & De loecker, Jan, 2017. "The Rise of Market Power and the Macroeconomic Implications," CEPR Discussion Papers 12221, C.E.P.R. Discussion Papers.
    5. Bailey, Andrew & Cesa-Bianchi, Ambrogio & Garofalo, Marco & Harrison, Richard & McLaren, Nick & Sajedi, Rana & Piton, Sophie, 2023. "Structural change, global R* and the missing-investment puzzle," Bank of England working papers 997, Bank of England.
    6. Piguillem, Facundo & Grasso, Adriana & Passadore, Juan, 2020. "The Macroeconomics of Hedging Income Shares," CEPR Discussion Papers 14732, C.E.P.R. Discussion Papers.
    7. Luo, Yuwei & Mei, Dongzhou, 2023. "The shortage of safe assets and China's housing boom," Economic Modelling, Elsevier, vol. 119(C).
    8. Sophie Piton, 2018. "Do Unit Labor Costs Matter? A Decomposition Exercise on European Data," PSE Working Papers halshs-01785345, HAL.
    9. Amaral, Francisco & Dohmen, Martin & Kohl, Sebastian & Schularick, Moritz, 2023. "Interest rates and the spatial polarization of housing markets," CEPR Discussion Papers 17780, C.E.P.R. Discussion Papers.
    10. Enrico Sergio Levrero & Giacomo Sbrenna, 2022. "Some Factors Affecting US Capital Profitability over the Last Decades," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 77-101, December.
    11. Philippon, Thomas & Gutierrez, German, 2017. "Declining Competition and Investment in the U.S," CEPR Discussion Papers 12536, C.E.P.R. Discussion Papers.
    12. Ray C. Fair, 2022. "Why Have Interest Rates Been Low?," Cowles Foundation Discussion Papers 2340, Cowles Foundation for Research in Economics, Yale University.
    13. Emmanuel Farhi & François Gourio, 2018. "Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia," NBER Working Papers 25282, National Bureau of Economic Research, Inc.
    14. Monica Amici & Emmanuele Bobbio & Roberto Torrini, 2018. "Patterns of Convergence (Divergence) in the Euro Area: Profitability Versus Cost and Price Indicators," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(3), pages 367-384, November.
    15. Juan Passadore & Facundo Piguillem & Adriana Grasso, 2017. "Rising Capital Shares, Risk Taking and The Secular Stagnation," 2017 Meeting Papers 1513, Society for Economic Dynamics.
    16. Noëmie Lisack & Rana Sajedi & Gregory Thwaites, 2019. "Population Ageing and the Macroeconomy," Working papers 745, Banque de France.
    17. Joachim Hubmer, 2019. "The Race Between Preferences and Technology," 2019 Meeting Papers 1430, Society for Economic Dynamics.
    18. Orhan Erem Atesagaoglu & Hakki Yazici, 2021. "Optimal Taxation of Capital in the Presence of Declining Labor Share," CESifo Working Paper Series 9101, CESifo.
    19. Jonas Loebbing, 2022. "An Elementary Theory of Directed Technical Change and Wage Inequality," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(1), pages 411-451.
    20. Ricardo J. Caballero & Alp Simsek, 2017. "A Risk-centric Model of Demand Recessions and Speculation," NBER Working Papers 23614, National Bureau of Economic Research, Inc.
    21. Jacob A. Kerspien & Jakob B. Madsen, 2024. "Markups, Tobin's q, and the Increasing Capital Share," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 569-587, March.
    22. Paul Schreyer & María Belén Zinni, 2021. "Productivity Measurement, R&D Assets, and Mark‐Ups in OECD Countries," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(4), pages 787-809, December.
    23. Paul Hackworth, 2024. "The Current and Expected Pricing Markup as Derived from the Capital Asset Pricing Model and Tobin’s Q and Applied to the UK’s FTSE 100," JRFM, MDPI, vol. 17(3), pages 1-17, March.
    24. German Gutierrez, 2018. "Investigating Global Labor and Pro t Shares," 2018 Meeting Papers 165, Society for Economic Dynamics.
    25. Goldin, Ian & Koutroumpis, Pantelis & Lafond, François & Winkler, Julian, 2020. "Why is productivity slowing down?," MPRA Paper 99172, University Library of Munich, Germany.
    26. Tarek Benjamin Moll & Lukasz Rachel & Pascual Restrepo, 2019. "Uneven Growth: Automation’s Impact on Income and Wealth Inequality," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-333, Boston University - Department of Economics.
    27. Maurice Obstfeld, 2020. "Global Dimensions of U.S. Monetary Policy," International Journal of Central Banking, International Journal of Central Banking, vol. 16(1), pages 73-132, February.
    28. Taylor, Alan M. & Kopecky, Joseph V., 2020. "The Murder-Suicide of the Rentier: Population Aging and the Risk Premium," CEPR Discussion Papers 14576, C.E.P.R. Discussion Papers.
    29. David Rezza Baqaee & Emmanuel Farhi, 2020. "Productivity and Misallocation in General Equilibrium," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(1), pages 105-163.
    30. Drago Bergholt & Francesco Furlanetto & Nicolò Maffei-Faccioli, 2022. "The Decline of the Labor Share: New Empirical Evidence," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(3), pages 163-198, July.
    31. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2020. "Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market," Documents de Travail de l'OFCE 2020-14, Observatoire Francais des Conjonctures Economiques (OFCE).
    32. Papetti, Andrea, 2019. "Demographics and the natural real interest rate: historical and projected paths for the euro area," Working Paper Series 2258, European Central Bank.
    33. Fernando Broner & Alberto Martin & Jaume Ventura, 2021. "On Public Spending and Economic Unions," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 122-154, March.
    34. Acharya, Sushant & Dogra, Keshav, 2020. "The Side Effects of Safe Asset Creation," CEPR Discussion Papers 14440, C.E.P.R. Discussion Papers.
    35. Fernando Broner & Alberto Martin & Jaume Ventura, 2020. "On Public Spending and Unions," Economics Working Papers 1715, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2020.
    36. Brand, Claus & Goy, Gavin & Lemke, Wolfgang, 2021. "Natural rate chimera and bond pricing reality," Working Paper Series 2612, European Central Bank.
    37. Benjamin Grosse-Rueschkamp & Jörg Rocholl, 2020. "Ursachen und Konsequenzen von Niedrigzinsen [Causes and Consequences of Low Interest Rates]," Schmalenbach Journal of Business Research, Springer, vol. 72(4), pages 401-421, December.
    38. Cesa-Bianchi, Ambrogio & Harrison, Richard & Sajedi, Rana, 2022. "Decomposing the drivers of Global R," Bank of England working papers 990, Bank of England.
    39. Aditya Aladangady & Etienne Gagnon & Benjamin K. Johannsen & William B. Peterman, 2021. "Macroeconomic Implications of Inequality and Income Risk," Finance and Economics Discussion Series 2021-073, Board of Governors of the Federal Reserve System (U.S.).
    40. Maurice Obstfeld, 2023. "Perspectives on r-bar and r-star," IMES Discussion Paper Series 23-E-03, Institute for Monetary and Economic Studies, Bank of Japan.
    41. Marx, Magali & Mojon, Benoît & Velde, François R., 2021. "Why have interest rates fallen far below the return on capital?," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 57-76.
    42. Gauti B. Eggertsson & Jacob A. Robbins & Ella Getz Wold, 2018. "Kaldor and Piketty’s Facts: The Rise of Monopoly Power in the United States," NBER Working Papers 24287, National Bureau of Economic Research, Inc.
    43. Loukas Karabarbounis & Brent Neiman, 2019. "Accounting for Factorless Income," NBER Macroeconomics Annual, University of Chicago Press, vol. 33(1), pages 167-228.
    44. Robert Dixon & Guay C. Lim, 2018. "Labor’s Share, the firm’s market power and TFP," Department of Economics - Working Papers Series 2038, The University of Melbourne.
    45. Kersten Kellermann & Carsten-Henning Schlag, 2021. "Überakkumulation oder Investitionslücke? [Over Accumulation or Investment Gap?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(12), pages 964-970, December.
    46. Maarten de Ridder, 2022. "Market power and innovation in the intangible economy," POID Working Papers 064, Centre for Economic Performance, LSE.
    47. B. De Backer & J. Wauters, 2017. "The cyclical and structural determinants of the low interest rate environment," Economic Review, National Bank of Belgium, issue ii, pages 69-86, september.
    48. Piton, Sophie, 2021. "Economic integration and unit labour costs," European Economic Review, Elsevier, vol. 136(C).
    49. Robert Dixon & Guay C. Lim, 2018. "Labor'S Share, The Firm'S Market Power, And Total Factor Productivity," Economic Inquiry, Western Economic Association International, vol. 56(4), pages 2058-2076, October.
    50. Kevin Rennert & Brian C. Prest & William A. Pizer & Richard G. Newell & David Anthoff & Cora Kingdon & Lisa Rennels & Roger Cooke & Adrian E. Raftery & Hana Sevcikova & Frank Errickson, 2021. "The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 52(2 (Fall)), pages 223-305.
    51. Tomas Reichenbachas & Linas Jurkšas & Rokas Kaminskas, 2021. "Natural real rates of interest across Euro area countries: Are R-stars getting closer together?," Bank of Lithuania Discussion Paper Series 24, Bank of Lithuania.
    52. ADACHI Daisuke & SAITO Yukiko, 2020. "Multinational Production and Labor Share," Discussion papers 20012, Research Institute of Economy, Trade and Industry (RIETI).
    53. Emmanuel Farhi & François Gourio, 2019. "What is Driving the Return Spread Between “Safe” and “Risky” Assets?," Chicago Fed Letter, Federal Reserve Bank of Chicago.
    54. Matthew Smith & Danny Yagan & Owen Zidar & Eric Zwick, 2019. "Capitalists in the Twenty-First Century," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 134(4), pages 1675-1745.
    55. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.
    56. Ansgar Rannenberg, 2023. "The Rise in Inequality, the Decline in the Natural Interest Rate, and the Increase in Household Debt," International Journal of Central Banking, International Journal of Central Banking, vol. 19(2), pages 1-93, June.
    57. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2022. "The big bang: Stock market capitalization in the long run," Journal of Financial Economics, Elsevier, vol. 145(2), pages 527-552.
    58. Maarten De Ridder, 2024. "Market Power and Innovation in the Intangible Economy," American Economic Review, American Economic Association, vol. 114(1), pages 199-251, January.
    59. Mr. Romain A Duval & Davide Furceri & Raphael Lee & Ms. Marina Mendes Tavares, 2021. "Market Power and Monetary Policy Transmission," IMF Working Papers 2021/184, International Monetary Fund.
    60. Ricardo Reis, 2021. "The constraint on public dept when r," BIS Working Papers 939, Bank for International Settlements.
    61. Robert N McCauley, 2019. "Safe assets: made, not just born," BIS Working Papers 769, Bank for International Settlements.
    62. Michał Gradzewicz & Jakub Mućk, 2020. "Unravelling the Markups Changes: The Role of Demand Elasticity and Concentration," KAE Working Papers 2020-056, Warsaw School of Economics, Collegium of Economic Analysis.
    63. Charles Goodhart & Manoj Pradhan, 2017. "Demographics will reverse three multi-decade global trends," BIS Working Papers 656, Bank for International Settlements.
    64. Brand, Claus & Bielecki, Marcin & Penalver, Adrian, 2018. "The natural rate of interest: estimates, drivers, and challenges to monetary policy JEL Classification: E52, E43," Occasional Paper Series 217, European Central Bank.
    65. Goto, Eiji, 2023. "International comovement of r∗: A case study of the G7 countries," Journal of Empirical Finance, Elsevier, vol. 74(C).
    66. Michał Gradzewicz & Jakub Mućk, 2019. "Globalization and the fall of markups," NBP Working Papers 304, Narodowy Bank Polski.
    67. Michael D. Bauer & Glenn D. Rudebusch, 2023. "The Rising Cost of Climate Change: Evidence from the Bond Market," The Review of Economics and Statistics, MIT Press, vol. 105(5), pages 1255-1270, September.
    68. Pfeiffer, Philipp & Roeger, Werner & Vogel, Lukas, 2021. "Optimal fiscal policy with low interest rates for government debt," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    69. Mertens, Matthias, 2019. "Micro-mechanisms behind declining labour shares: Market power, production processes, and global competition," IWH-CompNet Discussion Papers 3/2019, Halle Institute for Economic Research (IWH).
    70. Alexius, Annika, 2017. "Why are real interest rates so low? Evidence from a structural VAR with sign restrictions," Research Papers in Economics 2017:6, Stockholm University, Department of Economics.
    71. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2023. "Systemically important banks - emerging risk and policy responses: An agent-based investigation," LEM Papers Series 2023/30, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    72. Joachim Hubmer, 2023. "The Race Between Preferences and Technology," Econometrica, Econometric Society, vol. 91(1), pages 227-261, January.
    73. Orhan Erem Atesagaoglu & Hakki Yazici, 2021. "Optimal Taxation of Capital in the Presence of Declining Labor Share," Bristol Economics Discussion Papers 21/739, School of Economics, University of Bristol, UK.
    74. Joseba Martinez, 2018. "Automation, Growth and Factor Shares," 2018 Meeting Papers 736, Society for Economic Dynamics.
    75. De Ridder, Maarten, 2024. "Market power and innovation in the intangible economy," LSE Research Online Documents on Economics 120285, London School of Economics and Political Science, LSE Library.

  20. David Rezza Baqaee & Emmanuel Farhi, 2017. "Productivity and Misallocation in General Equilibrium," Discussion Papers 1735, Centre for Macroeconomics (CFM).

    Cited by:

    1. Bomin Jiang & Daniel E. Rigobon & Roberto Rigobon, 2021. "From Just in Time, to Just in Case, to Just in Worst-Case: Simple models of a Global Supply Chain under Uncertain Aggregate Shocks," NBER Working Papers 29345, National Bureau of Economic Research, Inc.
    2. Alessandra Bonfiglioli & Rosario Crinò & Gino Gancia, 2019. "Concentration in international markets: evidence from US Imports," Economics Working Papers 1635, Department of Economics and Business, Universitat Pompeu Fabra.
    3. Andrew B. Bernard & Emmanuel Dhyne & Glenn Magerman & Kalina Manova & Andreas Moxnes, 2019. "The Origins of Firm Heterogeneity: A Production Network Approach," NBER Working Papers 25441, National Bureau of Economic Research, Inc.
    4. Vaziri, M., 2022. "Antitrust Law and Business Dynamism," Janeway Institute Working Papers 2219, Faculty of Economics, University of Cambridge.
    5. Gadenne, Lucie & Nandi, Tushar K. & Rathelot, Roland, 2019. "Taxation and Supplier Networks: Evidence from India," CAGE Online Working Paper Series 428, Competitive Advantage in the Global Economy (CAGE).
    6. Fabrizio Leone & Rocco Macchiavello & Tristan Reed, 2022. "Market size, markups and international price dispersion in the cement industry," CEP Discussion Papers dp1862, Centre for Economic Performance, LSE.
    7. Arezki,Rabah & Fernandes,Ana Margarida & Merchán,Federico & Nguyen,Ha & Reed,Tristan, 2023. "Natural Resource Dependence and Monopolized Imports," Policy Research Working Paper Series 10339, The World Bank.
    8. Maarten de Ridder, 2019. "Market Power and Innovation in the Intangible Economy," Discussion Papers 1907, Centre for Macroeconomics (CFM).
    9. Federico Huneeus & Kory Kroft & Kevin Lim, 2021. "Earnings Inequality in Production Networks," Working Papers Central Bank of Chile 907, Central Bank of Chile.
    10. Alessandra Bonfiglioli & Rosario Crinò & Gino Gancia, 2018. "Firms and Economic Performance: A View from Trade," Working Papers 1047, Barcelona School of Economics.
    11. Battisti, Michele & Gatto, Massimo Del & Parmeter, Christopher F., 2022. "Skill-biased technical change and labor market inefficiency," Journal of Economic Dynamics and Control, Elsevier, vol. 139(C).
    12. Panon, Ludovic & Lebastard, Laura & Mancini, Michele & Borin, Alessandro & Essers, Dennis & Linarello, Andrea & Caka, Peonare & Cariola, Gianmarco & Gentili, Elena & Padellini, Tullia & Requena, Franc, 2024. "Inputs in distress: geoeconomic fragmentation and firms’ sourcing," Working Paper Series 2992, European Central Bank.
    13. Anthony Savagar, 2018. "Measured Productivity with Endogenous Markups and Economic Profits," Studies in Economics 1812, School of Economics, University of Kent.
    14. Pérez, Jorge & Vial, Felipe & Zárate, Román, 2022. "Urban Transit Infrastructure: Spatial Mismatch and Labor Market Power," Research Department working papers 1992, CAF Development Bank Of Latinamerica.
    15. Robert E. Hall, 2018. "Using Empirical Marginal Cost to Measure Market Power in the US Economy," NBER Working Papers 25251, National Bureau of Economic Research, Inc.
    16. Xavier Jaravel & Erick Sager, 2019. "What are the Price Effects of Trade? Evidence from the U.S. and Implications for Quantitative Trade Models," 2019 Meeting Papers 1320, Society for Economic Dynamics.
    17. Nigmatulina, Dzhamilya, 2022. "Sanctions and misallocation. How sanctioned firms won and Russia lost," LSE Research Online Documents on Economics 118037, London School of Economics and Political Science, LSE Library.
    18. Hartwig, Benny & Lieberknecht, Philipp, 2020. "Monetary policy, firm exit and productivity," Discussion Papers 61/2020, Deutsche Bundesbank.
    19. Laine, Olli-Matti, 2018. "Level, distribution and long-term development of market power in Finland," BoF Economics Review 2/2018, Bank of Finland.
    20. Sónia Félix & Chiara Maggi, 2019. "What is the Impact of Increased Business Competition?," IMF Working Papers 2019/276, International Monetary Fund.
    21. Santos, Cezar & Cavalcanti, Tiago & Hasna, Zeina, 2020. "Climate Change Mitigation Policies: Aggregate and Distributional Effects," CEPR Discussion Papers 15419, C.E.P.R. Discussion Papers.
    22. Peter J. Klenow & Huiyu Li, 2020. "Innovative Growth Accounting," NBER Chapters, in: NBER Macroeconomics Annual 2020, volume 35, pages 245-295, National Bureau of Economic Research, Inc.
    23. Macchiavello, Rocco & Leone, Fabrizio & Reed, Tristan, 2021. "The Falling Price of Cement in Africa," CEPR Discussion Papers 16253, C.E.P.R. Discussion Papers.
    24. Jan De Loecker & Tim Obermeier & John Van Reenen, 2022. "Firms and inequality," POID Working Papers 027, Centre for Economic Performance, LSE.
    25. Baqaee, David Rezza & Farhi, Emmanuel, 2018. "Macroeconomics with Heterogeneous Agents and Input-Output Networks," CEPR Discussion Papers 13006, C.E.P.R. Discussion Papers.
    26. Botero García, Jesús Alonso & Hurtado, Alvaro & Montañez Herrera, Diego Fernando, 2021. "The productivity of the agricultural sector and its effects on economic growth: a CGE analysis," Conference papers 333318, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    27. Felipe Saffie & Liliana Varela & Kei-Mu Yi, 2021. "The Micro and Macro Dynamics of Capital Flows," Discussion Papers 2121, Centre for Macroeconomics (CFM).
    28. Arnaud Costinot & Iván Werning, 2018. "Robots, Trade, and Luddism: A Sufficient Statistic Approach to Optimal Technology Regulation," NBER Working Papers 25103, National Bureau of Economic Research, Inc.
    29. Ludovic Panon, 2020. "Essays in international trade and industrial organization [Essais en commerce international et organisation Industrielle]," SciencePo Working papers Main tel-03408401, HAL.
    30. Peter Neary & Céline Carrère & Monika Mrázová, 2020. "Gravity without Apology: The Science of Elasticities, Distance, and Trade," Economics Series Working Papers 904, University of Oxford, Department of Economics.
    31. Mr. Federico J Diez & Mr. Daniel Leigh & Suchanan Tambunlertchai, 2018. "Global Market Power and its Macroeconomic Implications," IMF Working Papers 2018/137, International Monetary Fund.
    32. Padmashree Gehl Sampath & Walter Park, 2019. "Do Patents Lead to Market Concentration and Excess Profits?," GDAE Working Papers 19-02, GDAE, Tufts University.
    33. Fusheng Xie, 2023. "Productivity Improvement from the Mixed-Ownership Reform: A Financial Frictions Perspective," Sustainability, MDPI, vol. 15(2), pages 1-20, January.
    34. Márta Bisztray & Francesca de Nicola & Balázs Muraközy, 2023. "High-growth firms’ contribution to aggregate productivity growth," Small Business Economics, Springer, vol. 60(2), pages 771-811, February.
    35. Wulong Gu & Michael Willox, 2023. "The Post-2001 Productivity Growth Divergence between Canada and the United States," International Productivity Monitor, Centre for the Study of Living Standards, vol. 45, pages 27-60, Fall.
    36. Matteo Coronese & Davide Luzzati, 2022. "Economic impacts of natural hazards and complexity science: a critical review," LEM Papers Series 2022/13, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    37. Jorge Miranda-Pinto & Eric R. Young, 2022. "Flexibility and Frictions in Multisector Models," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(3), pages 450-480, July.
    38. Brugués, Felipe & Brugués, Javier & Giambra, Samuele, 2024. "Political connections and misallocation of procurement contracts: Evidence from Ecuador," Journal of Development Economics, Elsevier, vol. 170(C).
    39. Liang, Yan, 2022. "Impact of financial development on outsourcing and aggregate productivity," Journal of Development Economics, Elsevier, vol. 154(C).
    40. Emir Malikov & Shunan Zhao & Jingfang Zhang, 2023. "A System Approach to Structural Identification of Production Functions with Multi-Dimensional Productivity," Papers 2302.13429, arXiv.org.
    41. Tomás R. Martinez & Thiago Trafane Oliveira Santos, 2024. "Disentangling Brazilian TFP: the role of misallocation in recent economic cycles," Working Papers Series 609, Central Bank of Brazil, Research Department.
    42. Johannes Boehm, 2017. "The Impact of Contract Enforcement Costs on Outsourcing and Aggregate Productivity," 2017 Meeting Papers 801, Society for Economic Dynamics.
    43. Antoine Berthou & John Jong-Hyun Chung & Kalina Manova & Charlotte Sandoz, 2020. "Trade, Productivity and (Mis)allocation," IMF Working Papers 2020/163, International Monetary Fund.
    44. Liu, Shasha & Yin, Shanshan & Yin, Chuan & Sheng, Yan, 2021. "Does the price of natural resources affect firms’ total factor productivity? Evidence from a natural experiment in China," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 37-50.
    45. Muzi,Silvia & Jolevski,Filip & Ueda,Kohei & Viganola,Domenico, 2021. "Productivity and Firm Exit during the COVID-19 Crisis : Cross-Country Evidence," Policy Research Working Paper Series 9671, The World Bank.
    46. Van Reenen, John & Autor, David & Dorn, David & Katz, Lawrence & Patterson, Christina, 2017. "The Fall of the Labor Share and the Rise of Superstar Firms," CEPR Discussion Papers 12041, C.E.P.R. Discussion Papers.
    47. Timothy J. Besley & Isabelle A. Roland & John Van Reenen, 2020. "The Aggregate Consequences of Default Risk: Evidence from Firm-level Data," NBER Working Papers 26686, National Bureau of Economic Research, Inc.
    48. Christian vom Lehn & Thomas Winberry, 2019. "Investment Networks, Sectoral Comovement, and the Changing U.S. Business Cycle," 2019 Meeting Papers 1158, Society for Economic Dynamics.
    49. Rodríguez del Valle, Adrián & Fernández-Vázquez, Esteban, 2024. "Analyzing market power of the agricultural industry in Asia," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 652-669.
    50. Yan Liang, 2023. "Misallocation and Markups: Evidence from Indian Manufacturing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 161-176, December.
    51. Mukhin, Dmitry, 2022. "An equilibrium model of the international price system," LSE Research Online Documents on Economics 112500, London School of Economics and Political Science, LSE Library.
    52. Lafond, François & Astudillo-Estévez, Pablo & Bacilieri, Andrea & Borsos, András, 2023. "Firm-level production networks: what do we (really) know?," INET Oxford Working Papers 2023-08, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    53. Bowen Zheng & Mengjie Zhang & Xuefang Zhang, 2022. "The rise of market power and firms' investment: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(5), pages 4807-4830, December.
    54. Johannes Boehm & Ezra Oberfield, 2020. "Misallocation in the Market for Inputs: Enforcement and the Organization of Production," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(4), pages 2007-2058.
    55. Kaku Attah Damoah & Giorgia Giovannetti & Marco Sanfilippo, 2018. "Markups Dispersion and Firm Entry: Evidence from Ethiopia," Working Papers - Economics wp2018_16.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    56. Bond, Steve & Hashemi, Arshia & Kaplan, Greg & Zoch, Piotr, 2021. "Some unpleasant markup arithmetic: Production function elasticities and their estimation from production data," Journal of Monetary Economics, Elsevier, vol. 121(C), pages 1-14.
    57. David Berger & Kyle Herkenhoff & Simon Mongey, 2019. "Labor Market Power," Working Papers 2019-027, Human Capital and Economic Opportunity Working Group.
    58. Jonathan Hambur & Dan Andrews, 2023. "Doing Less, with Less: Capital Misallocation, Investment and the Productivity Slowdown in Australia," RBA Research Discussion Papers rdp2023-03, Reserve Bank of Australia.
    59. Bruno Pellegrino & Geoffery Zheng, 2023. "Quantifying the Impact of Red Tape on Investment: A Survey Data Approach," CESifo Working Paper Series 10447, CESifo.
    60. Duran-Micco, Elisa & Perloff, Jeffrey M., 2020. "How Large Are Double Markups?By," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt2zv493q7, Department of Agricultural & Resource Economics, UC Berkeley.
    61. Francois de Soyres & Alexandre Gaillard & Henry L. Young, 2023. "What is Measured in National Accounts?," International Finance Discussion Papers 1375, Board of Governors of the Federal Reserve System (U.S.).
    62. Bruno Ricardo Delalibera & Pedro Ferreira & Diego Gomes & Johann Soares, 2023. "Tax Reforms and Network Effects," UB School of Economics Working Papers 2023/456, University of Barcelona School of Economics.
    63. Chen Yeh & Claudia Macaluso & Brad Hershbein, 2022. "Monopsony in the US Labor Market," American Economic Review, American Economic Association, vol. 112(7), pages 2099-2138, July.
    64. David Baqaee & Emmanuel Farhi, 2019. "A Short Note on Aggregating Productivity," NBER Working Papers 25688, National Bureau of Economic Research, Inc.
    65. Jaravel, Xavier Laurent & Sager, Erick, 2019. "What are the price effects of trade? Evidence from the US and implications for quantitative trade models," LSE Research Online Documents on Economics 121819, London School of Economics and Political Science, LSE Library.
    66. Cedric Duprez & Glenn Magerman, 2018. "Price Updating in Production Networks," Working Paper Research 352, National Bank of Belgium.
    67. KOIZUMI Hideto, 2024. "Cascades of Tax Policy through Production Networks: Evidence from Japan," Discussion papers 24025, Research Institute of Economy, Trade and Industry (RIETI).
    68. Macedoni, Luca & Weinberger, Ariel, 2022. "Quality heterogeneity and misallocation: The welfare benefits of raising your standards," Journal of International Economics, Elsevier, vol. 134(C).
    69. Wang, Yunfei & Li, Jinke & O'Leary, Nigel & Shao, Jing, 2024. "Banding: A game changer in the Renewables Obligation scheme in the United Kingdom," Energy Economics, Elsevier, vol. 130(C).
    70. Goldin, Ian & Koutroumpis, Pantelis & Lafond, François & Winkler, Julian, 2020. "Why is productivity slowing down?," MPRA Paper 99172, University Library of Munich, Germany.
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  21. Emmanuel Farhi & Jean Tirole, 2017. "Deadly Embrace - Sovereign and Financial Balance Sheets Doom Loops," EconPol Working Paper 1, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    Cited by:

    1. Fernando Broner & Daragh Clancy & Alberto Martin & Aitor Erce, 2017. "Fiscal multipliers and foreign holdings of public debt," Economics Working Papers 1610, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2021.
    2. Fecht, Falko & Peydró, José-Luis & Abbassi, Puriya & Bräuning, Falk, 2015. "Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis," CEPR Discussion Papers 10479, C.E.P.R. Discussion Papers.
    3. Xiang Fang & Bryan Hardy & Karen K. Lewis, 2022. "Who Holds Sovereign Debt and Why It Matters," NBER Working Papers 30087, National Bureau of Economic Research, Inc.
    4. Acharya, Viral & Rajan, Raghuram & Shim, Jack B., 2022. "Sovereign Debt and Economic Growth when Government is Myopic and Self-interested," CEPR Discussion Papers 14961, C.E.P.R. Discussion Papers.
    5. Pierre-Olivier Gourinchas & Thomas Philippon & Dimitri Vayanos, 2016. "The Analytics of the Greek Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 100, Hellenic Observatory, LSE.
    6. Ugo Panizza & Andrew Powell, 2023. "Reducing Public Debt: What Works Best?," IDB Publications (Book Chapters), in: Andrew Powell & Oscar Mauricio Valencia (ed.), Dealing with Debt, edition 1, chapter 9, pages 197-222, Inter-American Development Bank.
    7. António Afonso & José Alves & Sofia Monteiro, 2024. "Echoes of Instability: How Geopolitical Risks Shape Government Debt Holdings," Working Papers REM 2024/0333, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    8. Carla Soares & Diana Bonfim & Christian Bittner, 2022. "The Augmented Bank Balance-Sheet Channel of Monetary Policy," Working Papers w202202, Banco de Portugal, Economics and Research Department.
    9. Koetter, Michael & Krause, Thomas & Sfrappini, Eleonora & Tonzer, Lena, 2022. "Completing the European Banking Union: Capital cost consequences for credit providers and corporate borrowers," European Economic Review, Elsevier, vol. 148(C).
    10. Stéphane Auray & Aurélien Eyquem & Xiaofei Ma, 2018. "Banks, Sovereign Risk and Unconventional Monetary Policies," Working Papers halshs-01942734, HAL.
    11. Eduardo Cavallo & Eduardo Fernández Arias, 2023. "Strong External Balance Sheets for Resilient Economies," IDB Publications (Book Chapters), in: Andrew Powell & Oscar Mauricio Valencia (ed.), Dealing with Debt, edition 1, chapter 2, pages 5-36, Inter-American Development Bank.
    12. João Ayres & Anna Gelpern & Andrew Powell, 2023. "Sovereign Debt Restructuring: In Need of a New Approach," IDB Publications (Book Chapters), in: Andrew Powell & Oscar Mauricio Valencia (ed.), Dealing with Debt, edition 1, chapter 10, pages 223-254, Inter-American Development Bank.
    13. Acharya, Viral & Pierret, Diane & Steffen, Sascha, 2016. "Lender of last resort versus buyer of last resort: The impact of the European Central Bank actions on the bank-sovereign nexus," ZEW Discussion Papers 16-019, ZEW - Leibniz Centre for European Economic Research.
    14. Jappelli, Ruggero & Pelizzon, Loriana & Plazzi, Alberto, 2021. "The core, the periphery, and the disaster: Corporate-sovereign nexus in COVID-19 times," SAFE Working Paper Series 331, Leibniz Institute for Financial Research SAFE.
    15. Hristov, Nikolay & Hülsewig, Oliver & Kolb, Benedikt, 2024. "Macroprudential capital regulation and fiscal balances in the euro area," Journal of International Money and Finance, Elsevier, vol. 143(C).
    16. Carlos Madeira, 2022. "The double impact of deep social unrest and a pandemic: Evidence from Chile," Working Papers Central Bank of Chile 952, Central Bank of Chile.
    17. Cristina Arellano & Andrew Atkeson & Mark Wright, 2016. "External and Public Debt Crises," NBER Macroeconomics Annual, University of Chicago Press, vol. 30(1), pages 191-244.
    18. Xuan Wang, 2019. "When Do Currency Unions Benefit From Default ?," 2019 Papers pwa938, Job Market Papers.
    19. Christophe Destais & Frederik Eidam & Friedrich Heinemann, 2019. "The design of a sovereign debt restructuring mechanism for the euro area: Choices and trade-offs," EconPol Policy Reports 11, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    20. Georgarakos, Dimitris & Popov, Alexander, 2023. "I (Don't) Owe You: Sovereign Default and Borrowing Behavior," CEPR Discussion Papers 18300, C.E.P.R. Discussion Papers.
    21. Dafe, Florence & Essers, Dennis & Volz, Ulrich, 2018. "Localising sovereign debt: the rise of local currency bond markets in sub‐Saharan Africa," LSE Research Online Documents on Economics 87636, London School of Economics and Political Science, LSE Library.
    22. Lin Shen & Junyuan Zou, 2024. "Intervention with Screening in Panic‐Based Runs," Journal of Finance, American Finance Association, vol. 79(1), pages 357-412, February.
    23. Everett Grant, 2018. "The Double-Edged Sword of Global Integration: Robustness, Fragility \& Contagion in the International Firm Network," 2018 Meeting Papers 506, Society for Economic Dynamics.
    24. Liu, Cai, 2021. "The IRB model, bank regulatory arbitrage, and the Eurozone crisis," Journal of International Money and Finance, Elsevier, vol. 116(C).
    25. Amat Adarov, 2019. "Financial Cycles in Europe: Dynamics, Synchronicity and Implications for Business Cycles and Macroeconomic Imbalances," wiiw Working Papers 166, The Vienna Institute for International Economic Studies, wiiw.
    26. Leandro Andrián & Oscar Mauricio Valencia, 2023. "Past the Tipping Point? Assessing Debt Overhang in Latin America and the Caribbean," IDB Publications (Book Chapters), in: Andrew Powell & Oscar Mauricio Valencia (ed.), Dealing with Debt, edition 1, chapter 8, pages 183-196, Inter-American Development Bank.
    27. Atanas Pekanov, 2018. "The New View on Fiscal Policy and its Implications for the European Monetary Union," WIFO Working Papers 562, WIFO.
    28. Jean Tirole, 2021. "Emmanuel Farhi, Economist Par Excellence," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 1-17, August.
    29. Brunnermeier, Markus K. & Langfield, Sam & Pagano, Marco & Reis, Ricardo & Van Nieuwerburgh, Stijn & Vayanos, Dimitri, 2017. "ESBies: safety in the tranches," LSE Research Online Documents on Economics 74320, London School of Economics and Political Science, LSE Library.
    30. Bletzinger, Tilman & von Thadden, Leopold, 2018. "Designing QE in a fiscally sound monetary union," Research Bulletin, European Central Bank, vol. 47.
    31. Roy Havemann & Hylton Hollander, 2022. "Fiscal policy in times of fiscal stress: Or what to do when r > g," WIDER Working Paper Series wp-2022-52, World Institute for Development Economic Research (UNU-WIDER).
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    173. Jochem, Axel & Lecomte, Ernest, 2024. "Risky sovereign bond holdings by commercial banks in the euro area: Do safe assets availability and differences in bank funding costs play a role?," Discussion Papers 35/2024, Deutsche Bundesbank.
    174. Antonia Díaz, 2020. "Common Fiscal Capacity Is Needed to Strengthen Risk Sharing," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(4), pages 215-219, July.
    175. Bratis, Theodoros & Laopodis, Nikiforos T. & Kouretas, Georgios P., 2020. "Systemic risk and financial stability dynamics during the Eurozone debt crisis," Journal of Financial Stability, Elsevier, vol. 47(C).
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    177. Christian Grisse & Gisle J. Natvik, 2022. "Sovereign debt crises and cross-country assistance [A pyrrhic victory? Bank bailouts and sovereign credit risk]," Oxford Economic Papers, Oxford University Press, vol. 74(1), pages 178-193.
    178. Raisul Islam & Vladimir Volkov, 2022. "Contagion or interdependence? Comparing spillover indices," Empirical Economics, Springer, vol. 63(3), pages 1403-1455, September.
    179. Abinzano, Isabel & Corredor, Pilar & Mansilla-Fernández, José Manuel, 2022. "Sovereign debt holdings and banks’ credit risk: Evidence from the Eurozone," Finance Research Letters, Elsevier, vol. 47(PA).
    180. Xuan Wang, 2021. "Bankruptcy Codes and Risk Sharing of Currency Unions," Tinbergen Institute Discussion Papers 21-009/IV, Tinbergen Institute.
    181. Lim, Jamus Jerome, 2019. "Growth in the shadow of debt," Journal of Banking & Finance, Elsevier, vol. 103(C), pages 98-112.
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    183. Rodrigo Heresi & Andrew Powell, 2023. "Balance Sheet Vulnerabilities in the Wake of the Pandemic," IDB Publications (Book Chapters), in: Andrew Powell & Oscar Mauricio Valencia (ed.), Dealing with Debt, edition 1, chapter 12, pages 285-308, Inter-American Development Bank.
    184. Thierry Warin & Aleksandar Stojkov, 2021. "Banks’ Foreign Claims in the Aftermath of the 2008 Crisis: Institutional Response, Financial Efficiency, and Integration of Cross-Border Banking in the Euro Area," JRFM, MDPI, vol. 14(2), pages 1-17, February.
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    186. Ohls, Jana, 2017. "Moral suasion in regional government bond markets," Discussion Papers 33/2017, Deutsche Bundesbank.
    187. Pablo D'Erasmo & Igor Livshits & Koen Schoors, 2019. "Banking Regulation With Risk Of Sovereign Default," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 19/964, Ghent University, Faculty of Economics and Business Administration.
    188. Breckenfelder, Johannes & Schwaab, Bernd, 2018. "Bank to sovereign risk spillovers across borders: Evidence from the ECB’s Comprehensive Assessment," Journal of Empirical Finance, Elsevier, vol. 49(C), pages 247-262.
    189. Eduardo Borensztein & Eduardo Cavallo, 2023. "Domestic Bond Markets: Successes and Challenges," IDB Publications (Book Chapters), in: Andrew Powell & Oscar Mauricio Valencia (ed.), Dealing with Debt, edition 1, chapter 3, pages 37-66, Inter-American Development Bank.
    190. Diana Bonfim & Sujiao Zhao & Miguel A. Ferreira, 2021. "Sovereign-Bank Diabolic Loop: The Government Procurement Channel," Working Papers w202109, Banco de Portugal, Economics and Research Department.
    191. Raffaella Calabrese & Claudia Girardone & Alex Sclip, 2021. "Financial fragmentation and SMEs’ access to finance," Small Business Economics, Springer, vol. 57(4), pages 2041-2065, December.
    192. Baumann, Alexendra & Wohlrabe, Klaus, 2019. "Publikationen von Wirtschaftsforschungsinstituten im deutschsprachigen Raum - Eine bibliometrische Analyse [Publications of Economic Research Insitutes in the German Speaking Area - A bibliometric ," MPRA Paper 92240, University Library of Munich, Germany.
    193. Cifarelli, Giulio & Paladino, Giovanna, 2020. "A non-linear analysis of the sovereign bank nexus in the EU," The Journal of Economic Asymmetries, Elsevier, vol. 21(C).
    194. Dubecq, Simon & Monfort, Alain & Renne, Jean-Paul & Roussellet, Guillaume, 2016. "Credit and liquidity in interbank rates: A quadratic approach," Journal of Banking & Finance, Elsevier, vol. 68(C), pages 29-46.
    195. Eduardo Levy Yeyati & Andrew Powell, 2023. "Sovereign Debt Management," IDB Publications (Book Chapters), in: Andrew Powell & Oscar Mauricio Valencia (ed.), Dealing with Debt, edition 1, chapter 6, pages 123-160, Inter-American Development Bank.
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    Cited by:

    1. Donato Masciandaro, 2018. "Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 540-550, December.
    2. Olivier J Blanchard, 2019. "Public Debt and Low Interest Rates," Working Paper Series WP19-4, Peterson Institute for International Economics.
    3. Lukas Altermatt, 2017. "Inside money, investment, and unconventional monetary policy," ECON - Working Papers 247, Department of Economics - University of Zurich, revised Jul 2019.
    4. Markus K. Brunnermeier, 2024. "Presidential Address: Macrofinance and Resilience," Journal of Finance, American Finance Association, vol. 79(6), pages 3683-3728, December.
    5. Nitschka, Thomas & Satkurunathan, Shajivan, 2021. "Habits die hard: implications for bond and stock markets internationally," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242358, Verein für Socialpolitik / German Economic Association.
    6. Nathan Foley-Fisher & Gary Gorton & Stéphane Verani, 2024. "Adverse Selection Dynamics in Privately Produced Safe Debt Markets," American Economic Journal: Macroeconomics, American Economic Association, vol. 16(1), pages 441-468, January.
    7. Zhengyang Jiang & Robert J. Richmond & Tony Zhang, 2024. "A Portfolio Approach to Global Imbalances," Journal of Finance, American Finance Association, vol. 79(3), pages 2025-2076, June.
    8. Emanuele Borgonovo & Stefano Caselli & Alessandra Cillo & Donato Masciandaro, 2018. "Between Cash, Deposit And Bitcoin: Would We Like A Central Bank Digital Currency? Money Demand And Experimental Economics," BAFFI CAREFIN Working Papers 1875, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    9. Benedikt Ballensiefen & Angelo Ranaldo, 2023. "Safe Asset Carry Trade," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 13(2), pages 223-265.
    10. Mattia Guerini & Francesco Lamperti & Mauro Napoletano & Andrea Roventini & Tania Treibich, 2022. "Unconventional monetary policies in an agent-based model with mark-to-market standards," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 73-107, April.
    11. Segura, Anatoli & Villacorta, Alonso, 2020. "Demand for safety, risky loans: A model of securitization," CEPR Discussion Papers 14313, C.E.P.R. Discussion Papers.
    12. B. De Backer & M. Deroose & Ch. Van Nieuwenhuyze, 2019. "Is a recession imminent? The signal of the yield curve," Economic Review, National Bank of Belgium, issue i, pages 69-93, June.
    13. Habib, Maurizio Michael & Stracca, Livio & Venditti, Fabrizio, 2020. "The fundamentals of safe assets," Journal of International Money and Finance, Elsevier, vol. 102(C).
    14. Schmeling, Maik, 2019. "What is Libra? Understanding Facebook's currency," SAFE Policy Letters 76, Leibniz Institute for Financial Research SAFE.
    15. Altermatt, Lukas, 2019. "Savings, asset scarcity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 182(C), pages 329-359.
    16. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    17. Lannoo, Karel & Thomadakis, Apostolos, 2019. "Rebranding Capital Markets Union: A market finance action plan," ECMI Papers 500, Centre for European Policy Studies.
    18. Douglas Gale & Tanju Yorulmazer, 2020. "Bank capital, fire sales, and the social value of deposits," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(4), pages 919-963, June.
    19. Bo Becker & Efraim Benmelech, 2021. "The Resilience of the U.S. Corporate Bond Market During Financial Crises," NBER Working Papers 28868, National Bureau of Economic Research, Inc.
    20. Lieven Baele & Geert Bekaert & Koen Inghelbrecht & Min Wei, 2020. "Flights to Safety," The Review of Financial Studies, Society for Financial Studies, vol. 33(2), pages 689-746.
    21. Borgonovo, Emanuele & Caselli, Stefano & Cillo, Alessandra & Masciandaro, Donato & Rabitti, Giovanni, 2021. "Money, privacy, anonymity: What do experiments tell us?," Journal of Financial Stability, Elsevier, vol. 56(C).
    22. Accominotti, Olivier & Lucena-Piquero, Delio & Ugolini, Stefano, 2021. "The origination and distribution of money market instruments: sterling bills of exchange during the first globalization," LSE Research Online Documents on Economics 107104, London School of Economics and Political Science, LSE Library.
    23. Zhiguo He & Stefan Nagel & Zhaogang Song, 2020. "Treasury Inconvenience Yields during the COVID-19 Crisis," Working Papers 2020-79, Becker Friedman Institute for Research In Economics.
    24. Westerhout, Ed & Meijdam, Lex & Ponds, Eduard & Bonenkamp, Jan, 2021. "Should we Revive PAYG? On the Optimal Pension System in View of Current Economic Trends," Discussion Paper 2021-013, Tilburg University, Center for Economic Research.
    25. Auerbach, Alan J, 2019. "Fiscal Policy," Department of Economics, Working Paper Series qt6jn5158q, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    26. Wayne Passmore & Judit Temesvary, 2020. "Investor Demands for Safety, Bank Capital, and Liquidity Measurement," Finance and Economics Discussion Series 2020-079, Board of Governors of the Federal Reserve System (U.S.).
    27. Anusha Chari & Karlye Dilts Stedman & Christian Lundblad, 2020. "Capital Flows in Risky Times: Risk-on/Risk-off and Emerging Market Tail Risk," NBER Working Papers 27927, National Bureau of Economic Research, Inc.
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    32. Nicolas Caramp, 2021. "Sowing the Seeds of Financial Crises: Endogenous Asset Creation and Adverse Selection," Working Papers 342, University of California, Davis, Department of Economics.
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    37. De Fiore, Fiorella & Hoerova, Marie & Uhlig, Harald & Rogers, Ciaran, 2019. "Money markets, collateral and monetary policy," Working Paper Series 2239, European Central Bank.
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    43. Sam Langfield, 2020. "Bridge over Troubled Monetary Union: A Reply to De Grauwe & Ji," Journal of Common Market Studies, Wiley Blackwell, vol. 58(S1), pages 1-10, September.
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    45. Reuven Glick, 2019. "R* and the Global Economy," Working Paper Series 2019-18, Federal Reserve Bank of San Francisco.
    46. Richard H. Clarida, 2019. "Monetary Policy, Price Stability, and Equilibrium Bond Yields: Success and Consequences : a speech at the High-Level Conference on Global Risk, Uncertainty, And Volatility, co-sponsored by the Bank fo," Speech 1102, Board of Governors of the Federal Reserve System (U.S.).
    47. Puriya Abbassi & Rajkamal Iyer & José-Luis Peydró & Paul E. Soto, 2020. "Stressed banks? Evidence from the largest-ever supervisory review," Economics Working Papers 1721, Department of Economics and Business, Universitat Pompeu Fabra.
    48. Hiro Ito & Phuong Tran, 2023. "Emerging Market Economies’ Challenge: Managing the Yield Curve in a Financially Globalized World," Open Economies Review, Springer, vol. 34(1), pages 171-194, February.
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    50. Stéphanie Pamies & Nicolas Carnot & Anda Pătărău, 2021. "Do Fundamentals Explain Differences between Euro Area Sovereign Interest Rates?," European Economy - Discussion Papers 141, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    51. Nicholas Garvin & David W Hughes & José-Luis Peydró, 2021. "The Role of Collateral in Borrowing," RBA Research Discussion Papers rdp2021-01, Reserve Bank of Australia.
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    53. Gianluca Benigno & Boris Hofmann & Galo Nuño Barrau & Damiano Sandri, 2024. "Quo vadis, r*? The natural rate of interest after the pandemic," BIS Quarterly Review, Bank for International Settlements, March.
    54. Andreas Steiner & Sven Steinkamp & Frank Westermann, 2017. "Exit Strategies, Capital Flight and Speculative Attacks: Europe's Version of the Trilemma," IEER Working Papers 108, Institute of Empirical Economic Research, Osnabrueck University.
    55. Michael Bordo & Robert N McCauley, 2017. "Triffin: dilemma or myth?," BIS Working Papers 684, Bank for International Settlements.
    56. Madalen Castells Jauregui & Dmitry Kuvshinov & Bjoern Richter & Victoria Vanasco, 2024. "Sectoral dynamics of safe assets in advanced economies," Economics Working Papers 1884, Department of Economics and Business, Universitat Pompeu Fabra.
    57. Passmore, Wayne & Temesvary, Judit, 2022. "How investor demands for safety influence bank capital and liquidity trade-offs," Journal of Financial Stability, Elsevier, vol. 60(C).
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    61. Tischer, Johannes, 2021. "Quantitative easing, safe asset scarcity and bank lending," Discussion Papers 35/2021, Deutsche Bundesbank.
    62. Grechyna, Daryna, 2018. "Firm size, bank size, and financial development," Journal of Economic Dynamics and Control, Elsevier, vol. 97(C), pages 19-37.
    63. Claudio Barbieri & Mattia Guerini & Mauro Napoletano, 2021. "The Anatomy of Government Bond Yields Synchronization in the Eurozone," LEM Papers Series 2021/07, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    64. Jean-Guillaume Sahuc & Christian Pfister, 2020. "Unconventional Monetary Policies: A Stock-Taking Exercise," EconomiX Working Papers 2020-3, University of Paris Nanterre, EconomiX.
    65. Dávila, Eduardo & Walther, Ansgar, 2021. "Prudential policy with distorted beliefs," ESRB Working Paper Series 130, European Systemic Risk Board.
    66. Joshua Aizenman & Yin-Wong Cheung & Xingwang Qian, 2019. "The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets," NBER Working Papers 25934, National Bureau of Economic Research, Inc.
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    68. Stolyarov, Dmitriy & Tesar, Linda L., 2021. "Interest rate trends in a global context," Economic Modelling, Elsevier, vol. 101(C).
    69. Grochola, Nicolaus & Browne, Mark Joseph & Gründl, Helmut & Schlütter, Sebastian, 2021. "Exploring the market risk profiles of U.S. and European life insurers," ICIR Working Paper Series 39/21, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
    70. Markus K. Brunnermeier & Lunyang Huang, 2019. "A Global Safe Asset for and from Emerging Market Economies," Central Banking, Analysis, and Economic Policies Book Series, in: Álvaro Aguirre & Markus Brunnermeier & Diego Saravia (ed.),Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications, edition 1, volume 26, chapter 5, pages 111-167, Central Bank of Chile.
    71. Engel, Charles, 2020. "Safe U.S. Assets and U.S. Capital Flows," Journal of International Money and Finance, Elsevier, vol. 102(C).
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    7. Chiara Punzo & Lorenza Rossi, 2019. "The Redistributive Effects of a Money-Financed Fiscal Stimulus," DISCE - Working Papers del Dipartimento di Economia e Finanza def076, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    8. Evans, George & Gibbs, Christopher & McGough, Bruce, 2021. "A Unified Model of Learning to Forecast," Working Papers 2021-10, University of Sydney, School of Economics.
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    1. Anja Kukuvec & Harald Oberhofer, 2020. "The Propagation of Business Expectations within the European Union," CESifo Working Paper Series 8198, CESifo.
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    124. Theo Santini & Ricardo Azevedo Araujo, 2021. "Productivity growth and sectoral interactions under Domar aggregation: a study for the Brazilian economy from 2000 to 2014," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 10(1), pages 1-30, December.
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    127. Ishan B. Nath, 2020. "The Food Problem and the Aggregate Productivity Consequences of Climate Change," NBER Working Papers 27297, National Bureau of Economic Research, Inc.
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    129. Bocquet, L., 2024. "The Network Origin of Slow Labour Reallocation," Janeway Institute Working Papers 2427, Faculty of Economics, University of Cambridge.
    130. Nicholas Oulton, 2023. "Measuring Productivity: The Response of National Statistical Institutes to the OECD’s Productivity and Capital Manuals," International Productivity Monitor, Centre for the Study of Living Standards, vol. 45, pages 200-225, Fall.
    131. Conteduca, Francesco Paolo & Panon, Ludovic, 2024. "Natural Disasters and Markups," MPRA Paper 123008, University Library of Munich, Germany.
    132. Gustavo González, 2022. "Commodity price shocks, factor utilization, and productivity dynamics," Working Papers Central Bank of Chile 939, Central Bank of Chile.
    133. Dong, Feng & Wen, Yi, 2019. "Long and Plosser meet Bewley and Lucas," Journal of Monetary Economics, Elsevier, vol. 102(C), pages 70-92.
    134. Qiuyue Zhang & Yu Cao, 2023. "Revolutionizing Chinese Manufacturing: Uncovering the Nexus of Intelligent Transformation and Capital Market Information Efficiency," Sustainability, MDPI, vol. 15(19), pages 1-19, October.
    135. Patrick Gruning & Zeynep Kantur, 2023. "Stranded Capital in Production Networks: Implications for the Economy of the Euro Area," Working Papers 2023/06, Latvijas Banka.
    136. Dessertaine, Théo & Moran, José & Benzaquen, Michael & Bouchaud, Jean-Philippe, 2022. "Out-of-equilibrium dynamics and excess volatility in firm networks," Journal of Economic Dynamics and Control, Elsevier, vol. 138(C).
    137. Jason Choi & Andrew T. Foerster, 2017. "The Changing Input-Output Network Structure of the U.S. Economy," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 23-49.
    138. Olivera Kostoska & Viktor Stojkoski & Ljupco Kocarev, 2020. "On the structure of the world economy: An absorbing Markov chain approach," Papers 2003.05204, arXiv.org.
    139. Christoph Boehm & Nitya Pandalai-Nayar, 2020. "Convex Supply Curves," NBER Working Papers 26829, National Bureau of Economic Research, Inc.
    140. Chakraborty, Pavel & Chakrabarti, Anindya S. & Chatterjee, Chirantan, 2023. "Cross-border environmental regulation and firm labor demand," Journal of Environmental Economics and Management, Elsevier, vol. 117(C).
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    147. Nicholas Oulton, 2022. "The Divisia approach to measuring output and productivity: with an application to the BEA-BLS integrated industry-level production account, 1987-2020," Discussion Papers 2217, Centre for Macroeconomics (CFM).
    148. Liu, Rui & Zheng, Linhao & Chen, Zheang & Cheng, Mengyao & Ren, Yuzhuo, 2024. "Digitalization through supply chains: Evidence from the customer concentration of Chinese listed companies," Economic Modelling, Elsevier, vol. 134(C).
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  25. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2016. "Safe Asset Scarcity and Aggregate Demand," Department of Economics, Working Paper Series qt7cb7s8wr, Department of Economics, Institute for Business and Economic Research, UC Berkeley.

    Cited by:

    1. Michael Bordo & Robert N. McCauley, 2017. "A Global Shortage of Safe Assets: A New Triffin Dilemma?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 45(4), pages 443-451, December.
    2. Fernando Broner & Daragh Clancy & Alberto Martin & Aitor Erce, 2017. "Fiscal multipliers and foreign holdings of public debt," Economics Working Papers 1610, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2021.
    3. Reis, Ricardo, 2016. "Funding quantitative easing to target inflation," LSE Research Online Documents on Economics 67883, London School of Economics and Political Science, LSE Library.
    4. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    5. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2017. "The Safe Assets Shortage Conundrum," Department of Economics, Working Paper Series qt8h3182xb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    6. Benedikt Ballensiefen & Angelo Ranaldo, 2023. "Safe Asset Carry Trade," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 13(2), pages 223-265.
    7. Francesco Saraceno & Roberto Tamborini, 2015. "How can it work ? On the impact of quantitative easing in the Eurozone," SciencePo Working papers Main hal-03470075, HAL.
    8. Kapp, Daniel & Kristiansen, Kristian, 2021. "Euro area equity risk premia and monetary policy: a longer-term perspective," Working Paper Series 2535, European Central Bank.
    9. Habib, Maurizio Michael & Stracca, Livio & Venditti, Fabrizio, 2020. "The fundamentals of safe assets," Journal of International Money and Finance, Elsevier, vol. 102(C).
    10. Matthieu Bussiere & Aikaterini Karadimitropoulou & Miguel A. Leon-Ledesma, 2017. "Current account dynamics and the real exchange rate: disentangling the evidence," Working Papers 239, Bank of Greece.
    11. Brunnermeier, Markus K. & Langfield, Sam & Pagano, Marco & Reis, Ricardo & Van Nieuwerburgh, Stijn & Vayanos, Dimitri, 2017. "ESBies: safety in the tranches," LSE Research Online Documents on Economics 74320, London School of Economics and Political Science, LSE Library.
    12. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    13. Philippe Bacchetta & Kenza Benhima & Jean-Paul Renne, 2022. "Understanding Swiss real interest rates in a financially globalized world," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 158(1), pages 1-17, December.
    14. Ricardo J. Caballero & Alp Simsek, 2016. "A Model of Fickle Capital Flows and Retrenchment," NBER Working Papers 22751, National Bureau of Economic Research, Inc.
    15. Douglas Gale & Tanju Yorulmazer, 2020. "Bank capital, fire sales, and the social value of deposits," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(4), pages 919-963, June.
    16. Duffy, David & Foley, Daniel & Mc Inerney, Niall & McQuinn, Kieran, 2016. "Demographic Change, Long-Run Housing Demand and the Related Challenges for the Irish Banking Sector," Book Chapters, in: Ireland’s Economic Outlook: Perspectives and Policy Challenges, Economic and Social Research Institute (ESRI).
    17. Julius Probst, 2019. "Lawrence Summers Deserves a Nobel Prize for Reviving the Theory of Secular Stagnation," Econ Journal Watch, Econ Journal Watch, vol. 16(2), pages 342–373-3, September.
    18. Julian Kozlowski & Laura Veldkamp & Venky Venkateswaran, 2018. "The Tail that Keeps the Riskless Rate Low," NBER Working Papers 24362, National Bureau of Economic Research, Inc.
    19. Robert E. Hall & Ricardo Reis, 2016. "Achieving Price Stability by Manipulating the Central Bank’s Payment on Reserves," NBER Working Papers 22761, National Bureau of Economic Research, Inc.
    20. Corradin, Stefano & Heider, Florian & Hoerova, Marie, 2017. "On collateral: implications for financial stability and monetary policy," Working Paper Series 2107, European Central Bank.
    21. Justus Inhoffen & Iman van Lelyveld, 2023. "Safe Asset Scarcity and Re-use in the European Repo Market," Discussion Papers of DIW Berlin 2050, DIW Berlin, German Institute for Economic Research.
    22. Linda S. Goldberg & Signe Krogstrup, 2018. "International capital flow pressures," Staff Reports 834, Federal Reserve Bank of New York.
    23. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," NBER Working Papers 25782, National Bureau of Economic Research, Inc.
    24. Maurin, Vincent, 2022. "Asset scarcity and collateral rehypothecation," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    25. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," American Economic Review, American Economic Association, vol. 107(5), pages 614-620, May.
    26. Malliaropulos, Dimitris & Migiakis, Petros, 2023. "A global monetary policy factor in sovereign bond yields," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 445-465.
    27. Richard Clarida, 2018. "The global factor in neutral policy rates: Some implications for exchange rates, monetary policy, and policy coordination," BIS Working Papers 732, Bank for International Settlements.
    28. Reuven Glick, 2019. "R* and the Global Economy," Working Paper Series 2019-18, Federal Reserve Bank of San Francisco.
    29. Puriya Abbassi & Rajkamal Iyer & José-Luis Peydró & Paul E. Soto, 2020. "Stressed banks? Evidence from the largest-ever supervisory review," Economics Working Papers 1721, Department of Economics and Business, Universitat Pompeu Fabra.
    30. Gilles Dufrenot & Meryem Rhouzlane, 2018. "Secular Stagnation: New Challenges for the Industrialized Countries in the 21st Century," AMSE Working Papers 1818, Aix-Marseille School of Economics, France.
    31. Luca Agnello & Vítor Castro & Ricardo M. Sousa, 2023. "Interest rate gaps in an uncertain global context: why “too” low (high) for “so” long?," Empirical Economics, Springer, vol. 64(2), pages 539-565, February.
    32. Sanjay R. Singh & Nicolas Caramp, 2020. "Bond Premium Cyclicality and Liquidity Traps," Working Papers 336, University of California, Davis, Department of Economics.
    33. NAKAJIMA, Jouchi, 2024. "Central bank balance sheets and long-term interest rates : Revisiting Japan's unconventional monetary policy experience," Discussion Paper Series 758, Institute of Economic Research, Hitotsubashi University.
    34. Hiro Ito & Phuong Tran, 2023. "Emerging Market Economies’ Challenge: Managing the Yield Curve in a Financially Globalized World," Open Economies Review, Springer, vol. 34(1), pages 171-194, February.
    35. Nicholas Garvin & David W Hughes & José-Luis Peydró, 2021. "The Role of Collateral in Borrowing," RBA Research Discussion Papers rdp2021-01, Reserve Bank of Australia.
    36. Bergin, Adele & Duffy, David & Foley, Daniel & Garcia Rodriguez, Abian & Lawless, Martina & Mc Inerney, Niall & McQuinn, Kieran, 2016. "Ireland’s Economic Outlook: Perspectives and Policy Challenges," Forecasting Report, Economic and Social Research Institute (ESRI), number EO1 edited by Bergin, Adele & Morgenroth, Edgar & McQuinn, Kieran, march.
    37. Michael Bordo & Robert N McCauley, 2017. "Triffin: dilemma or myth?," BIS Working Papers 684, Bank for International Settlements.
    38. Madalen Castells Jauregui & Dmitry Kuvshinov & Bjoern Richter & Victoria Vanasco, 2024. "Sectoral dynamics of safe assets in advanced economies," Economics Working Papers 1884, Department of Economics and Business, Universitat Pompeu Fabra.
    39. Lawrence H. Summers, 2018. "Secular Stagnation and Macroeconomic Policy," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(2), pages 226-250, June.
    40. Truger, Achim, 2020. "Kreditfinanzierung (zusätzlicher) öffentlicher Investitionen sinnvoll," ifso expertise 4, University of Duisburg-Essen, Institute for Socioeconomics (ifso).
    41. Andreas M. Fischer & Henrike Groeger & Philip U. Sauré & Pinar Yesin, 2018. "Current account adjustment and retained earnings," Working Papers 2018-12, Swiss National Bank.
    42. Corneo, Giacomo, 2017. "Ein Staatsfonds, der eine soziale Dividende finanziert," Discussion Papers 2017/13, Free University Berlin, School of Business & Economics.
    43. Ricardo Reis, 2016. "Comment on "Jump-Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery? "," NBER Chapters, in: NBER Macroeconomics Annual 2016, Volume 31, pages 198-207, National Bureau of Economic Research, Inc.
    44. Ahnert, Toni & Anand, Kartik & Gai, Prasanna & Chapman, James, 2018. "Asset encumbrance, bank funding and fragility," LSE Research Online Documents on Economics 118919, London School of Economics and Political Science, LSE Library.
    45. Roberto Tamborini & Francesco Saraceno, 2016. "How can it work ? On the impact of quantitative easing in the eurozone," Documents de Travail de l'OFCE 2016-13, Observatoire Francais des Conjonctures Economiques (OFCE).
    46. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2017. "Für eine zukunftsorientierte Wirtschaftspolitik. Jahresgutachten 2017/18 [Towards a Forward-Looking Economic Policy. Annual Report 2017/18]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201718, September.
    47. Goldberg, Linda S. & Krogstrup, Signe, 2023. "International capital flow pressures and global factors," Journal of International Economics, Elsevier, vol. 146(C).
    48. Ly Dai Hung, 2020. "Safe Assets at Financial Globalization," Working Papers hal-03413541, HAL.
    49. Ahnert, Toni & Anand, Kartik & Gai, Prasanna & Chapman, James, 2015. "Safe, or not safe? Covered bonds and Bank Fragility," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112875, Verein für Socialpolitik / German Economic Association.
    50. Fiedler, Salomon & Gern, Klaus-Jürgen & Jannsen, Nils & Wolters, Maik H., 2019. "Growth prospects, the natural interest rate, and monetary policy," Economics Discussion Papers 2019-17, Kiel Institute for the World Economy (IfW Kiel).
    51. Marx, Magali & Mojon, Benoît & Velde, François R., 2021. "Why have interest rates fallen far below the return on capital?," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 57-76.
    52. Huber, Florian & Punzi, Maria Teresa, 2017. "The shortage of safe assets in the US investment portfolio: Some international evidence," Department of Economics Working Paper Series 243, WU Vienna University of Economics and Business.
    53. Claudio Borio & Piti Disyatat & Phurichai Rungcharoenkitkul, 2019. "What anchors for the natural rate of interest?," BIS Working Papers 777, Bank for International Settlements.
    54. Stephen Williamson, 2019. "Neo-Fisherism and inflation control," Canadian Journal of Economics, Canadian Economics Association, vol. 52(3), pages 882-913, August.
    55. Tomas Reichenbachas & Linas Jurkšas & Rokas Kaminskas, 2021. "Natural real rates of interest across Euro area countries: Are R-stars getting closer together?," Bank of Lithuania Discussion Paper Series 24, Bank of Lithuania.
    56. William B. English & Christopher J. Erceg & J. David López-Salido, 2017. "Money-Financed Fiscal Programs : A Cautionary Tale," Finance and Economics Discussion Series 2017-060, Board of Governors of the Federal Reserve System (U.S.).
    57. Lukasz Rachel & Lawrence H. Summers, 2019. "On Secular Stagnation in the Industrialized World," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(1 (Spring), pages 1-76.
    58. Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parraga Rodriguez, Susana &, 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank.
    59. Harold H. Zhang & Feng Zhao & Xiaofei Zhao, 2024. "Neglected Risks in the Communication of Residential Mortgage‐Backed Securities Offerings," Journal of Finance, American Finance Association, vol. 79(1), pages 129-172, February.
    60. Ly Dai Hung, 2021. "External Debts and Economic Growth when Debt Rating Matters," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 12(03), pages 1-26, October.
    61. Andrew Filardo & Jouchi Nakajima, 2018. "Effectiveness of unconventional monetary policies in a low interest rate environment," BIS Working Papers 691, Bank for International Settlements.
    62. Guillermo A. Calvo, 2016. "From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII," NBER Working Papers 22535, National Bureau of Economic Research, Inc.
    63. Marcin Kacperczyk & Christophe Pérignon & Guillaume Vuillemey, 2021. "The Private Production of Safe Assets," Journal of Finance, American Finance Association, vol. 76(2), pages 495-535, April.
    64. Ferreira, Thiago R.T. & Shousha, Samer, 2023. "Determinants of global neutral interest rates," Journal of International Economics, Elsevier, vol. 145(C).
    65. Boysen-Hogrefe, Jens & Fiedler, Salomon & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan, 2021. "Vermögenspreise, Zinseffekte und die Robustheit der öffentlichen Finanzen in Deutschland - eine Szenario-Analyse," Kieler Beiträge zur Wirtschaftspolitik 36, Kiel Institute for the World Economy (IfW Kiel).
    66. Bergin, Adele & Garcia Rodriguez, Abian & Mc Inerney, Niall & Morgenroth, Edgar, 2016. "Baseline: Methodology, Assumptions and Projections," Book Chapters, in: Ireland’s Economic Outlook: Perspectives and Policy Challenges, Economic and Social Research Institute (ESRI).
    67. Stephen D. Williamson, 2017. "Low Real Interest Rates and the Zero Lower Bound," Working Papers 2017-10, Federal Reserve Bank of St. Louis.
    68. Ricardo J. Caballero & Gunes Kamber, 2019. "On the Global Impact of Risk-off Shocks and Policy-put Frameworks," NBER Working Papers 26031, National Bureau of Economic Research, Inc.
    69. Jaevin Park, 2020. "Inside Money, Business Cycle, and Bank Capital Requirements," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 103-121, April.
    70. Dong, Feng & Liu, Jianfeng & Xu, Zhiwei & Zhao, Bo, 2021. "Flight to housing in China," Journal of Economic Dynamics and Control, Elsevier, vol. 130(C).
    71. Feng Dong & Yi Wen, 2017. "Flight to What? — Dissecting Liquidity Shortages in the Financial Crisis," Working Papers 2017-25, Federal Reserve Bank of St. Louis.
    72. Pierre-Olivier Gourinchas & Hélène Rey, 2016. "Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound," NBER Working Papers 22618, National Bureau of Economic Research, Inc.
    73. Ly Dai Hung & Hai Anh Bui Thi & Thanh Vo Tri, 2021. "International Debts Flows," Working Papers hal-03129122, HAL.
    74. Guillermo A. Calvo, 2019. "Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications," NBER Working Papers 26277, National Bureau of Economic Research, Inc.
    75. Lawless, Martina & Morgenroth, Edgar, 2016. "Opportunities and Risks for Foreign Direct Investment," Book Chapters, in: Ireland’s Economic Outlook: Perspectives and Policy Challenges, Economic and Social Research Institute (ESRI).
    76. Madalen Castells Jauregui & Dmitry Kuvshinov & Björn Richter & Victoria Vanasco, 2024. "Sectoral Dynamics of Safe Assets in Advanced Economies," Working Papers 1438, Barcelona School of Economics.
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  26. Maggiori, Matteo & Farhi, Emmanuel, 2016. "A Model of the International Monetary System," CEPR Discussion Papers 11297, C.E.P.R. Discussion Papers.

    Cited by:

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    50. Andreas Gerster & Michael Kramm, 2024. "Optimal Internality Taxation of Product Attributes," CRC TR 224 Discussion Paper Series crctr224_2024_510, University of Bonn and University of Mannheim, Germany.
    51. Hunt Allcott & Charlie Rafkin, 2020. "Optimal Regulation of E-cigarettes: Theory and Evidence," NBER Working Papers 27000, National Bureau of Economic Research, Inc.
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  29. Caballero, Ricardo & Gourinchas, Pierre-Olivier & Farhi, Emmanuel, 2015. "Global Imbalances and Currency Wars at the ZLB," CEPR Discussion Papers 10905, C.E.P.R. Discussion Papers.

    Cited by:

    1. Sushant Acharya & Julien Bengui, 2016. "Liquidity traps, capital flows," Staff Reports 765, Federal Reserve Bank of New York.
    2. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2017. "The Safe Assets Shortage Conundrum," Department of Economics, Working Paper Series qt8h3182xb, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    3. Lael Brainard, 2016. "What Happened to the Great Divergence? a speech at the 2016 U.S. Monetary Policy Forum, New York, New York, February 26, 2016," Speech 891, Board of Governors of the Federal Reserve System (U.S.).
    4. Joshua K. Hausman & Paul W. Rhode & Johannes F. Wieland, 2019. "Recovery from the Great Depression: The Farm Channel in Spring 1933," American Economic Review, American Economic Association, vol. 109(2), pages 427-472, February.
    5. Banerjee, Ryan & Devereux, Michael B. & Lombardo, Giovanni, 2016. "Self-oriented monetary policy, global financial markets and excess volatility of international capital flows," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 275-297.
    6. Garcia-Hiernaux, Alfredo & Gonzalez-Perez, Maria T. & Guerrero, David E., 2023. "Eurozone prices: A tale of convergence and divergence," Economic Modelling, Elsevier, vol. 126(C).
    7. Matthieu Bussiere & Aikaterini Karadimitropoulou & Miguel A. Leon-Ledesma, 2017. "Current account dynamics and the real exchange rate: disentangling the evidence," Working Papers 239, Bank of Greece.
    8. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    9. Giancarlo Corsetti & Keith Kuester & Gernot J. Müller, 2017. "Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession," Discussion Papers 1721, Centre for Macroeconomics (CFM).
    10. Emmanuel Farhi & Matteo Maggiori, 2016. "A Model of the International Monetary System," NBER Working Papers 22295, National Bureau of Economic Research, Inc.
    11. Matthias Schlegl, 2018. "Secular Stagnation in an Economy with Land," ISER Discussion Paper 1032, Institute of Social and Economic Research, Osaka University.
    12. Luca Fornaro & Federica Romei, 2016. "The paradox of global thrift," Economics Working Papers 1609, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2019.
    13. Piguillem, Facundo & Ordoñez, Guillermo, 2018. "Retirement in the Shadow (Banking)," CEPR Discussion Papers 13144, C.E.P.R. Discussion Papers.
    14. Gauti Eggertsson & Neil Mehrotra & Sanjay Singh & Lawrence Summers, 2016. "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," 2016 Meeting Papers 1701, Society for Economic Dynamics.
    15. Gianluca Benigno & Luca Fornaro, 2015. "Stagnation Traps," Discussion Papers 1606, Centre for Macroeconomics (CFM), revised Dec 2015.
    16. Michael B. Devereux & Charles Engel & Steve Pak Yeung Wu, 2023. "Collateral Advantage: Exchange Rates, Capital Flows and Global Cycles," NBER Working Papers 31164, National Bureau of Economic Research, Inc.
    17. Illing, Gerhard & Ono, Yoshiyasu & Schlegl, Matthias, 2018. "Credit booms, debt overhang and secular stagnation," European Economic Review, Elsevier, vol. 108(C), pages 78-104.
    18. Eren, Egemen & Malamud, Semyon, 2022. "Dominant currency debt," Journal of Financial Economics, Elsevier, vol. 144(2), pages 571-589.
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    21. Serranito, Francisco, 2015. "Dévaluation interne, politiques structurelles et réductions des déficits publics : les réponses apportées par la « troïka » sont-elles un remède aux déséquilibres externes des pays périphériques de la," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 18.
    22. Maurice Obstfeld & Alan M. Taylor, 2017. "International Monetary Relations: Taking Finance Seriously," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 3-28, Summer.
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    24. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," American Economic Review, American Economic Association, vol. 107(5), pages 614-620, May.
    25. Thorbecke, Willem, 2018. "The exposure of U.S. manufacturing industries to exchange rates," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 538-549.
    26. Reuven Glick, 2019. "R* and the Global Economy," Working Paper Series 2019-18, Federal Reserve Bank of San Francisco.
    27. Sanjay R. Singh & Nicolas Caramp, 2020. "Bond Premium Cyclicality and Liquidity Traps," Working Papers 336, University of California, Davis, Department of Economics.
    28. Wüthrich, Nicolas, 2017. "Book review: review of Peter Spiegler's Behind the model: a constructive critique of economic modelling. Cambridge: Cambridge University Press. 2015. 201pp," LSE Research Online Documents on Economics 84037, London School of Economics and Political Science, LSE Library.
    29. Andres Rodriguez-Clare & Mauricio Ulate & Jose P. Vasquez, 2020. "New-Keynesian Trade: Understanding the Employment and Welfare Effects of Trade Shocks," Working Paper Series 2020-32, Federal Reserve Bank of San Francisco.
    30. Corsetti, G. & Mavroeidi, E. & Thwaites, G. & Wolf, M., 2016. "Step away from the zero lower bound: Small open economies in a world of secular stagnation," Cambridge Working Papers in Economics 1645, Faculty of Economics, University of Cambridge.
    31. Gauti B. Eggertsson & Neil R. Mehrotra & Lawrence H. Summers, 2016. "Secular Stagnation in the Open Economy," NBER Working Papers 22172, National Bureau of Economic Research, Inc.
    32. Maurice Obstfeld, 2020. "Global Dimensions of U.S. Monetary Policy," International Journal of Central Banking, International Journal of Central Banking, vol. 16(1), pages 73-132, February.
    33. Olivier Jeanne, 2021. "Currency Wars, Trade Wars, and Global Demand," NBER Working Papers 29603, National Bureau of Economic Research, Inc.
    34. Anton Korinek, 2017. "Currency wars or efficient spillovers?," BIS Working Papers 615, Bank for International Settlements.
    35. Vadym Lepetyuk & Lilia Maliar & Serguei Maliar, 2017. "Should Central Banks Worry About Nonlinearities of their Large-Scale Macroeconomic Models?," Staff Working Papers 17-21, Bank of Canada.
    36. Sara Eugeni, 2019. "Exchange rate volatility and cooperation in an incomplete markets' economy," Department of Economics Working Papers 2019_02, Durham University, Department of Economics.
    37. Barry Eichengreen, 2019. "Two Views of the International Monetary System," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 54(4), pages 233-236, July.
    38. Michau, Jean-Baptiste, 2018. "Secular stagnation: Theory and remedies," Journal of Economic Theory, Elsevier, vol. 176(C), pages 552-618.
    39. Anton Korinek, 2016. "Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation," NBER Working Papers 23004, National Bureau of Economic Research, Inc.
    40. Manuel Amador & Javier Bianchi & Luigi Bocola & Fabrizio Perri, 2017. "Exchange Rate Policies at the Zero Lower Bound," Working Papers 740, Federal Reserve Bank of Minneapolis.
    41. Engel, Charles, 2020. "Safe U.S. Assets and U.S. Capital Flows," Journal of International Money and Finance, Elsevier, vol. 102(C).
    42. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2017. "Für eine zukunftsorientierte Wirtschaftspolitik. Jahresgutachten 2017/18 [Towards a Forward-Looking Economic Policy. Annual Report 2017/18]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201718, September.
    43. Amador, Manuel & Bianchi, Javier & Bocola, Luigi & Perri, Fabrizio, 2016. "Reverse speculative attacks," Journal of Economic Dynamics and Control, Elsevier, vol. 72(C), pages 125-137.
    44. Huber, Florian & Punzi, Maria Teresa, 2017. "The shortage of safe assets in the US investment portfolio: Some international evidence," Department of Economics Working Paper Series 243, WU Vienna University of Economics and Business.
    45. Claudio Borio & Piti Disyatat & Phurichai Rungcharoenkitkul, 2019. "What anchors for the natural rate of interest?," BIS Working Papers 777, Bank for International Settlements.
    46. Caballero, Ricardo J & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2016. "Safe Asset Scarcity and Aggregate Demand," Department of Economics, Working Paper Series qt7cb7s8wr, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    47. Rodnyansky, A., 2018. "(Un)Competitive Devaluations and Firm Dynamics," Cambridge Working Papers in Economics 1888, Faculty of Economics, University of Cambridge.
    48. Hagedorn, Marcus, 2021. "An Equilibrium Theory of Nominal Exchange Rates," CEPR Discussion Papers 16517, C.E.P.R. Discussion Papers.
    49. Jeffrey A. Frankel, 2016. "International Coordination," NBER Working Papers 21878, National Bureau of Economic Research, Inc.
    50. Francesco D'Acunto & Daniel Hoang & Michael Weber & Michael Weber, 2016. "Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure," CESifo Working Paper Series 5793, CESifo.
    51. Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parraga Rodriguez, Susana &, 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank.
    52. Dennis Bonam, 2020. "A convenient truth: The convenience yield, low interest rates and implications for fiscal policy," Working Papers 700, DNB.
    53. Kolasa, Marcin & Wesołowski, Grzegorz, 2020. "International spillovers of quantitative easing," Journal of International Economics, Elsevier, vol. 126(C).
    54. Manuel, Lancastre, 2016. "Age Milestones and Low Interest Rates, an Analytic Approach," MPRA Paper 85046, University Library of Munich, Germany.
    55. John C. Williams, 2017. "Three Questions on R-star," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    56. Andrews, Spencer & Colacito, Riccardo & Croce, Mariano M. & Gavazzoni, Federico, 2024. "Concealed carry," Journal of Financial Economics, Elsevier, vol. 159(C).
    57. Alex Haberis & Anna Lipińska, 2020. "A Welfare‐Based Analysis of International Monetary Policy Spillovers at the Zero Lower Bound," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(5), pages 1107-1145, August.
    58. Deepa Dhume Datta & Benjamin K. Johannsen & Hannah Kwon & Robert J. Vigfusson, 2018. "Oil, Equities, and the Zero Lower Bound," Finance and Economics Discussion Series 2018-058, Board of Governors of the Federal Reserve System (U.S.).
    59. Luca Fornaro, 2017. "Aggregate Demand Externalities in a Global Liquidity Trap," 2017 Meeting Papers 139, Society for Economic Dynamics.
    60. Luca Fornaro & Federica Romei, 2018. "The Paradox of Global Thrift (Plus Appendix)," Working Papers 1039, Barcelona School of Economics.
    61. Bhavesh Garg & K.P. Prabheesh, 2022. "Is Indonesia’S Current Account Balance Optimal? Evidence From An Intertemporal Approach," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 25(Special I), pages 1-18, March.
    62. Pierre-Olivier Gourinchas & Hélène Rey, 2016. "Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound," NBER Working Papers 22618, National Bureau of Economic Research, Inc.
    63. Lael Brainard, 2016. "The Economic Outlook and Implications for Monetary Policy: a speech at the Council on Foreign Relations, Washington, D.C., June 3, 2016," Speech 899, Board of Governors of the Federal Reserve System (U.S.).
    64. van Wijnbergen, Sweder, 2018. "Real interest rates, exchange rates and the ZLB: on Secular Stagnation," CEPR Discussion Papers 12837, C.E.P.R. Discussion Papers.
    65. John C. Williams, 2016. "Whither Inflation Targeting? Speech to the Hayek Group, Reno, Nevada, September 6, 2016," Speech 169, Federal Reserve Bank of San Francisco.
    66. Capraro, Santiago & Panico, Carlo & Torres-Gonzalez, Luis Daniel, 2021. "The persistent and generalised decline in the U. S. interest rates: an alternative interpretation," MPRA Paper 110181, University Library of Munich, Germany.
    67. Lael Brainard, 2016. "The \"New Normal\" and What It Means for Monetary Policy : a speech at the Chicago Council on Global Affairs, Chicago, Illinois, September 12, 2016," Speech 907, Board of Governors of the Federal Reserve System (U.S.).

  30. Mark Aguiar & Manuel Amador & Emmanuel Farhi & Gita Gopinath, 2015. "Coordination and Crisis in Monetary Unions," Staff Report 511, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Mark Aguiar & Satyajit Chatterjee & Harold Cole & Zachary Stangebye, 2022. "Self-Fulfilling Debt Crises, Revisited," Journal of Political Economy, University of Chicago Press, vol. 130(5), pages 1147-1183.
    2. Halac, Marina & Yared, Pierre, 2018. "Fiscal Rules and Discretion in a World Economy," CEPR Discussion Papers 12570, C.E.P.R. Discussion Papers.
    3. Cornand, Camille & Gandré, Pauline & Gimet, Céline, 2016. "Increase in home bias in the Eurozone debt crisis: The role of domestic shocks," Economic Modelling, Elsevier, vol. 53(C), pages 445-469.
    4. Uchida, Yuki & Ono, Tetsuo, 2021. "Political economy of taxation, debt ceilings, and growth," European Journal of Political Economy, Elsevier, vol. 68(C).
    5. Romei, Federica & de Ferra, Sergio, 2018. "Sovereign Default in a Monetary Union," CEPR Discussion Papers 12976, C.E.P.R. Discussion Papers.
    6. Xuan Wang, 2019. "When Do Currency Unions Benefit From Default ?," 2019 Papers pwa938, Job Market Papers.
    7. Marzia Romanelli & Pietro Tommasino & Emilio VadalÃ, 2022. "The future of European fiscal governance: a comprehensive approach," Questioni di Economia e Finanza (Occasional Papers) 691, Bank of Italy, Economic Research and International Relations Area.
    8. Alesina, A. & Passalacqua, A., 2016. "The Political Economy of Government Debt," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2599-2651, Elsevier.
    9. Chari, V.V. & Dovis, Alessandro & Kehoe, Patrick J., 2020. "Rethinking Optimal Currency Areas," Journal of Monetary Economics, Elsevier, vol. 111(C), pages 80-94.
    10. Jean Barthélemy & Guillaume Plantin, 2018. "Fiscal and Monetary Regimes: A Strategic Approach," SciencePo Working papers Main hal-03393134, HAL.
    11. Eijffinger, Sylvester C.W. & Kobielarz, Michał L. & Uras, Burak R., 2018. "Sovereign default, exit and contagion in a monetary union," Journal of International Economics, Elsevier, vol. 113(C), pages 1-19.
    12. Luca Fornaro, 2019. "A Theory of Monetary Union and Financial Integration," Working Papers 1138, Barcelona School of Economics.
    13. André Cartapanis & Marie-Hélène Gagnon & Céline Gimet, 2023. "Financially sustainable optimal currency areas," Post-Print hal-04165420, HAL.
    14. Cizkowicz, Piotr & Rzonca, Andrzej & Trzeciakowski, Rafal, 2015. "Membership in the Euro area and fiscal sustainability. Analysis through panel fiscal reaction functions," MPRA Paper 61560, University Library of Munich, Germany.
    15. Luca Fornaro & Christoph Grosse-Steffen, 2024. "Fragmented Monetary Unions," Working Papers 1437, Barcelona School of Economics.
    16. Carlos Thomas & Galo Nuño, 2016. "Monetary Policy and Sovereign Debt Vulnerability," 2016 Meeting Papers 329, Society for Economic Dynamics.
    17. Ayres, JoaÞo & Navarro, Gaston & Nicolini, Juan Pablo & Teles, Pedro, 2023. "Self-Fulfilling Debt Crises with Long Stagnations," IDB Publications (Working Papers) 12701, Inter-American Development Bank.
    18. Sergio de Ferra, 2021. "External Imbalances, Gross Capital Flows, and Sovereign Debt Crises," Journal of the European Economic Association, European Economic Association, vol. 19(1), pages 347-402.
    19. Harold L. Cole & Daniel Neuhann & Guillermo Ordonez, 2017. "A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information," PIER Working Paper Archive 17-015, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 May 2017.
    20. Pablo D'Erasmo & Enrique G. Mendoza, 2018. "History Remembered: Optimal Sovereign Default on Domestic and External Debt," NBER Working Papers 25073, National Bureau of Economic Research, Inc.
    21. Axelle Arquié & Jérôme Hericourt & Fabien Tripier, 2020. "Covid-19: Has the Time Come for Mainstream Macroeconomics to Rehabilitate Money Printing," Post-Print hal-03134891, HAL.
    22. Enrique Mendoza, 2017. "Optimal Domestic (and External) Sovereign Default," 2017 Meeting Papers 279, Society for Economic Dynamics.
    23. Aflahagah, Fo Kodjo Dzinyefa & Bernard, Tanguy & Viceisza, Angelino, 2015. "Communication and coordination: Experimental evidence from farmer groups in Senegal:," IFPRI discussion papers 1450, International Food Policy Research Institute (IFPRI).
    24. Sewon Hur & Illenin O. Kondo & Fabrizio Perri, 2018. "Inflation, Debt, and Default," Working Papers (Old Series) 1812, Federal Reserve Bank of Cleveland.
    25. Berriel, Rafael & Gonzalez-Aguado, Eugenia & Kehoe, Patrick J. & Pastorino, Elena, 2024. "Is a fiscal union optimal for a monetary union?," Journal of Monetary Economics, Elsevier, vol. 141(C), pages 157-177.
    26. Keiichiro Kobayashi & Kozo Ueda, 2020. "Secular stagnation and low interest rates under the fear of a government debt crisis," CAMA Working Papers 2020-40, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    27. Anil Ari, 2015. "Sovereign Risk and Bank Risk-Taking," Working Papers 202, Oesterreichische Nationalbank (Austrian Central Bank).
    28. Kiyoung Jeon & Zeynep Yom, 2016. "Income Inequality and Sovereign Default," Villanova School of Business Department of Economics and Statistics Working Paper Series 29, Villanova School of Business Department of Economics and Statistics.
    29. van Aarle, Bas & Engwerda, Jacob & Weeren, Arie, 2018. "Effects of debt mutualization in a monetary union with endogenous risk premia: Can Eurobonds contribute to debt stabilization?," Structural Change and Economic Dynamics, Elsevier, vol. 44(C), pages 100-114.
    30. Ari, Anil, 2018. "Gambling traps," Working Paper Series 2217, European Central Bank.
    31. R. Neck & D. Blueschke, 2020. "Every Country for Itself and the Central Bank for Us All?," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 26(4), pages 377-389, November.
    32. Kriwoluzky, Alexander & Müller, Gernot J. & Wolf, Martin, 2019. "Exit expectations and debt crises in currency unions," Journal of International Economics, Elsevier, vol. 121(C).
    33. Si Guo & Yun Pei & Zoe Xie, 2018. "Fiscal Decentralization, Intergovernmental Transfer, and Overborrowing," 2018 Meeting Papers 975, Society for Economic Dynamics.
    34. Galli, Carlo, 2019. "Self-fulfilling debt crises, fiscal policy and investment," LSE Research Online Documents on Economics 100942, London School of Economics and Political Science, LSE Library.
    35. Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2015. "The causal relationship between debt and growth in EMU countries," Journal of Policy Modeling, Elsevier, vol. 37(6), pages 974-989.
    36. Tatiana Kirsanova & Campbell Leith & Ding Liu, 2024. "Central Bank Independence, Government Debt and the Re-Normalization of Interest Rates," Working Papers 2024_10, Business School - Economics, University of Glasgow.
    37. Viktor Tsyrennikov & Serguei Maliar & Lilia Maliar & Cristina Arellano, 2015. "Envelope Condition Method with an Application to Default Risk Models," 2015 Meeting Papers 1239, Society for Economic Dynamics.
    38. Yasin Kursat Onder & Enes Sunel, 2021. "Inflation-default trade-off without a nominal anchor: The case of Greece," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 55-78, January.
    39. Fornaro, Luca, 2019. "Monetary Union and Financial Integration," CEPR Discussion Papers 14216, C.E.P.R. Discussion Papers.
    40. Paula Margaretic & Sebastián Becerra, 2017. "Dispersed Information and Sovereign Risk Premia," Working Papers Central Bank of Chile 808, Central Bank of Chile.
    41. Foresti, Pasquale, 2017. "Monetary and fiscal policies in interaction in monetary unions," LSE Research Online Documents on Economics 69623, London School of Economics and Political Science, LSE Library.
    42. Harold Cole & Daniel Neuhann & Guillermo Ordonez, 2022. "Information Spillovers and Sovereign Debt: Theory Meets the Eurozone Crisis," PIER Working Paper Archive 22-017, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    43. Liu, Yan & Wu, Guowei & Xiong, Chen, 2024. "Countercyclical central government transfers incentivize local government overborrowing: Theory and evidence," Economic Modelling, Elsevier, vol. 132(C).
    44. Corsetti, G. & Erce, A. & Uy, T., 2018. "Debt Sustainability and the Terms of Official Support," Cambridge Working Papers in Economics 1864, Faculty of Economics, University of Cambridge.
    45. Bornstein, Gideon, 2020. "A Continuous-Time Model of Sovereign Debt," Journal of Economic Dynamics and Control, Elsevier, vol. 118(C).
    46. Kobielarz, Michal, 2018. "The economics of monetary unions," Other publications TiSEM b0293536-68ec-4905-bffd-6, Tilburg University, School of Economics and Management.
    47. Mark Aguiar & Satyajit Chatterjee & Harold L. Cole & Zachary Stangebye, 2017. "Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal," Working Papers 17-7, Federal Reserve Bank of Philadelphia.
    48. Si Guo & Yun Pei & Zoe Xie, 2019. "Decentralization and Overborrowing in a Fiscal Federation," 2019 Meeting Papers 1229, Society for Economic Dynamics.
    49. Toyofuku, Kenta, 2021. "Unit of account, sovereign debt, and optimal currency area," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    50. François Langot, 2020. "Public Debt, Policy Mix and European Stability," Working Papers hal-02895635, HAL.
    51. Jean Barthélemy & Eric Mengus & Guillaume Plantin, 2020. "Public Liquidity Demand and Central Bank Independence," Working papers 747, Banque de France.
    52. Maideu-Morera, Gerard, 2024. "Optimal Fiscal Rules and Macroprudential Policies with Sovereign Default Risk," TSE Working Papers 24-1534, Toulouse School of Economics (TSE).
    53. Abramson, Boaz & Shayo, Moses, 2022. "International integration and social identity," Journal of International Economics, Elsevier, vol. 137(C).
    54. Dmitri Blueschke & Reinhard Neck, 2018. "Game of Thrones: Accommodating Monetary Policies in a Monetary Union," Games, MDPI, vol. 9(1), pages 1-15, February.
    55. Aitor Erce & Enrico Mallucci & Mattia Picarelli, 2022. "A journey in the history of sovereign defaults on domestic-law public debt," Working Papers 51, European Stability Mechanism, revised 28 Mar 2022.
    56. Wenxin Du & Carolin E. Pflueger & Jesse Schreger, 2016. "Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy," NBER Working Papers 22592, National Bureau of Economic Research, Inc.
    57. Xuan Wang, 2021. "Bankruptcy Codes and Risk Sharing of Currency Unions," Tinbergen Institute Discussion Papers 21-009/IV, Tinbergen Institute.
    58. Giancarlo Corsetti, 2023. "Debt crises, fast and slow Giancarlo," RSCAS Working Papers 2023/15, European University Institute.
    59. Engwerda, Jacob & van Aarle, Bas & Anevlavis, Tzanis, 2019. "Debt stabilization games in a monetary union: What are the effects of introducing eurobonds?," Journal of Macroeconomics, Elsevier, vol. 59(C), pages 78-102.

  31. Philippe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2015. "Liquidity and growth: the role of counter-cyclical interest rates," BIS Working Papers 489, Bank for International Settlements.

    Cited by:

    1. Sangyup Choi & David Furceri & Prakash Loungani & Myungkyu shim, 2021. "Inflation Anchoring and Growth: The Role of Credit Constraints," Working papers 2021rwp-188, Yonsei University, Yonsei Economics Research Institute.
    2. Sangyup Choi & Davide Furceri & Yi Huang & Prakash Loungani, 2017. "Aggregate Uncertainty and Sectoral Productivity Growth: The Role of Credit Constraints," Working papers 2017rwp-109, Yonsei University, Yonsei Economics Research Institute.
    3. Bäurle, Gregor & Lein, Sarah M. & Steiner, Elizabeth, 2018. "Employment Adjustment and Financial Constraints - Evidence from Firm-level Data," Working papers 2018/07, Faculty of Business and Economics - University of Basel.
    4. Bäurle, Gregor & Lein, Sarah M. & Steiner, Elizabeth, 2021. "Employment adjustment and financial tightness – Evidence from firm-level data," Journal of International Money and Finance, Elsevier, vol. 115(C).
    5. Grilli, Ruggero & Tedeschi, Gabriele & Gallegati, Mauro, 2020. "Business fluctuations in a behavioral switching model: Gridlock effects and credit crunch phenomena in financial networks," Journal of Economic Dynamics and Control, Elsevier, vol. 114(C).
    6. Sangyup Choi & Davide Furceri & Prakash Loungani, 2019. "Inflation Anchoring, Real Borrowing Costs, and Growth: Evidence from Sectoral Data," Working papers 2019rwp-143, Yonsei University, Yonsei Economics Research Institute.
    7. Sangyup Choi & Davide Furceri & Mr. Prakash Loungani, 2018. "Inflation Anchoring and Growth: Evidence from Sectoral Data," IMF Working Papers 2018/036, International Monetary Fund.

  32. Aguiar, Mark & Amador, Manuel & Farhi, Emmanuel & Gopinath, Gita, 2014. "Sovereign Debt Booms in Monetary Unions," Scholarly Articles 12559514, Harvard University Department of Economics.

    Cited by:

    1. Pierre-Olivier Gourinchas & Thomas Philippon & Dimitri Vayanos, 2016. "The Analytics of the Greek Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 100, Hellenic Observatory, LSE.
    2. Aguiar, M. & Chatterjee, S. & Cole, H. & Stangebye, Z., 2016. "Quantitative Models of Sovereign Debt Crises," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1697-1755, Elsevier.
    3. Engler, Philipp & Grosse Steffen, Christoph, 2015. "Sovereign risk, interbank freezes, and aggregate fluctuations," Working Paper Series 1840, European Central Bank.
    4. Gente, Karine & León-Ledesma, Miguel A. & Nourry, Carine, 2015. "External constraints and endogenous growth: Why didn't some countries benefit from capital flows?," Journal of International Money and Finance, Elsevier, vol. 56(C), pages 223-249.
    5. Arvind Krishnamurthy & Stefan Nagel & Annette Vissing-Jorgensen, 2017. "ECB Policies Involving Government Bond Purchases: Impact and Channels," NBER Working Papers 23985, National Bureau of Economic Research, Inc.
    6. Oyarzo, Mauricio & Paredes, Dusan, 2023. "Shocks derived from mining windfalls and horizontal transfers: Exploring the permanent income hypothesis in Chilean municipalities from a spatial competition approach," Socio-Economic Planning Sciences, Elsevier, vol. 86(C).
    7. Zheng, Huanhuan, 2023. "Original sin redux and deviations from covered interest parity," Journal of International Money and Finance, Elsevier, vol. 139(C).
    8. Nathan Foley-Fisher & Eoin McLaughlin, 2015. "Sovereign debt guarantees and default: Lessons from the UK and Ireland, 1920-1938," Discussion Papers in Environment and Development Economics 2015-11, University of St. Andrews, School of Geography and Sustainable Development.
    9. Trebesch, Christoph & Zabel, Michael, 2016. "The Output Costs of Hard and Soft Sovereign Default," CEPR Discussion Papers 11582, C.E.P.R. Discussion Papers.
    10. Gilles Dufrénot & Anne-Charlotte Paret-Onorato, 2016. "Power-Law Distribution in the Debt-to-Fiscal Revenue Ratio: Empirical Evidence and a Theoretical Model," Working Papers halshs-01357797, HAL.
    11. Gourinchas, Pierre-Olivier & Philippon, Thomas & Vayanos, Dimitri, 2016. "The analytics of the Greek crisis: celebratory centenary issue," LSE Research Online Documents on Economics 67368, London School of Economics and Political Science, LSE Library.
    12. Ohad Raveh & Yacov Tsur, 2017. "Political Myopia, Public Debt," OxCarre Working Papers 200, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    13. Yasin Kürsat Önder & Enes Sunel, 2021. "Default of Depreciate," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 21/1023, Ghent University, Faculty of Economics and Business Administration.
    14. Michael U. Krause & Stéphane Moyen, 2016. "Public Debt and Changing Inflation Targets," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(4), pages 142-176, October.
    15. Arce, Fernando, 2021. "Private Overborrowing under Sovereign Risk," MPRA Paper 113176, University Library of Munich, Germany.
    16. Yasin Kursat Onder & Enes Sunel, 2021. "Inflation-default trade-off without a nominal anchor: The case of Greece," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 55-78, January.
    17. Raveh, Ohad & Tsur, Yacov, 2020. "Resource windfalls and public debt: A political economy perspective," European Economic Review, Elsevier, vol. 123(C).
    18. Ohad Raveh & Yacov Tsur, 2018. "Resource Windfalls and Public Debt: The Role of Political Myopia," OxCarre Working Papers 205, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    19. Joshua Aizenman & Huanhuan Zheng, 2024. "Inflation Surge and Sovereign Borrowing: The Role of Policy Practices in Strengthening Sovereign Resilience," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(4), pages 1347-1385, December.
    20. Stasavage, David, 2016. "What we can learn from the early history of sovereign debt," Explorations in Economic History, Elsevier, vol. 59(C), pages 1-16.
    21. Raveh, Ohad & Tsur, Yacov, 2020. "Reelection, growth and public debt," European Journal of Political Economy, Elsevier, vol. 63(C).
    22. Hale, Galina B. & Jones, Peter C. & Spiegel, Mark M., 2020. "Home currency issuance in international bond markets," Journal of International Economics, Elsevier, vol. 122(C).

  33. Emmanuel Farhi & Iván Werning, 2014. "Labor Mobility Within Currency Unions," NBER Working Papers 20105, National Bureau of Economic Research, Inc.

    Cited by:

    1. Hauser, Daniela & Seneca, Martin, 2019. "Labor mobility in a monetary union," Bank of England working papers 786, Bank of England.
    2. Gaetano Basso & Francesco D’Amuri & Giovanni Peri, 2019. "Immigrants, Labor Market Dynamics and Adjustment to Shocks in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 528-572, September.
    3. Illenin Kondo, 2017. "Trade-Induced Displacements and Local Labor Market Adjustments in the US," NBER Chapters, in: Trade and Labor Markets, National Bureau of Economic Research, Inc.
    4. Lozej, Matija, 2019. "Economic migration and business cycles in a small open economy with matching frictions," Economic Modelling, Elsevier, vol. 81(C), pages 604-620.
    5. Florence Huart & Médédé Tchakpalla, 2018. "Labor Market Conditions and Geographic Mobility in the Eurozone," Post-Print hal-01913958, HAL.
    6. Luca Fornaro, 2019. "A Theory of Monetary Union and Financial Integration," Working Papers 1138, Barcelona School of Economics.
    7. Vasco Curdia & Fernanda Nechio, 2024. "Would the Euro Area Benefit from Greater Labor Mobility?," Working Paper Series 2024-06, Federal Reserve Bank of San Francisco.
    8. Brüggemann, Ulf & Bloomfield, Matthew J. & Christensen, Hans B. & Leuz, Christian, 2015. "The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112850, Verein für Socialpolitik / German Economic Association.
    9. Kohler, Wilhelm & Müller, Gernot J. & Wellmann, Susanne, 2021. "Risk sharing in currency unions: The migration channel," University of Tübingen Working Papers in Business and Economics 144, University of Tuebingen, Faculty of Economics and Social Sciences, School of Business and Economics.
    10. Grey Gordon & Pablo Guerrón-Quintana, 2021. "Public Debt, Private Pain: Regional Borrowing, Default, and Migration," Working Paper 21-13, Federal Reserve Bank of Richmond.
    11. Gregory Howard, 2017. "The Migration Accelerator: Labor Mobility, Housing, and Aggregate Demand," 2017 Meeting Papers 563, Society for Economic Dynamics.
    12. Guilherme Bandeira & Jordi Caballé & Eugenia Vella, 2018. "Should I stay or should I go? Austerity, unemployment and migration," Working Papers 1839, Banco de España.
    13. Veronica Guerrieri, 2021. "Monetary Policy and Uneven Shocks," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, August.
    14. Grey Gordon & Pablo Guerrón-Quintana, 2019. "On Regional Borrowing, Default, and Migration," Working Paper 19-4, Federal Reserve Bank of Richmond.
    15. Guilherme Bandeira & Jordi Caballe & Eugenia Vella, 2019. "Fiscal Austerity and Migration: A Missing Link," Working Papers 2019009, The University of Sheffield, Department of Economics.
    16. Grey Gordon & Pablo Guerron-Quintana, 2018. "On Regional Borrowing, Migration, and Default," 2018 Meeting Papers 305, Society for Economic Dynamics.
    17. Fornaro, Luca, 2019. "Monetary Union and Financial Integration," CEPR Discussion Papers 14216, C.E.P.R. Discussion Papers.
    18. Matthias Burgert & Philipp Pfeiffer & Werner Roeger, 2021. "Fiscal policy in a monetary union with downward nominal wage rigidity," Working Papers 2021-16, Swiss National Bank.
    19. Chen, Yao & Ward, Felix, 2019. "When do fixed exchange rates work? Evidence from the Gold Standard," Journal of International Economics, Elsevier, vol. 116(C), pages 158-172.

  34. Ivan Werning & Emmanuel Farhi, 2014. "Labor Mobility in Currency Unions," 2014 Meeting Papers 75, Society for Economic Dynamics.

    Cited by:

    1. Gaetano Basso & Francesco D’Amuri & Giovanni Peri, 2019. "Immigrants, Labor Market Dynamics and Adjustment to Shocks in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 528-572, September.
    2. Illenin Kondo, 2017. "Trade-Induced Displacements and Local Labor Market Adjustments in the US," NBER Chapters, in: Trade and Labor Markets, National Bureau of Economic Research, Inc.
    3. Lozej, Matija, 2019. "Economic migration and business cycles in a small open economy with matching frictions," Economic Modelling, Elsevier, vol. 81(C), pages 604-620.
    4. Florence Huart & Médédé Tchakpalla, 2018. "Labor Market Conditions and Geographic Mobility in the Eurozone," Post-Print hal-01913958, HAL.
    5. Luca Fornaro, 2019. "A Theory of Monetary Union and Financial Integration," Working Papers 1138, Barcelona School of Economics.
    6. Brüggemann, Ulf & Bloomfield, Matthew J. & Christensen, Hans B. & Leuz, Christian, 2015. "The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112850, Verein für Socialpolitik / German Economic Association.
    7. Grey Gordon & Pablo Guerrón-Quintana, 2021. "Public Debt, Private Pain: Regional Borrowing, Default, and Migration," Working Paper 21-13, Federal Reserve Bank of Richmond.
    8. Gregory Howard, 2017. "The Migration Accelerator: Labor Mobility, Housing, and Aggregate Demand," 2017 Meeting Papers 563, Society for Economic Dynamics.
    9. Guilherme Bandeira & Jordi Caballé & Eugenia Vella, 2018. "Should I stay or should I go? Austerity, unemployment and migration," Working Papers 1839, Banco de España.
    10. Grey Gordon & Pablo Guerrón-Quintana, 2019. "On Regional Borrowing, Default, and Migration," Working Paper 19-4, Federal Reserve Bank of Richmond.
    11. Guilherme Bandeira & Jordi Caballe & Eugenia Vella, 2019. "Fiscal Austerity and Migration: A Missing Link," Working Papers 2019009, The University of Sheffield, Department of Economics.
    12. Grey Gordon & Pablo Guerron-Quintana, 2018. "On Regional Borrowing, Migration, and Default," 2018 Meeting Papers 305, Society for Economic Dynamics.
    13. Fornaro, Luca, 2019. "Monetary Union and Financial Integration," CEPR Discussion Papers 14216, C.E.P.R. Discussion Papers.
    14. Matthias Burgert & Philipp Pfeiffer & Werner Roeger, 2021. "Fiscal policy in a monetary union with downward nominal wage rigidity," Working Papers 2021-16, Swiss National Bank.
    15. Chen, Yao & Ward, Felix, 2019. "When do fixed exchange rates work? Evidence from the Gold Standard," Journal of International Economics, Elsevier, vol. 116(C), pages 158-172.

  35. Emmanuel Farhi & Ivan Werning, 2014. "Bequest Taxation and R-G," Working Paper 175926, Harvard University OpenScholar.

    Cited by:

    1. Daniel R. Carroll & Eric Young, 2017. "Neoclassical Inequality," Working Papers 14-32R2, Federal Reserve Bank of Cleveland.
    2. Daniel R. Carroll & Eric Young, 2014. "The Piketty Transition," Working Papers (Old Series) 1432, Federal Reserve Bank of Cleveland.

  36. Ricardo J. Caballero & Emmanuel Farhi, 2014. "The Safety Trap," NBER Working Papers 19927, National Bureau of Economic Research, Inc.

    Cited by:

    1. Athanasios Orphanides, 2020. "The fiscal–monetary policy mix in the euro area: challenges at the zero lower bound," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 35(103), pages 461-517.
    2. Wolf, Martin & Fornaro, Luca, 2021. "Monetary Policy in the Age of Automation," CEPR Discussion Papers 16416, C.E.P.R. Discussion Papers.
    3. William T. Gavin & Benjamin D. Keen & Alexander W. Richter & Nathaniel A. Throckmorton, 2013. "The stimulative effect of forward guidance," Working Papers 2013-38, Federal Reserve Bank of St. Louis.
    4. Reis, Ricardo, 2017. "QE in the future: the central bank’s balance sheet in a fiscal crisis," LSE Research Online Documents on Economics 74329, London School of Economics and Political Science, LSE Library.
    5. François Le Grand & Xavier Ragot, 2021. "Sovereign default and liquidity : The case for a world safe asset," SciencePo Working papers Main hal-03188242, HAL.
    6. Toshiaki Ogawa & Masato Ubukata & Toshiaki Watanabe, 2020. "Stock Return Predictability and Variance Risk Premia around the ZLB," IMES Discussion Paper Series 20-E-09, Institute for Monetary and Economic Studies, Bank of Japan.
    7. Matthew Rognlie & Andrei Shleifer & Alp Simsek, 2014. "Investment Hangover and the Great Recession," NBER Working Papers 20569, National Bureau of Economic Research, Inc.
    8. Hashimoto, Ken-ichi & Ono, Yoshiyasu & Schlegl, Matthias, 2020. "Structural unemployment, underemployment, and secular stagnation," ISER Discussion Paper 1088rrr, Institute of Social and Economic Research, Osaka University, revised Jan 2023.
    9. Benedikt Ballensiefen & Angelo Ranaldo, 2023. "Safe Asset Carry Trade," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 13(2), pages 223-265.
    10. Mattia Guerini & Francesco Lamperti & Mauro Napoletano & Andrea Roventini & Tania Treibich, 2022. "Unconventional monetary policies in an agent-based model with mark-to-market standards," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 73-107, April.
    11. Francesco Saraceno & Roberto Tamborini, 2015. "How can it work ? On the impact of quantitative easing in the Eurozone," SciencePo Working papers Main hal-03470075, HAL.
    12. Xuan Wang, 2019. "When Do Currency Unions Benefit From Default ?," 2019 Papers pwa938, Job Market Papers.
    13. Robert J. Barro, 2014. "Safe Assets," Working Papers 2014-28, Economic Research Institute, Bank of Korea.
      • Robert J Barro & Jesús Fernández-Villaverde & Oren Levintal & Andrew Mollerus, 2022. "Safe Assets," The Economic Journal, Royal Economic Society, vol. 132(646), pages 2075-2100.
      • Robert J. Barro & Jesús Fernández-Villaverde & Oren Levintal & Andrew Mollerus, 2014. "Safe Assets," NBER Working Papers 20652, National Bureau of Economic Research, Inc.
      • Fernández-Villaverde, Jesús & Barro, Robert & Levintal, Oren & Mollerus, Andrew, 2017. "Safe Assets," CEPR Discussion Papers 12043, C.E.P.R. Discussion Papers.
      • Robert Barro & Jesus Fernandez-Villaverde & Oren Levintal & Andrew Mollerus, 2017. "Safe Assets," PIER Working Paper Archive 17-008, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 10 May 2017.
    14. Jonathan Heathcote & Fabrizio Perri, 2015. "Wealth and Volatility," NBER Working Papers 20994, National Bureau of Economic Research, Inc.
    15. Neuhann, Daniel, 2016. "Macroeconomic effects of secondary market trading," ESRB Working Paper Series 25, European Systemic Risk Board.
    16. Galí, Jordi & Andrade, Philippe & Le Bihan, Hervé & Matheron, Julien, 2018. "The Optimal Inflation Target and the Natural Rate of Interest," CEPR Discussion Papers 12723, C.E.P.R. Discussion Papers.
    17. Breuer, Christian, 2021. "Government debt post COVID-19: Back to Golden Rules," HWWI Policy Papers 131, Hamburg Institute of International Economics (HWWI).
    18. Atif Mian & Ludwig Straub & Amir Sufi, 2021. "Indebted Demand," Working Papers 2021-82, Princeton University. Economics Department..
    19. Michael Woodford & Yinxi Xie, 2020. "Fiscal and Monetary Stabilization Policy at the Zero Lower Bound: Consequences of Limited Foresight," NBER Working Papers 27521, National Bureau of Economic Research, Inc.
    20. Altermatt, Lukas, 2019. "Savings, asset scarcity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 182(C), pages 329-359.
    21. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    22. Fanelli, Sebastián & Gonzalez-Eiras, Martín, 2021. "Resolution of financial crises," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    23. Paciello, Luigi & Michelacci, Claudio, 2017. "Ambiguous Policy Announcements," CEPR Discussion Papers 11754, C.E.P.R. Discussion Papers.
    24. James B. Bullard, 2016. "Permazero," Review, Federal Reserve Bank of St. Louis, vol. 98(2).
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      • James Bullard, 2016. "Permazero," Cato Journal, Cato Journal, Cato Institute, vol. 36(2), pages 415-429, Spring/Su.
    25. Felipe S. Iachan & Plamen T. Nenov & Alp Simsek, 2015. "The Choice Channel of Financial Innovation," NBER Working Papers 21686, National Bureau of Economic Research, Inc.
    26. Eden, Maya, 2013. "International liquidity rents," Policy Research Working Paper Series 6462, The World Bank.
    27. Olivier Blanchard, 2017. "Distortions in Macroeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2017, volume 32, pages 547-554, National Bureau of Economic Research, Inc.
    28. Gauti Eggertsson & Neil Mehrotra & Sanjay Singh & Lawrence Summers, 2016. "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," 2016 Meeting Papers 1701, Society for Economic Dynamics.
    29. Sebastián Fanelli & Ludwig Straub, 2020. "A Theory of Foreign Exchange Interventions," Working Papers wp2020_2019, CEMFI.
    30. V. Filipe Martins-da-Rocha & Toan Phan & Yiannis Vailakis, 2019. "Debt Limits and Credit Bubbles in General Equilibrium," Working Paper 19-19, Federal Reserve Bank of Richmond.
    31. Gianluca Benigno & Luca Fornaro, 2015. "Stagnation Traps," Discussion Papers 1606, Centre for Macroeconomics (CFM), revised Dec 2015.
    32. Hannu Laurila & Jukka Ilomäki, 2020. "Inflation and Risky Investments," JRFM, MDPI, vol. 13(12), pages 1-10, December.
    33. Patrizio Pagano & Massimo Sbracia, 2014. "The secular stagnation hypothesis: a review of the debate and some insights," Questioni di Economia e Finanza (Occasional Papers) 231, Bank of Italy, Economic Research and International Relations Area.
    34. Bengui, Julien & Phan, Toan, 2018. "Asset pledgeability and endogenously leveraged bubbles," Journal of Economic Theory, Elsevier, vol. 177(C), pages 280-314.
    35. Lettau, Martin & Ludvigson, Sydney & Bianchi, Francesco, 2018. "Monetary Policy and Asset Valuation," CEPR Discussion Papers 12671, C.E.P.R. Discussion Papers.
    36. Nicolas Caramp, 2021. "Sowing the Seeds of Financial Crises: Endogenous Asset Creation and Adverse Selection," Working Papers 342, University of California, Davis, Department of Economics.
    37. Illing, Gerhard & Ono, Yoshiyasu & Schlegl, Matthias, 2018. "Credit booms, debt overhang and secular stagnation," European Economic Review, Elsevier, vol. 108(C), pages 78-104.
    38. Greg Kaplan & Benjamin Moll & Giovanni L. Violante, 2016. "Monetary Policy According to HANK," Working Papers 1602, Council on Economic Policies.
    39. Bengui, Julien & Acharya, Sushant & Dogra, Keshav & Wee, Shu Lin, 2018. "Slow Recoveries and Unemployment Traps: Monetary Policy in a Time of Hysteresis," CEPR Discussion Papers 13409, C.E.P.R. Discussion Papers.
    40. Böhl, Gregor & Goy, Gavin & Strobel, Felix, 2020. "A structural investigation of quantitative easing," IMFS Working Paper Series 142, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    41. Sandra Daudignon & Oreste Tristani, 2022. "Monetary policy and the drifting natural rate of interest," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 22/1057, Ghent University, Faculty of Economics and Business Administration.
    42. ÅžimÅŸek, Alp & Caballero, Ricardo, 2020. "A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock," CEPR Discussion Papers 14627, C.E.P.R. Discussion Papers.
    43. Giambona, Erasmo & Matta, Rafael & Peydró, José-Luis & Wang, Ye, 2020. "Quantitative Easing, Investment, and Safe Assets: The Corporate-Bond Lending Channel," EconStor Preprints 217049, ZBW - Leibniz Information Centre for Economics, revised 2020.
    44. Emmanuel Farhi & François Gourio, 2018. "Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia," NBER Working Papers 25282, National Bureau of Economic Research, Inc.
    45. Christoffel, Kai & Mazelis, Falk & Montes-Galdón, Carlos & Müller, Tobias, 2020. "Disciplining expectations and the forward guidance puzzle," Working Paper Series 2424, European Central Bank.
    46. Gauti B. Eggertsson & Ragnar E. Juelsrud & Ella Getz Wold, 2017. "Are Negative Nominal Interest Rates Expansionary?," NBER Working Papers 24039, National Bureau of Economic Research, Inc.
    47. De Fiore, Fiorella & Hoerova, Marie & Uhlig, Harald & Rogers, Ciaran, 2019. "Money markets, collateral and monetary policy," Working Paper Series 2239, European Central Bank.
    48. Schoder, Christian, 2020. "A Keynesian Dynamic Stochastic Disequilibrium model for business cycle analysis," Economic Modelling, Elsevier, vol. 86(C), pages 117-132.
    49. Neri, Stefano & Gerali, Andrea, 2019. "Natural rates across the Atlantic," Journal of Macroeconomics, Elsevier, vol. 62(C).
    50. Luis Bauluz & Filip Novokmet & Moritz Schularick, 2022. "The Anatomy of the Global Saving Glut," Working Papers halshs-03693216, HAL.
    51. Ricardo J. Caballero & Alp Simsek, 2017. "A Risk-centric Model of Demand Recessions and Speculation," NBER Working Papers 23614, National Bureau of Economic Research, Inc.
    52. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," American Economic Review, American Economic Association, vol. 107(5), pages 614-620, May.
    53. Massimiliano Affinito, 2019. "What do almost 20 years of micro data and two crises say about the relationship between central bank and interbank market liquidity? Evidence from Italy," BIS Working Papers 821, Bank for International Settlements.
    54. Ahnert, Toni & Perotti, Enrico, 2021. "Cheap but flighty: A theory of safety-seeking capital flows," Journal of Banking & Finance, Elsevier, vol. 131(C).
    55. Mark Gertler & Nobuhiro Kiyotaki & Andrea Prestipino, 2016. "Wholesale Banking and Bank Runs in Macroeconomic Modeling of Financial Crises," International Finance Discussion Papers 1156, Board of Governors of the Federal Reserve System (U.S.).
    56. Bassetto, Marco & Cui, Wei, 2018. "The fiscal theory of the price level in a world of low interest rates," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 5-22.
    57. Reuven Glick, 2019. "R* and the Global Economy," Working Paper Series 2019-18, Federal Reserve Bank of San Francisco.
    58. Puriya Abbassi & Rajkamal Iyer & José-Luis Peydró & Paul E. Soto, 2020. "Stressed banks? Evidence from the largest-ever supervisory review," Economics Working Papers 1721, Department of Economics and Business, Universitat Pompeu Fabra.
    59. Cui, Wei & Sterk, Vincent, 2021. "Quantitative easing with heterogeneous agents," Journal of Monetary Economics, Elsevier, vol. 123(C), pages 68-90.
    60. Sushant Acharya & Julien Bengui & Keshav Dogra & Shu Lin Wee, 2018. "Escaping Unemployment Traps," 2018 Meeting Papers 543, Society for Economic Dynamics.
    61. Gilles Dufrenot & Meryem Rhouzlane, 2018. "Secular Stagnation: New Challenges for the Industrialized Countries in the 21st Century," AMSE Working Papers 1818, Aix-Marseille School of Economics, France.
    62. Sanjay R. Singh & Nicolas Caramp, 2020. "Bond Premium Cyclicality and Liquidity Traps," Working Papers 336, University of California, Davis, Department of Economics.
    63. van Holle, Frederiek, 2017. "Essays in empirical finance and monetary policy," Other publications TiSEM 30d11a4b-7bc9-4c81-ad24-5, Tilburg University, School of Economics and Management.
    64. Jules H. van Binsbergen & William F. Diamond & Marco Grotteria, 2019. "Risk-Free Interest Rates," NBER Working Papers 26138, National Bureau of Economic Research, Inc.
    65. Carolin Pflueger & Emil Siriwardane & Adi Sunderam, 2018. "A Measure of Risk Appetite for the Macroeconomy," NBER Working Papers 24529, National Bureau of Economic Research, Inc.
    66. Toan Phan & Andrew Hanson & Siddhartha Biswas, 2018. "Bubbly Recessions," 2018 Meeting Papers 440, Society for Economic Dynamics.
    67. Filiani, Pasquale, 2021. "Optimal monetary–fiscal policy in the euro area liquidity crisis," Journal of Macroeconomics, Elsevier, vol. 70(C).
    68. Jacopo Bonchi & Giacomo Caracciolo, 2021. "Declining natural interest rate in the US: the pension system matters," Temi di discussione (Economic working papers) 1317, Bank of Italy, Economic Research and International Relations Area.
    69. Ryo Horii & Yoshiyasu Ono, 2022. "Financial crisis and slow recovery with Bayesian learning agents," International Journal of Economic Theory, The International Society for Economic Theory, vol. 18(4), pages 578-606, December.
    70. xavier Ragot & Francois Le Grand, 2018. "Sovereign Default and Liquidity: The Case for a World Safe," 2018 Meeting Papers 889, Society for Economic Dynamics.
    71. Christian Schoder, 2017. "An estimated Dynamic Stochastic Disequilibrium model of Euro-Area unemployment," Working Papers 1725, New School for Social Research, Department of Economics.
    72. Marco Del Negro & Domenico Giannone & Marc P. Giannoni & Andrea Tambalotti, 2017. "Safety, Liquidity, and the Natural Rate of Interest," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(1 (Spring), pages 235-316.
    73. Dániel Horváth & Róbert Szini, 2015. "The safety trap – the financial market and macroeconomic consequences of the scarcity of safe assets," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 14(1), pages 111-138.
    74. Tischer, Johannes, 2021. "Quantitative easing, safe asset scarcity and bank lending," Discussion Papers 35/2021, Deutsche Bundesbank.
    75. Novák, Zsuzsanna & Tatay, Tibor, 2021. "Captivated by Liquidity – Theoretical Traps and Practical Mazes," Public Finance Quarterly, Corvinus University of Budapest, vol. 66(1), pages 50-67.
    76. Azariadis, Costas & Bullard, James & Singh, Aarti & Suda, Jacek, 2015. "Incomplete Credit Markets and Monetary Policy," Working Papers 2015-12, University of Sydney, School of Economics, revised Feb 2019.
    77. Pierre Yared & Marina Azzimonti, 2017. "The Public and Private Provision of Safe Assets," 2017 Meeting Papers 755, Society for Economic Dynamics.
    78. Cronin, David & Dunne, Peter G., 2019. "How effective are sovereign bond-backed securities as a spillover prevention device?," Journal of International Money and Finance, Elsevier, vol. 96(C), pages 49-66.
    79. Anne-Marie Rieu-Foucault, 2018. "Les interventions de crise de la FED et de la BCE diffèrent-elles ?," EconomiX Working Papers 2018-31, University of Paris Nanterre, EconomiX.
    80. Michau, Jean-Baptiste, 2018. "Secular stagnation: Theory and remedies," Journal of Economic Theory, Elsevier, vol. 176(C), pages 552-618.
    81. Joshua Aizenman & Yin-Wong Cheung & Xingwang Qian, 2019. "The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets," NBER Working Papers 25934, National Bureau of Economic Research, Inc.
    82. Philippe Bacchetta & Yannick Kalantzis, 2018. "Money and Capital in a Persistent Liquidity Trap," Working papers 703, Banque de France.
    83. Aiste Juskaite & Sigitas Siaudinis & Tomas Reichenbachas, 2019. "CBDC – in a whirlpool of discussion," Bank of Lithuania Occasional Paper Series 29, Bank of Lithuania.
    84. Javier Bianchi & Jorge Mondragon, 2022. "Monetary Independence and Rollover Crises," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(1), pages 435-491.
    85. William Diamond & Tim Landvoigt, 2019. "Credit Cycles with Market Based Household Leverage," 2019 Meeting Papers 162, Society for Economic Dynamics.
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    Cited by:

    1. Diego Perez & Pablo Ottonello, 2016. "The Currency Composition of Sovereign Debt," 2016 Meeting Papers 596, Society for Economic Dynamics.
    2. Jorge Alonso-Ortiz & Esteban Colla & José-María Da-Rocha, 2017. "The productivity cost of sovereign default: evidence from the European debt crisis," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 64(4), pages 611-633, December.
    3. Pablo D'Erasmo & Enrique G. Mendoza & Jing Zhang, 2015. "What is a Sustainable Public Debt?," NBER Working Papers 21574, National Bureau of Economic Research, Inc.
    4. García, Javier Sánchez & Rambaud, Salvador Cruz, 2023. "Macrofinancial determinants of volatility transmission in a network of European sovereign debt markets," Finance Research Letters, Elsevier, vol. 53(C).
    5. Carmen M. Reinhart & Miguel Angel Santos, 2015. "From Financial Repression to External Distress: The Case of Venezuela," NBER Working Papers 21333, National Bureau of Economic Research, Inc.
    6. Eijffinger, Sylvester & Uras, Burak & Kobielarz, Michal, 2015. "Sovereign Debt, Bail-Outs and Contagion in a Monetary Union," CEPR Discussion Papers 10459, C.E.P.R. Discussion Papers.
    7. Carlo Galli & Marco Bassetto, 2016. "Is Inflation Default? The Role of Information in Debt Crises," 2016 Meeting Papers 308, Society for Economic Dynamics.
    8. Pablo D'Erasmo & Enrique G. Mendoza, 2013. "Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default," NBER Working Papers 19477, National Bureau of Economic Research, Inc.
    9. ,, 2018. "Financial Policy," CEPR Discussion Papers 12755, C.E.P.R. Discussion Papers.
    10. Tirole, Jean, 2012. "Country Solidarity, Private Sector Involvement and the Contagion of Sovereign Crises," IDEI Working Papers 761, Institut d'Économie Industrielle (IDEI), Toulouse, revised Sep 2012.
    11. Jean Barthélemy & Guillaume Plantin, 2018. "Fiscal and Monetary Regimes: A Strategic Approach," SciencePo Working papers Main hal-03393134, HAL.
    12. Mitchener, Kris & Pina, Gonçalo, 2016. "Pegxit Pressure: Evidence from the Classical Gold Standard," CEPR Discussion Papers 11640, C.E.P.R. Discussion Papers.
    13. Seunghoon Na & Stephanie Schmitt-Grohe & Martin Uribe & Vivian Z. Yue, 2015. "A model of the Twin Ds: optimal default and devaluation," FRB Atlanta CQER Working Paper 2015-1, Federal Reserve Bank of Atlanta.
    14. Patrick J. Kehoe, 2017. "Fiscal Unions Redux," Discussion Papers 1712, Centre for Macroeconomics (CFM).
    15. Giancarlo Corsetti & Luca Dedola, 2012. "The "Mystery of the Printing Press" Monetary Policy and Self-fulfilling Debt Crises," Discussion Papers 1424, Centre for Macroeconomics (CFM), revised Aug 2014.
    16. Hilscher, Jens & Raviv, Alon & Reis, Ricardo, 2022. "Inflating away the public debt? An empirical assessment," LSE Research Online Documents on Economics 107543, London School of Economics and Political Science, LSE Library.
    17. M. Ayhan Kose & Franziska L. Ohnsorge & Carmen M. Reinhart & Kenneth S. Rogoff, 2021. "The Aftermath of Debt Surges," NBER Working Papers 29266, National Bureau of Economic Research, Inc.
    18. Reinhart, Carmen M. & Reinhart, Vincent & Rogoff, Kenneth, 2015. "Dealing with debt," Journal of International Economics, Elsevier, vol. 96(S1), pages 43-55.
    19. Mark Aguiar & Manuel Amador, 2013. "Take the Short Route: How to Repay and Restructure Sovereign Debt with Multiple Maturities," NBER Working Papers 19717, National Bureau of Economic Research, Inc.
    20. Carlos Thomas & Galo Nuño, 2016. "Monetary Policy and Sovereign Debt Vulnerability," 2016 Meeting Papers 329, Society for Economic Dynamics.
    21. Jean Tirole, 2015. "Country Solidarity in Sovereign Crises," American Economic Review, American Economic Association, vol. 105(8), pages 2333-2363, August.
    22. Cristina Arellano & Gabriel Mihalache & Yan Bai, 2019. "Inflation Targeting with Sovereign Default Risk," 2019 Meeting Papers 239, Society for Economic Dynamics.
    23. Marina Azzimonti & Vincenzo Quadrini, 2024. "International Spillovers and Bailouts," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 91(1), pages 77-128.
    24. Ricardo Sabbadini, 2018. "Overcoming the Original Sin: gains from local currency external debt," Working Papers Series 484, Central Bank of Brazil, Research Department.
    25. Marina Azzimonti & Vincenzo Quadrini, 2019. "International spillovers and `ex-ante' efficient bailouts," 2019 Meeting Papers 318, Society for Economic Dynamics.
    26. Roch, Francisco & Uhlig, Harald, 2018. "The dynamics of sovereign debt crises and bailouts," Journal of International Economics, Elsevier, vol. 114(C), pages 1-13.
    27. Sewon Hur & Illenin O. Kondo & Fabrizio Perri, 2018. "Inflation, Debt, and Default," Working Papers (Old Series) 1812, Federal Reserve Bank of Cleveland.
    28. Trebesch, Christoph & Zabel, Michael, 2016. "The Output Costs of Hard and Soft Sovereign Default," CEPR Discussion Papers 11582, C.E.P.R. Discussion Papers.
    29. Russell Cooper & Antoine Camous, 2016. ""Whatever it takes" is all you need: monetary policy and debt fragility," 2016 Meeting Papers 863, Society for Economic Dynamics.
    30. Wenxin Du & Carolin E. Pflueger & Jesse Schreger, 2020. "Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy," Journal of Finance, American Finance Association, vol. 75(6), pages 3097-3138, December.
    31. Farah-Yacoub,Juan P. & Graf Von Luckner,Clemens Mathis Henrik & Ramalho,Rita & Reinhart,Carmen M., 2022. "The Social Costs of Sovereign Default," Policy Research Working Paper Series 10157, The World Bank.
    32. Javier Bianchi & Jorge Mondragon, 2022. "Monetary Independence and Rollover Crises," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(1), pages 435-491.
    33. Yves Achdou & Jiequn Han & Jean-Michel Lasry & Pierre-Louis Lions & Benjamin Moll, 2017. "Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach," NBER Working Papers 23732, National Bureau of Economic Research, Inc.
    34. Leonardo Martinez & Francisco Roch & Francisco Roldán & Jeromin Zettelmeyer, 2023. "Sovereign debt," Chapters, in: Refet S. Gürkaynak & Jonathan H. Wright (ed.), Research Handbook of Financial Markets, chapter 17, pages 378-405, Edward Elgar Publishing.
      • Mr. Leonardo Martinez & Mr. Francisco Roch & Francisco Roldán & Mr. Jeromin Zettelmeyer, 2022. "Sovereign Debt," IMF Working Papers 2022/122, International Monetary Fund.
      • Leonardo Martinez & Francisco Roch & Francisco Roldan & Jeromin Zettelmeyer, 2022. "Sovereign Debt," Working Papers 167, Red Nacional de Investigadores en Economía (RedNIE).
    35. Patrick J. Kehoe & Elena Pastorino, 2017. "Financial Markets and Fiscal Unions," NBER Working Papers 23235, National Bureau of Economic Research, Inc.
    36. Fernando Broner & Aitor Erce & Alberto Martín & Jaume Ventura, 2013. "Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects," Working Papers 701, Barcelona School of Economics.
    37. Michal Szkup, 2022. "Preventing Self-Fulfilling Debt Crises: A Global Games Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 22-55, January.
    38. Leo Kaas & Wei Cui, 2017. "Default Cycles," 2017 Meeting Papers 1288, Society for Economic Dynamics.
    39. Kriwoluzky, Alexander & Müller, Gernot J. & Wolf, Martin, 2019. "Exit expectations and debt crises in currency unions," Journal of International Economics, Elsevier, vol. 121(C).
    40. Bacchetta, Philippe & Perazzi, Elena & van Wincoop, Eric, 2018. "Self-fulfilling debt crises: What can monetary policy do?," Journal of International Economics, Elsevier, vol. 110(C), pages 119-134.
    41. Patrick Bolton & Haizhou Huang, 2017. "The Capital Structure of Nations," NBER Working Papers 23612, National Bureau of Economic Research, Inc.
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    43. Szkup, Michal, 2017. "Preventing Self-fulfilling debt crises," MPRA Paper 82754, University Library of Munich, Germany.
    44. Corsetti, G. & Erce, A. & Uy, T., 2018. "Debt Sustainability and the Terms of Official Support," Cambridge Working Papers in Economics 1864, Faculty of Economics, University of Cambridge.
    45. Zachary Stangebye, 2023. "Long-Term Sovereign Debt: A Steady State Analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 48, pages 107-131, April.
    46. Christiaan Bochove, 2014. "External debt and commitment mechanisms: Danish borrowing in Holland, 1763–1825," Economic History Review, Economic History Society, vol. 67(3), pages 652-677, August.
    47. Yves Achdou & Jiequn Han & Jean-Michel Lasry & Pierre-Louis Lionse & Benjamin Moll, 2022. "Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(1), pages 45-86.
    48. Achdou, Yves & Han, Jiequn & Lasry, Jean Michel & Lions, Pierre Louis & Moll, Ben, 2022. "Income and wealth distribution in macroeconomics: a continuous-time approach," LSE Research Online Documents on Economics 107422, London School of Economics and Political Science, LSE Library.
    49. Maeng, F. S., 2024. "Default, Inflation Expectations, and the Currency Denomination of Sovereign Bonds," Cambridge Working Papers in Economics 2438, Faculty of Economics, University of Cambridge.
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  39. Larry G. Epstein & Emmanuel Farhi & Tomasz Strzaleck, 2013. "How Much Would You Pay to Resolve Long-Run Risk?," Boston University - Department of Economics - Working Papers Series WP2013-002, Boston University - Department of Economics.

    Cited by:

    1. Fabrice Collard & Sujoy Mukerji & Kevin Sheppard & Jean-Marc Tallon, 2018. "Ambiguity and the historical equity premium," Post-Print halshs-01886571, HAL.
    2. Lorenzo Maria Stanca, 2023. "Recursive Preferences, Correlation Aversion, and the Temporal Resolution of Uncertainty," Papers 2304.04599, arXiv.org, revised Jan 2025.
    3. Christopher Anderson, 2021. "Consumption-Based Asset Pricing When Consumers Make Mistakes," Finance and Economics Discussion Series 2021-015, Board of Governors of the Federal Reserve System (U.S.).
    4. Kent D. Daniel & Robert B. Litterman & Gernot Wagner, 2016. "Applying Asset Pricing Theory to Calibrate the Price of Climate Risk," NBER Working Papers 22795, National Bureau of Economic Research, Inc.
    5. Rick van der Ploeg, 2020. "Discounting and Climate Policy," CESifo Working Paper Series 8441, CESifo.
    6. Larry Epstein & Emmanuel Farhi & Tomasz Stralezcki, 2013. "How Much Would You Pay to Resolve Long-Run Risk?," Working Paper 106061, Harvard University OpenScholar.
    7. Koimisis, Georgios & Giannikos, Christos I., 2024. "Inequality, premium and the timing of resolution of uncertainty," Finance Research Letters, Elsevier, vol. 60(C).
    8. Brumm, Johannes & Grill, Michael & Kubler, Felix & Schmedders, Karl, 2015. "Margin regulation and volatility," Journal of Monetary Economics, Elsevier, vol. 75(C), pages 54-68.
    9. Bai, Hang & Zhang, Lu, 2022. "Searching for the equity premium," Journal of Financial Economics, Elsevier, vol. 143(2), pages 897-926.
    10. George M. Constantinides & Anisha Ghosh, 2014. "Asset Pricing with Countercyclical Household Consumption Risk," NBER Working Papers 20110, National Bureau of Economic Research, Inc.
    11. Christian Gollier, 2021. "The Welfare Cost of Ignoring the Beta," Working Papers 2021.03, Fondazione Eni Enrico Mattei.
    12. Michael Hasler & Roberto Marfè, 2015. "Disaster Recovery and the Term Structure of Dividend Strips," Carlo Alberto Notebooks 410, Collegio Carlo Alberto.
    13. Pierre-Carl Michaud & Pascal St-Amour, 2023. "Longevity, Health and Housing Risks Management in Retirement," CIRANO Working Papers 2023s-07, CIRANO.
    14. Hengjie Ai & Ravi Bansal, 2016. "Risk Preferences and The Macro Announcement Premium," NBER Working Papers 22527, National Bureau of Economic Research, Inc.
    15. Martin M. Andreasen, 2021. "The New Keynesian Model and Bond Yields," CREATES Research Papers 2021-01, Department of Economics and Business Economics, Aarhus University.
    16. Campbell, John Y. & Giglio, Stefano & Polk, Christopher & Turley, Robert, 2018. "An Intertemporal CAPM with stochastic volatility," LSE Research Online Documents on Economics 69634, London School of Economics and Political Science, LSE Library.
    17. Eric Swanson, 2013. "Implications of Labor Market Frictions for Risk Aversion and Risk Premia," 2013 Meeting Papers 1137, Society for Economic Dynamics.
    18. Claudia Kelsall & Martin F Quaas & Nicolas Quérou, 2022. "Risk aversion in renewable resource harvesting," CEE-M Working Papers hal-03696726, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.
    19. Adam, Klaus & Beutel, Johannes & Marcet, Albert, 2014. "Stock price booms and expected capital gains," Working Papers 14-12, University of Mannheim, Department of Economics.
    20. Tom Engsted & Thomas Q. Pedersen, 2018. "Disappearing money illusion," CREATES Research Papers 2018-24, Department of Economics and Business Economics, Aarhus University.
    21. Oliver de Groot & Alexander W. Richter & Nathaniel A. Throckmorton, 2018. "Valuation Risk Revalued," Working Papers 1808, Federal Reserve Bank of Dallas.
    22. Merella, Vincenzo & Satchell, Stephen E., 2022. "By force of confidence," European Economic Review, Elsevier, vol. 150(C).
    23. Nicolas Petrosky-Nadeau & Lu Zhang & Lars-Alexander Kuehn, 2018. "Endogenous Disasters," American Economic Review, American Economic Association, vol. 108(8), pages 2212-2245, August.
    24. Tarek A. Hassan & Thomas M. Mertens, 2011. "The Social Cost of Near-Rational Investment," NBER Working Papers 17027, National Bureau of Economic Research, Inc.
    25. Kochov, Asen & Song, Yangwei, 2022. "Intertemporal Hedging and Trade in Repeated Games with Recursive Utility," Rationality and Competition Discussion Paper Series 361, CRC TRR 190 Rationality and Competition.
    26. Eichenbaum, Martin & Rebelo, Sérgio & Albuquerque, Rui, 2012. "Valuation Risk and Asset Pricing," CEPR Discussion Papers 9262, C.E.P.R. Discussion Papers.
    27. Keiichi Morimoto & Shiba Suzuki, 2022. "Ambiguity in a pandemic recession, asset prices, and lockdown policy," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(5), pages 1039-1070, October.
    28. Amadeu DaSilva & Mira Farka, 2018. "Asset pricing puzzles in an OLG economy with generalized preference," European Financial Management, European Financial Management Association, vol. 24(3), pages 331-361, June.
    29. Elena Mattana & Ettore Panetti, 2017. "The Welfare Costs of Self-Fulfilling Bank Runs," Working Papers REM 2017/17, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    30. Kaniel, Ron & Banerjee, Snehal & Breon-Drish, Bradyn & Kremer, Ilan, 2022. "On the Voluntary Disclosure of Redundant Information," CEPR Discussion Papers 17760, C.E.P.R. Discussion Papers.
    31. John H. Cochrane, 2016. "Macro-Finance," NBER Working Papers 22485, National Bureau of Economic Research, Inc.
    32. Julian Thimme, 2017. "Intertemporal Substitution In Consumption: A Literature Review," Journal of Economic Surveys, Wiley Blackwell, vol. 31(1), pages 226-257, February.
    33. Bossaerts, Peter & Suzuki, Shinsuke & O’Doherty, John P., 2019. "Perception of intentionality in investor attitudes towards financial risks," Journal of Behavioral and Experimental Finance, Elsevier, vol. 23(C), pages 189-197.
    34. Stan Olijslagers & Sweder van Wijnbergen, 2019. "Discounting the Future: on Climate Change, Ambiguity Aversion and Epstein-Zin Preferences," Tinbergen Institute Discussion Papers 19-030/VI, Tinbergen Institute.
    35. Rick Van der Ploeg & Ton S. Van den Bremer, 2018. "The Risk-Adjusted Carbon Price," OxCarre Working Papers 203, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    36. Mohammed Abdellaoui & Enrico Diecidue & Emmanuel Kemel & Ayse Onculer, 2021. "Temporal Risk Resolution: Utility versus Probability Weighting Approaches," Working Papers hal-03330225, HAL.
    37. Frederick Ploeg, 2021. "Carbon pricing under uncertainty," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 28(5), pages 1122-1142, October.
    38. Harrison Hong & Neng Wang & Jinqiang Yang, 2023. "Mitigating Disaster Risks in the Age of Climate Change," Econometrica, Econometric Society, vol. 91(5), pages 1763-1802, September.
    39. Boons, Martijn & Duarte, Fernando & de Roon, Frans & Szymanowska, Marta, 2020. "Time-varying inflation risk and stock returns," Journal of Financial Economics, Elsevier, vol. 136(2), pages 444-470.
    40. Antoine Bommier & Daniel Harenberg & François Le Grand & Cormac O'Dea, 2020. "Recursive Preferences, the Value of Life, and Household Finance," Cowles Foundation Discussion Papers 2231R, Cowles Foundation for Research in Economics, Yale University, revised Dec 2020.
    41. Tatyana Marchuk & Christian Schlag & Mariano Croce, 2017. "The Leading Premium," 2017 Meeting Papers 1251, Society for Economic Dynamics.
    42. Patrick DeJarnette & David Dillenberger & Daniel Gottlieb & Pietro Ortoleva, 2014. "Time Lotteries, Second Version," PIER Working Paper Archive 15-026v2, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 12 Jan 2018.
    43. Richard Kihlstrom & Christian Gollier, 2016. "Early resolution of uncertainty and asset prices," 2016 Meeting Papers 475, Society for Economic Dynamics.
    44. Croce, Mariano M., 2021. "Growth risks, asset prices, and welfare," Economics Letters, Elsevier, vol. 202(C).
    45. Patrick DeJarnette & David Dillenberger & Daniel Gottlieb & Pietro Ortoleva, 2020. "Time Lotteries and Stochastic Impatience," Econometrica, Econometric Society, vol. 88(2), pages 619-656, March.
    46. Tomás Caravello & Turalay Kenc & Martín Sola, 2021. "Risk Aversion and Changes in Regime," Department of Economics Working Papers 2021_08, Universidad Torcuato Di Tella.
    47. van Binsbergen, Jules H. & Koijen, Ralph S.J., 2017. "The term structure of returns: Facts and theory," Journal of Financial Economics, Elsevier, vol. 124(1), pages 1-21.
    48. Al-Najjar, Nabil I. & Shmaya, Eran, 2019. "Recursive utility and parameter uncertainty," Journal of Economic Theory, Elsevier, vol. 181(C), pages 274-288.
    49. Daria Pignalosa, 2018. "The Role Of The Utility Function In The Estimation Of Preference Parameters," Departmental Working Papers of Economics - University 'Roma Tre' 0235, Department of Economics - University Roma Tre.
    50. St-Amour, Pascal, 2024. "Valuing life over the life cycle," Journal of Health Economics, Elsevier, vol. 93(C).
    51. Pierlauro Lopez, 2016. "Welfare Implications of the Term Structure of Returns: Should Central Banks Fill Gaps or Remove Volatility?," 2016 Meeting Papers 742, Society for Economic Dynamics.
    52. Schlag, Christian & Thimme, Julian & Weber, Rüdiger, 2021. "Implied volatility duration: A measure for the timing of uncertainty resolution," Journal of Financial Economics, Elsevier, vol. 140(1), pages 127-144.
    53. Mohammed Abdellaoui & Enrico Diecidue & Emmanuel Kemel & Ayse Onculer, 2022. "Temporal Risk: Utility vs. Probability Weighting," Management Science, INFORMS, vol. 68(7), pages 5162-5186, July.
    54. Zhao, Guihai, 2017. "Confidence, bond risks, and equity returns," Journal of Financial Economics, Elsevier, vol. 126(3), pages 668-688.
    55. AJ A. Bostian & Christoph Heinzel, 2016. "Consumption Smoothing and Precautionary Saving under Recursive Preferences," FOODSECURE Working papers 44, LEI Wageningen UR.
    56. Croce, Mariano & Schlag, Christian & Marchuk, Tatyana, 2018. "The Leading Premium," CEPR Discussion Papers 12631, C.E.P.R. Discussion Papers.
    57. Lorenzo Stanca, 2023. "Recursive Preferences, Correlation Aversion, and the Temporal Resolution of Uncertainty," Carlo Alberto Notebooks 693 JEL Classification: C, Collegio Carlo Alberto, revised 2025.
    58. Thomas Douenne, 2020. "Disaster Risks, Disaster Strikes, and Economic Growth: the Role of Preferences," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 38, pages 251-272, October.
    59. Anastasios G Karantounias, 2018. "Optimal Fiscal Policy with Recursive Preferences," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(4), pages 2283-2317.
    60. Mu Zhang, 2021. "A Theory of Choice Bracketing under Risk," Papers 2102.07286, arXiv.org, revised Aug 2021.
    61. Sönksen, Jantje & Grammig, Joachim, 2020. "Empirical Asset Pricing with Multi-Period Disaster Risk: A Simulation-Based Approach," CFR Working Papers 14-06, University of Cologne, Centre for Financial Research (CFR), revised 2020.
    62. Frank N. Caliendo & Aspen Gorry & Sita Slavov, 2015. "The Cost of Uncertainty about the Timing of Social Security Reform," NBER Working Papers 21585, National Bureau of Economic Research, Inc.
    63. Suvrat Dhanorkar & Suresh Muthulingam, 2020. "Do E‐Waste Laws Create Behavioral Spillovers? Quasi‐Experimental Evidence from California," Production and Operations Management, Production and Operations Management Society, vol. 29(7), pages 1738-1766, July.
    64. Erin Cottle Hunt & Frank N. Caliendo, 2024. "Dynamic Optimization with Timing Risk," Mathematics, MDPI, vol. 12(17), pages 1-18, August.
    65. Gourieroux, Christian & Jasiak, Joann, 2010. "Inference for Noisy Long Run Component Process," MPRA Paper 98987, University Library of Munich, Germany.
    66. John H. Cochrane, 2016. "The Habit Habit," Economics Working Papers 16105, Hoover Institution, Stanford University.
    67. Olijslagers, Stan & van der Ploeg, Frederick & van Wijnbergen, Sweder, 2023. "On current and future carbon prices in a risky world," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
    68. Cosmin L. Ilut & Martin Schneider, 2022. "Modeling Uncertainty as Ambiguity: a Review," NBER Working Papers 29915, National Bureau of Economic Research, Inc.
    69. Andreasen, Martin M. & Jørgensen, Kasper, 2020. "The Importance of Timing Attitudes in Consumption-Based Asset Pricing Models," Journal of Monetary Economics, Elsevier, vol. 111(C), pages 95-117.
    70. Stanca Lorenzo, 2023. "Recursive preferences, correlation aversion, and the temporal resolution of uncertainty," Working papers 080, Department of Economics, Social Studies, Applied Mathematics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
    71. Jay Lu & Yao Luo & Kota Saito & Yi Xin, 2024. "Did Harold Zuercher Have Time-Separable Preferences?," Papers 2406.07809, arXiv.org.
    72. David Dillenberger & Daniel Gottlieb & Pietro Ortoleva, 2017. "Stochastic Impatience and the Separation of Time and Risk Preferences," PIER Working Paper Archive 20-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 05 Jul 2020.
    73. Schlag, Christian & Thimme, Julian & Weber, Rüdiger, 2020. "Implied Volatility Duration: A measure for the timing of uncertainty resolution," SAFE Working Paper Series 265, Leibniz Institute for Financial Research SAFE.
    74. Shiba Suzuki & Hiroaki Yamagami, 2024. "On the effects of pessimism toward pollution-driven disasters on equity premiums," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(2), pages 167-181, December.
    75. Meissner, Thomas & Pfeiffer, Philipp, 2022. "Measuring preferences over the temporal resolution of consumption uncertainty," Journal of Economic Theory, Elsevier, vol. 200(C).
    76. Tyler Abbot, 2017. "General Equilibrium Under Convex Portfolio Constraints and Heterogeneous Risk Preferences," Papers 1706.05877, arXiv.org, revised Jun 2018.
    77. Babiak, Mykola & Kozhan, Roman, 2024. "Parameter learning in production economies," Journal of Monetary Economics, Elsevier, vol. 144(C).
    78. AJ A. Bostian & Christoph Heinzel, 2018. "Comparative precautionary saving under higher-order risk and recursive utility," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 43(1), pages 95-114, May.
    79. Robert Snigaroff & David Wroblewski, 2023. "Consumption with earnings, liquidity, and market based models," Review of Quantitative Finance and Accounting, Springer, vol. 60(2), pages 501-530, February.
    80. Pierlauro Lopez & J. David López-Salido & Francisco Vazquez-Grande, 2023. "Nominal Rigidities and the Term Structures of Equity and Bond Returns," Working Papers 23-11, Federal Reserve Bank of Cleveland.
    81. P. Lopez, 2014. "The Term Structure of the Welfare Cost of Uncertainty," Working papers 521, Banque de France.
    82. Ravi Bansal & Hengjie Ai, 2016. "Macro Announcement Premium and Risk Preferences," 2016 Meeting Papers 715, Society for Economic Dynamics.
    83. Myroslav Pidkuyko & Raffaele Rossi & Klaus Reiner Schenk-Hoppé, 2019. "The Resolution of Long-Run Risk," Economics Discussion Paper Series 1908, Economics, The University of Manchester.
    84. Svenn Jensen & Christian P. Traeger & Christian Träger, 2021. "Pricing Climate Risk," CESifo Working Paper Series 9196, CESifo.
    85. van der Ploeg, Frederick & ,, 2018. "Pricing Carbon Under Economic and Climactic Risks: Leading-Order Results from Asymptotic Analysis," CEPR Discussion Papers 12642, C.E.P.R. Discussion Papers.
    86. Fousseni Chabi-Yo & Chukwuma Dim & Grigory Vilkov, 2023. "Generalized Bounds on the Conditional Expected Excess Return on Individual Stocks," Management Science, INFORMS, vol. 69(2), pages 922-939, February.
    87. Patrick DeJarnette & David Dillenberger & Daniel Gottlieb & Pietro Ortoleva, 2015. "Time Lotteries," PIER Working Paper Archive 15-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 31 Jul 2015.
    88. Burkhard Heer & Alfred Maußner & Halvor Ruf, 2017. "Q-Targeting in New Keynesian Models," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 13(2), pages 189-224, November.
    89. Alexander M. Chinco & Samuel M. Hartzmark & Abigail B. Sussman, 2020. "Necessary Evidence For A Risk Factor’s Relevance," NBER Working Papers 27227, National Bureau of Economic Research, Inc.
    90. Pierlauro Lopez, 2021. "Welfare Implications of Asset Pricing Facts: Should Central Banks Fill Gaps or Remove Volatility?," Working Papers 21-16R, Federal Reserve Bank of Cleveland, revised 16 May 2023.
    91. Frank N. Caliendo & Maria Casanova & Aspen Gorry & Sita Slavov, 2016. "The Welfare Cost of Retirement Uncertainty," NBER Working Papers 22609, National Bureau of Economic Research, Inc.
    92. M. Max Croce & Tatyana Marchuk & Christian Schlag, 2019. "The Leading Premium," NBER Working Papers 25633, National Bureau of Economic Research, Inc.
    93. AJ A. Bostian & Christoph Heinzel, 2018. "Comparative precautionary saving under higher-order risk and recursive utility," The Geneva Papers on Risk and Insurance Theory, Springer;International Association for the Study of Insurance Economics (The Geneva Association), vol. 43(1), pages 95-114, May.
    94. Martin M. Andreasen, 2019. "Explaining Bond Return Predictability in an Estimated New Keynesian Model," CREATES Research Papers 2019-11, Department of Economics and Business Economics, Aarhus University.
    95. Juan Carlos CóRdoba & Marla Ripoll, 2017. "Risk Aversion and the Value of Life," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(4), pages 1472-1509.
    96. Frank Caliendo & Maria Casanova & Aspen Gorry & Sita Nataraj Slavov, 2023. "Retirement Timing Uncertainty: Empirical Evidence and Quantitative Evaluation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 226-266, December.
    97. Kubler, Felix & Selden, Larry & Wei, Xiao, 2020. "Incomplete market demand tests for Kreps-Porteus-Selden preferences," Journal of Economic Theory, Elsevier, vol. 185(C).

  40. Emmanuel Farhi & Iván Werning, 2013. "Estate Taxation with Altruism Heterogeneity," NBER Working Papers 18792, National Bureau of Economic Research, Inc.

    Cited by:

    1. Marie-Louise Leroux & Pierre Pestieau, 2020. "Age-Related Taxation of Bequests in the Presence of a Dependency Risk," CIRANO Working Papers 2020s-55, CIRANO.
    2. Marc Fleurbaey & Marie-Louise Leroux & Pierre Pestieau & Gregory Ponthiere & Stéphane Zuber, 2022. "Premature deaths, accidental bequests and fairness [Premature deaths, accidental bequests, and fairness]," PSE-Ecole d'économie de Paris (Postprint) halshs-03454842, HAL.
    3. Florian Scheuer & Joel Slemrod, 2019. "Taxation and the Superrich," CESifo Working Paper Series 7817, CESifo.
    4. Roger D. Congleton, 2024. "Optimal taxation for democracies with less than perfect voters: A public choice perspective," Kyklos, Wiley Blackwell, vol. 77(1), pages 3-21, February.
    5. Garon, Jean-Denis & Paquet, Alain, 2017. "Les enjeux d'efficience et la fiscalité," L'Actualité Economique, Société Canadienne de Science Economique, vol. 93(3), pages 297-337, Septembre.
    6. Luna Bellani & Kattalina Berriochoa & Mark Kapteina & Guido Schwerdt, 2024. "Information Provision and Support for Inheritance Taxation: Evidence from a Representative Survey Experiment in Germany," CESifo Working Paper Series 11189, CESifo.
    7. Robin Boadway & Katherine Cuff, 2015. "Tax treatment of bequests when donor benefits are discounted," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(4), pages 604-634, August.
    8. Christian Moser & Pedro Olea de Souza e Silva, 2019. "Optimal Paternalistic Savings Policies," Opportunity and Inclusive Growth Institute Working Papers 17, Federal Reserve Bank of Minneapolis.
    9. Alexander Wolitzky & Florian Scheuer, 2014. "Capital Taxation under Political Constraints," 2014 Meeting Papers 191, Society for Economic Dynamics.
    10. Thomas Blanchet, 2022. "Uncovering the Dynamics of the Wealth Distribution," Papers 2211.15509, arXiv.org.
    11. Spencer Bastani & Daniel Waldenström, 2021. "Perceptions of Inherited Wealth and the Support for Inheritance Taxation," Economica, London School of Economics and Political Science, vol. 88(350), pages 532-569, April.
    12. Stuart Adam & Helen Miller, 2021. "The economic arguments for and against a wealth tax," Fiscal Studies, John Wiley & Sons, vol. 42(3-4), pages 457-483, September.
    13. Spencer Bastani & Daniel Waldenström, 2020. "How Should Capital Be Taxed?," Journal of Economic Surveys, Wiley Blackwell, vol. 34(4), pages 812-846, September.
    14. Marie‐Louise Leroux & Pierre Pestieau, 2023. "Age‐ and health‐related non‐linear inheritance taxation," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(3), pages 897-912, August.
    15. Max Franks & Ottmar Edenhofer, 2020. "Optimal Redistributive Wealth Taxation When Wealth Is More Than Just Capital," CESifo Working Paper Series 8093, CESifo.

  41. Ricardo J. Caballero & Emmanuel Farhi, 2013. "A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy," NBER Working Papers 18737, National Bureau of Economic Research, Inc.

    Cited by:

    1. Michael Bordo & Robert N. McCauley, 2017. "A Global Shortage of Safe Assets: A New Triffin Dilemma?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 45(4), pages 443-451, December.
    2. Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2013, pages 52-67, National Bureau of Economic Research, Inc.
    3. Gregory Thwaites, 2014. "Why are real interest rates so low? Secular stagnation and the relative price of investment goods," Discussion Papers 1428, Centre for Macroeconomics (CFM).
    4. Matta, Rafael & Perotti, Enrico, 2015. "Insecure debt," LSE Research Online Documents on Economics 65099, London School of Economics and Political Science, LSE Library.
    5. E. Mengus, 2014. "International Bailouts: Why Did Banks' Collective Bet Lead Europe to Rescue Greece?," Working papers 502, Banque de France.
    6. Michael Woodford, 2016. "Quantitative Easing and Financial Stability," Central Banking, Analysis, and Economic Policies Book Series, in: Elías Albagli & Diego Saravia & Michael Woodford (ed.),Monetary Policy through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World, edition 1, volume 24, chapter 6, pages 151-233, Central Bank of Chile.
    7. Itamar Drechsler & Alexi Savov & Philipp Schnabl, 2014. "A Model of Monetary Policy and Risk Premia," NBER Working Papers 20141, National Bureau of Economic Research, Inc.
    8. Ricardo Caballero & Emmanuel Farhi, 2015. "The Safety Trap," Working Paper 146986, Harvard University OpenScholar.
    9. de la Torre, Augusto & Ize, Alain, 2013. "The foundations of macroprudential regulation : a conceptual roadmap," Policy Research Working Paper Series 6575, The World Bank.
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    11. Jonathan Portes & Simon Wren-Lewis, 2015. "Issues in the Design of Fiscal Policy Rules," Manchester School, University of Manchester, vol. 83, pages 56-86, September.
    12. Claudio Borio, 2014. "The international monetary and financial system: its Achilles heel and what to do about it," Globalization Institute Working Papers 203, Federal Reserve Bank of Dallas.
    13. Anton Korinek & Alp Simsek, 2016. "Liquidity Trap and Excessive Leverage," American Economic Review, American Economic Association, vol. 106(3), pages 699-738, March.
    14. Michael Bordo & Robert N McCauley, 2017. "Triffin: dilemma or myth?," BIS Working Papers 684, Bank for International Settlements.
    15. Hanson, Samuel G. & Shleifer, Andrei & Stein, Jeremy C. & Vishny, Robert W., 2015. "Banks as patient fixed-income investors," Journal of Financial Economics, Elsevier, vol. 117(3), pages 449-469.
    16. Artur Tarassow, 2017. "Forecasting growth of U.S. aggregate and household-sector M2 after 2000 using economic uncertainty measures," Macroeconomics and Finance Series 201702, University of Hamburg, Department of Socioeconomics.
    17. Goy, Gavin & Hommes, Cars & Mavromatis, Kostas, 2022. "Forward guidance and the role of central bank credibility under heterogeneous beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 1240-1274.
    18. Hiroshi Ugai, "undated". "Transmission Channels and Welfare Implications of Unconventional Monetary Easing Policy in Japan," Working Papers e102, Tokyo Center for Economic Research.
    19. Alan Moreira & Alexi Savov, 2014. "The Macroeconomics of Shadow Banking," NBER Working Papers 20335, National Bureau of Economic Research, Inc.
    20. Perotti, Enrico & Ahnert, Toni, 2015. "Cheap but flighty: how global imbalances create financial fragility," CEPR Discussion Papers 10502, C.E.P.R. Discussion Papers.
    21. Jean Tirole, 2013. "Comment on "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity"," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 279-286, National Bureau of Economic Research, Inc.
    22. Chernenko, Sergey & Hanson, Samuel Gregory & Sunderam, Adi, 2014. "The Rise and Fall of Demand for Securitizations," Working Paper Series 2014-16, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    23. Patricia Gómez-González, 2015. "Financial innovation in sovereign borrowing and public provision of liquidity," Working Papers 1511, Banco de España.
    24. Guillaume Rocheteau & Jose Antonio Rodriguez-Lopez, 2013. "Liquidity Provision, Interest Rates, and Unemployment," Working Papers 121311, University of California-Irvine, Department of Economics.
    25. Stefan Behrendt, 2017. "Low Long-Term Interest Rates - An alternative View," Jena Economics Research Papers 2017-001, Friedrich-Schiller-University Jena.
    26. Svetlozar T. Rachev & Stoyan V. Stoyanov & Frank J. Fabozzi, 2017. "Financial Markets With No Riskless (Safe) Asset," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 20(08), pages 1-24, December.
    27. Crosignani, Matteo, 2021. "Bank capital, government bond holdings, and sovereign debt capacity," Journal of Financial Economics, Elsevier, vol. 141(2), pages 693-704.
    28. Arseneau, David M. & Rappoport W., David E. & Vardoulakis, Alexandros P., 2020. "Private and public liquidity provision in over-the-counter markets," Theoretical Economics, Econometric Society, vol. 15(4), November.
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    32. Andreas Steiner, 2013. "A Tale of Two Deficits: Public Budget Balance of Reserve Currency Countries," IEER Working Papers 97, Institute of Empirical Economic Research, Osnabrueck University.
    33. Lukasz Rachel & Thomas D. Smith, 2017. "Are Low Real Interest Rates Here to Stay?," International Journal of Central Banking, International Journal of Central Banking, vol. 13(3), pages 1-42, September.
    34. Mazumder, Sandeep, 2018. "Inflation in Europe after the Great Recession," Economic Modelling, Elsevier, vol. 71(C), pages 202-213.
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    37. Hiroshi Ugai, 2015. "Transmission Channels and Welfare Implications of Unconventional Monetary Easing Policy in Japan," UTokyo Price Project Working Paper Series 060, University of Tokyo, Graduate School of Economics, revised Dec 2015.
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  42. Philippe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2012. "Monetary Policy, Liquidity, and Growth," NBER Working Papers 18072, National Bureau of Economic Research, Inc.

    Cited by:

    1. Schnell, Fabian, 2013. "Can Monetary Policy Delay the Reallocation of Capital?," Economics Working Paper Series 1329, University of St. Gallen, School of Economics and Political Science.
    2. A. Minniti & F. Venturini, 2014. "R&D Policy and Schumpeterian Growth: Theory and Evidence," Working Papers wp945, Dipartimento Scienze Economiche, Universita' di Bologna.
    3. Gustavo Iglésias, 2020. "Endogenous Growth and Monetary Policy: How Do Interest-Rate Feedback Rules Shape Nominal and Real Transitional Dynamics?," Working Papers w202003, Banco de Portugal, Economics and Research Department.
    4. Olufemi Muibi Saibu & Abiodun Murithadoh Musbaudeen, 2018. "Monetary Policy Cyclicality, Industrial Output and Economic Growth Interactions in Nigeria," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 22(2), pages 457-470, Spring.
    5. Philippe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2019. "Monetary Policy, Product Market Competition and Growth," Economica, London School of Economics and Political Science, vol. 86(343), pages 431-470, July.
    6. Antoine Mandel & Vipin P Veetil, 2019. "Monetary Dynamics in a Network Economy," Post-Print halshs-02354576, HAL.
    7. Dávila-Ospina, Andrés O., 2023. "Hysteresis From Monetary Policy Mistakes: How Bad Could It Be?," Documentos CEDE 21003, Universidad de los Andes, Facultad de Economía, CEDE.
    8. Huang, We-Chi & Chen, Ping-ho & Lai, Ching-Chong, 2016. "International R&D Funding and Patent Collateral in an R&D-Growth Model," MPRA Paper 74881, University Library of Munich, Germany.
    9. Basu, Kaushik, 2014. "Fiscal policy as an instrument of investment and growth," Policy Research Working Paper Series 6850, The World Bank.
    10. Evers,Michael Wayne & Niemann,Stefan & Schiffbauer,Marc Tobias, 2018. "Inflation, liquidity and innovation," Policy Research Working Paper Series 8436, The World Bank.
    11. Morten L. Bech & Leonardo Gambacorta & Enisse Kharroubi, 2014. "Monetary Policy in a Downturn: Are Financial Crises Special?," International Finance, Wiley Blackwell, vol. 17(1), pages 99-119, March.
    12. Bianchi, Francesco & Comin, Diego & Kung, Howard & Kind, Thilo & Matusche, Alexander, 2019. "Slow recoveries through fiscal austerity: New insights in the effects of fiscal austerity," ZEW policy briefs 2/2019, ZEW - Leibniz Centre for European Economic Research.
    13. Chu, Angus C. & Cozzi, Guido, 2013. "R&D and Economic Growth in a Cash-in-Advance Economy," Economics Working Paper Series 1308, University of St. Gallen, School of Economics and Political Science.
    14. Neto, António & Furukawa, Yuichi & Ribeiro, Ana Paula, 2017. "Can Trade Unions Increase Social Welfare? An R&D Model with Cash-in-Advance Constraints," MPRA Paper 77312, University Library of Munich, Germany.
    15. Huang, Wei-Chi & Lai, Ching-Chong & Chen, Ping-Ho, 2017. "International R&D funding and patent collateral in an R&D-based growth model," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 545-561.
    16. Roumeen Islam, 2017. "Growth after Crisis in Europe: An Interdependence of Macroeconomic and Structural Policies," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 11(2), pages 19-62, December.

  43. Emmanuel Farhi & Iván Werning, 2012. "Fiscal Multipliers: Liquidity Traps and Currency Unions," NBER Working Papers 18381, National Bureau of Economic Research, Inc.

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    1. Fernando Broner & Daragh Clancy & Alberto Martin & Aitor Erce, 2017. "Fiscal multipliers and foreign holdings of public debt," Economics Working Papers 1610, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2021.
    2. George-Marios Angeletos & Chen Lian, 2018. "Forward Guidance without Common Knowledge," American Economic Review, American Economic Association, vol. 108(9), pages 2477-2512, September.
    3. Alisdair McKay & Ricardo Reis, 2018. "Countercyclical fiscal policy in a low r∗ world," 2018 Meeting Papers 621, Society for Economic Dynamics.
    4. Blanchard, Olivier & Erceg, Christopher J. & Lindé, Jesper, 2015. "Jump-Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?," Working Paper Series 304, Sveriges Riksbank (Central Bank of Sweden).
    5. Alberto Alesina & Omar Barbiero & Carlo Favero & Francesco Giavazzi & Matteo Paradisi, 2017. "The Effects of Fiscal Consolidations: Theory and Evidence," NBER Working Papers 23385, National Bureau of Economic Research, Inc.
    6. Francesco D’Acunto & Daniel Hoang & Michael Weber, 2016. "The Effect of Unconventional Fiscal Policy on Consumption Expenditure," NBER Working Papers 22563, National Bureau of Economic Research, Inc.
    7. Joshua K. Hausman & Paul W. Rhode & Johannes F. Wieland, 2019. "Recovery from the Great Depression: The Farm Channel in Spring 1933," American Economic Review, American Economic Association, vol. 109(2), pages 427-472, February.
    8. Cantore, Cristiano & Freund, Lukas, 2020. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Bank of England working papers 858, Bank of England.
    9. Javier Andrés & José E. Boscá & Javier Ferri, 2016. "Instruments, rules, and household debt: the effects of fiscal policy," Oxford Economic Papers, Oxford University Press, vol. 68(2), pages 419-443.
    10. Atanas Pekanov, 2018. "The New View on Fiscal Policy and its Implications for the European Monetary Union," WIFO Working Papers 562, WIFO.
    11. Mr. Selim A Elekdag & Mr. Dirk V Muir, 2014. "Das Public Kapital: How Much Would Higher German Public Investment Help Germany and the Euro Area?," IMF Working Papers 2014/227, International Monetary Fund.
    12. Baqaee, David Rezza & Farhi, Emmanuel, 2018. "Macroeconomics with Heterogeneous Agents and Input-Output Networks," CEPR Discussion Papers 13006, C.E.P.R. Discussion Papers.
    13. Maria Coelho, 2019. "Fiscal Stimulus in a Monetary Union: Evidence from Eurozone Regions," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 573-617, September.
    14. Christopher L. House & Christian Proebsting & Linda L. Tesar, 2019. "Austerity in the Aftermath of the Great Recession," Working Papers 672, Research Seminar in International Economics, University of Michigan.
    15. Valerie A. Ramey, 2019. "Ten Years after the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research?," Journal of Economic Perspectives, American Economic Association, vol. 33(2), pages 89-114, Spring.
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    17. Wataru Miyamoto & Thuy Lan Nguyen & Dmitriy Sergeyev, 2017. "Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan," Staff Working Papers 17-40, Bank of Canada.
    18. Philippe Martin & Thomas Philippon, 2014. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," NBER Working Papers 20572, National Bureau of Economic Research, Inc.
    19. Emmanuel Farhi, 2016. "Global Imbalances and Currency Wars at the ZLB," 2016 Meeting Papers 1418, Society for Economic Dynamics.
    20. Thorsten Drautzburg & Harald Uhlig, 2015. "Online Appendix to "Fiscal Stimulus and Distortionary Taxation"," Online Appendices 14-44, Review of Economic Dynamics.
    21. Daniel Shoag, 2013. "Using State Pension Shocks to Estimate Fiscal Multipliers since the Great Recession," American Economic Review, American Economic Association, vol. 103(3), pages 121-124, May.
    22. Pablo Ottonello & Ignacio Presno & Javier Bianchi, 2017. "Fiscal Policy, Sovereign Risk, and Unemployment," 2017 Meeting Papers 1382, Society for Economic Dynamics.
    23. Adrien Auclert, 2019. "Monetary Policy and the Redistribution Channel," American Economic Review, American Economic Association, vol. 109(6), pages 2333-2367, June.
    24. Javier Andrés & Óscar Arce & Carlos Thomas, 2016. "When fiscal consolidation meets private deleveraging," Working Papers 1622, Banco de España.
    25. Javier Andrés & Pablo Burriel & Wenyi Shen, 2020. "Debt sustainability and fiscal space in a heterogeneous Monetary Union: normal times vs the zero lower bound," Working Papers 2001, Banco de España.
    26. Adrien Auclert & Matthew Rognlie, 2018. "Inequality and Aggregate Demand," NBER Working Papers 24280, National Bureau of Economic Research, Inc.
    27. Michael T. Kiley, 2014. "Policy Paradoxes in the New Keynesian Model," Finance and Economics Discussion Series 2014-29, Board of Governors of the Federal Reserve System (U.S.).
    28. Ricardo Caballero & Emmanuel Farhi, 2015. "The Safety Trap," Working Paper 146986, Harvard University OpenScholar.
    29. Mark Aguiar & Mark Bils & Corina Boar, 2020. "Who Are the Hand-to-Mouth?," Working Papers 2020-9, Princeton University. Economics Department..
    30. Robert Kollmann, 2020. "Liquidity Traps in a Monetary Union," Working Papers ECARES 2020-34, ULB -- Universite Libre de Bruxelles.
    31. Javier Bianchi & Pablo Ottonello & Ignacio Presno, 2019. "Fiscal Stimulus Under Sovereign Risk," International Finance Discussion Papers 1257, Board of Governors of the Federal Reserve System (U.S.).
    32. Matteo Cacciatore & Nora Traum, 2022. "Trade Flows and Fiscal Multipliers," The Review of Economics and Statistics, MIT Press, vol. 104(6), pages 1206-1223, November.
    33. Hur, Joonyoung & Rhee, Wooheon, 2020. "Multipliers of expected vs. unexpected fiscal shocks: The case of Korea," Economic Modelling, Elsevier, vol. 85(C), pages 244-254.
    34. Buchheim, Lukas & Watzinger, Martin, 2017. "The Employment Effects of Countercyclical Infrastructure Investments," Discussion Papers in Economics 34877, University of Munich, Department of Economics.
    35. Veronica Guerrieri & Guido Lorenzoni & Ludwig Straub & Iván Werning, 2022. "Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?," American Economic Review, American Economic Association, vol. 112(5), pages 1437-1474, May.
    36. Valerie A. Ramey, 2020. "The Macroeconomic Consequences of Infrastructure Investment," NBER Working Papers 27625, National Bureau of Economic Research, Inc.
    37. Valerie A. Ramey & Sarah Zubairy, 2018. "Government Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data," Journal of Political Economy, University of Chicago Press, vol. 126(2), pages 850-901.
    38. Juha Kilponen & Massimiliano Pisani & Sebastian Schmidt & Vesna Corbo & Tibor Hledik & Josef Hollmayr & Samuel Hurtado & Paulo Júlio & Dmitry Kulikov & Matthieu Lemoine & Matija Lozej & Henrik Lundval, 2019. "Comparing Fiscal Consolidation Multipliers across Models in Europe," International Journal of Central Banking, International Journal of Central Banking, vol. 15(3), pages 285-320, September.
    39. Mark A. Aguiar & Mark Bils & Corina Boar, 2020. "Who Are the Hand-to-Mouth?," NBER Working Papers 26643, National Bureau of Economic Research, Inc.
    40. Iván Werning, 2015. "Incomplete Markets and Aggregate Demand," NBER Working Papers 21448, National Bureau of Economic Research, Inc.
    41. Jocelyn Boussard & Benoît Campagne, 2017. "Fiscal Policy Coordination in a Monetary Union at the Zero Lower Bound," Post-Print hal-02353093, HAL.
    42. Matthieu Lemoine & Harri Turunen & Mohammed Chahad & Antoine Lepetit & Anastasia Zhutova & Pierre Aldama & Pierrick Clerc & Jean-Pierre Laffargue, 2019. "The FR-BDF Model and an Assessment of Monetary Policy Transmission in France," Working papers 736, Banque de France.
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    45. Belke, Ansgar & Osowski, Thomas, 2016. "Measuring fiscal spillovers in EMU and beyond: A global VAR approach," Ruhr Economic Papers 661, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    46. Joseba Martinez & Markus Sihvonen & Thomas Philippon, 2019. "Does a Currency Union Need a Capital market Union?," 2019 Meeting Papers 822, Society for Economic Dynamics.
    47. Michau, Jean-Baptiste, 2019. "Monetary and fiscal policy in a liquidity trap with inflation persistence," Journal of Economic Dynamics and Control, Elsevier, vol. 100(C), pages 1-28.
    48. Xingyuan Yao, 2021. "COVID-19 Pandemic and economic stimulus policy inequality: evidence from quasi-natural experiments," Working Papers 585, ECINEQ, Society for the Study of Economic Inequality.
    49. Filippo Balestrieri & Mr. Suman S Basu, 2018. "An Imperfect Financial Union With Heterogeneous Regions," IMF Working Papers 2018/205, International Monetary Fund.
    50. Xing Guo & Pablo Ottonello & Diego Perez, 2022. "Monetary Policy and Redistribution in Open Economies," Staff Working Papers 22-6, Bank of Canada.
    51. Cole, Alexandre Lucas & Guerello, Chiara & Traficante, Guido, 2020. "One Emu Fiscal Policy For The Euro," Macroeconomic Dynamics, Cambridge University Press, vol. 24(6), pages 1437-1477, September.
    52. Biolsi, Christopher, 2017. "Nonlinear effects of fiscal policy over the business cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 78(C), pages 54-87.
    53. György Molnár & Gábor Dániel Soós & Balázs Világi, 2017. "Fiscal Policy and the Business Cycle," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(4), pages 58-85.
    54. Thorsten Drautzburg & Harald Uhlig, 2011. "Fiscal Stimulus and Distortionary Taxation," 2011 Meeting Papers 481, Society for Economic Dynamics.
    55. Buchheim, Lukas & Watzinger, Martin & Wilhelm, Matthias, 2020. "Job creation in tight and slack labor markets," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 126-143.
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    57. Martin Beraja & Andreas Fuster & Erik Hurst & Joseph Vavra, 2015. "Regional heterogeneity and the refinancing channel of monetary policy," Staff Reports 731, Federal Reserve Bank of New York.
    58. Effah Nyamekye, Gabriel & Adusei Poku, Eugene, 2017. "What is the effect of inflation on consumer spending behaviour in Ghana?," MPRA Paper 81081, University Library of Munich, Germany.
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    60. Stefanie Flotho, 2018. "Interaction of fiscal and monetary policy in a monetary union under the zero lower bound constraint," Annals of Operations Research, Springer, vol. 260(1), pages 159-196, January.
    61. Elekdag, Selim & Muir, Dirk & Wu, Yiqun, 2022. "Das Public Kapital: How much would higher German public investment help Germany and the euro area?," Journal of Policy Modeling, Elsevier, vol. 44(2), pages 223-251.
    62. Canzoneri, Matthew & Cao, Dan & Cumby, Robert & Diba, Behzad & Luo, Wenlan, 2018. "The forward fiscal guidance puzzle and a resolution," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 26-46.
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    64. Marek Lubiński, 2015. "Mnożnik fiskalny: reaktywacja," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 5-26.
    65. ÅžimÅŸek, Alp & Chodorow-Reich, Gabriel & Nenov, Plamen T., 2019. "Stock Market Wealth and the Real Economy: A Local Labor Market Approach," CEPR Discussion Papers 13856, C.E.P.R. Discussion Papers.
    66. Maran Marimuthu & Hanana Khan & Romana Bangash, 2021. "Is the Fiscal Deficit of ASEAN Alarming? Evidence from Fiscal Deficit Consequences and Contribution towards Sustainable Economic Growth," Sustainability, MDPI, vol. 13(18), pages 1-19, September.
    67. Gabriel Chodorow-Reich, 2017. "Geographic Cross-Sectional Fiscal Multipliers: What Have We Learned?," 2017 Meeting Papers 1214, Society for Economic Dynamics.
    68. Giovanni Ganelli & Neil Rankin, 2018. "Fiscal Deficits as a Source of Boom and Bust under a Common Currency," Discussion Papers 18/05, Department of Economics, University of York.
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    70. Verstegen, Loes & Meijdam, Lex, 2016. "The Effectiveness of a Fiscal Transfer Mechanism in a Monetary Union : A DSGE Model for the Euro Area," Discussion Paper 2016-023, Tilburg University, Center for Economic Research.
    71. Emmanuel Farhi & Ivan Werning, 2017. "Monetary Policy, Bounded Rationality, and Incomplete Markets," Working Paper 503421, Harvard University OpenScholar.
    72. Mario Alloza & Carlos Sanz, 2019. "Jobs multipliers: evidence from a large fiscal stimulus in Spain," Working Papers 1922, Banco de España.
    73. D'Acunto, Francesco & Hoang, Daniel & Paloviita, Maritta & Weber, Michael, 2021. "Human frictions in the transmission of economic policy," Bank of Finland Research Discussion Papers 12/2021, Bank of Finland.
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  44. Farhi, Emmanuel & Tirole, Jean, 2012. "Liquid Bundles," IDEI Working Papers 736, Institut d'Économie Industrielle (IDEI), Toulouse, revised Oct 2013.

    Cited by:

    1. Tao Peng, 2017. "Money And Product Quality Under Asymmetric Information," Economic Inquiry, Western Economic Association International, vol. 55(3), pages 1388-1399, July.
    2. Pavan, Alessandro & Vives, Xavier, 2015. "Information, Coordination, and Market Frictions: An Introduction," Journal of Economic Theory, Elsevier, vol. 158(PB), pages 407-426.
    3. Wagner, Wolf & Uras, Burak, 2017. "Efficient Lemons," CEPR Discussion Papers 11803, C.E.P.R. Discussion Papers.

  45. Ivan Werning & Emmanuel Farhi, 2012. "Fiscal Unions," NBER Working Papers 18280, National Bureau of Economic Research, Inc.

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    1. Amélie BARBIER-GAUCHARD, 2020. "Blueprint for the European Fiscal Union: State of knowledge and Challenges," Working Papers of BETA 2020-39, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    2. Bofinger, Peter & Feld, Lars P. & Schmidt, Christoph M. & Schnabel, Isabel & Wieland, Volker, 2018. "Vor wichtigen wirtschaftspolitischen Weichenstellungen. Jahresgutachten 2018/19 [Setting the Right Course for Economic Policy. Annual Report 2018/19]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201819, September.
    3. Mehl, Arnaud & Eichengreen, Barry & Chiţu, Livia & Richardson, Gary, 2014. "Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate," Working Paper Series 1686, European Central Bank.
    4. Doda, Baran & Quemin, Simon & Taschini, Luca, 2019. "Linking permit markets multilaterally," Journal of Environmental Economics and Management, Elsevier, vol. 98(C).
    5. Alisdair McKay & Ricardo Reis, 2018. "Countercyclical fiscal policy in a low r∗ world," 2018 Meeting Papers 621, Society for Economic Dynamics.
    6. Romei, Federica & de Ferra, Sergio, 2018. "Sovereign Default in a Monetary Union," CEPR Discussion Papers 12976, C.E.P.R. Discussion Papers.
    7. Xuan Wang, 2019. "When Do Currency Unions Benefit From Default ?," 2019 Papers pwa938, Job Market Papers.
    8. Moyen, Stéphane & Stähler, Nikolai & Winkler, Fabian, 2019. "Optimal unemployment insurance and international risk sharing," European Economic Review, Elsevier, vol. 115(C), pages 144-171.
    9. Bletzinger, Tilman & von Thadden, Leopold, 2018. "Designing QE in a fiscally sound monetary union," Research Bulletin, European Central Bank, vol. 47.
    10. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    11. Cem Karayalcin & Harun Onder, 2019. "Incomplete integration and contagion of debt distress in economic unions," Economics and Politics, Wiley Blackwell, vol. 31(2), pages 194-215, July.
    12. Christian Beer & Walpurga Köhler-Töglhofer & Alfred Stiglbauer, 2014. "A Common European Unemployment Insurance – A Much Debated Route toward European Fiscal Union," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 35-52.
    13. Ignacio Presno & Scott Davis, 2015. "Capital Controls as an Instrument of Monetary Policy," 2015 Meeting Papers 1167, Society for Economic Dynamics.
    14. Klaus, Benjamin & Ferroni, Filippo, 2015. "Euro area business cycles in turbulent times: convergence or decoupling?," Working Paper Series 1819, European Central Bank.
    15. Mathias Dolls, 2020. "An Unemployment Re-Insurance Scheme for the Eurozone? Stabilizing and Redistributive Effects," CESifo Working Paper Series 8219, CESifo.
    16. Kai Arvai, 2021. "The Political Economy of Currency Unions," Working papers 850, Banque de France.
    17. , 2020. "Partisanship and Fiscal Policy in Economic Unions: Evidence from U.S. States," Working Papers 20-20, Federal Reserve Bank of Philadelphia.
    18. Mark Aguiar & Mark Bils & Corina Boar, 2020. "Who Are the Hand-to-Mouth?," Working Papers 2020-9, Princeton University. Economics Department..
    19. Patrick J. Kehoe, 2017. "Fiscal Unions Redux," Discussion Papers 1712, Centre for Macroeconomics (CFM).
    20. Javier Bianchi & Pablo Ottonello & Ignacio Presno, 2019. "Fiscal Stimulus Under Sovereign Risk," International Finance Discussion Papers 1257, Board of Governors of the Federal Reserve System (U.S.).
    21. Luca Fornaro, 2019. "A Theory of Monetary Union and Financial Integration," Working Papers 1138, Barcelona School of Economics.
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    24. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    25. Ricardo J. Caballero & Alp Simsek, 2017. "A Risk-centric Model of Demand Recessions and Speculation," NBER Working Papers 23614, National Bureau of Economic Research, Inc.
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    27. Kaufmann, Christoph, 2016. "Optimal Fiscal Substitutes For The Exchange Rate In A Monetary Union," VfS Annual Conference 2016 (Augsburg): Demographic Change 145873, Verein für Socialpolitik / German Economic Association.
    28. Luigi Guiso & Helios Herrera & Massimo Morelli, 2016. "Cultural Differences and Institutional Integration," NBER Chapters, in: NBER International Seminar on Macroeconomics 2015, National Bureau of Economic Research, Inc.
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    33. Anna Bartocci & Alessandro Notarpietro & Massimiliano Pisani, 2022. "Covid-19 Shock and Fiscal-Monetary Policy Mix in a Monetary Union," Springer Proceedings in Business and Economics, in: Luigi Paganetto (ed.), Economic Challenges for Europe After the Pandemic, pages 233-266, Springer.
    34. Bhattarai, Saroj & Lee, Jae Won & Park, Woong Yong, 2015. "Optimal monetary policy in a currency union with interest rate spreads," Journal of International Economics, Elsevier, vol. 96(2), pages 375-397.
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    36. Dmitriev, Mikhail & Hoddenbagh, Jonathan, 2019. "Optimal fiscal transfers in a monetary union," Journal of International Economics, Elsevier, vol. 117(C), pages 91-108.
    37. Xing Guo & Pablo Ottonello & Diego Perez, 2022. "Monetary Policy and Redistribution in Open Economies," Staff Working Papers 22-6, Bank of Canada.
    38. Fabrizio Balassone & Sandro Momigliano & Marzia Romanelli & Pietro Tommasino, 2014. "Just round the corner? Pros, cons, and implementation issues of a fiscal union for the euro area," Questioni di Economia e Finanza (Occasional Papers) 245, Bank of Italy, Economic Research and International Relations Area.
    39. Cole, Alexandre Lucas & Guerello, Chiara & Traficante, Guido, 2020. "One Emu Fiscal Policy For The Euro," Macroeconomic Dynamics, Cambridge University Press, vol. 24(6), pages 1437-1477, September.
    40. Davide Furceri & Ms. Aleksandra Zdzienicka, 2013. "The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?," IMF Working Papers 2013/198, International Monetary Fund.
    41. Jean-Louis Combes & Pierre Lesuisse, 2022. "Inflation and unemployment, new insights during the EMU accession," Post-Print hal-03790350, HAL.
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    44. Kaufmann, Christoph & Attinasi, Maria Grazia & Hauptmeier, Sebastian, 2020. "Macroeconomic stabilisation properties of a euro area unemployment insurance scheme," Working Paper Series 2428, European Central Bank.
    45. Nicolas Carnot & Magdalena Kizior & Gilles Mourre, 2017. "Fiscal stabilisation in the Euro-Area: A simulation exercise," Working Papers CEB 17-025, ULB -- Universite Libre de Bruxelles.
    46. Magdalena Kąkol, 2017. "Designing a fiscal union for the euro area," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 16(4), pages 413-432, December.
    47. Zhen Huo & José-Víctor Ríos-Rull, 2013. "Paradox of thrift recessions," Staff Report 490, Federal Reserve Bank of Minneapolis.
    48. Andreas Haufler, 2021. "Regulatory and Bailout Decisions in a Banking Union," CESifo Working Paper Series 8964, CESifo.
    49. Hubert Kempf, 2017. "Fiscal federalism in a monetary union: the cooperation pitfall," Working Papers 2017-14, Center for Research in Economics and Statistics.
    50. Luigi Guiso & Helios Herrera & Massimo Morelli, 2013. "A Cultural Clash View of the EU Crisis," EIEF Working Papers Series 1321, Einaudi Institute for Economics and Finance (EIEF), revised Jul 2013.
    51. Luca Rossi, 2021. "Revisiting the Case for a Fiscal Union: the Federal Fiscal Channel of Downside-Risk Sharing in the United States," Temi di discussione (Economic working papers) 1351, Bank of Italy, Economic Research and International Relations Area.
    52. Lorenzoni, Guido, 2014. "International Financial Crises," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 689-740, Elsevier.
    53. Andrea Brandolini & Francesca Carta & Francesco D'Amuri, 2016. "A Feasible Unemployment-Based Shock Absorber for the Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 54(5), pages 1123-1141, September.
    54. Dashkeev, Vladimir V & Turnovsky, Stephen J, 2018. "Balanced-budget rules and risk-sharing in a fiscal union," Journal of Macroeconomics, Elsevier, vol. 57(C), pages 277-298.
    55. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
    56. Dolls, Mathias & Fuest, Clemens & Peichl, Andreas & Neumann, Dirk, 2014. "Fiscal integration in the Eurozone: economic effects of two key scenarios," EUROMOD Working Papers EM1/14, EUROMOD at the Institute for Social and Economic Research.
    57. Helge Berger & Giovanni Dell’Ariccia & Maurice Obstfeld, 2019. "Revisiting the Economic Case for Fiscal Union in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 657-683, September.
    58. Marius Clemens & Guillaume Claveres, 2017. "Unemployment Insurance Union," 2017 Meeting Papers 1340, Society for Economic Dynamics.
    59. Jonathan Hoddenbagh & Mikhail Dmitriev, 2013. "The Optimal Design of a Fiscal Union," 2013 Papers pho497, Job Market Papers.
    60. Segura, Anatoli & Vicente, Sergio, 2018. "Bank resolution and public backstop in an asymmetric banking union," ESRB Working Paper Series 83, European Systemic Risk Board.
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    63. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.
    64. Raphael Corbi & Elias Papaioannou & Paolo Surico, 2019. "Regional Transfer Multipliers," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(5), pages 1901-1934.
    65. Philip R. Lane, 2019. "Macrofinancial Stability and the Euro," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 424-442, September.
    66. Guiso, Luigi & Herrera, Helios & Morelli, Massimo, 2013. "A Culture Based Theory of Fiscal Union Desirability," CAGE Online Working Paper Series 138, Competitive Advantage in the Global Economy (CAGE).
    67. Esther Gordo & Ivan Kataryniuk, 2019. "Towards a more resilient euro area," Economics and Business Letters, Oviedo University Press, vol. 8(2), pages 106-114.
    68. Hjortsoe, Ida, 2016. "Imbalances and fiscal policy in a monetary union," Journal of International Economics, Elsevier, vol. 102(C), pages 225-241.
    69. Cantú, Carlos, 2019. "Effects of capital controls on foreign exchange liquidity," Journal of International Money and Finance, Elsevier, vol. 93(C), pages 201-222.
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    71. Petrović, Marko & Ozel, Bulent & Teglio, Andrea & Raberto, Marco & Cincotti, Silvano, 2020. "Should I stay or should I go? An agent-based setup for a trading and monetary union," Journal of Economic Dynamics and Control, Elsevier, vol. 113(C).
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    73. Ohad Raveh, 2016. "Monetary Policy, Fisal Federalism, and Capital Intensity," OxCarre Working Papers 181, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    74. Juan Carlos Martinez Oliva, 2014. "Moving Towards Monetary Integration in East Asia: Achieving Economic Convergence in a Game-Theory Framework," China Economic Policy Review (CEPR), World Scientific Publishing Co. Pte. Ltd., vol. 3(02), pages 1-24.
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  46. Emmanuel Farhi & Ivan Werning, 2012. "Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates," NBER Working Papers 18199, National Bureau of Economic Research, Inc.

    Cited by:

    1. Jing Cynthia Wu & Yinxi Xie & Ji Zhang, 2024. "The Role of International Financial Integration in Monetary Policy Transmission," Staff Working Papers 24-3, Bank of Canada.
    2. Arthur Mendes & Steven Pennings, 2025. "One Rule Fits All? Heterogeneous Fiscal Rules for Commodity Exporters When Price Shocks Can Be Persistent: Theory and Evidence," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 55, January.
    3. Emmanuel Farhi & Ivan Werning, 2017. "Fiscal Unions," Working Paper 198816, Harvard University OpenScholar.
    4. Sushant Acharya & Julien Bengui, 2016. "Liquidity traps, capital flows," Staff Reports 765, Federal Reserve Bank of New York.
    5. Galego Mendes,Arthur & Pennings,Steven Michael, 2020. "One Rule Fits All ? Heterogeneous Fiscal Rules for Commodity Exporters When Price Shocks Can BePersistent: Theory and Evidence," Policy Research Working Paper Series 9400, The World Bank.
    6. Kitano Shigeto & Takaku Kenya, 2018. "Capital controls as a credit policy tool in a small open economy," The B.E. Journal of Macroeconomics, De Gruyter, vol. 18(1), pages 1-19, January.
    7. Markus Brunnermeier & Yuliy Sannikov, 2015. "International Credit Flows and Pecuniary Externalities," CESifo Working Paper Series 5170, CESifo.
    8. Gianluca Benigno & Huigang Chen & Christopher Otrok & Alessandro Rebucci & Eric R. Young, 2011. "Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective," Discussion Papers 1512, Centre for Macroeconomics (CFM), revised Feb 2015.
    9. Michael B. Devereux & Changhua Yu, 2018. "Monetary Policy Responses to External Spillovers in Emerging Market Economies," Central Banking, Analysis, and Economic Policies Book Series, in: Enrique G. Mendoza & Ernesto Pastén & Diego Saravia (ed.),Monetary Policy and Global Spillovers: Mechanisms, Effects and Policy Measures, edition 1, volume 25, chapter 6, pages 183-223, Central Bank of Chile.
    10. Escudé, Guillermo J., 2014. "The possible trinity: Optimal interest rate, exchange rate, and taxes on capital flows in a DSGE model for a small open economy," Economics Discussion Papers 2014-13, Kiel Institute for the World Economy (IfW Kiel).
    11. Uribe, Martín & Schmitt-Grohé, Stephanie, 2012. "Prudential Policy for Peggers," CEPR Discussion Papers 8961, C.E.P.R. Discussion Papers.
    12. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    13. Johnson, Christopher P., 2021. "International shadow banking and prudential capital controls," Journal of International Money and Finance, Elsevier, vol. 119(C).
    14. Javier Bianchi & Enrique Mendoza, 2015. "Optimal Time-Consistent Macroprudential Policy," PIER Working Paper Archive 15-032, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Aug 2015.
    15. Charles Engel, 2015. "Macroprudential Policy under High Capital Mobility: Policy Implications from an Academic Perspective," NBER Chapters, in: International Finance in the Global Markets, National Bureau of Economic Research, Inc.
    16. J. Scott Davis & Ippei Fujiwara & Kevin X. D. Huang & Jiao Wang, 2019. "Foreign Exchange Reserves as a Tool for Capital Account Management," Globalization Institute Working Papers 352, Federal Reserve Bank of Dallas.
    17. Javier Andrés & Óscar Arce & Jesús Fernández-Villaverde & Samuel Hurtado, 2020. "Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union," NBER Working Papers 27347, National Bureau of Economic Research, Inc.
    18. Olivier Blanchard & Jonathan D. Ostry & Atish R. Ghosh & Marcos Chamon, 2016. "Capital Flows: Expansionary or Contractionary?," American Economic Review, American Economic Association, vol. 106(5), pages 565-569, May.
    19. E. Mengus, 2014. "International Bailouts: Why Did Banks' Collective Bet Lead Europe to Rescue Greece?," Working papers 502, Banque de France.
    20. Peydró, José-Luis & fabiani, andrea & Lopéz Piñeros, Martha & Soto, Paul, 2021. "Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy," CEPR Discussion Papers 16510, C.E.P.R. Discussion Papers.
    21. Shigeto Kitano & Kenya Takaku, 2017. "Capital Controls, Macroprudential Regulation,and the Bank Balance Sheet Channel," Discussion Paper Series DP2017-18, Research Institute for Economics & Business Administration, Kobe University, revised Jan 2019.
    22. Itskhoki, Oleg & Mukhin, Dmitry, 2021. "Exchange rate disconnect in general equilibrium," LSE Research Online Documents on Economics 112140, London School of Economics and Political Science, LSE Library.
    23. Ligonniere, Samuel, 2018. "Trilemma, dilemma and global players," Journal of International Money and Finance, Elsevier, vol. 85(C), pages 20-39.
    24. Zheng Liu & Mark M. Spiegel, 2013. "Optimal Monetary Policy and Capital Account Restrictions in a Small Open Economy," Working Paper Series 2013-33, Federal Reserve Bank of San Francisco.
    25. Sebastián Fanelli & Ludwig Straub, 2020. "A Theory of Foreign Exchange Interventions," Working Papers wp2020_2019, CEMFI.
    26. Ignacio Presno & Scott Davis, 2015. "Capital Controls as an Instrument of Monetary Policy," 2015 Meeting Papers 1167, Society for Economic Dynamics.
    27. Dohwa, Kohjiro, 2024. "The role of local currency pricing in the international transmission effects of a government spending shock in an economy with vertical production linkage and foreign direct investment," Journal of Macroeconomics, Elsevier, vol. 80(C).
    28. Mitsuru Katagiri & Ryo Kato & Takayuki Tsuruga, 2017. "Prudential capital controls or bailouts? The impact of different collateral constraint assumptions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(4), pages 943-960, April.
    29. Michael W. Klein & Jay C. Shambaugh, 2013. "Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy," NBER Working Papers 19461, National Bureau of Economic Research, Inc.
    30. Javier Bianchi & Louphou Coulibaly, 2021. "Liquidity Traps, Prudential Policies, and International Spillovers," Working Papers 780, Federal Reserve Bank of Minneapolis.
    31. Andrés Fernández & Mr. Michael W Klein & Mr. Alessandro Rebucci & Mr. Martin Schindler & Martin Uribe, 2015. "Capital Control Measures: A New Dataset," IMF Working Papers 2015/080, International Monetary Fund.
    32. Agénor, Pierre-Richard & Jia, Pengfei, 2020. "Capital controls and welfare with cross-border bank capital flows," Journal of Macroeconomics, Elsevier, vol. 65(C).
    33. Benigno, Gianluca & Chen, Huigang & Otrok, Christopher & Rebucci, Alessandro & Young, Eric R., 2013. "Capital Controls or Real Exchange Rate Policy?: A Pecuniary Externality Perspective," IDB Publications (Working Papers) 4246, Inter-American Development Bank.
    34. Zineddine Alla, 2017. "Optimal policies in international macroeconomics [Politiques optimales en macroéconomie internationale]," SciencePo Working papers Main tel-03436551, HAL.
    35. Choi, Jae Hoon, 2020. "Capital controls and foreign exchange market intervention," Journal of International Money and Finance, Elsevier, vol. 101(C).
    36. Buch M. Claudia & Ursula Vogel, 2015. "Die grenzüberschreitenden Implikationen makroprudenzieller Politik," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(17), pages 22-28, September.
    37. Julien Bengui & Javier Bianchi, 2018. "Macroprudential Policy with Leakages," Working Papers 754, Federal Reserve Bank of Minneapolis.
    38. Michaud, Amanda & Rothert, Jacek, 2014. "Optimal borrowing constraints and growth in a small open economy," Journal of International Economics, Elsevier, vol. 94(2), pages 326-340.
    39. Chokri Zehri, 2022. "Interaction Effect of Capital Controls and Macroeconomic Policies," Economic Papers, The Economic Society of Australia, vol. 41(1), pages 15-33, March.
    40. William A. Barnett & Jingxian Hu, 2017. "Capital Control, Exchange Rate Regime, and Monetary Policy: Indeterminacy and Bifurcation," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201706, University of Kansas, Department of Economics, revised Sep 2017.
    41. Olivier Blanchard & Jonathan D. Ostry & Atish R. Ghosh & Marcos Chamon, 2015. "Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence," NBER Working Papers 21619, National Bureau of Economic Research, Inc.
    42. Jean-Baptiste Michau, 2021. "Open Economy Secular Stagnation and Financial Integration," Working Papers 2021-19, Center for Research in Economics and Statistics.
    43. Bilge Erten & Anton Korinek & José Antonio Ocampo, 2021. "Capital Controls: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 59(1), pages 45-89, March.
    44. Bijsterbosch, Martin & Falagiarda, Matteo & Pasricha, Gurnain & Aizenman, Joshua, 2015. "Domestic and multilateral effects of capital controls in emerging markets," Working Paper Series 1844, European Central Bank.
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    1. Sarolta Laczo & Raffaele Rossi, 2018. "Time-Consistent Consumption Taxation," Working Papers 857, Queen Mary University of London, School of Economics and Finance.
    2. Barbara Annicchiarico & Fabio Dio & Francesco Felici, 2015. "Fiscal Devaluation Scenarios: A Quantitative Assessment for the Italian Economy," Open Economies Review, Springer, vol. 26(4), pages 731-785, September.
    3. Gadatsch, Niklas & Stähler, Nikolai & Weigert, Benjamin, 2016. "German labor market and fiscal reforms 1999–2008: Can they be blamed for intra-euro area imbalances?," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 307-324.
    4. Lise Patureau & Céline Poilly, 2019. "Reforms and the real exchange rate: The role of pricing-to-market [Reforms and the Real Exchange Rate: The Role of Pricing-to-Market]," Post-Print hal-02194106, HAL.
    5. Ruud de Mooij & Michael Keen, 2012. ""Fiscal Devaluation" and Fiscal Consolidation: The VAT in Troubled Times," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 443-485, National Bureau of Economic Research, Inc.
    6. Stefan Hohberger & Lukas Vogel & Bernhard Herz, 2015. "The sectoral reallocation of government purchases as budgetary-neutral stabilisation tool: a model-based analysis," International Economics and Economic Policy, Springer, vol. 12(1), pages 59-74, March.
    7. Federico S. Mandelman & Andrea L. Waddle, 2019. "Intellectual Property, Tariffs, and International Trade Dynamics," FRB Atlanta Working Paper 2019-10, Federal Reserve Bank of Atlanta.
    8. Alberto Alesina & Omar Barbiero & Carlo Favero & Francesco Giavazzi & Matteo Paradisi, 2017. "The Effects of Fiscal Consolidations: Theory and Evidence," NBER Working Papers 23385, National Bureau of Economic Research, Inc.
    9. Jin Cheng & Meixing Dai & Frédéric Dufourt, 2014. "Banking and Sovereign Debt Crises in Monetary Union Without Central Bank Intervention," Working Papers of BETA 2014-05, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    10. Guillermo Calvo & Fabrizio Coricelli & Pablo Ottonello, 2013. "Jobless recoveries during financial crises: is inflation the way out?," Post-Print hal-01070817, HAL.
    11. Heinz Handler, 2013. "The Eurozone: Piecemeal Approach to an Optimum Currency Area," WIFO Working Papers 446, WIFO.
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    23. Cavallo, Eduardo A. & Fernández-Arias, Eduardo & Powell, Andrew, 2014. "Is the Euro-zone on the Mend? Latin American examples to analyze the Euro question," Journal of Banking & Finance, Elsevier, vol. 47(C), pages 243-257.
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    34. Mario Holzner, 2013. "Impact of Croatian EU Accession on Regional Trade Patterns," wiiw Policy Notes 10, The Vienna Institute for International Economic Studies, wiiw.
    35. Stavros A. Zenios, 2013. "The Cyprus Debt: Perfect Crisis and a Way Forward," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 7(1), pages 3-45, June.
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    39. Mónica Correa Lopez & Rafael Domenech, 2012. "The Internationalisation of Spanish Firms," Working Papers 1230, BBVA Bank, Economic Research Department.
    40. Chan Wang & Heng-fu Zou, 2015. "Optimal Monetary Policy Under a Global Dollar Standard: The Effect of Vertical Trade and Production," CEMA Working Papers 602, China Economics and Management Academy, Central University of Finance and Economics.
    41. Giampaolo Arachi & Valeria Bucci & Alessandra Casarico, 2015. "Tax structure and macroeconomic performance," Working Papers 074, "Carlo F. Dondena" Centre for Research on Social Dynamics (DONDENA), Università Commerciale Luigi Bocconi.
    42. Larch, Mario & Lechthaler, Wolfgang, 2016. "Buy National And The Business Cycle," Macroeconomic Dynamics, Cambridge University Press, vol. 20(5), pages 1196-1218, July.
    43. Chan Wang & Heng-fu Zou, 2013. "Optimal monetary policy in open economies: the role of reference currency in vertical production and trade," CEMA Working Papers 586, China Economics and Management Academy, Central University of Finance and Economics.
    44. Constantino Hevia & Juan Pablo Nicolini, 2015. "Política Monetaria y la Enfermedad Holandesa: Rigidez de Precios y de Salarios," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 18(2), pages 28-60, August.
    45. Neck, R. & Blueschke, D., 2016. "What to do when stagflation returns? Monetary and fiscal policy strategies for a monetary union," The Journal of Economic Asymmetries, Elsevier, vol. 14(PA), pages 128-146.
    46. Rodríguez, Miguel & Robaina, Margarita & Teotónio, Carla, 2019. "Sectoral effects of a Green Tax Reform in Portugal," Renewable and Sustainable Energy Reviews, Elsevier, vol. 104(C), pages 408-418.
    47. bruno Ducoudré & Eric Heyer & Mathieu Plane, 2015. "Que nous apprennent les données macro-sectorielles sur les premiers effets du CICE ? Evaluation opur la période 2014-2015 T2," Documents de Travail de l'OFCE 2015-29, Observatoire Francais des Conjonctures Economiques (OFCE).
    48. Barnett, William A. & Wang, Chan & Wang, Xue & Wu, Liyuan, 2018. "What inflation measure should a currency union target?," MPRA Paper 87035, University Library of Munich, Germany.
    49. Michael Stimmelmayr, 2015. "The Interaction of Direct and Indirect Taxes: The Prospects of Fiscal Devaluation," EcoMod2015 8629, EcoMod.
    50. Stähler, Nikolai, 2019. "Who benefits from using property taxes to finance a labor tax wedge reduction?," Journal of Housing Economics, Elsevier, vol. 46(C).
    51. Mr. Olivier J Blanchard & Ms. Florence Jaumotte & Mr. Prakash Loungani, 2013. "Labor Market Policies and IMF Advice in Advanced Economies during the Great Recession," IMF Staff Discussion Notes 2013/002, International Monetary Fund.
    52. CPB Netherlands & CAPP, 2013. "Study on the Impacts of Fiscal Devaluation," Taxation Papers 36, Directorate General Taxation and Customs Union, European Commission.
    53. François Langot & Matthieu Lemoine, 2017. "Strategic fiscal policies in Europe: Why does the labour wedge matter?," PSE-Ecole d'économie de Paris (Postprint) hal-03969937, HAL.
    54. Hinterlang, Natascha & Martin, Anika & Röhe, Oke & Stähler, Nikolai & Strobel, Johannes, 2022. "Using energy and emissions taxation to finance labor tax reductions in a multi-sector economy," Energy Economics, Elsevier, vol. 115(C).
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    56. Chan Wang & Heng-fu Zou, 2013. "On the efficiency of monetary and fiscal policy in open economies," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 179-206, May.
    57. Cantú, Carlos, 2019. "Effects of capital controls on foreign exchange liquidity," Journal of International Money and Finance, Elsevier, vol. 93(C), pages 201-222.
    58. Gita Gopinath, 2011. "EconomicDynamics Interviews Gita Gopinath on Sovereign Default," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 13(1), November.
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    62. James M. Poterba, 2012. "Comment on "'Fiscal Devaluation' and Fiscal Consolidation: The VAT in Troubled Times"," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 486-493, National Bureau of Economic Research, Inc.
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  48. Emmanuel Farhi & Iván Werning, 2011. "Insurance and Taxation over the Life Cycle," NBER Working Papers 16749, National Bureau of Economic Research, Inc.

    Cited by:

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  50. Agnès Bénassy-Quéré & Emmanuel Farhi & Pierre-Olivier Gourinchas & Jacques Mistral & Jean Pisani-Ferry & Hélène Rey, 2011. "Réformer le système monétaire international," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00749038, HAL.

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    25. Karen K. Lewis & Edith X. Liu, 2017. "Disaster Risk and Asset Returns : An International Perspective," International Finance Discussion Papers 1199, Board of Governors of the Federal Reserve System (U.S.).
    26. Mykola Babiak & Jozef Barunik, 2021. "Currency Network Risk," Papers 2101.09738, arXiv.org, revised Jul 2021.
    27. Robert J. Barro & Tao Jin, 2016. "Rare Events and Long-Run Risks," Working Paper 115371, Harvard University OpenScholar.
    28. Wagner, Christian, 2012. "Risk-premia, carry-trade dynamics, and economic value of currency speculation," Journal of International Money and Finance, Elsevier, vol. 31(5), pages 1195-1219.
    29. Yu-chin Chen & Kwok Ping Tsang, 2011. "A Macro-Finance Approach to Exchange Rate Determination," Working Papers 012011, Hong Kong Institute for Monetary Research.
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    31. Hui, Cho-Hoi & Chung, Tsz-Kin, 2011. "Crash risk of the euro in the sovereign debt crisis of 2009-2010," Journal of Banking & Finance, Elsevier, vol. 35(11), pages 2945-2955, November.
    32. Fernando Eguren-Martin & Andrej Sokol, 2022. "Attention to the Tail(s): Global Financial Conditions and Exchange Rate Risks," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 70(3), pages 487-519, September.
    33. Yuhyeon Bak & Cheolbeom Park, 2020. "Exchange Rate Predictability, Risk Premiums, and Predictive System," Discussion Paper Series 2006, Institute of Economic Research, Korea University.
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    35. Corsetti, G. & Marin, E. A., 2020. "A Century of Arbitrage and Disaster Risk Pricing in the Foreign Exchange Market," Cambridge Working Papers in Economics 2020, Faculty of Economics, University of Cambridge.
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    37. Emi Nakamura & Jón Steinsson & Robert Barro & José Ursúa, 2013. "Crises and Recoveries in an Empirical Model of Consumption Disasters," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(3), pages 35-74, July.
    38. Martin Iseringhausen, 2018. "The Time-Varying Asymmetry Of Exchange Rate Returns: A Stochastic Volatility – Stochastic Skewness Model," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 18/944, Ghent University, Faculty of Economics and Business Administration.
    39. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    40. Jonathan Benchimol & Makram El-Shagi, 2019. "Forecast Performance in Times of Terrorism," Bank of Israel Working Papers 2019.08, Bank of Israel.
    41. Choi, Jin Ho & Suh, Sangwon, 2021. "A filtered currency carry trade," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    42. Sarno, Lucio & Schneider, Paul & Wagner, Christian, 2012. "Properties of foreign exchange risk premiums," Journal of Financial Economics, Elsevier, vol. 105(2), pages 279-310.
    43. Sebnem Kalemli-Ozcan & Liliana Varela, 2019. "Exchange Rate and Interest Rate Disconnect: The Role of Capital Flows, Currency Risk and Default Risk," 2019 Meeting Papers 351, Society for Economic Dynamics.
    44. Londono, Juan M. & Zhou, Hao, 2017. "Variance risk premiums and the forward premium puzzle," Journal of Financial Economics, Elsevier, vol. 124(2), pages 415-440.
    45. Söhnke M. Bartram & Harald Lohre & Peter F. Pope & Ananthalakshmi Ranganathan, 2021. "Navigating the factor zoo around the world: an institutional investor perspective," Journal of Business Economics, Springer, vol. 91(5), pages 655-703, July.
    46. Mariano M. Croce & Riccardo Colacito, 2010. "International Asset Pricing with Risk-Sensitive Rare Events," 2010 Meeting Papers 176, Society for Economic Dynamics.
    47. Corte, Pasquale Della & Kozhan, Roman & Neuberger, Anthony, 2021. "The cross-section of currency volatility premia," Journal of Financial Economics, Elsevier, vol. 139(3), pages 950-970.
    48. Masazumi Hattori & Andreas Schrimpf & Vladyslav Sushko, 2016. "The Response of Tail Risk Perceptions to Unconventional Monetary Policy," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(2), pages 111-136, April.
    49. Maurer, Thomas & Tran, Ngoc-Khanh, 2021. "Entangled risks in incomplete FX markets," Journal of Financial Economics, Elsevier, vol. 142(1), pages 146-165.
    50. Menkhoff, Lukas & Sarno, Lucio & Schrimpf, Paul & Schmeling, Maik, 2011. "Carry Trades and Global Foreign Exchange Volatility," CEPR Discussion Papers 8291, C.E.P.R. Discussion Papers.
    51. Kose, M. Ayhan & Claessens, Stijn, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CEPR Discussion Papers 12460, C.E.P.R. Discussion Papers.
    52. Accominotti, Olivier & Chambers, David, 2014. "Out-of-Sample Evidence on the Returns to Currency Trading," CEPR Discussion Papers 9852, C.E.P.R. Discussion Papers.
    53. Hanno Lustig & Nikolai Roussanov & Adrien Verdelhan, 2010. "Countercyclical Currency Risk Premia," NBER Working Papers 16427, National Bureau of Economic Research, Inc.
    54. Fan, Zhenzhen & Londono, Juan M. & Xiao, Xiao, 2022. "Equity tail risk and currency risk premiums," Journal of Financial Economics, Elsevier, vol. 143(1), pages 484-503.
    55. Alessio Anzuini & Fabio Fornari, 2012. "Macroeconomic Determinants of Carry Trade Activity," Review of International Economics, Wiley Blackwell, vol. 20(3), pages 468-488, August.
    56. Yung, Julieta, 2021. "Can interest rate factors explain exchange rate fluctuations?," Journal of Empirical Finance, Elsevier, vol. 61(C), pages 34-56.
    57. Jurek, Jakub W., 2014. "Crash-neutral currency carry trades," Journal of Financial Economics, Elsevier, vol. 113(3), pages 325-347.
    58. Pasquale Della Corte & Steven J. Riddiough & Lucio Sarno, 2016. "Currency Premia and Global Imbalances," The Review of Financial Studies, Society for Financial Studies, vol. 29(8), pages 2161-2193.
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    551. Marius Andrei Zoican & Lucyna Anna Gornicka, 2014. "Banking Union Optimal Design under Moral Hazard," 2014 Papers pzo33, Job Market Papers.
    552. Ludwig Hausse & Martin Rohleder & Marco Wilkens, 2016. "Systemic interest rate and market risk at US banks," Journal of Business Economics, Springer, vol. 86(8), pages 933-961, November.
    553. Elyas Elyasiani & Iftekhar Hasan & Elena Kalotychou & Panos K. Pouliasis & Sotiris K. Staikouras, 2020. "Banks’ equity performance and the term structure of interest rates," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 29(2), pages 43-64, May.
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    556. Colonnello, Stefano & Koetter, Michael & Wagner, Konstantin, 2023. "Compensation regulation in banking: Executive director behavior and bank performance after the EU bonus cap," Journal of Accounting and Economics, Elsevier, vol. 76(1).
    557. Jo, Yonghwan & Kim, Jihee & Santos, Francisco, 2022. "The impact of liquidity risk in the Chinese banking system on the global commodity markets," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 23-50.
    558. Veni Arakelian & Shatha Qamhieh Hashem, 2020. "The Leaders, the Laggers, and the “Vulnerables”," Risks, MDPI, vol. 8(1), pages 1-32, March.
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    562. Bonner, Clemens & Wedow, Michael & Budnik, Katarzyna & Koban, Anne & Kok, Christoffer & Laliotis, Dimitrios & Meller, Barbara & Melo, Ana Sofia & Moldovan, Iulia & Schmitz, Stefan & Couaillier, Cyril , 2018. "Systemic liquidity concept, measurement and macroprudential instruments," Occasional Paper Series 214, European Central Bank.
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    571. Konrad Grabiszewski & Alex Horenstein & Nicolo Bates, 2016. "Product-Consumer Substitution and Safety Regulation: Theory and Evidence from Simulation," Working Papers 2016-05, University of Miami, Department of Economics.
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  53. Ivan Werning & Emmanuel Farhi, 2009. "Capital Taxation: Quantitative Explorations of the Inverse Euler Equation," 2009 Meeting Papers 1262, Society for Economic Dynamics.

    Cited by:

    1. Sebastian Dyrda & Marcelo Pedroni, 2015. "Optimal Fiscal Policy in a Model with Uninsurable Idiosyncratic Shocks," Working Papers tecipa-550, University of Toronto, Department of Economics.
    2. Spataro, Luca & Crescioli, Tommaso, 2023. "How much capital should be taxed? A review of the quantitative and empirical literature," LSE Research Online Documents on Economics 123640, London School of Economics and Political Science, LSE Library.
    3. Pierpaolo Giannoccolo & Silvia Platoni, 2023. "Temporary versus permanent disability: A dynamic incentives model," Metroeconomica, Wiley Blackwell, vol. 74(4), pages 698-721, November.
    4. Vitor Farinha Luz, 2022. "Optimal dynamic insurance contracts," Papers 2208.14560, arXiv.org.
    5. Zhiguo He & Gregor Matvos, 2016. "Debt and Creative Destruction: Why Could Subsidizing Corporate Debt Be Optimal?," Management Science, INFORMS, vol. 62(2), pages 303-325, February.
    6. Mikhail Golosov & Maxim Troshkin & Aleh Tsyvinski, 2011. "Optimal Dynamic Taxes," NBER Working Papers 17642, National Bureau of Economic Research, Inc.
    7. Mikhail Golosov & Maxim Troshkin & Aleh Tsyvinski, 2011. "Optimal Taxation: Merging Micro and Macro Approaches," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s1), pages 147-174, August.
    8. Marcelo Veracierto, 2017. "Adverse Selection, Risk Sharing and Business Cycles," 2017 Meeting Papers 1574, Society for Economic Dynamics.
    9. Florian Scheuer, 2013. "Optimal Asset Taxes in Financial Markets with Aggregate Uncertainty," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(3), pages 405-420, July.
    10. Boar, Corina & Midrigan, Virgiliu, 2022. "Efficient redistribution," Journal of Monetary Economics, Elsevier, vol. 131(C), pages 78-91.
    11. Edmans, Alex & Gabaix, Xavier & Sadzik, Tomasz & Sannikov, Yuliy, 2010. "Dynamic Incentive Accounts," Working Papers 10-19, University of Pennsylvania, Wharton School, Weiss Center.
    12. Marcelo Veracierto, 2019. "Business Cycle Fluctuations in Mirrlees Economies: The Case of i.i.d. Shocks," Working Paper Series WP 2020-04, Federal Reserve Bank of Chicago.
    13. Krueger, Dirk & Ludwig, Alexander, 2018. "Optimal taxes on capital in the OLG model with uninsurable idiosyncratic income risk," ZEW Discussion Papers 18-014, ZEW - Leibniz Centre for European Economic Research.
    14. Bierbrauer Felix J., 2016. "Effizienz oder Gerechtigkeit?: Ungleiche Einkommen, ungleiche Vermögen und Optimale Steuern," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 17(1), pages 2-24, April.
    15. Felix Bierbrauer, 2016. "Effizienz oder Gerechtigkeit? Ungleiche Einkommen, ungleiche Vermögen und die Theorie der optimalen Besteuerung," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2016_03, Max Planck Institute for Research on Collective Goods.
    16. Roozbeh Hosseini & Ali Shourideh, 2019. "Retirement Financing: An Optimal Reform Approach," Econometrica, Econometric Society, vol. 87(4), pages 1205-1265, July.
    17. Ozan Bakis & Baris Kaymak & Markus Poschke, 2015. "Transitional Dynamics and the Optimal Progressivity of Income Redistribution," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 679-693, July.
    18. Christian Moser & Pedro Olea de Souza e Silva, 2019. "Optimal Paternalistic Savings Policies," Opportunity and Inclusive Growth Institute Working Papers 17, Federal Reserve Bank of Minneapolis.
    19. Sebastian Koehne & Dominik Sachs, 2016. "Pareto-Efficient Tax Breaks," CESifo Working Paper Series 6147, CESifo.
    20. Dan Cao & Roger Lagunoff, 2016. "The Design of Optimal Collateralized Contracts," Working Papers gueconwpa~16-16-01, Georgetown University, Department of Economics, revised 01 Jun 2017.
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    22. Benjamin B. Lockwood & Charles G. Nathanson & E. Glen Weyl, 2017. "Taxation and the Allocation of Talent," Journal of Political Economy, University of Chicago Press, vol. 125(5), pages 1635-1682.
    23. Shu, Pian, 2015. "Asset accumulation and labor force participation of disability insurance applicants," Journal of Public Economics, Elsevier, vol. 129(C), pages 26-40.
    24. Sachs, Dominik & Köhne, Sebastian, 2019. "Pareto-Efficient Tax Deductions," CEPR Discussion Papers 13852, C.E.P.R. Discussion Papers.
    25. Mikhail Golosov & Aleh Tsyvinski & Nicolas Werquin, 2016. "Recursive Contracts and Endogenously Incomplete Markets," NBER Working Papers 22012, National Bureau of Economic Research, Inc.
    26. Marcelo Veracierto, 2020. "Business Cycle Fluctuations in Mirrlees Economies: The case of i.i.d. shocks​," Working Paper Series WP-2020-04, Federal Reserve Bank of Chicago.
    27. Yunmin Chen & YiLi Chien & Michael T. Owyang, 2015. "Individual and Aggregate Constrained Efficient Intertemporal Wedges in Dynamic Mirrleesian Economies," Working Papers 2015-43, Federal Reserve Bank of St. Louis.
    28. Ge Jin & Bing Zhang, 2024. "Optimal fiscal policy with a balanced-budget restriction: revisiting Chamley and Barro," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 31(2), pages 454-485, April.
    29. Edmans, Alex & Gabaix, Xavier, 2016. "Executive Compensation: A Modern Primer," Scholarly Articles 34651704, Harvard University Department of Economics.
    30. Yuta Saito & Yosuke Takeda, 2022. "Capital taxation with parental incentives," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(6), pages 1310-1341, December.
    31. Jacobs, Bas & Boadway, Robin, 2014. "Optimal linear commodity taxation under optimal non-linear income taxation," Journal of Public Economics, Elsevier, vol. 117(C), pages 201-210.
    32. Hakki Yazici & Ctirad Slavik, 2013. "Machines, Buildings, and Optimal Dynamic Taxes," 2013 Meeting Papers 766, Society for Economic Dynamics.
    33. Euiyoung Jung & Chul-In Lee, 2024. "Optimal fiscal policy under finite planning horizons," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 31(6), pages 1550-1583, December.
    34. Lee, Kyung-woo, 2015. "Optimal disability insurance with unobservable skill heterogeneity," Journal of Public Economics, Elsevier, vol. 122(C), pages 94-109.

  54. Farhi, Emmanuel & Tirole, Jean, 2009. "Bubbly Liquidity," IDEI Working Papers 577, Institut d'Économie Industrielle (IDEI), Toulouse, revised Feb 2011.

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    1. Lise Clain-Chamosset-Yvrard & Takashi Kamihigashi, 2015. "International Transmission of Bubble Crashes in a Two-Country Overlapping Generations," Discussion Paper Series DP2015-43, Research Institute for Economics & Business Administration, Kobe University.
    2. Hillebrand, Marten & Kikuchi, Tomoo, 2012. "A mechanism for booms and busts in housing prices," Working Paper Series in Economics 40, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
    3. Jordi Galí, 2016. "Monetary policy and bubbles in a new Keynesian model with overlapping generations," Economics Working Papers 1561, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2020.
    4. Ken-ichi Hashimoto & Ryonghun Im & Takuma Kunieda & Akihisa Shibata, 2020. "Asset Bubbles, Unemployment, and Financial Market Frictions," Discussion Paper Series 218, School of Economics, Kwansei Gakuin University.
    5. Alberto Martín & Jaume Ventura, 2017. "The Macroeconomics of Rational Bubbles: A User's Guide," Working Papers 989, Barcelona School of Economics.
    6. Takuma Kunieda & Tarishi Matsuoka & Akihisa Shibata, 2017. "Asset Bubbles, Technology Choice, and Financial Crises," Discussion Paper Series 157, School of Economics, Kwansei Gakuin University, revised Feb 2017.
    7. Stefano BOSI & Cuong LE VAN & Ngoc-Sang PHAM, 2016. "Asset bubbles and efficiency in a generalized two-sector model," Documents de recherche 16-04, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    8. Hirano, Tomohiro & Inaba, Masaru & Yanagawa, Noriyuki, 2015. "Asset bubbles and bailouts," Journal of Monetary Economics, Elsevier, vol. 76(S), pages 71-89.
    9. Guillaume Vuillemey & Etienne Wasmer, 2020. "Frictional Unemployment with Stochastic Bubbles," SciencePo Working papers Main hal-03950264, HAL.
    10. Michael McAleer & John Suen & Wing Keung Wong, 2016. "Profiteering from the Dot-Com Bubble, Subprime Crisis and Asian Financial Crisis," The Japanese Economic Review, Japanese Economic Association, vol. 67(3), pages 257-279, September.
    11. Cuong Le Van & Stefano Bosi & Ngoc-Sang Pham, 2017. "Rational land and housing bubbles in infinite-horizon economies," Post-Print halshs-01397606, HAL.
    12. Robert Becker & Stefano Bosi & Cuong Van & Thomas Seegmuller, 2015. "On existence and bubbles of Ramsey equilibrium with borrowing constraints," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 58(2), pages 329-353, February.
    13. Jong Kook Shin & Chetan Subramanian, 2019. "Asset Price Bubbles And Technological Innovation," Economic Inquiry, Western Economic Association International, vol. 57(1), pages 482-497, January.
    14. Bejan, Camelia & Bidian, Florin, 2014. "Bubbles and trading in incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 137-144.
    15. Daisuke Ikeda & Toan Phan, 2016. "Toxic asset bubbles," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 61(2), pages 241-271, February.
      • Daisuke Ikeda & Toan Phan, 2016. "Toxic asset bubbles," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 61(2), pages 241-271, February.
    16. de la Torre, Augusto & Ize, Alain, 2011. "Containing systemic risk : paradigm-based perspectives on regulatory reform," Policy Research Working Paper Series 5523, The World Bank.
    17. Yu Zhu & Randall Wright & Chao He, 2013. "Housing and Liquidity," 2013 Meeting Papers 168, Society for Economic Dynamics.
    18. Eden, Maya, 2013. "International liquidity rents," Policy Research Working Paper Series 6462, The World Bank.
    19. Stefano Bosi & Cuong Le Van & Ngoc-Sang Pham, 2015. "Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints," Documents de travail du Centre d'Economie de la Sorbonne 15067r, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Feb 2017.
    20. Ken-ichi Hashimoto & Ryonghun Im, 2019. "Asset bubbles, labour market frictions and R&D-based growth," Canadian Journal of Economics, Canadian Economics Association, vol. 52(2), pages 822-846, May.
    21. Larin, Benjamin, 2016. "Bubble-driven business cycles," Working Papers 143, University of Leipzig, Faculty of Economics and Management Science.
    22. Gadi Barlevy, 2011. "A leverage-based model of speculative bubbles," Working Paper Series WP-2011-07, Federal Reserve Bank of Chicago.
    23. Stefano Bosi & Cuong Le Van & Ngoc-Sang Pham, 2014. "Intertemporal equilibrium with production: bubbles and efficiency," Working Papers 2014-306, Department of Research, Ipag Business School.
    24. Costas Azariadis, 2013. "Credit policy in times of financial distress," Special Conference Papers 23, Bank of Greece.
    25. Dottori, Davide & Manna, Michele, 2016. "Strategy and tactics in public debt management," Journal of Policy Modeling, Elsevier, vol. 38(1), pages 1-25.
    26. Kalemli-Ozcan, Sebnem & Sorensen, Bent & Yesiltas, Sevcan, 2012. "Leverage across firms, banks, and countries," Journal of International Economics, Elsevier, vol. 88(2), pages 284-298.
    27. Kosuke Aoki & Tomoyuki Nakajima & Kalin Nikolov, 2014. "Safe Asset Shortages and Asset Price Bubbles," KIER Working Papers 894, Kyoto University, Institute of Economic Research.
    28. Lisi Shi & Richard M. H. Suen, 2014. "The Macroeconomic Consequences of Asset Bubbles and Crashes," Working papers 2014-14, University of Connecticut, Department of Economics.
    29. Alberto Martin, 2010. "Economic Growth with Bubbles," 2010 Meeting Papers 788, Society for Economic Dynamics.
    30. Hashimoto, Ken-ichi & Im, Ryonghun & Kunieda, Takuma, 2020. "Asset Bubbles, Unemployment, and a Financial Crisis," Journal of Macroeconomics, Elsevier, vol. 65(C).
    31. Stefano Bosi & Cuong Le Van & Ngoc-Sang Pham, 2015. "Intertemporal equilibrium with heterogeneous agents, endogenous dividends and borrowing constraints," Documents de travail du Centre d'Economie de la Sorbonne 15067, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    32. Lise Clain-Chamosset-Yvrard & Takashi Kamihigashi, 2017. "International transmission of bubble crashes in a two-country overlapping generations model," Post-Print hal-01505766, HAL.
    33. Bosi, Stefano & Pham, Ngoc-Sang, 2016. "Taxation, bubbles and endogenous growth," Economics Letters, Elsevier, vol. 143(C), pages 73-76.
    34. Miao, Jianjun, 2014. "Introduction to economic theory of bubbles," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 130-136.
    35. Vincenzo Quadrini, 2011. "Financial frictions in macroeconomic fluctations," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 97(3Q), pages 209-254.
    36. Wigniolle, B., 2014. "Optimism, pessimism and financial bubbles," Journal of Economic Dynamics and Control, Elsevier, vol. 41(C), pages 188-208.
    37. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    38. Zhang, Mu & Zheng, Jie, 2017. "A robust reference-dependent model for speculative bubbles," Journal of Economic Behavior & Organization, Elsevier, vol. 137(C), pages 232-258.
    39. Masaya Sakuragawa, 2015. "Monetary Policy and Controlling Asset Bubbles," Keio-IES Discussion Paper Series 2015-002, Institute for Economics Studies, Keio University.
    40. Robert Becker & Stefano Bosi & Cuong Le Van & Thomas Seegmuller, 2012. "On existence, efficiency and bubbles of Ramsey equilibrium with borrowing constraints," CAEPR Working Papers 2012-001, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    41. Pengfei Wang & Jianjun Miao & Feng Dong, 2017. "Asset Bubbles and Monetary Policy," 2017 Meeting Papers 205, Society for Economic Dynamics.
    42. Philippe Bacchetta & Yannick Kalantzis, 2018. "Money and Capital in a Persistent Liquidity Trap," Working papers 703, Banque de France.
    43. Kunieda, Takuma & Shibata, Akihisa, 2016. "Asset bubbles, economic growth, and a self-fulfilling financial crisis," Journal of Monetary Economics, Elsevier, vol. 82(C), pages 70-84.
    44. Hazama, Makoto & Hosono, Kaoru & Uesugi, Iichiro, 2016. "The Effect of Real Estate Prices on Banks' Lending Channel," HIT-REFINED Working Paper Series 53, Institute of Economic Research, Hitotsubashi University.
    45. Hitoshi Matsushima, 2012. "Role of Leverage in Bubbles and Crashes," CARF F-Series CARF-F-288, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    46. Bo Zhao, 2015. "Rational housing bubble," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 60(1), pages 141-201, September.
    47. Farmer, Roger & Nourry, Carine & Venditti, Alain, 2013. "The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World," CEPR Discussion Papers 9283, C.E.P.R. Discussion Papers.
    48. Ohtaki, Eisei, 2014. "Tractable graphical device for analyzing stationary stochastic OLG economies," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 16-26.
    49. Jess Benhabib & Pengfei Wang, 2012. "Financial Constraints, Endogenous Markups, and Self-fulfilling Equilibria," NBER Working Papers 18074, National Bureau of Economic Research, Inc.
    50. Jaume Ventura & Alberto Martin, 2015. "The International Transmission of Credit Bubbles: Theory and Policy," NBER Working Papers 20933, National Bureau of Economic Research, Inc.
    51. Zhou, Ge, 2011. "Rational bubbles and the spirit of capitalism," MPRA Paper 33988, University Library of Munich, Germany.
    52. Shi, Lisi & Suen, Richard M.H., 2014. "Asset bubbles in an overlapping generations model with endogenous labor supply," Economics Letters, Elsevier, vol. 123(2), pages 164-167.
    53. Guillermo A. Calvo, 2009. "FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective," NBER Working Papers 15425, National Bureau of Economic Research, Inc.
    54. Stefan Arping, 2015. "Banks and Market Liquidity," Tinbergen Institute Discussion Papers 15-020/IV, Tinbergen Institute.
    55. Kosuke Aoki & Kalin Nikolov, 2015. "Financial Disintermediation and Financial Fragility," CARF F-Series CARF-F-374, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    56. Lise Clain-Chamosset-Yvrard & Thomas Seegmuller, 2015. "Rational bubbles and macroeconomic fluctuations: The (de-)stabilizing role of monetary policy," Post-Print hal-01457297, HAL.
    57. Nikolov, Kalin & Aoki, Kosuke, 2012. "Bubbles, banks and financial stability," Working Paper Series 1495, European Central Bank.
    58. Bidian, Florin, 2016. "Robust bubbles with mild penalties for default," Journal of Mathematical Economics, Elsevier, vol. 65(C), pages 141-153.
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    68. Lise Claini-Chamosset-Yvrard & Takashi Kamihigashi, 2015. "International Transmission of Bubble Crashes: Stationary Sunspot Equilibria in a Two-Country Overlapping Generations Model," Discussion Paper Series DP2015-21, Research Institute for Economics & Business Administration, Kobe University.
    69. Miao, Jianjun & Wang, Pengfei & Zhou, Jing, 2015. "Asset bubbles, collateral, and policy analysis," Journal of Monetary Economics, Elsevier, vol. 76(S), pages 57-70.
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    71. Kunieda, Takuma, 2014. "A note on the crowd-in effect of asset bubbles in the perpetual youth model," Mathematical Social Sciences, Elsevier, vol. 72(C), pages 50-54.
    72. S'ebastien Gadat & Laurent Miclo & Fabien Panloup, 2013. "A stochastic model for speculative bubbles," Papers 1309.6287, arXiv.org.
    73. Miao, Jianjun & Wang, Pengfei, 2014. "Sectoral bubbles, misallocation, and endogenous growth," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 153-163.
    74. Azariadis, Costas & Choi, Kyoung Jin, 2013. "Credit crunches as markov equilibria," Journal of Macroeconomics, Elsevier, vol. 38(PA), pages 2-11.
    75. Daisuke Ikeda & Toan Phan, 2013. "Asset Bubbles & Global Imbalances," Working Papers 2013-41, Department of Research, Ipag Business School.
    76. Masaya Sakuragawa, 2013. "Bubble cycle," Working Papers e055, Tokyo Center for Economic Research.

  55. Farhi, Emmanuel & Tirole, Jean, 2008. "Competing Liquidities: Corporate Securities Real Bonds and Bubbles," IDEI Working Papers 506, Institut d'Économie Industrielle (IDEI), Toulouse.

    Cited by:

    1. Edouard Challe & François Le Grand & Xavier Ragot, 2007. "Incomplete markets, liquidation risk and the term structure of interest rates," PSE Working Papers halshs-00587679, HAL.
    2. Pengfei Wang & Yi Wen, 2012. "Speculative Bubbles and Financial Crises," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(3), pages 184-221, July.
    3. Shleifer, Andrei & Vishny, Robert W., 2010. "Unstable banking," Scholarly Articles 33077921, Harvard University Department of Economics.
    4. Wigniolle, B., 2014. "Optimism, pessimism and financial bubbles," Journal of Economic Dynamics and Control, Elsevier, vol. 41(C), pages 188-208.
    5. Edouard Challe & Xavier Ragot, 2007. "Public spending shocks in a liquidity-constrained economy," Working Papers halshs-00587686, HAL.
    6. Stefano Giglio & Tiago Severo, 2011. "Intangible Capital, Relative Asset Shortages and Bubbles," Levine's Working Paper Archive 786969000000000121, David K. Levine.

  56. Emmanuel Farhi & Iván Werning, 2008. "Optimal Savings Distortions with Recursive Preferences," NBER Working Papers 13720, National Bureau of Economic Research, Inc.

    Cited by:

    1. Borys Grochulski & Narayana Kocherlakota, 2007. "Nonseparable Preferences and Optimal Social Security Systems," NBER Working Papers 13362, National Bureau of Economic Research, Inc.
    2. Koehne, Sebastian & Kuhn, Moritz, 2015. "Optimal taxation in a habit formation economy," Journal of Public Economics, Elsevier, vol. 122(C), pages 31-39.
    3. Pricila Maziero, 2009. "Non-Exclusive Dynamic Contracts, Competition, and the Limits of Insurance," 2009 Meeting Papers 509, Society for Economic Dynamics.
    4. Hengjie Ai & Ravi Bansal, 2016. "Risk Preferences and The Macro Announcement Premium," NBER Working Papers 22527, National Bureau of Economic Research, Inc.
    5. Moritz Kuhn & Sebastian Koehne, 2013. "Optimal capital taxation for time-nonseparable preferences," 2013 Meeting Papers 322, Society for Economic Dynamics.
    6. Tetsuo Ono, 2014. "Intergenerational Politics, Government Debt and Economic Growth," Discussion Papers in Economics and Business 14-23, Osaka University, Graduate School of Economics.
    7. Anastasios G Karantounias, 2018. "Optimal Fiscal Policy with Recursive Preferences," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(4), pages 2283-2317.
    8. Lars Peter Hansen & Anastasios G. Karantounias & Thomas J. Sargent, 2009. "Managing expectations and fiscal policy," FRB Atlanta Working Paper 2009-29, Federal Reserve Bank of Atlanta.
    9. Guanlong Ren & John Stachurski, 2018. "Dynamic Programming with Recursive Preferences: Optimality and Applications," Papers 1812.05748, arXiv.org, revised Jun 2020.
    10. , G., 2013. "Managing pessimistic expectations and fiscal policy," Theoretical Economics, Econometric Society, vol. 8(1), January.

  57. Caballero, Ricardo & Gourinchas, Pierre-Olivier & Farhi, Emmanuel, 2008. "Financial Crash, Commodity Prices and Global Imbalances," CEPR Discussion Papers 7064, C.E.P.R. Discussion Papers.

    Cited by:

    1. Küçük, Ugur N., 2009. "Emerging Market Local Currency Bond Market, Too Risky to Invest?," MPRA Paper 21878, University Library of Munich, Germany.
    2. John Baffes & Cristina Savescu, 2014. "Monetary conditions and metal prices," Applied Economics Letters, Taylor & Francis Journals, vol. 21(7), pages 447-452, May.
    3. Tsvetanov, Daniel & Coakley, Jerry & Kellard, Neil, 2016. "Bubbling over! The behaviour of oil futures along the yield curve," Journal of Empirical Finance, Elsevier, vol. 38(PB), pages 516-533.
    4. Kallis, Giorgos & Sager, Jalel, 2017. "Oil and the economy: A systematic review of the literature for ecological economists," Ecological Economics, Elsevier, vol. 131(C), pages 561-571.
    5. Weber, Sebastian & Wyplosz, Charles, 2009. "Exchange rates during the crisis," Policy Research Working Paper Series 5059, The World Bank.
    6. William Arrata & Alejandro Bernales & Virginie Coudert, 2013. "The effects of Derivatives on Underlying Financial Markets: Equity Options, Commodity Futures and Credit Default Swaps," Post-Print hal-01410748, HAL.
    7. Alberto Martin & Jaume Ventura, 2011. "Theoretical Notes on Bubbles and the Current Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(1), pages 6-40, April.
    8. Jean-Pierre Allegret & Valérie Mignon & Audrey Allegret, 2014. "Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies," Working Papers hal-04141352, HAL.
    9. Tobias Basse & Robinson Kruse & Christoph Wegener, 2017. "The Walking Debt Crisis," CREATES Research Papers 2017-06, Department of Economics and Business Economics, Aarhus University.
    10. Kapp, Daniel & Kristiansen, Kristian, 2021. "Euro area equity risk premia and monetary policy: a longer-term perspective," Working Paper Series 2535, European Central Bank.
    11. Jozef Baruník and Ev~en Kocenda, 2019. "Total, Asymmetric and Frequency Connectedness between Oil and Forex Markets," The Energy Journal, International Association for Energy Economics, vol. 0(Special I).
    12. Peter C. B. Phillips & Jun Yu, 2009. "Dating the Timeline of Financial Bubbles During the Subprime Crisis," Finance Working Papers 23051, East Asian Bureau of Economic Research.
    13. Chuliá, Helena & Guillén, Montserrat & Uribe, Jorge M., 2017. "Spillovers from the United States to Latin American and G7 stock markets: A VAR quantile analysis," Emerging Markets Review, Elsevier, vol. 31(C), pages 32-46.
    14. Scott H. Irwin & Dwight R. Sanders, 2011. "Index Funds, Financialization, and Commodity Futures Markets," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(1), pages 1-31.
    15. Simola, Antti & Perrels, Adriaan & Honkatukia, Juha, 2011. "Extreme weather events in Finland – a dynamic CGE-analysis of economic effects," Conference papers 332099, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    16. Marie-Louise DJIGBENOU-KRE & Hail Park, 2015. "The Effects of Global Liquidity on Global Imbalances," Working Papers 2015-23, Economic Research Institute, Bank of Korea.
    17. Arezki, Rabah & Lederman, Daniel & Zhao, Hongyan, 2011. "The relative volatility of commodity prices : a reappraisal," Policy Research Working Paper Series 5903, The World Bank.
    18. Jian Li & Jean-Paul Chavas & Xiaoli L. Etienne & Chongguang Li, 2017. "Commodity price bubbles and macroeconomics: evidence from the Chinese agricultural markets," Agricultural Economics, International Association of Agricultural Economists, vol. 48(6), pages 755-768, November.
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    22. Luo, Yuwei & Mei, Dongzhou, 2023. "The shortage of safe assets and China's housing boom," Economic Modelling, Elsevier, vol. 119(C).
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    25. Ricardo J. Caballero, 2015. "A Caricature (Model) of the World Economy," Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo J. Caballero & Klaus Schmidt-Hebbel (ed.),Economic Policies in Emerging-Market Economies Festschrift in Honor of Vittorio Corbo, edition 1, volume 21, chapter 5, pages 061-077, Central Bank of Chile.
    26. Rachel, Lukasz & Smith, Thomas, 2015. "Secular drivers of the global real interest rate," Bank of England working papers 571, Bank of England.
    27. Georgios Bampinas & Theodore Panagiotidis & Christina Rouska, 2018. "Volatility persistence and asymmetry under the microscope: The role of information demand for gold and oil," Working Paper series 18-13, Rimini Centre for Economic Analysis.
    28. Xiaodong Du & Cindy L. Yu & Dermot J. Hayes, 2009. "Speculation and Volatility Spillover in the Crude Oil and Agricultural Commodity Markets: A Bayesian Analysis," Center for Agricultural and Rural Development (CARD) Publications 09-wp491, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    29. Lombardi, Marco J. & Osbat, Chiara & Schnatz, Bernd, 2010. "Global commodity cycles and linkages a FAVAR approach," Working Paper Series 1170, European Central Bank.
    30. Claudio Morana, 2016. "Macroeconomic and Financial Effects of Oil Price Shocks: Evidence for the Euro Area," Working Papers 2016.23, Fondazione Eni Enrico Mattei.
    31. William Arrata & Alejandro Bernales & Virginie Coudert, 2013. "The Effects of Derivatives on Underlying Financial Markets: Equity Options, Commodity Derivatives and Credit Default Swaps," SUERF 50th Anniversary Volume Chapters, in: Morten Balling & Ernest Gnan (ed.), 50 Years of Money and Finance: Lessons and Challenges, chapter 13, pages 445-473, SUERF - The European Money and Finance Forum.
    32. Kyrtsou, Catherine & Mikropoulou, Christina & Papana, Angeliki, 2016. "Does the S&P500 index lead the crude oil dynamics? A complexity-based approach," Energy Economics, Elsevier, vol. 56(C), pages 239-246.
    33. Sen Gupta, Abhijit, 2010. "Prospects for a Single Asian Currency," MPRA Paper 40181, University Library of Munich, Germany.
    34. Yongsung Chang & Sun-Bin Kim & Jaewoo Lee, 2009. "Accounting for Global Dispersion of Current Accounts," RCER Working Papers 548, University of Rochester - Center for Economic Research (RCER).
    35. Andrés Fernández & Andrés González & Diego Rodríguez, 2015. "Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies," Borradores de Economia 915, Banco de la Republica de Colombia.
    36. Marcus Miller & Ishita Mohanty & Lei Zhang, 2009. "The Illusion Of Stability—Low Inflation In A Bubble Economy," Manchester School, University of Manchester, vol. 77(s1), pages 126-149, September.
    37. Saporta, Victoria & Trott, Matt & Tudela, Merxe, 2009. "What can be said about the rise and fall in oil prices?," Bank of England Quarterly Bulletin, Bank of England, vol. 49(3), pages 215-225.
    38. Miron, Jeffrey A., 2009. "Bailout or Bankruptcy? A Libertarian Perspective on the Financial Crisis," Scholarly Articles 4319665, Harvard University Department of Economics.
    39. Nady Rapelanoro, 2017. "Hoarding international reserves and global liquidity expansion, what are the links and do they matter?," EconomiX Working Papers 2017-13, University of Paris Nanterre, EconomiX.
    40. Agnello, Luca & Castro, Vitor & Hammoudeh, Shawkat & Sousa, Ricardo M., 2017. "Spillovers from the oil sector to the housing market cycle," Energy Economics, Elsevier, vol. 61(C), pages 209-220.
    41. Kucuk, Ugur N., 2009. "Dynamic Sources of Sovereign Bond Market Liquidity," MPRA Paper 19677, University Library of Munich, Germany.
    42. Karin Martín-Bujack & Isabel Figuerola-Ferretti & Teresa Corzo & Ioannis Paraskevopoulos, 2022. "Building Knowledge in the Oil Market," SAGE Open, , vol. 12(1), pages 21582440211, January.
    43. Teulings, Coen, 2016. "Secular Stagnation, Rational Bubbles and Fiscal Policy," CEPR Discussion Papers 11149, C.E.P.R. Discussion Papers.
    44. Brian D. Wright, 2012. "International Grain Reserves And Other Instruments to Address Volatility in Grain Markets," The World Bank Research Observer, World Bank, vol. 27(2), pages 222-260, August.
    45. Helmut Wagner, 2010. "The causes of the recent financial crisis and the role of central banks in avoiding the next one," International Economics and Economic Policy, Springer, vol. 7(1), pages 63-82, May.
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    48. Chuliá, Helena & Fernández, Julián & Uribe, Jorge M., 2018. "Currency downside risk, liquidity, and financial stability," Journal of International Money and Finance, Elsevier, vol. 89(C), pages 83-102.
    49. D.D. Evans, Martin, 2017. "External balances, trade and financial conditions," Journal of International Economics, Elsevier, vol. 107(C), pages 165-184.
    50. Andras Fulop & Jun Yu, 2014. "Bayesian Analysis of Bubbles in Asset Prices," Working Papers 04-2014, Singapore Management University, School of Economics.
    51. Tarek Chebbi, 2021. "The response of precious metal futures markets to unconventional monetary surprises in the presence of uncertainty," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 1897-1916, April.
    52. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
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    54. Tangermann, Stefan, 2011. "Policy Solutions to Agricultural Market Volatility: A Synthesis," Price Volatility and Beyond 320209, International Centre for Trade and Sustainable Development (ICTSD).
    55. Julien Chevallier, 2011. "Time-varying correlations in oil, gas and CO2 prices: an application using BEKK, CCC, and DCC-MGARCH models," Post-Print hal-00716634, HAL.
    56. Ju, Jiandong & Shi, Kang & Wei, Shang-Jin, 2021. "Trade reforms and current account imbalances," Journal of International Economics, Elsevier, vol. 131(C).
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    59. Anna Wong, 2017. "China’s Current Account : External Rebalancing or Capital Flight?," International Finance Discussion Papers 1208, Board of Governors of the Federal Reserve System (U.S.).
    60. Zinna, Gabriele, 2011. "Identifying risks in emerging market sovereign and corporate bond spreads," Bank of England working papers 430, Bank of England.
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    62. Eswar S. Prasad, 2011. "Role Reversal in Global Finance," NBER Working Papers 17497, National Bureau of Economic Research, Inc.
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    65. Huchet, Nicolas & Fam, Papa Gueye, 2016. "The role of speculation in international futures markets on commodity prices," Research in International Business and Finance, Elsevier, vol. 37(C), pages 49-65.
    66. Bosworth, Barry & Flaaen, Aaron, 2009. "America's Financial Crisis: The End of an Era," ADBI Working Papers 142, Asian Development Bank Institute.
    67. Bonato, Matteo & Gupta, Rangan & Lau, Chi Keung Marco & Wang, Shixuan, 2020. "Moments-based spillovers across gold and oil markets," Energy Economics, Elsevier, vol. 89(C).
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    69. Lin , Justin Yifu & Martin, Will, 2010. "The financial crisis and its impacts on global agriculture," Policy Research Working Paper Series 5431, The World Bank.
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    74. Salas, Jorge, 2009. "¿Qué explica las fluctuaciones de la inflación en el Perú en el periodo 2002-2008? Evidencia de un análisis VAR estructural," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 16, pages 9-36.
    75. Jose Eduardo Gomez-Gonzalez & Juliana Gamboa-Arbeláez & Jorge Hirs-Garzón & Andrés Pinchao-Rosero, 2016. "When Bubble Meets Bubble: Contagion in OECD Countries," Borradores de Economia 942, Banco de la Republica de Colombia.
    76. Vermeulen, Robert & de Haan, Jakob, 2014. "Net foreign asset (com)position: Does financial development matter?," Journal of International Money and Finance, Elsevier, vol. 43(C), pages 88-106.
    77. Yuan Chang, 2016. "Financial Soundness Indicator, Financial Cycle, Credit Cycle and Business Cycle£­Evidence from Taiwan," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(4), pages 166-182, April.
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    80. Gutierrez, Luciano, 2011. "Looking for Rational Bubbles in Agricultural Commodity Markets," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 120377, European Association of Agricultural Economists.
    81. Presbitero, Andrea & Eberhardt, Markus, 2021. "Commodity Prices and Banking Crises," CEPR Discussion Papers 15959, C.E.P.R. Discussion Papers.
    82. Noyer, C., 2011. "Global imbalances and financial stability," Financial Stability Review, Banque de France, issue 15, pages 107-112, February.
    83. Cozzi, Guido & Davenport, Margaret, 2017. "Extrapolative Expectations and Capital Flows during Convergence," MPRA Paper 78016, University Library of Munich, Germany.
    84. Niels S. Hansen & Asger Lunde, 2013. "Analyzing Oil Futures with a Dynamic Nelson-Siegel Model," CREATES Research Papers 2013-36, Department of Economics and Business Economics, Aarhus University.
    85. Andre Gbato, 2017. "Impact of Taxation on Growth in Sub-Saharan Africa: New Evidence Based on a New Data Set," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(11), pages 173-193, November.
    86. Jago Dodson, 2014. "Suburbia under an Energy Transition: A Socio-technical Perspective," Urban Studies, Urban Studies Journal Limited, vol. 51(7), pages 1487-1505, May.
    87. Hans-Werner Sinn & John Hassler & Gilles Saint-Paul & Giancarlo Corsetti & Michael P. Devereux & Tim Jenkinson & Jan-Egbert Sturm & Xavier Vives, 2009. "Chapter 2: The Financial Crisis," EEAG Report on the European Economy, CESifo, vol. 0, pages 59-122, February.
    88. Roberto Duncan, 2014. "A threshold model of the US current account," Globalization Institute Working Papers 202, Federal Reserve Bank of Dallas.
    89. Yao Axel Ehouman, 2020. "Do oil-market shocks drive global liquidity?," EconomiX Working Papers 2020-33, University of Paris Nanterre, EconomiX.
    90. Shahid Yusuf & Kaoru Nabeshima, 2010. "Changing the Industrial Geography in Asia : The Impact of China and India," World Bank Publications - Books, The World Bank Group, number 13544.
    91. Bertaut, Carol & DeMarco, Laurie Pounder & Kamin, Steven & Tryon, Ralph, 2012. "ABS inflows to the United States and the global financial crisis," Journal of International Economics, Elsevier, vol. 88(2), pages 219-234.
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    93. Socaciu, Erzsébet-Mirjám & Nagy, Bálint-Zsolt & Benedek, Botond, 2023. "No place like home: Home bias and flight-to-quality in Group of Seven countries," Economic Modelling, Elsevier, vol. 129(C).
    94. James B. Bullard & Christopher J. Neely & David C. Wheelock, 2009. "Systemic risk and the financial crisis: a primer," Review, Federal Reserve Bank of St. Louis, vol. 91(Sep), pages 403-418.
    95. Yiuman Tse & Michael R. Williams, 2013. "Does Index Speculation Impact Commodity Prices? An Intraday Analysis," The Financial Review, Eastern Finance Association, vol. 48(3), pages 365-383, August.
    96. Etienne, Xiaoli L. & Irwin, Scott H. & Garcia, Philip, 2013. "Dissecting Corn Price Movements with Directed Acyclic Graphs," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151279, Agricultural and Applied Economics Association.
    97. Kim, C., 2011. "Global balance and financial stability: twin objectives toward a resilient global economic system," Financial Stability Review, Banque de France, issue 15, pages 61-72, February.
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    99. Gourinchas, Pierre-Olivier & Rey, Hélène, 2014. "External Adjustment, Global Imbalances, Valuation Effects," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 585-645, Elsevier.
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    105. Astill, Sam & Taylor, A.M. Robert & Kellard, Neil & Korkos, Ioannis, 2023. "Using covariates to improve the efficacy of univariate bubble detection methods," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 342-366.
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    110. Nguyen, Quynh Nga & Aboura, Sofiane & Chevallier, Julien & Zhang, Lyuyuan & Zhu, Bangzhu, 2020. "Local Gaussian correlations in financial and commodity markets," European Journal of Operational Research, Elsevier, vol. 285(1), pages 306-323.
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    127. Razek, Noha H.A. & Michieka, Nyakundi M., 2019. "OPEC and non-OPEC production, global demand, and the financialization of oil," Research in International Business and Finance, Elsevier, vol. 50(C), pages 201-225.
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  58. Emmanuel Farhi & Josh Lerner & Jean Tirole, 2008. "Fear of Rejection? Tiered Certification and Transparency," NBER Working Papers 14457, National Bureau of Economic Research, Inc.

    Cited by:

    1. Jagjeevan Kanoujiya & Rebecca Abraham & Shailesh Rastogi & Venkata Mrudula Bhimavarapu, 2023. "Transparency and Disclosure and Financial Distress of Non-Financial Firms in India under Competition: Investors’ Perspective," JRFM, MDPI, vol. 16(4), pages 1-20, March.
    2. Patrick Bolton & Xavier Freixas & Joel Shapiro, 2009. "The Credit Ratings Game," NBER Working Papers 14712, National Bureau of Economic Research, Inc.
    3. Alexander E. Saak, 2017. "The Value of Delegated Quality Control," Journal of Industrial Economics, Wiley Blackwell, vol. 65(2), pages 309-335, June.
    4. Anthony Heyes & Sandeep Kapur & Peter W. Kennedy & Steve Martin & John W. Maxwell, 2018. "But What Does it Mean? Competition between Products Carrying Alternative Green Labels when Consumers are Active Acquirers of Information," Birkbeck Working Papers in Economics and Finance 1812, Birkbeck, Department of Economics, Mathematics & Statistics.
    5. Jean Tirole, 2021. "Emmanuel Farhi, Economist Par Excellence," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 1-17, August.
    6. Rosar, Frank, 2017. "Test design under voluntary participation," Games and Economic Behavior, Elsevier, vol. 104(C), pages 632-655.
    7. Nordine Abidi & Matteo Falagiarda & Ixart Miquel-Flores, 2022. "Quantitative Easing and Credit Rating Agencies," IMF Working Papers 2022/113, International Monetary Fund.
    8. Pollrich, Martin & Wagner, Lilo, 2014. "Informational opacity and honest certification," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 481, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    9. Barbos, Andrei, 2012. "Project Screening with Tiered Evaluation," MPRA Paper 40848, University Library of Munich, Germany.
    10. Marco Pagano & Paolo Volpin, 2012. "Securitization, Transparency, and Liquidity," The Review of Financial Studies, Society for Financial Studies, vol. 25(8), pages 2417-2453.
    11. Mihaela Schaar & Simpson Zhang, 2015. "A dynamic model of certification and reputation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 58(3), pages 509-541, April.
    12. Ying‐Ju Chen & Mingcherng Deng, 2013. "Supplier certification and quality investment in supply chains," Naval Research Logistics (NRL), John Wiley & Sons, vol. 60(3), pages 175-189, April.
    13. Rick Harbaugh & John W. Maxwell & Beatrice Roussillon, 2011. "Label Confusion: The Groucho Effect of Uncertain Standards," Management Science, INFORMS, vol. 57(9), pages 1512-1527, February.
    14. Yuqing Zheng & Talia Bar, 2023. "Certifier competition and audit grades: An empirical examination using food safety certification," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 45(1), pages 182-196, March.
    15. Matthieu Bouvard & Raphael Levy, 2013. "Two-sided reputation in certification markets," Carlo Alberto Notebooks 339, Collegio Carlo Alberto.
    16. Stephanie Meyr & Sharon Tennyson, 2015. "Product Ratings as a Market Reaction to Deregulation: Evidence From the German Insurance Market," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 18(1), pages 77-100, March.
    17. Balafoutas, Loukas & Kerschbamer, Rudolf, 2020. "Credence goods in the literature: What the past fifteen years have taught us about fraud, incentives, and the role of institutions," Journal of Behavioral and Experimental Finance, Elsevier, vol. 26(C).
    18. Sergei Kovbasyuk, 2013. "Seller - paid Ratings," EIEF Working Papers Series 1330, Einaudi Institute for Economics and Finance (EIEF), revised Nov 2013.
    19. Fahad Khalil & Jacques Lawarrée & Troy J. Scott, 2015. "Private monitoring, collusion, and the timing of information," RAND Journal of Economics, RAND Corporation, vol. 46(4), pages 872-890, October.
    20. Pollrich, Martin & Wagner, Lilo, 2016. "Imprecise information disclosure and truthful certification," European Economic Review, Elsevier, vol. 89(C), pages 345-360.
    21. Ispano, Alessandro, 2018. "Information acquisition and the value of bad news," Games and Economic Behavior, Elsevier, vol. 110(C), pages 165-173.
    22. Vasiliki Skreta & Laura Veldkamp, 2009. "Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation," NBER Working Papers 14761, National Bureau of Economic Research, Inc.
    23. Zheng, Yuqing & Bar, Talia, 2017. "Audit Grades in Food Safety Certification," 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama 252714, Southern Agricultural Economics Association.
    24. Marc Rysman & Timothy Simcoe & Yanfei Wang, 2020. "Differentiation Strategies in the Adoption of Environmental Standards: LEED from 2000 to 2014," Management Science, INFORMS, vol. 66(9), pages 4173-4192, September.
    25. Ying Yi Tsai & Li-Gang Liu, 2010. "Emergence of Rating Agencies: Implications for Establishing a Regional Rating Agency in Asia," Working Papers id:2927, eSocialSciences.
    26. Farkas, Miklós, 2021. "Competition, communication and rating bias," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 637-656.
    27. Vidya Atal & Talia Bar, 2014. "Patent Quality and a Two-Tiered Patent System," Journal of Industrial Economics, Wiley Blackwell, vol. 62(3), pages 503-540, September.
    28. Jeon, Doh-Shin & Lovo, Stefano, 2011. "Reputation as an Entry Barrier in the Credit Rating Industry," IDEI Working Papers 675, Institut d'Économie Industrielle (IDEI), Toulouse, revised 25 May 2012.
    29. Gehrig, Thomas & Stenbacka, Rune, 2017. "Journal Competition and the Quality of Published Research: Simultaneous versus Sequential Screening," CEPR Discussion Papers 12065, C.E.P.R. Discussion Papers.
    30. Saak, Alexander E., 2016. "Delegation of quality control in value chains:," IFPRI discussion papers 1526, International Food Policy Research Institute (IFPRI).
    31. Talia Bar & Yuqing Zheng, 2016. "Leniency and Loyalty in the Choice of Certifiers: Evidence from the BRC Food Safety Standard," Working papers 2016-22, University of Connecticut, Department of Economics.
    32. Saak, Alexander E., 2016. "The Value of Delegated Quality Control and Market Size with an Application to Kyrgyzstan Dairy," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235707, Agricultural and Applied Economics Association.
    33. David Dranove & Ginger Zhe Jin, 2010. "Quality Disclosure and Certification: Theory and Practice," Journal of Economic Literature, American Economic Association, vol. 48(4), pages 935-963, December.
    34. Michael R. King & Steven Ongena & Nikola Tarashev, 2020. "Bank Standalone Credit Ratings," International Journal of Central Banking, International Journal of Central Banking, vol. 16(4), pages 101-144, September.
    35. Liu, Ye & Fang, Libing & Yu, Honghai, 2018. "Do reputable certifiers of quality exploit their reputations? Evidence from China’s IPO market," Economics Letters, Elsevier, vol. 163(C), pages 72-74.
    36. Raphie Hayat & Frank A.G. den Butter & Udo Kock, 2011. "Halal Certification for Financial Products: A Transaction Cost Perspective," Tinbergen Institute Discussion Papers 11-171/3, Tinbergen Institute.
    37. Rick Harbaugh & Eric Rasmusen, 2018. "Coarse Grades: Informing the Public by Withholding Information," American Economic Journal: Microeconomics, American Economic Association, vol. 10(1), pages 210-235, February.
    38. Byoun, Soku & Han, Seung Hun & Shin, Yoon S., 2021. "Does the Nationally Recognized Statistical Rating Organization certification matter for Japanese credit rating agencies?," Journal of Financial Markets, Elsevier, vol. 56(C).
    39. Doherty, Neil A. & Kartasheva, Anastasia V. & Phillips, Richard D., 2012. "Information effect of entry into credit ratings market: The case of insurers' ratings," Journal of Financial Economics, Elsevier, vol. 106(2), pages 308-330.
    40. Mingfeng Lin & Paulo Goes, 2012. "The Appeal of Third-party Certifications: Information Unraveling in Natural Experiments," Working Papers 12-02, NET Institute.
    41. Ying Yi Tsai & Li-Gang Liu, 2010. "Emergence of Rating Agencies : Implications for Establishing a Regional Rating Agency in Asia," Finance Working Papers 22824, East Asian Bureau of Economic Research.
    42. Fabozzi, Frank J. & Nawas, Mike E. & Vink, Dennis, 2017. "Exploring rating shopping for european triple a senior structured finance securities," Finance Research Letters, Elsevier, vol. 20(C), pages 35-39.
    43. Bar, Talia & Zheng, Yuqing, 2015. "Strategic Selection of Certifiers: Evidence from the BRC Food Safety Standard," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205570, Agricultural and Applied Economics Association.
    44. Fabrizio Adriani & Luca G. Deidda & Silvia Sonderegger, 2014. "How do Financial Intermediaries Create Value in Security Issues?," Review of Finance, European Finance Association, vol. 18(5), pages 1915-1951.
    45. Bizzotto, Jacopo & Harstad, Bård, 2023. "The certifier for the long run," International Journal of Industrial Organization, Elsevier, vol. 87(C).
    46. Mallory Elise Flowers & Daniel C. Matisoff & Douglas S. Noonan, 2020. "In the LEED: Racing to the Top in Environmental Self‐Regulation," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2842-2856, September.

  59. Emmanuel Farhi & Mikhail Golosov & Aleh Tsyvinski, 2008. "A Theory of Liquidity and Regulation of Financial Intermediation," Levine's Working Paper Archive 122247000000002006, David K. Levine.

    Cited by:

    1. David Andolfatto & Fernando M. Martin & Shengxing Zhang, 2015. "Rehypothecation and Liquidity," Working Papers 2015-3, Federal Reserve Bank of St. Louis.
    2. Weerachart T. Kilenthong & Robert M. Townsend, 2014. "A Market Based Solution to Price Externalities: A Generalized Framework," NBER Working Papers 20275, National Bureau of Economic Research, Inc.
    3. Hellwig, Christian & Albagli, Elias & Tsyvinski, Aleh, 2017. "Imperfect Financial Markets and Investment Inefficiencies," CEPR Discussion Papers 12045, C.E.P.R. Discussion Papers.
    4. Andrea Attar & Thomas Mariotti & François Salanié, 2020. "The Social Costs of Side Trading," Working Papers hal-02538295, HAL.
    5. Chen, Yi & Du, Kai, 2020. "The role of information disclosure in financial intermediation with investment risk," Journal of Financial Stability, Elsevier, vol. 46(C).
    6. Sebastian Di Tella, 2018. "A Neoclassical Theory of Liquidity Traps," 2018 Meeting Papers 96, Society for Economic Dynamics.
    7. Olivier Jeanne & Anton Korinek, 2020. "Macroprudential Regulation versus mopping up after the crash," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(3), pages 1470-1497.
    8. Chen, Zhuo & He, Zhiguo & Liu, Chun, 2020. "The financing of local government in China: Stimulus loan wanes and shadow banking waxes," Journal of Financial Economics, Elsevier, vol. 137(1), pages 42-71.
    9. Panetti, Ettore, 2011. "Financial liberalization and contagion with unobservable savings," MPRA Paper 29540, University Library of Munich, Germany.
    10. Gazi I Kara & S Mehmet Ozsoy & Itay Goldstein, 2020. "Bank Regulation under Fire Sale Externalities," The Review of Financial Studies, Society for Financial Studies, vol. 33(6), pages 2554-2584.
    11. Martin Windl, 2019. "Net Stable Funding Ratio and Liquidity Hoarding," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 71(1), pages 57-85, February.
    12. Jobst, Andreas A., 2014. "Measuring systemic risk-adjusted liquidity (SRL)—A model approach," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 270-287.
    13. Marco Bassetto & Wei Cui, 2021. "A Ramsey Theory of Financial Distortions," Discussion Papers 2107, Centre for Macroeconomics (CFM).
    14. Dávila, Eduardo & Walther, Ansgar, 2022. "Corrective regulation with imperfect instruments," Working Paper Series 2723, European Central Bank.
    15. Borys Grochulski & Yuzhe Zhang, 2015. "Optimal Liquidity Regulation With Shadow Banking," Working Paper 15-12, Federal Reserve Bank of Richmond.
    16. Todd Keister & Yuliyan Mitkov, 2020. "Allocating Losses: Bail-ins, Bailouts and Bank Regulation," ECONtribute Discussion Papers Series 049, University of Bonn and University of Cologne, Germany.
    17. Pricila Maziero, 2009. "Non-Exclusive Dynamic Contracts, Competition, and the Limits of Insurance," 2009 Meeting Papers 509, Society for Economic Dynamics.
    18. Semyon Malamud & Andreas Schrimpf, 2016. "Intermediation Markups and Monetary Policy Passthrough," Swiss Finance Institute Research Paper Series 16-75, Swiss Finance Institute.
    19. Daniel Roberts & Asani Sarkar & Or Shachar, 2018. "Liquidity Regulations, Bank Lending, and Fire-Sale Risk," Staff Reports 852, Federal Reserve Bank of New York.
    20. Thomas Philippon & Vasiliki Skreta, 2012. "Optimal Interventions in Markets with Adverse Selection," American Economic Review, American Economic Association, vol. 102(1), pages 1-28, February.
    21. V. V. Chari & Christopher Phelan, 2012. "What assets should banks be allowed to hold?," Economic Policy Paper 12-3, Federal Reserve Bank of Minneapolis.
    22. Kilenthong, Weerachart T. & Townsend, Robert M., 2011. "Information-constrained optima with retrading: An externality and its market-based solution," Journal of Economic Theory, Elsevier, vol. 146(3), pages 1042-1077, May.
    23. Liu, Xuewen & Wang, Pengfei & Yang, Zhongchao, 2024. "Delayed crises and slow recoveries," Journal of Financial Economics, Elsevier, vol. 152(C).
    24. Luca Deidda & Ettore Panetti, 2018. "Banks' Liquidity Management and Financial Fragility," 2018 Meeting Papers 671, Society for Economic Dynamics.
    25. Nicola Limodio & Francesco Strobbe, 2018. "Liquidity Requirements and Bank Deposits: Evidence from Ethiopia," BAFFI CAREFIN Working Papers 1879, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    26. Maya Eden & Benjamin S. Kay, 2019. "Safe Assets as Commodity Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(6), pages 1651-1689, September.
    27. Mark Egan & Ali Hortaçsu & Gregor Matvos, 2017. "Deposit Competition and Financial Fragility: Evidence from the US Banking Sector," American Economic Review, American Economic Association, vol. 107(1), pages 169-216, January.
    28. Weerachart Kilenthong & Robert Townsend, 2016. "A Market Based Solution for Fire Sales and Other Pecuniary Externalities," PIER Discussion Papers 23, Puey Ungphakorn Institute for Economic Research.
    29. Sebastian Di Tella, 2017. "Optimal Regulation of Financial Intermediaries," 2017 Meeting Papers 28, Society for Economic Dynamics.
    30. Porcellacchia, Davide, 2020. "The tipping point: interest rates and financial stability," Working Paper Series 2447, European Central Bank.
    31. de la Torre, Augusto & Ize, Alain, 2013. "The foundations of macroprudential regulation : a conceptual roadmap," Policy Research Working Paper Series 6575, The World Bank.
    32. John Geanakoplos & Kieran James Walsh, 2018. "Inefficient liquidity provision," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 66(1), pages 213-233, July.
    33. Dietrich, Diemo & Gehrig, Thomas, 2022. "Speculative and Precautionary Demand for Liquidity in Competitive Banking Markets," CEPR Discussion Papers 15827, C.E.P.R. Discussion Papers.
    34. V. V. Chari & Patrick J. Kehoe, 2013. "Bailouts, time inconsistency, and optimal regulation," Staff Report 481, Federal Reserve Bank of Minneapolis.
    35. Julien Bengui & Javier Bianchi & Louphou Coulibaly, 2016. "Financial Safety Nets," Staff Report 535, Federal Reserve Bank of Minneapolis.
    36. Bonfim, D. & Kim, M., 2012. "Liquidity Risk in Banking : Is there Herding?," Other publications TiSEM 6e6df5ea-401b-49a2-b1be-4, Tilburg University, School of Economics and Management.
    37. Ilhyock Shim, 2011. "Dynamic Prudential Regulation: Is Prompt Corrective Action Optimal?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(8), pages 1625-1661, December.
    38. Geanakoplos, John & Walsh, Kieran James, 2018. "Uniqueness and stability of equilibrium in economies with two goods," Journal of Economic Theory, Elsevier, vol. 174(C), pages 261-272.
    39. Miss Liliana B Schumacher & Mr. Theodore M. Barnhill, 2011. "Modeling Correlated Systemic Liquidity and Solvency Risks in a Financial Environment with Incomplete Information," IMF Working Papers 2011/263, International Monetary Fund.
    40. Eder, Armin & Fecht, Falko & Pausch, Thilo, 2014. "Banks, markets, and financial stability," Discussion Papers 31/2014, Deutsche Bundesbank.
    41. Markus K. Brunnermeier & Martin Oehmke, 2012. "Bubbles, Financial Crises, and Systemic Risk," NBER Working Papers 18398, National Bureau of Economic Research, Inc.
    42. Chen, Jiakai, 2022. "Market discipline and regulatory arbitrage: Evidence from ABCP liquidity guarantors," Journal of Banking & Finance, Elsevier, vol. 145(C).
    43. Rochet, Jean Charles & Gersbach, Hans, 2012. "Capital Regulation and Credit Fluctuations," CEPR Discussion Papers 9077, C.E.P.R. Discussion Papers.
    44. David Andolfatto & Aleksander Berentsen & Fernando M. Martin, 2017. "Money, Banking and Financial Markets," Working Papers 2017-23, Federal Reserve Bank of St. Louis.
    45. Fabio Castiglionesi & Fabio Feriozzi & Guido Lorenzoni, 2019. "Financial Integration and Liquidity Crises," Management Science, INFORMS, vol. 65(3), pages 955-975, March.
    46. Tobias Adrian & Nina Boyarchenko, 2014. "Liquidity Policies and Systemic Risk," Liberty Street Economics 20140417, Federal Reserve Bank of New York.
    47. Guido Lorenzoni, 2007. "Inefficient Credit Booms," NBER Working Papers 13639, National Bureau of Economic Research, Inc.
    48. David Rappoport & Alexandros Vardoulakis & David Arseneau, 2015. "Secondary Market Liquidity and the Optimal Capital Structure," 2015 Meeting Papers 1274, Society for Economic Dynamics.
    49. Paul Pichler & Flora Lutz, 2017. "Liquidity risk and financial stability regulation," Vienna Economics Papers vie1701, University of Vienna, Department of Economics.
    50. Andrea Attar & Thomas Mariotti & François Salanié, 2022. "Competitive nonlinear pricing under adverse selection," Working Papers hal-03629592, HAL.
    51. Committee, Nobel Prize, 2022. "Financial Intermediation and the Economy," Nobel Prize in Economics documents 2022-2, Nobel Prize Committee.
    52. Attar, Andrea & Mariotti, Thomas & Salanié, François, 2014. "Multiple Contracting in Insurance Markets," IDEI Working Papers 839, Institut d'Économie Industrielle (IDEI), Toulouse, revised Sep 2016.
    53. Jeremy C. Stein, 2011. "Monetary Policy as Financial-Stability Regulation," NBER Working Papers 16883, National Bureau of Economic Research, Inc.
    54. Mateusz Mokrogulski, 2014. "Wojna depozytowa w polskim sektorze bankowym," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 4, pages 79-99.
    55. Ize,Alain & De La Torre,Augusto, 2013. "The conceptual foundations of macroprudential policy : a roadmap," Policy Research Working Paper Series 6576, The World Bank.
    56. Thomas M. Eisenbach & Gregory Phelan, 2020. "Cournot Fire Sales," Department of Economics Working Papers 2020-10, Department of Economics, Williams College.
    57. Markus K. Brunnermeier & Thomas M. Eisenbach & Yuliy Sannikov, 2012. "Macroeconomics with Financial Frictions: A Survey," NBER Working Papers 18102, National Bureau of Economic Research, Inc.
    58. Guido Lorenzoni & Ricardo J. Caballero, 2007. "Persistent Appreciations and Overshooting: A Normative Analysis," 2007 Meeting Papers 196, Society for Economic Dynamics.
    59. Hart, Oliver & Zingales, Luigi, 2013. "Liquidity and Inefficient Investment," CEPR Discussion Papers 9537, C.E.P.R. Discussion Papers.
    60. Ryuichiro Izumi & Yang Li, 2021. "Financial Stability with Fire Sale Externalities," Wesleyan Economics Working Papers 2021-002, Wesleyan University, Department of Economics.
    61. Erol, Selman & Ordoñez, Guillermo, 2017. "Network reactions to banking regulations," Journal of Monetary Economics, Elsevier, vol. 89(C), pages 51-67.
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    1. Roozbeh Hosseini & Larry E. Jones & Ali Shourideh, 2009. "Risk sharing, inequality, and fertility," Working Papers 674, Federal Reserve Bank of Minneapolis.
    2. Youngsoo Jang & Svetlana Pashchenko & Ponpoje Porapakkarm, 2023. "Mortality Regressivity and Pension Design," Working Papers 2023-023, Human Capital and Economic Opportunity Working Group.
    3. Roberto Brunetti & Carl Gaigné & Fabien Moizeau, 2023. "Land, Wealth, and Taxation," Economics Working Paper Archive (University of Rennes & University of Caen) 2023-06, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
      • Brunetti, Roberto & Gaigné, Carl & Moizeau, Fabien, 2024. "Land, Wealth, and Taxation," Working Papers 348477, Institut National de la recherche Agronomique (INRA), Departement Sciences Sociales, Agriculture et Alimentation, Espace et Environnement (SAE2).
    4. Stefania Albanesi & Roc Armenter, 2007. "Intertemporal Distortions in the Second best," NBER Working Papers 13629, National Bureau of Economic Research, Inc.
    5. Mikhail Golosov & Maxim Troshkin & Aleh Tsyvinski, 2011. "Optimal Taxation: Merging Micro and Macro Approaches," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s1), pages 147-174, August.
    6. Andrea Ichino & Loukas Karabarbounis & Enrico Moretti, 2011. "The Political Economy Of Intergenerational Income Mobility," Economic Inquiry, Western Economic Association International, vol. 49(1), pages 47-69, January.
    7. Juan Cordoba & Xiying Liu, 2019. "Efficiency with Endogenous Population and Fixed Resources," 2019 Meeting Papers 348, Society for Economic Dynamics.
    8. Higashi, Youichiro & Hyogo, Kazuya & Takeoka, Norio, 2009. "Subjective random discounting and intertemporal choice," Journal of Economic Theory, Elsevier, vol. 144(3), pages 1015-1053, May.
    9. Alexander Ludwig & Michael Reiter, 2008. "Sharing Demographic Risk – Who is Afraid of the Baby Bust?," CESifo Working Paper Series 2422, CESifo.
    10. Matthias Messner & Nicola Pavoni & Christopher Sleet, "undated". "Contractive Dual Methods for Incentive Problems," GSIA Working Papers 2012-E26, Carnegie Mellon University, Tepper School of Business.
    11. Boháček, Radim & Kejak, Michal, 2018. "Optimal government policies in models with heterogeneous agents," Journal of Economic Theory, Elsevier, vol. 176(C), pages 834-858.
    12. Belfiori, Maria Elisa, 2017. "Carbon pricing, carbon sequestration and social discounting," European Economic Review, Elsevier, vol. 96(C), pages 1-17.
    13. van Buggenum, Hugo, 2021. "Coexistence of Money and Interest-Bearing Bonds," Other publications TiSEM 0bd7c6fc-3779-4bf3-9100-0, Tilburg University, School of Economics and Management.
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    34. Kalsbach, Oliver & Rausch, Sebastian, 2021. "Pricing carbon in a multi-sector economy with social discounting," ZEW Discussion Papers 21-060, ZEW - Leibniz Centre for European Economic Research.
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    36. Cordoba, Juan C. & Liu, Xiying, 2016. "Malthusian Stagnation is Efficient," ISU General Staff Papers 201611270800001010, Iowa State University, Department of Economics.
    37. Charles Brendon & Martin Ellison, 2018. "Time-Consistently Undominated Policies," Discussion Papers 1801, Centre for Macroeconomics (CFM).
    38. David Fuller, 2008. "Adverse Selection and Moral Hazard: Quanitative Implications for Unemployment Insurance," 2008 Meeting Papers 889, Society for Economic Dynamics.
    39. Soares, Jorge, 2015. "Borrowing constraints, parental altruism and welfare," Journal of Macroeconomics, Elsevier, vol. 45(C), pages 1-20.
    40. Matthias Messner & Nicola Pavoni & Christopher Sleet, 2012. "Recursive Methods for Incentive Problems," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(4), pages 501-525, October.
    41. Reichlin, Pietro, 2018. "Socially Optimal Wealth Inequality," CEPR Discussion Papers 12873, C.E.P.R. Discussion Papers.
    42. Dirk Bergemann & Juuso Välimäki, 2019. "Dynamic Mechanism Design: An Introduction," Journal of Economic Literature, American Economic Association, vol. 57(2), pages 235-274, June.
    43. Frederic Cherbonnier, 2016. "optimal insurance for time-inconsistent agents," 2016 Meeting Papers 1344, Society for Economic Dynamics.
    44. Benjamin B. Lockwood & Matthew Weinzierl, 2014. "Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions," Harvard Business School Working Papers 14-119, Harvard Business School, revised Oct 2014.
    45. Furukawa, Yosuke, 2017. "Who should pay an insurance premium for equality of the newborn’s opportunity?," Economic Analysis and Policy, Elsevier, vol. 54(C), pages 1-14.
    46. Mikhail Golosov & Luigi Iovino, 2014. "Social Insurance, Information Revelation, and Lack of Commitment," NBER Working Papers 20633, National Bureau of Economic Research, Inc.
    47. Sergio Salas, 2017. "Asset prices and wealth inequality in a simple model with idiosyncratic shocks," Estudios de Economia, University of Chile, Department of Economics, vol. 44(1 Year 20), pages 105-119, June.
    48. Charles I. Jones, 2022. "The End of Economic Growth? Unintended Consequences of a Declining Population," American Economic Review, American Economic Association, vol. 112(11), pages 3489-3527, November.
    49. Giorgio Bellettini & Filippo Taddei, 2009. "Real Estate Prices and the Importance of Bequest Taxation," Carlo Alberto Notebooks 107, Collegio Carlo Alberto, revised 2011.
    50. Thomas Phelan, 2019. "Efficient wealth inequality and differential asset taxation with dynamic agency," 2019 Meeting Papers 1350, Society for Economic Dynamics.
    51. Wojciech Kopczuk, 2010. "Economics of estate taxation: a brief review of theory and evidence," NBER Working Papers 15741, National Bureau of Economic Research, Inc.
    52. Belfiori, Maria Elisa, 2018. "Climate change and intergenerational equity: Revisiting the uniform taxation principle on carbon energy inputs," Energy Policy, Elsevier, vol. 121(C), pages 292-299.
    53. van Buggenum, Hugo, 2023. "Coexistence of money and interest-bearing bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 153(C).
    54. Tangren Feng & Shaowei Ke, 2018. "Social Discounting and Intergenerational Pareto," Econometrica, Econometric Society, vol. 86(5), pages 1537-1567, September.
    55. Aguiar, Mark & Amador, Manuel, 2016. "Fiscal policy in debt constrained economies," Journal of Economic Theory, Elsevier, vol. 161(C), pages 37-75.
    56. Mikhail Golosov & Aleh Tsyvinski & Nicolas Werquin, 2016. "Recursive Contracts and Endogenously Incomplete Markets," NBER Working Papers 22012, National Bureau of Economic Research, Inc.
    57. Hosseini, Roozbeh & Jones, Larry E. & Shourideh, Ali, 2013. "Optimal contracting with dynastic altruism: Family size and per capita consumption," Journal of Economic Theory, Elsevier, vol. 148(5), pages 1806-1840.
    58. Yunmin Chen & YiLi Chien & Michael T. Owyang, 2015. "Individual and Aggregate Constrained Efficient Intertemporal Wedges in Dynamic Mirrleesian Economies," Working Papers 2015-43, Federal Reserve Bank of St. Louis.
    59. Christopher Sleet & Sevin Yeltekin, "undated". "Misery and Luxury: Long Run Outcomes with Private Information," GSIA Working Papers 2011-E19, Carnegie Mellon University, Tepper School of Business.
    60. Sleet, Christopher & Yeltekin, Sevin, 2008. "Politically credible social insurance," Journal of Monetary Economics, Elsevier, vol. 55(1), pages 129-151, January.
    61. Narayana R. Kocherlakota, 2010. "Introduction," Introductory Chapters, in: The New Dynamic Public Finance, Princeton University Press.
    62. Octavia Foarta, 2016. "Politically Feasible Public Bailouts," 2016 Meeting Papers 1479, Society for Economic Dynamics.
    63. Vipul Bhatt & Masao Ogaki, 2012. "Tough Love And Intergenerational Altruism," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(3), pages 791-814, August.
    64. Michael O. Hoel & Sverre A. C. Kittelsen & Snorre Kverndokk, 2019. "Correcting the Climate Externality: Pareto Improvements Across Generations and Regions," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 74(1), pages 449-472, September.
    65. Tim Worrall & Alessia Russo & Francesco Lancia, 2017. "Sustainable Intergenerational Insurance," 2017 Meeting Papers 319, Society for Economic Dynamics.
    66. Feng, Tangren & Ke, Shaowei & McMillan, Andrew, 2022. "Utilitarianism and social discounting with countably many generations," Journal of Mathematical Economics, Elsevier, vol. 98(C).
    67. Yosuke Furukawa, 2013. "Increased Regressivity of the Optimal Capital Tax under a Welfare Constraint for Newborn Children," KIER Working Papers 846, Kyoto University, Institute of Economic Research.
    68. Philipp Krug, 2022. "Optimal Estate Taxation: More (about) Heterogeneity across Dynasties," Working Papers 217, Bavarian Graduate Program in Economics (BGPE).
    69. Arnaud Goussebaïle, 2024. "Democratic Climate Policies with Overlapping Generations," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 87(5), pages 1249-1273, May.
    70. Alexander Ludwig & Michael Reiter, 2008. "Sharing Demographic Risk – Who is Afraid of the Baby Bust?," MEA discussion paper series 08166, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    71. Arnaud Goussebaïle, 2022. "Democratic Climate Policies with Overlapping Generations," CER-ETH Economics working paper series 22/374, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    72. Emmanuel Farhi & Iván Werning, 2012. "Capital Taxation: Quantitative Explorations of the Inverse Euler Equation," Journal of Political Economy, University of Chicago Press, vol. 120(3), pages 000.
    73. Eduardo Zilberman & Vinicius Carrasco & Pedro Hemsley, 2019. "Risk sharing contracts with private information and one-sided commitment," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 68(1), pages 53-81, July.
    74. Pietro Reichlin, 2020. "Social welfare, parental altruism, and inequality," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 22(5), pages 1391-1419, September.
    75. Pierre-Edouard Collignon, 2021. "No Regret Fiscal Reforms," Working Papers 2021-20, Center for Research in Economics and Statistics.

  61. Emmanuel Farhi, 2007. "Capital Taxation and Ownership when Markets are Incomplete," NBER Working Papers 13390, National Bureau of Economic Research, Inc.

    Cited by:

    1. Gervais, Martin & Mennuni, Alessandro, 2015. "Optimal fiscal policy in the neoclassical growth model revisited," European Economic Review, Elsevier, vol. 73(C), pages 1-17.
    2. Stefania Albanesi & Roc Armenter, 2007. "Intertemporal Distortions in the Second best," NBER Working Papers 13629, National Bureau of Economic Research, Inc.
    3. Jean Tirole, 2021. "Emmanuel Farhi, Economist Par Excellence," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 1-17, August.
    4. ,, 2018. "Financial Policy," CEPR Discussion Papers 12755, C.E.P.R. Discussion Papers.
    5. Elisa Faraglia & Albert Marcet & Andrew Scott, 2011. "In Search of a Theory of Debt Management," CEP Discussion Papers dp1083, Centre for Economic Performance, LSE.
    6. Audrey Desbonnet & Sumudu Kankanamge, 2008. "Public debt and aggregate risk," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00175877, HAL.
    7. YiLi Chien & Yi Wen, 2022. "Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 124-160, October.
    8. Clymo, Alex & Lanteri, Andrea & Villa, Alessandro, 2022. "Capital and Labor Taxes with Costly State Contingency," CEPR Discussion Papers 16616, C.E.P.R. Discussion Papers.
    9. Arantxa Jarque, 2005. "Repeated Moral Hazard with Effort Persistence," 2005 Meeting Papers 428, Society for Economic Dynamics.
    10. Rieth, Malte, 2014. "Myopic governments and welfare-enhancing debt limits," Journal of Economic Dynamics and Control, Elsevier, vol. 38(C), pages 250-265.
    11. Anmol Bhandari & David Evans & Mikhail Golosov & Thomas J. Sargent, 2018. "Inequality, Business Cycles, and Monetary-Fiscal Policy," NBER Working Papers 24710, National Bureau of Economic Research, Inc.
    12. Saez, Emmanuel & Stantcheva, Stefanie, 2018. "A simpler theory of optimal capital taxation," Journal of Public Economics, Elsevier, vol. 162(C), pages 120-142.
    13. Albert Marcet & Albert Scott, 2007. "Debt and Deficit Fluctuations and the Structure of Bond Markets," Working Papers 332, Barcelona School of Economics.
    14. Demian Pouzo & Ignacio Presno, 2015. "Optimal Taxation with Endogenous Default under Incomplete Markets," Papers 1508.03924, arXiv.org, revised May 2016.
    15. Angelopoulos, Konstantinos & Asimakopoulos, Stylianos & Malley, James, 2014. "Tax smoothing in a business cycle model with capital-skill complementarity," SIRE Discussion Papers 2014-017, Scottish Institute for Research in Economics (SIRE).
    16. Anmol Bhandari & David Evans & Mikhail Golosov & Thomas J. Sargent, 2017. "Fiscal Policy and Debt Management with Incomplete Markets," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(2), pages 617-663.
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    18. Gross, Till, 2014. "Equilibrium capital taxation in open economies under commitment," European Economic Review, Elsevier, vol. 70(C), pages 75-87.
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    20. Thomas Blanchet, 2022. "Uncovering the Dynamics of the Wealth Distribution," Papers 2211.15509, arXiv.org.
    21. Konstantinos Angelopoulos & Stylianos Asimakopoulos & James Malley, 2013. "The optimal distribution of the tax burden over the business cycle," Working Papers 2013_16, Business School - Economics, University of Glasgow.
    22. Anmol Bhandari & David Evans & Mikhail Golosov & Thomas Sargent, 2019. "The Optimal Maturity of Government Debt," 2019 Meeting Papers 1011, Society for Economic Dynamics.
    23. François Le Grand & Xavier Ragot, 2017. "Optimal Fiscal Policy with Heterogeneous Agents and Aggregate Shocks," SciencePo Working papers Main hal-03458683, HAL.
    24. Anastasios G Karantounias, 2018. "Optimal Fiscal Policy with Recursive Preferences," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(4), pages 2283-2317.
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    26. Anastasios G. Karantounias, 2024. "A general theory of tax-smoothing," Discussion Papers 2444, Centre for Macroeconomics (CFM).
    27. Rieth, Malte, 2017. "Capital taxation and government debt policy with public discounting," Journal of Economic Dynamics and Control, Elsevier, vol. 85(C), pages 1-20.
    28. Paolo Panteghini, 2009. "On the Equivalence between Labor and Consumption Taxation," CESifo Working Paper Series 2593, CESifo.
    29. Tomoyuki Nakajima & Shuhei Takahashi, 2020. "On the Non-Existence of a Zero-Tax Steady State with Incomplete Asset Markets," KIER Working Papers 1025, Kyoto University, Institute of Economic Research.
    30. François Le Grand & Xavier Ragot, 2023. "Should we increase or decrease public debt? Optimal fiscal policy with heterogeneous agents," SciencePo Working papers Main halshs-03922359, HAL.
    31. Anastasios Karantounias, 2019. "A dynamic theory of the excess burden of taxation," 2019 Meeting Papers 1356, Society for Economic Dynamics.
    32. Alex Clymo & Andrea Lanteri & Alessandro Villa, 2023. "Online Appendix to "Capital and Labor Taxes with Costly State Contingency"," Online Appendices 22-20, Review of Economic Dynamics.
    33. George-Marios Angeletos & Fabrice Collard & Harris Dellas & Behzad Diba, 2013. "Optimal Public Debt Management and Liquidity Provision," NBER Working Papers 18800, National Bureau of Economic Research, Inc.
    34. Ignacio Presno & Demian Pouzo, 2014. "Optimal Taxation with Endogenous Default under Incomplete Markets," 2014 Meeting Papers 689, Society for Economic Dynamics.
    35. Demian Pouzo & Ignacio Presno, 2020. "Optimal Taxation with Endogenous Default under Incomplete Markets," International Finance Discussion Papers 1297, Board of Governors of the Federal Reserve System (U.S.).
    36. Till Gross, 2013. "Dynamic Optimal Taxation in Open Economies," Carleton Economic Papers 13-06, Carleton University, Department of Economics.
    37. Pierre-Edouard Collignon, 2021. "No Regret Fiscal Reforms," Working Papers 2021-20, Center for Research in Economics and Statistics.

  62. Emmanuel Farhi & Ivan Werning, 2006. "Progressive Estate Taxation," NBER Working Papers 12600, National Bureau of Economic Research, Inc.

    Cited by:

    1. Graziella Bertocchi, 2011. "The Vanishing Bequest Tax: The Comparative Evolution Of Bequest Taxation In Historical Perspective," Economics and Politics, Wiley Blackwell, vol. 23(1), pages 107-131, March.
    2. Wojciech Kopczuk, 2013. "Incentive Effects of Inheritances and Optimal Estate Taxation," NBER Working Papers 18747, National Bureau of Economic Research, Inc.
    3. Stefanie Stantcheva, 2020. "Dynamic Taxation," NBER Working Papers 26704, National Bureau of Economic Research, Inc.
    4. Johann K. Brunner & Susanne Pech, 2017. "Taxing bequests and consumption in the steady state," Economics working papers 2017-17, Department of Economics, Johannes Kepler University Linz, Austria.
    5. Spencer Bastani & Daniel Waldenström, 2018. "How Should Capital be Taxed? Theory and Evidence from Sweden," CESifo Working Paper Series 7004, CESifo.
    6. Christopher Sleet & Sevin Yeltekin, "undated". "Credibility and Endogenous Societal Discounting," GSIA Working Papers 2006-E38, Carnegie Mellon University, Tepper School of Business.
    7. Borys Grochulski & Tomasz Piskorski, 2006. "Optimal Wealth Taxes with Risky Human Capital," 2006 Meeting Papers 59, Society for Economic Dynamics.
    8. Decerf,Benoit Marie A & Maniquet,François, 2021. "Fair Inheritance Taxation," Policy Research Working Paper Series 9804, The World Bank.
    9. Shenghao Zhu, 2019. "A Becker–Tomes model with investment risk," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 67(4), pages 951-981, June.
    10. Bastani, Spencer & Blomquist, Sören & Micheletto, Luca, 2017. "Child Care Subsidies, Quality, and Optimal Income Taxation," Working Paper Series 2017:8, Uppsala University, Department of Economics.
    11. Florian Scheuer & Joel Slemrod, 2019. "Taxation and the Superrich," CESifo Working Paper Series 7817, CESifo.
    12. Fisman, Raymond & Gladstone, Keith & Kuziemko, Ilyana & Naidu, Suresh, 2020. "Do Americans want to tax wealth? Evidence from online surveys," Journal of Public Economics, Elsevier, vol. 188(C).
    13. Saleh, Mohamed & Tirole, Jean, 2019. "Taxing Identity: Theory and Evidence from Early Islam," CEPR Discussion Papers 13705, C.E.P.R. Discussion Papers.
    14. Moisson, Paul-Henri, 2024. "Meritocracy and Inequality," TSE Working Papers 24-1518, Toulouse School of Economics (TSE), revised Apr 2024.
    15. Boháček, Radim & Kejak, Michal, 2018. "Optimal government policies in models with heterogeneous agents," Journal of Economic Theory, Elsevier, vol. 176(C), pages 834-858.
    16. Belfiori, Maria Elisa, 2017. "Carbon pricing, carbon sequestration and social discounting," European Economic Review, Elsevier, vol. 96(C), pages 1-17.
    17. Johann K. Brunner & Susanne Pech, 2011. "Optimal taxation of wealth transfers when bequests are motivated by joy of giving," Economics working papers 2011-12, Department of Economics, Johannes Kepler University Linz, Austria.
    18. Koeniger, Winfried & Zanella, Carlo, 2022. "Opportunity and inequality across generations," Journal of Public Economics, Elsevier, vol. 208(C).
    19. James R. Hines Jr., 2013. "The Redistributive Potential of Transfer Taxation," Public Finance Review, , vol. 41(6), pages 885-903, November.
    20. Mrs. Irina Yakadina & Mr. Michael Kumhof, 2007. "Politically Optimal Fiscal Policy," IMF Working Papers 2007/068, International Monetary Fund.
    21. Barrage, Lint, 2018. "Be careful what you calibrate for: Social discounting in general equilibrium," Journal of Public Economics, Elsevier, vol. 160(C), pages 33-49.
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    23. Stiglitz, Joseph E., 2018. "Pareto efficient taxation and expenditures: Pre- and re-distribution," Journal of Public Economics, Elsevier, vol. 162(C), pages 101-119.
    24. Emmanuel Farhi & Iván Werning, 2010. "Progressive Estate Taxation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 125(2), pages 635-673.
    25. Spencer Bastani & Daniel Waldenström, 2018. "How should capital be taxed? The Swedish experience," Working Papers hal-02878153, HAL.
    26. Björn Frank, 2011. "Economic page turners," MAGKS Papers on Economics 201126, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    27. Koeniger, Winfried & Prat, Julien, 2017. "Human Capital and Optimal Redistribution," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168073, Verein für Socialpolitik / German Economic Association.
    28. Sylwia Radomska, 2019. "Optimal Policy for Investment in Human Capital in the Light of Optimal Tax Theory (Inwestycje w kapital ludzki w swietle optymalnej teorii podatkowej)," Research Reports, University of Warsaw, Faculty of Management, vol. 1(30), pages 34-42.
    29. Belan Pascal & Moussault Erwan, 2020. "Inheritance Taxation in a Model with Intergenerational Time Transfers," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 20(1), pages 1-19, January.
    30. Albanesi, Stefania, 2006. "Optimal Taxation of Entrepreneurial Capital with Private Information," CEPR Discussion Papers 5647, C.E.P.R. Discussion Papers.
    31. Antoine Ferey & Benjamin B. Lockwood & Dmitry Taubinsky, 2024. "Sufficient Statistics for Nonlinear Tax Systems with General Across-Income Heterogeneity," American Economic Review, American Economic Association, vol. 114(10), pages 3206-3249, October.
    32. Katrine Jakobsen & Kristian Jakobsen & Henrik Kleven & Gabriel Zucman, 2020. "Wealth Taxation and Wealth Accumulation: Theory and Evidence From Denmark," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(1), pages 329-388.
    33. Robin Boadway & Katherine Cuff, 2015. "Tax treatment of bequests when donor benefits are discounted," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(4), pages 604-634, August.
    34. Christian Moser & Pedro Olea de Souza e Silva, 2019. "Optimal Paternalistic Savings Policies," Opportunity and Inclusive Growth Institute Working Papers 17, Federal Reserve Bank of Minneapolis.
    35. Canta, Chiara & Cremer, Helmuth, 2017. "Long-term care policy with nonlinear strategic bequests," TSE Working Papers 17-839, Toulouse School of Economics (TSE).
    36. Johann K. Brunner, 2010. "Die Erbschaftssteuer im Modell der optimalen Besteuerung," NRN working papers 2010-18, The Austrian Center for Labor Economics and the Analysis of the Welfare State, Johannes Kepler University Linz, Austria.
    37. Matthew Weinzierl, 2012. "The Promise of Positive Optimal Taxation: Normative Diversity and a role for Equal Sacrifice," NBER Working Papers 18599, National Bureau of Economic Research, Inc.
    38. Bellettini, Giorgio & Taddei, Filippo & Zanella, Giulio, 2017. "Intergenerational altruism and house prices: Evidence from bequest tax reforms in Italy," European Economic Review, Elsevier, vol. 92(C), pages 1-12.
    39. Zarko Kalamov & Marco Runkel, 2019. "Taxes on Unhealthy Food and Externalities in the Parental Choice of Children's Diet," CESifo Working Paper Series 7837, CESifo.
    40. Alexander Gelber & Matthew Weinzierl, 2012. "Equalizing Outcomes vs. Equalizing Opportunities: Optimal Taxation when Children's Abilities Depend on Parents' Resources," Harvard Business School Working Papers 13-014, Harvard Business School, revised Mar 2014.
    41. Johann K. Brunner, 2012. "The Bequest Tax as Long-Term Care Insurance," CESifo Working Paper Series 3901, CESifo.
    42. Emmanuel Farhi & Iván Werning, 2013. "Estate Taxation with Altruism Heterogeneity," NBER Working Papers 18792, National Bureau of Economic Research, Inc.
    43. Goupille-Lebret, Jonathan & Infante, Jose, 2018. "Behavioral responses to inheritance tax: Evidence from notches in France," Journal of Public Economics, Elsevier, vol. 168(C), pages 21-34.
    44. Soares, Jorge, 2015. "Borrowing constraints, parental altruism and welfare," Journal of Macroeconomics, Elsevier, vol. 45(C), pages 1-20.
    45. Monisankar Bishnu & Cagri S. Kumru & Arm Nakornthab, 2016. "Optimal Inheritance Tax under Temptation," ANU Working Papers in Economics and Econometrics 2016-637, Australian National University, College of Business and Economics, School of Economics.
    46. Reichlin, Pietro, 2018. "Socially Optimal Wealth Inequality," CEPR Discussion Papers 12873, C.E.P.R. Discussion Papers.
    47. Frederic Cherbonnier, 2016. "optimal insurance for time-inconsistent agents," 2016 Meeting Papers 1344, Society for Economic Dynamics.
    48. Chih-Chin Ho & Ching-Yang Lin & Cheng-Tao Tang, 2013. "How Do Income and Bequest Taxes Affect Income Inequality? The Role of Parental Transfers," Working Papers EMS_2013_10, Research Institute, International University of Japan.
    49. Furukawa, Yosuke, 2017. "Who should pay an insurance premium for equality of the newborn’s opportunity?," Economic Analysis and Policy, Elsevier, vol. 54(C), pages 1-14.
    50. Philipp Krug & Dominika Langenmayr, 2024. "Taxing Transitions: Inheritance Tax and Family Firm Succession," Working Papers 233, Bavarian Graduate Program in Economics (BGPE).
    51. James R. Hines, 2013. "Income and Substitution Effects of Estate Taxation," American Economic Review, American Economic Association, vol. 103(3), pages 484-488, May.
    52. Stuart Adam & Helen Miller, 2021. "The economic arguments for and against a wealth tax," Fiscal Studies, John Wiley & Sons, vol. 42(3-4), pages 457-483, September.
    53. Giorgio Bellettini & Filippo Taddei, 2009. "Real Estate Prices and the Importance of Bequest Taxation," Carlo Alberto Notebooks 107, Collegio Carlo Alberto, revised 2011.
    54. Mariacristina De Nardi & Fang Yang, 2015. "Wealth Inequality, Family Background, and Estate Taxation," NBER Working Papers 21047, National Bureau of Economic Research, Inc.
    55. Belfiori, Maria Elisa, 2018. "Climate change and intergenerational equity: Revisiting the uniform taxation principle on carbon energy inputs," Energy Policy, Elsevier, vol. 121(C), pages 292-299.
    56. Nicola Pavoni & Hakki Yazici, 2017. "Intergenerational Disagreement and Optimal Taxation of Parental Transfers," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(3), pages 1264-1305.
    57. Hellwig, Christian & Werquin, Nicolas, 2022. "Using Consumption Data to Derive Optimal Income and Capital Tax Rates," TSE Working Papers 22-1284, Toulouse School of Economics (TSE), revised Jul 2024.
    58. Monisankar Bishnu & Nick L Guo & Cagri Kumru, 2018. "A Revisit to the Annuity Role of Estate Tax," ANU Working Papers in Economics and Econometrics 2018-658, Australian National University, College of Business and Economics, School of Economics.
    59. Peter Diamond & Emmanuel Saez, 2011. "The Case for a Progressive Tax: From Basic Research to Policy Recommendations," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 165-190, Fall.
    60. Kopczuk, Wojciech, 2016. "U.S. capital gains and estate taxation: a status report and directions for a reform," CEPR Discussion Papers 11208, C.E.P.R. Discussion Papers.
    61. Sommer, Eric, 2017. "Wealth Transfers and Tax Planning: Evidence for the German Bequest Tax," IZA Discussion Papers 11120, Institute of Labor Economics (IZA).
    62. Garriga, Carlos & Sánchez-Losada, Fernando, 2009. "Indirect taxation and the welfare effects of altruism on the optimal fiscal policy," Economic Modelling, Elsevier, vol. 26(6), pages 1365-1374, November.
    63. Alexander M. Gelber & Matthew C. Weinzierl, 2012. "Equalizing Outcomes and Equalizing Opportunities: Optimal Taxation when Children's Abilities Depend on Parents' Resources," NBER Working Papers 18332, National Bureau of Economic Research, Inc.
    64. Hosseini, Roozbeh & Jones, Larry E. & Shourideh, Ali, 2013. "Optimal contracting with dynastic altruism: Family size and per capita consumption," Journal of Economic Theory, Elsevier, vol. 148(5), pages 1806-1840.
    65. Raymond Fisman & Keith Gladstone & Ilyana Kuziemko & Suresh Naidu, 2017. "Do Americans Want to Tax Capital? Evidence from Online Surveys," NBER Working Papers 23907, National Bureau of Economic Research, Inc.
    66. Yunmin Chen & YiLi Chien & Michael T. Owyang, 2015. "Individual and Aggregate Constrained Efficient Intertemporal Wedges in Dynamic Mirrleesian Economies," Working Papers 2015-43, Federal Reserve Bank of St. Louis.
    67. Johann K. Brunner, 2014. "Die Erbschaftsteuer- Bestandteil eines optimalen Steuersystems?," Economics working papers 2014-07, Department of Economics, Johannes Kepler University Linz, Austria.
    68. Spencer Bastani & Daniel Waldenström, 2020. "How Should Capital Be Taxed?," Journal of Economic Surveys, Wiley Blackwell, vol. 34(4), pages 812-846, September.
    69. Mi Luo & Matthew Shapiro & Joseph Briggs & Chris Tonetti & Andrew Caplin & John Ameriks, 2016. "Inter-generational transfers and precautionary saving," 2016 Meeting Papers 1616, Society for Economic Dynamics.
    70. Borys Grochulski, 2008. "Limits to redistribution and intertemporal wedges : implications of Pareto optimality with private information," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 94(Spr), pages 173-196.
    71. Michel Strawczynski, 2014. "The optimal inheritance tax in the presence of investment in education," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 21(4), pages 768-795, August.
    72. Nicolas Werquin & Aleh Tsyvinski & Mikhail Golosov, 2015. "A Variational Approach to the Analysis of Tax Systems," 2015 Meeting Papers 244, Society for Economic Dynamics.
    73. Esteban García-Miralles, 2017. "The crucial role of social welfare criteria for optimal inheritance taxation," Working Papers 1706, Banco de España.
    74. Yosuke Furukawa, 2013. "Increased Regressivity of the Optimal Capital Tax under a Welfare Constraint for Newborn Children," KIER Working Papers 846, Kyoto University, Institute of Economic Research.
    75. Stefanie Stantcheva, 2015. "Optimal Income, Education, and Bequest Taxes in an Intergenerational Model," NBER Working Papers 21177, National Bureau of Economic Research, Inc.
    76. Alexander Ludwig & Michael Reiter, 2008. "Sharing Demographic Risk – Who is Afraid of the Baby Bust?," MEA discussion paper series 08166, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    77. Yena Park, 2018. "Optimal Taxation of Inheritance and Retirement Savings," 2018 Meeting Papers 1246, Society for Economic Dynamics.
    78. Georges Casamatta, 2023. "On the desirability of taxing bequests," Journal of Economics, Springer, vol. 138(3), pages 195-219, April.
    79. Pietro Reichlin, 2020. "Social welfare, parental altruism, and inequality," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 22(5), pages 1391-1419, September.
    80. Pierre-Edouard Collignon, 2021. "No Regret Fiscal Reforms," Working Papers 2021-20, Center for Research in Economics and Statistics.

  63. Ricardo J Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An equilibrum model of "global imbalances" and low interest rates," BIS Working Papers 222, Bank for International Settlements.

    Cited by:

    1. Angeletos, George-Marios & Panousi, Vasia, 2011. "Financial integration, entrepreneurial risk and global dynamics," Journal of Economic Theory, Elsevier, vol. 146(3), pages 863-896, May.
    2. Yena Park, 2015. "Optimal Sovereign Debt Policy with Private Trading: Explaining Allocation Puzzle," 2015 Meeting Papers 1229, Society for Economic Dynamics.
    3. Xavier Ragot & Edouard Challe, 2011. "Fiscal Policy in a Tractable Liquidity-Constrained Economy," Post-Print halshs-00654650, HAL.
    4. Daisuke Ikeda & Toan Phan & Timothy Sablik, 2020. "Asset Bubbles and Global Imbalances," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 20, pages 1-4, January.
    5. John V. Duca & David C. Ling, 2015. "The other (commercial) real estate boom and bust: the effects of risk premia and regulatory capital arbitrage," Working Papers 1504, Federal Reserve Bank of Dallas.
    6. Mikael Juselius & Claudio Borio & Piti Disyatat & Mathias Drehmann, 2017. "Monetary Policy, the Financial Cycle, and Ultra-Low Interest Rates," International Journal of Central Banking, International Journal of Central Banking, vol. 13(3), pages 55-89, September.
    7. Ellen R. McGrattan & Edward C. Prescott, 2007. "Technology capital and the U.S. current account," Working Papers 646, Federal Reserve Bank of Minneapolis.
    8. Mengus, E., 2014. "Honoring Sovereign Debt or Bailing Out Domestic Residents: A Theory of Internal Costs of Default," Working papers 480, Banque de France.
    9. Bengui, Julien & Mendoza, Enrique G. & Quadrini, Vincenzo, 2013. "Capital mobility and international sharing of cyclical risk," Journal of Monetary Economics, Elsevier, vol. 60(1), pages 42-62.
    10. Goda, Thomas & Onaran, Özlem & Stockhammer, Engelbert, 2016. "Income inequality and wealth concentration in the recent crisis," Greenwich Papers in Political Economy 14690, University of Greenwich, Greenwich Political Economy Research Centre.
    11. Van der Ghote, Alejandro, 2021. "Benefits of macroprudential policy in low interest rate environments," Research Bulletin, European Central Bank, vol. 90.
    12. Jan Behringer & Till van Treeck, 2019. "The corporate sector and the current account," IMK Working Paper 196-2019, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    13. Semyon Malamud & Andreas Schrimpf, 2018. "An intermediation-based model of exchange rates," BIS Working Papers 743, Bank for International Settlements.
    14. Gabriel Zucman, 2013. "The Missing Wealth of Nations: Are Europe and the U.S. net Debtors or net Creditors?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 128(3), pages 1321-1364.
    15. Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2013, pages 52-67, National Bureau of Economic Research, Inc.
    16. Mark Gertler & Lars Svensson & Andrea Ferrero, 2008. "Current Account Dynamics and Monetary Policy," 2008 Meeting Papers 359, Society for Economic Dynamics.
    17. Schön, Matthias & Stähler, Nikolai, 2020. "When old meets young? Germany's population ageing and the current account," Economic Modelling, Elsevier, vol. 89(C), pages 315-336.
    18. Anne-Laure Delatte & Julien Fouquau, 2012. "What Drove the Massive Hoarding of International Reserves in Emerging Economies? A Time-Varying Approach," Post-Print hal-01410598, HAL.
    19. Mariam Camarero & María Dolores Gadea-Rivas & Ana Gómez-Loscos & Cecilio Tamarit, 2019. "External imbalances and recoveries," Working Papers 1912, Department of Applied Economics II, Universidad de Valencia.
    20. Alberto Martín & Jaume Ventura, 2017. "The Macroeconomics of Rational Bubbles: A User's Guide," Working Papers 989, Barcelona School of Economics.
    21. Ly-Dai, Hung, 2018. "International Capital Flows in Club of Convergence," MPRA Paper 90232, University Library of Munich, Germany.
    22. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2009. "When bonds matter: home bias in goods and assets," SciencePo Working papers Main hal-03602482, HAL.
    23. Yi Wen, 2011. "Making sense of China’s astronomical foreign reserves," Working Papers 2011-018, Federal Reserve Bank of St. Louis.
    24. Sun, Yi, 2011. "Structural change, savings and current account balance," International Review of Economics & Finance, Elsevier, vol. 20(1), pages 82-94, January.
    25. Jürgen von Hagen & Haiping Zhang, 2014. "International Capital Flows in the Model with Limited Commitment and Incomplete Markets," Open Economies Review, Springer, vol. 25(1), pages 195-224, February.
    26. Weber, Sebastian & Wyplosz, Charles, 2009. "Exchange rates during the crisis," Policy Research Working Paper Series 5059, The World Bank.
    27. Zhengyang Jiang & Robert J. Richmond & Tony Zhang, 2024. "A Portfolio Approach to Global Imbalances," Journal of Finance, American Finance Association, vol. 79(3), pages 2025-2076, June.
    28. Xinhua Gu & Yang Zhang & Xiao Chang, 2017. "The role of financial systems for cross-country differences in the link between income and consumption inequality," Applied Economics, Taylor & Francis Journals, vol. 49(24), pages 2365-2378, May.
    29. Uribe, Jorge & Fernández, Julián, 2014. "Burbujas financieras y comportamiento reciente de los mercados de acciones en América Latina," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue 81, pages 57-90, April.
    30. Morana, Claudio, 2014. "Insights on the global macro-finance interface: Structural sources of risk factor fluctuations and the cross-section of expected stock returns," Journal of Empirical Finance, Elsevier, vol. 29(C), pages 64-79.
    31. Zsofia Barany & Nicolas Coeurdacier & Stéphane Guibaud, 2015. "Fertility, Longevity and International Capital Flows," Working Papers hal-01164462, HAL.
    32. Vincenzo Quadrini, 2020. "The Impact of Industrialized Countries’ Monetary Policy on Emerging Economies," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(3), pages 550-583, September.
    33. Paul Beaudry & Katsiaryna Kartashova & Césaire A Meh, 2022. "Gazing at r*: A Hysteresis Perspective," RBA Annual Conference Papers acp2022-08, Reserve Bank of Australia, revised Dec 2022.
    34. Zheng Song & Kjetil Storesletten & Fabrizio Zilibotti, 2011. "Growing Like China," American Economic Review, American Economic Association, vol. 101(1), pages 196-233, February.
    35. Bofinger, Peter & Franz, Wolfgang & Schmidt, Christoph M. & Weder di Mauro, Beatrice & Wiegard, Wolfgang, 2010. "Chancen für einen stabilen Aufschwung. Jahresgutachten 2010/11 [Chances for a stable upturn. Annual Report 2010/11]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201011, September.
    36. Enrique G. Mendoza & Vincenzo Quadrini & Jose-Victor Rios-Rull, 2007. "Financial Integration, Financial Deepness and Global Imbalances," NBER Working Papers 12909, National Bureau of Economic Research, Inc.
    37. Du, Qingyuan & Wei, Shang-Jin, 2013. "A theory of the competitive saving motive," Journal of International Economics, Elsevier, vol. 91(2), pages 275-289.
    38. Ignazio Angeloni & Agnès Bénassy-Quéré & Benjamin Carton & Zsolt Darvas & Christophe Destais & Ludovic Gauvin & Jean Pisani-Ferry & André Sapir & Shahin Vallée, 2011. "Global currencies for tomorrow: A European perspective," European Economy - Economic Papers 2008 - 2015 444, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    39. Cédric Tille & Eric Van Wincoop, 2007. "International capital flows," Staff Reports 280, Federal Reserve Bank of New York.
    40. Charles Engel & John H. Rogers, 2008. "Expected consumption growth from cross-country surveys: implications for assessing international capital markets," International Finance Discussion Papers 949, Board of Governors of the Federal Reserve System (U.S.).
    41. Tobias Basse & Robinson Kruse & Christoph Wegener, 2017. "The Walking Debt Crisis," CREATES Research Papers 2017-06, Department of Economics and Business Economics, Aarhus University.
    42. Paul Beaudry & Katya Kartashova & Césaire Meh, 2023. "Gazing at r-star: A Hysteresis Perspective," Staff Working Papers 23-5, Bank of Canada.
    43. Jean-Pierre Allegret & Cécile Couharde & Dramane Coulibaly & Valérie Mignon, 2013. "Current Accounts and Oil Price Fluctuations in Oil-Exporting Countries: the Role of Financial Development," Working Papers 2013-19, CEPII research center.
    44. Anni Huang & Narayan Kundan Kishor, 2019. "The rise of dollar credit in emerging market economies and US monetary policy," The World Economy, Wiley Blackwell, vol. 42(2), pages 530-551, February.
    45. Gregory Thwaites, 2014. "Why are real interest rates so low? Secular stagnation and the relative price of investment goods," Discussion Papers 1428, Centre for Macroeconomics (CFM).
    46. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2019. "The Rise of the Dollar and Fall of the Euro as International Currencies," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 521-526, May.
    47. Lone Christiansen & Alessandro Prati & Luca Antonio Ricci & Thierry Tressel, 2010. "External Balance in Low-Income Countries," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 6(1), pages 265-322.
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    576. Brumm, Johannes & Georgiadis, Georgios & Gräb, Johannes & Trottner, Fabian, 2019. "Global value chain participation and current account imbalances," Journal of International Money and Finance, Elsevier, vol. 97(C), pages 111-124.
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  64. Emmanuel Farhi & Ivan Werning, 2005. "Inequality, Social Discounting and Estate Taxation," NBER Working Papers 11408, National Bureau of Economic Research, Inc.

    Cited by:

    1. Marek Kapička & Julian Neira, 2019. "Optimal Taxation with Risky Human Capital," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(4), pages 271-309, October.
    2. Christopher Sleet & Sevin Yeltekin, "undated". "Credibility and Endogenous Societal Discounting," GSIA Working Papers 2006-E38, Carnegie Mellon University, Tepper School of Business.
    3. Zilibotti, Fabrizio & Storesletten, Kjetil & Song, Zheng Michael, 2007. "Rotten Parents and Disciplined Children: A Politico-Economic Theory of Public Expenditure and Debt," CEPR Discussion Papers 6359, C.E.P.R. Discussion Papers.
    4. Valeria Bonis & Luca Spataro, 2018. "Optimal income taxation and migration," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(4), pages 867-882, August.
    5. Borys Grochulski & Tomasz Piskorski, 2006. "Optimal Wealth Taxes with Risky Human Capital," 2006 Meeting Papers 59, Society for Economic Dynamics.
    6. Narayana R Kocherlakota, 2005. "Advances in Dynamic Optimal Taxation," Levine's Bibliography 784828000000000518, UCLA Department of Economics.
    7. Grossmann, Volker & Strulik, Holger, 2010. "Should continued family firms face lower taxes than other estates?," Journal of Public Economics, Elsevier, vol. 94(1-2), pages 87-101, February.
    8. Barrage, Lint, 2018. "Be careful what you calibrate for: Social discounting in general equilibrium," Journal of Public Economics, Elsevier, vol. 160(C), pages 33-49.
    9. Emmanuel Farhi & Iván Werning, 2010. "Progressive Estate Taxation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 125(2), pages 635-673.
    10. Yuzhe Zhang, 2005. "Dynamic contracting, persistent shocks and optimal taxation," Working Papers 640, Federal Reserve Bank of Minneapolis.
    11. Albanesi, Stefania, 2006. "Optimal Taxation of Entrepreneurial Capital with Private Information," CEPR Discussion Papers 5647, C.E.P.R. Discussion Papers.
    12. Mr. Juan P Cordoba & Ms. Genevieve Verdier, 2007. "Lucas vs. Lucas: On Inequality and Growth," IMF Working Papers 2007/017, International Monetary Fund.
    13. Valeria De Bonis & Luca Spataro, 2010. "Social discounting, migration, and optimal taxation of savings," Oxford Economic Papers, Oxford University Press, vol. 62(3), pages 603-623, July.
    14. Zheng Song, 2009. "Rotten Parents and Disciplined Children: A Politico-Economic Theory of Public Expenditure and Debt," 2009 Meeting Papers 94, Society for Economic Dynamics.
    15. Spataro, Luca & De Bonis, Valeria, 2008. "Accounting for the "disconnectedness" of the economy in OLG models: A case for taxing capital income," Economic Modelling, Elsevier, vol. 25(3), pages 411-421, May.

  65. Ricardo Caballero & Emmanuel Farhi & Mohamad L. Hammour, 2004. "Speculative Growth: Hints from the US Economy," NBER Working Papers 10518, National Bureau of Economic Research, Inc.

    Cited by:

    1. Hillebrand, Marten & Kikuchi, Tomoo, 2012. "A mechanism for booms and busts in housing prices," Working Paper Series in Economics 40, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
    2. Wolf, Martin & Fornaro, Luca, 2021. "Monetary Policy in the Age of Automation," CEPR Discussion Papers 16416, C.E.P.R. Discussion Papers.
    3. Takuma Kunieda & Tarishi Matsuoka & Akihisa Shibata, 2017. "Asset Bubbles, Technology Choice, and Financial Crises," Discussion Paper Series 157, School of Economics, Kwansei Gakuin University, revised Feb 2017.
    4. Jianjun Miao & PENGFEI WANG, 2011. "Bubbles and Credit Constraints," Boston University - Department of Economics - Working Papers Series WP2011-031, Boston University - Department of Economics.
    5. Patrick A. Pintus & Yi Wen, 2013. "Leveraged Borrowing and Boom-Bust Cycles," Post-Print hal-01500891, HAL.
    6. David Lopez-Salido & Oscar Arce, 2008. "Housing Bubbles," 2008 Meeting Papers 134, Society for Economic Dynamics.
    7. Raurich, Xavier & Seegmuller, Thomas, 2022. "Income Distribution By Age Group And Productive Bubbles," Macroeconomic Dynamics, Cambridge University Press, vol. 26(3), pages 769-799, April.
    8. Raurich, Xavier & Seegmuller, Thomas, 2019. "On the interplay between speculative bubbles and productive investment," European Economic Review, Elsevier, vol. 111(C), pages 400-420.
    9. Pierre Cahuc & Edouard Challe, 2012. "Produce Or Speculate? Asset Bubbles, Occupational Choice, And Efficiency," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(4), pages 1105-1131, November.
    10. Yang Lu & Ernesto Pastén, 2013. "Coordination of Expectations and the Informational Role of Policy," Working Papers Central Bank of Chile 706, Central Bank of Chile.
    11. Francesco Giavazzi, 2009. "Comment on "Capital Flow Bonanzas: An Encompassing View of the Past and Present"," NBER Chapters, in: NBER International Seminar on Macroeconomics 2008, pages 63-64, National Bureau of Economic Research, Inc.
    12. Hintermaier, Thomas & Koeniger, Winfried, 2015. "Household Debt and Crises of Confidence," Economics Working Paper Series 1518, University of St. Gallen, School of Economics and Political Science.
    13. Olivier J. Blanchard, 2008. "The State of Macro," NBER Working Papers 14259, National Bureau of Economic Research, Inc.
    14. Caballero, Ricardo & Gourinchas, Pierre-Olivier & Farhi, Emmanuel, 2006. "An Equilibrium Model of 'Global Imbalances' and Low Interest Rates," CEPR Discussion Papers 5573, C.E.P.R. Discussion Papers.
    15. Jaume Ventura & Aart Kraay, 2005. "The dot-com bubble, the Bush deficits and the US current account," Economics Working Papers 847, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2005.
    16. Sebastian Edwards, 2005. "Is the U.S. Current Account Deficit Sustainable? And If Not, How Costly is Adjustment Likely To Be?," NBER Working Papers 11541, National Bureau of Economic Research, Inc.
    17. George-Marios Angeletos & Guido Lorenzoni & Alessandro Pavan, 2010. "Beauty Contests and Irrational Exuberance: A Neoclassical Approach," Levine's Working Paper Archive 661465000000000237, David K. Levine.
    18. Sicheng He, 2021. "Growth, innovation, credit constraints, and stock price bubbles," Journal of Economics, Springer, vol. 133(3), pages 239-269, August.
    19. Rachel, Lukasz & Smith, Thomas, 2015. "Secular drivers of the global real interest rate," Bank of England working papers 571, Bank of England.
    20. Hillebrand, Marten & Kikuchi, Tomoo & Sakuragawa, Masaya, 2014. "Bubbles and Crowding-in of Capital via a Savings Glut," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100603, Verein für Socialpolitik / German Economic Association.
    21. Lansing, Kevin J., 2012. "Speculative growth, overreaction, and the welfare cost of technology-driven bubbles," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 461-483.
    22. Kevin J. Lansing, 2008. "Speculative bubbles and overreaction to technological innovation," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jun20.
    23. Haldane, Andrew & Shanbhogue, Rachana & Attanasio, Orazio & Besley, Timothy & Lindert, Peter & Piketty, Thomas & Ventura, Jaume, 2015. "Capital in the 21st century," Bank of England Quarterly Bulletin, Bank of England, vol. 55(1), pages 36-46.
    24. Katrin Tinn & Evangelia Vourvachaki, 2009. "Can Optimism about Technology Stocks Be Good for Welfare? Positive Spillovers vs. Equity Market Losses," CERGE-EI Working Papers wp383, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
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    1. Alessandro Moro, 2021. "Can capital controls promote green investments in developing countries?," Temi di discussione (Economic working papers) 1348, Bank of Italy, Economic Research and International Relations Area.
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    3. Rebucci, Alessandro & Ma, Chang, 2019. "Capital Controls: A Survey of the New Literature," CEPR Discussion Papers 14186, C.E.P.R. Discussion Papers.
    4. Thanh C. Nguyen & Vítor Castro & Justine Wood, 2022. "Political environment and financial crises," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 417-438, January.
    5. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    6. Nicolas Gavoille & Katharina Hofer, 2018. "Capital Controls and Electoral Cycles," SSE Riga/BICEPS Research Papers 5, Baltic International Centre for Economic Policy Studies (BICEPS);Stockholm School of Economics in Riga (SSE Riga).
    7. Andrew Lilley & Matteo Maggiori & Brent Neiman & Jesse Schreger, 2019. "Exchange Rate Reconnect," NBER Working Papers 26046, National Bureau of Economic Research, Inc.
    8. Jean Tirole, 2021. "Emmanuel Farhi, Economist Par Excellence," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 1-17, August.
    9. Peydró, José-Luis & fabiani, andrea & Lopéz Piñeros, Martha & Soto, Paul, 2021. "Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy," CEPR Discussion Papers 16510, C.E.P.R. Discussion Papers.
    10. Lorena Keller, 2018. "Prudential Capital Controls and Risk Misallocation: Bank Lending Channel," 2018 Meeting Papers 129, Society for Economic Dynamics.
    11. Bazot, Guillaume & Monnet, Eric & Morys, Matthias, 2019. "Taming the gobal financial cycle: Central banks and the sterilization of capital flows in the first era of globalization," IBF Paper Series 03-19, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    12. Han, Xuehui & Wei, Shang-Jin, 2018. "International transmissions of monetary shocks: Between a trilemma and a dilemma," Journal of International Economics, Elsevier, vol. 110(C), pages 205-219.
    13. Damiano Sandri & Paolo Cavallino, 2016. "The Expansionary Lower Bound: Currency Mismatches and Monetary Spillovers," 2016 Meeting Papers 1250, Society for Economic Dynamics.
    14. Christopher Clayton & Andreas Schaab & Xavier Jaravel, 2019. "Heterogeneous Price Rigidities and Monetary Policy," 2019 Meeting Papers 1480, Society for Economic Dynamics.
    15. Choi, Jae Hoon, 2020. "Capital controls and foreign exchange market intervention," Journal of International Money and Finance, Elsevier, vol. 101(C).
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    51. Giancarlo Corsetti & Luca Dedola & Sylvain Leduc, 2022. "Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?," RSCAS Working Papers 2022/71, European University Institute.
    52. J. Scott Davis & Michael B. Devereux, 2019. "Capital Controls as Macro-prudential Policy in a Large Open Economy," Globalization Institute Working Papers 358, Federal Reserve Bank of Dallas.
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    62. Alfaro, Laura & Chari, Anusha & Kanczuk, Fabio, 2017. "The real effects of capital controls: Firm-level evidence from a policy experiment," Journal of International Economics, Elsevier, vol. 108(C), pages 191-210.
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    67. Cantú, Carlos, 2019. "Effects of capital controls on foreign exchange liquidity," Journal of International Money and Finance, Elsevier, vol. 93(C), pages 201-222.
    68. Marco Pinchetti & Andrzej Szczepaniak, 2024. "Global Spillovers of the Fed Information Effect," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(2), pages 773-819, June.
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    71. Nadav Ben Zeev, 2017. "Exchange Rate Regimes And Sudden Stops," Working Papers 1712, Ben-Gurion University of the Negev, Department of Economics.
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  67. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, "undated". "Rents, Technical Change, and Risk Premia: Accounting for Secular Changes in Interest Rates, Returns to Capital, Earnings Yields, and Factor Shares," Working Paper 488731, Harvard University OpenScholar.

    Cited by:

    1. Robert Dixon & Guay C. Lim, 2018. "Labor’s Share, the firm’s market power and TFP," Department of Economics - Working Papers Series 2038, The University of Melbourne.

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    See citations under working paper version above.
  2. David R. Baqaee & Emmanuel Farhi & Kunal Sangani, 2024. "The Supply-Side Effects of Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 132(4), pages 1065-1112.
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  3. David Baqaee & Emmanuel Farhi, 2022. "Supply and Demand in Disaggregated Keynesian Economies with an Application to the COVID-19 Crisis," American Economic Review, American Economic Association, vol. 112(5), pages 1397-1436, May.
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  4. Markus Brunnermeier & Emmanuel Farhi & Ralph S J Koijen & Arvind Krishnamurthy & Sydney C Ludvigson & Hanno Lustig & Stefan Nagel & Monika Piazzesi, 2021. "Review Article: Perspectives on the Future of Asset Pricing [Do survey expectations of stock returns reflect risk-adjustments?]," The Review of Financial Studies, Society for Financial Studies, vol. 34(4), pages 2126-2160.

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    2. Constantin Charles & Cary Frydman & Mete Kilic, 2024. "Insensitive Investors," Journal of Finance, American Finance Association, vol. 79(4), pages 2473-2503, August.
    3. Zhu, Lin & Jiang, Fuwei & Tang, Guohao & Jin, Fujing, 2024. "From macro to micro: Sparse macroeconomic risks and the cross-section of stock returns," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    4. Constantin Charles & Cary D. Frydman & Mete Kilic, 2022. "Insensitive Investors," CESifo Working Paper Series 10067, CESifo.
    5. Chen, Zilin & Da, Zhi & Huang, Dashan & Wang, Liyao, 2023. "Presidential economic approval rating and the cross-section of stock returns," Journal of Financial Economics, Elsevier, vol. 147(1), pages 106-131.
    6. Matteo Benetton & Giovanni Compiani, 2024. "Investors’ Beliefs and Cryptocurrency Prices," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 14(2), pages 197-236.
    7. Leland Bybee, 2023. "Surveying Generative AI's Economic Expectations," Papers 2305.02823, arXiv.org, revised May 2023.
    8. Ludwig, Alexander & Mankart, Jochen & Quintana, Jorge & Wiederholt, Mirko, 2024. "Heterogeneity in expectations and house price dynamics," SAFE Working Paper Series 432, Leibniz Institute for Financial Research SAFE.
    9. Magnus Dahlquist & Markus Ibert, 2024. "Equity Return Expectations and Portfolios: Evidence from Large Asset Managers," The Review of Financial Studies, Society for Financial Studies, vol. 37(6), pages 1887-1928.
    10. Sias, Richard & Starks, Laura T. & Turtle, H.J., 2023. "The negativity bias and perceived return distributions: Evidence from a pandemic," Journal of Financial Economics, Elsevier, vol. 147(3), pages 627-657.
    11. Luz, Valentin & Schauer, Victor & Viehweger, Martin, 2024. "Beyond preferences: Beliefs in sustainable investing," Journal of Economic Behavior & Organization, Elsevier, vol. 220(C), pages 584-607.
    12. Romain Baeriswyl & Alex Oktay & Marc-Antoine Ramelet, 2023. "Exchange rate shocks and equity prices: the role of currency denomination," Working Papers 2023-05, Swiss National Bank.
    13. Vafai, Nima & Rakowski, David, 2024. "The sources of portfolio volatility and mutual fund performance," International Review of Financial Analysis, Elsevier, vol. 91(C).
    14. David Alaminos & Ignacio Esteban & M. Belén Salas, 2023. "Neural networks for estimating Macro Asset Pricing model in football clubs," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 30(2), pages 57-75, April.
    15. Hui Chen & Winston Wei Dou & Leonid Kogan, 2024. "Measuring “Dark Matter” in Asset Pricing Models," Journal of Finance, American Finance Association, vol. 79(2), pages 843-902, April.
    16. Caferra, Rocco & Morone, Andrea & Potì, Valerio, 2022. "Crypto-environment network connectivity and Bitcoin returns distribution tail behaviour," Economics Letters, Elsevier, vol. 218(C).
    17. Mykola Pinchuk, 2023. "Bitcoin Does Not Hedge Inflation," Papers 2301.10117, arXiv.org.
    18. Li, Lin & Liu, Kunyu & Li, Guoping, 2024. "What can analyst forecasts tell us about imperfect information?," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1059-1073.
    19. Hector O. Zapata & Supratik Mukhopadhyay, 2022. "A Bibliometric Analysis of Machine Learning Econometrics in Asset Pricing," JRFM, MDPI, vol. 15(11), pages 1-17, November.

  5. Emmanuel Farhi & Jean Tirole, 2021. "Shadow Banking and the Four Pillars of Traditional Financial Intermediation [Securitization without Risk Transfer]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(6), pages 2622-2653.
    See citations under working paper version above.
  6. David Baqaee & Emmanuel Farhi, 2021. "Keynesian Production Networks and the COVID-19 Crisis: A Simple Benchmark," AEA Papers and Proceedings, American Economic Association, vol. 111, pages 272-276, May.
    See citations under working paper version above.
  7. Ricardo J Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2021. "Global Imbalances and Policy Wars at the Zero Lower Bound [“Safe Assets”]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(6), pages 2570-2621.
    See citations under working paper version above.
  8. Emmanuel Farhi & Xavier Gabaix, 2020. "Optimal Taxation with Behavioral Agents," American Economic Review, American Economic Association, vol. 110(1), pages 298-336, January.
    See citations under working paper version above.
  9. David Rezza Baqaee & Emmanuel Farhi, 2020. "Productivity and Misallocation in General Equilibrium," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(1), pages 105-163.
    See citations under working paper version above.
  10. Emmanuel Farhi & Iván Werning, 2019. "Monetary Policy, Bounded Rationality, and Incomplete Markets," American Economic Review, American Economic Association, vol. 109(11), pages 3887-3928, November.
    See citations under working paper version above.
  11. Emmanuel Farhi & Matteo Maggiori, 2019. "China versus the United States: IMS Meets IPS," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 476-481, May.

    Cited by:

    1. Chernov, Mikhail & Creal, Drew & Hördahl, Peter, 2020. "Sovereign credit and exchange rate risks: Evidence from Asia-Pacific local currency bonds," CEPR Discussion Papers 14986, C.E.P.R. Discussion Papers.
    2. Sebastian Horn & Carmen M. Reinhart & Christoph Trebesch, 2019. "China’s Overseas Lending," NBER Working Papers 26050, National Bureau of Economic Research, Inc.
    3. Laura Alfaro & Fabio Kanczuk, 2022. "Undisclosed Debt Sustainability," AEA Papers and Proceedings, American Economic Association, vol. 112, pages 521-525, May.
    4. Konstantin Egorov & Dmitry Mukhin, 2020. "Optimal Policy under Dollar Pricing," CESifo Working Paper Series 8272, CESifo.
    5. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    6. Egorov, Konstantin & Mukhin, Dmitry, 2023. "Optimal policy under dollar pricing," SAFE Working Paper Series 377, Leibniz Institute for Financial Research SAFE.

  12. Philippe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2019. "Monetary Policy, Product Market Competition and Growth," Economica, London School of Economics and Political Science, vol. 86(343), pages 431-470, July.
    See citations under working paper version above.
  13. David Rezza Baqaee & Emmanuel Farhi, 2019. "The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem," Econometrica, Econometric Society, vol. 87(4), pages 1155-1203, July.
    See citations under working paper version above.
  14. Omar Barbiero & Emmanuel Farhi & Gita Gopinath & Oleg Itskhoki, 2019. "The Macroeconomics of Border Taxes," NBER Macroeconomics Annual, University of Chicago Press, vol. 33(1), pages 395-457.
    See citations under working paper version above.
  15. David Rezza Baqaee & Emmanuel Farhi, 2019. "JEEA-FBBVA Lecture 2018: The Microeconomic Foundations of Aggregate Production Functions," Journal of the European Economic Association, European Economic Association, vol. 17(5), pages 1337-1392.

    Cited by:

    1. Borusyak, Kirill & Jaravel, Xavier, 2024. "Are trade wars class wars? The importance of trade-induced horizontal inequality," LSE Research Online Documents on Economics 122606, London School of Economics and Political Science, LSE Library.
    2. François Geerolf, 2022. "The “Baqaee-Farhi approach” and a russian gas embargo," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(4), pages 143-165.
    3. Emir Malikov & Shunan Zhao & Jingfang Zhang, 2023. "A System Approach to Structural Identification of Production Functions with Multi-Dimensional Productivity," Papers 2302.13429, arXiv.org.
    4. Juan E. Jacobo, 2022. "Back to the Surplus: An Unorthodox Neoclassical Model of Growth, Distribution and Unemployment with Technical Change," Papers 2211.14978, arXiv.org.
    5. Philippe Aghion & Celine Antonin & Simon Bunel & Xavier Jaravel, 2022. "Modern manufacturing capital, labor demand, and product market dynamics: evidence from France," POID Working Papers 044.pdf, Centre for Economic Performance, LSE.
    6. Alvaro Silva, 2024. "Inflation in Disaggregated Small Open Economies," Working Papers 24-12, Federal Reserve Bank of Boston.
    7. Jesus Felipe & Donna Faye Bajaro & Gemma Estrada & John McCombie, 2020. "What do tests of the relationship between employment and technical progress hide?," PSL Quarterly Review, Economia civile, vol. 73(295), pages 367-392.
    8. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2020. "Computational Methods and Classical-Marxian Economics," Working Papers 913, Queen Mary University of London, School of Economics and Finance.
    9. Michael D. Eriksen & Anthony W. Orlando, 2022. "Returns to Scale in Residential Construction: The Marginal Impact of Building Height," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(2), pages 534-564, June.

  16. Emmanuel Farhi & Matteo Maggiori, 2018. "A Model of the International Monetary System," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(1), pages 295-355.
    See citations under working paper version above.
  17. Ricardo J Caballero & Emmanuel Farhi, 2018. "The Safety Trap," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(1), pages 223-274.
    See citations under working paper version above.
  18. Emmanuel Farhi & Jean Tirole, 2018. "Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(3), pages 1781-1823.
    See citations under working paper version above.
  19. Emmanuel Farhi & Francois Gourio, 2018. "Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(2 (Fall)), pages 147-250.
    See citations under working paper version above.
  20. Emmanuel Farhi & Iván Werning, 2017. "Fiscal Unions," American Economic Review, American Economic Association, vol. 107(12), pages 3788-3834, December.
    See citations under working paper version above.
  21. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," American Economic Review, American Economic Association, vol. 107(5), pages 614-620, May.
    See citations under working paper version above.
  22. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "The Safe Assets Shortage Conundrum," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 29-46, Summer.
    See citations under working paper version above.
  23. Emmanuel Farhi & Xavier Gabaix, 2016. "Editor's Choice Rare Disasters and Exchange Rates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(1), pages 1-52.

    Cited by:

    1. Gordon Y. Liao & Tony Zhang, 2020. "The Hedging Channel of Exchange Rate Determination," International Finance Discussion Papers 1283, Board of Governors of the Federal Reserve System (U.S.).
    2. Croce, Mariano & Colacito, Ric & Liu, Yang & Shaliastovich, Ivan, 2018. "Volatility Risk Pass-Through," CEPR Discussion Papers 13325, C.E.P.R. Discussion Papers.
    3. Varela, Liliana & Salomao, Juliana, 2018. "Exchange Rate Exposure and Firm Dynamics," CEPR Discussion Papers 12654, C.E.P.R. Discussion Papers.
    4. Damir Filipovic & Martin Larsson & Anders B. Trolle, 2018. "On the Relation Between Linearity-Generating Processes and Linear-Rational Models," Papers 1806.03153, arXiv.org.
    5. De Santis, Roberto A. & Van der Veken, Wouter, 2020. "Macroeconomic risks across the globe due to the Spanish Flu," Working Paper Series 2466, European Central Bank.
    6. Lloyd, S. & Manuel, E. & Panchev, K., 2021. "Foreign Vulnerabilities, Domestic Risks: The Global Drivers of GDP-at-Risk," Cambridge Working Papers in Economics 2156, Faculty of Economics, University of Cambridge.
    7. Abuzayed, Bana & Bouri, Elie & Al-Fayoumi, Nedal & Jalkh, Naji, 2021. "Systemic risk spillover across global and country stock markets during the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 71(C), pages 180-197.
    8. Chanelle Duley & Prasanna Gai, 2020. "When the penny doesn't drop - Macroeconomic tail risk and currency crises," National Institute of Economic and Social Research (NIESR) Discussion Papers 520, National Institute of Economic and Social Research.
    9. Roberto Marfe & Julien Penasse, 2024. "Measuring Macroeconomic Tail Risk," Carlo Alberto Notebooks 715 JEL Classification: E, Collegio Carlo Alberto.
    10. Federico Gavazzoni & Ana Maria Santacreu, 2015. "International R&D Spillovers and Asset Prices," Working Papers 2015-41, Federal Reserve Bank of St. Louis.
    11. Diana Zigraiova & Tomas Havranek & Jiri Novak, 2020. "How puzzling is the forward premium puzzle? A meta-analysis," Working Papers 46, European Stability Mechanism.
    12. Lee, Suzanne S. & Wang, Minho, 2019. "The impact of jumps on carry trade returns," Journal of Financial Economics, Elsevier, vol. 131(2), pages 433-455.
    13. Beirne, John & Renzhi, Nuobu & Volz, Ulrich, 2021. "Bracing for the Typhoon: Climate Change and Sovereign Risk in Southeast Asia," ADBI Working Papers 1223, Asian Development Bank Institute.
    14. Choi, Jin Ho & Suh, Sangwon, 2022. "Conditionally-hedged currency carry trades," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    15. Wang, Yulong & Xiao, Zhijie, 2022. "Estimation and inference about tail features with tail censored data," Journal of Econometrics, Elsevier, vol. 230(2), pages 363-387.
    16. Lu, Man & Wang, Wei & Chen, Fengwen & Li, Hongmei, 2024. "Dynamic impacts of multidimensional uncertainty on the renminbi exchange rate: Insights from time-varying analysis," International Review of Financial Analysis, Elsevier, vol. 94(C).
    17. Bo Becker & Efraim Benmelech, 2021. "The Resilience of the U.S. Corporate Bond Market During Financial Crises," NBER Working Papers 28868, National Bureau of Economic Research, Inc.
    18. Geyikçi, Utku Bora & Özyıldırım, Süheyla, 2021. "To hedge or not to hedge: Carry trade dynamics in the emerging economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    19. Arnoldo López-Marmolejo & Daniel Ventosa-Santaulària & Gerardo Sebastián Diaz Muro, 2023. "Inverse Balassa–Samuelson effect in Mexico: the role of the oil sector," Empirical Economics, Springer, vol. 65(5), pages 2273-2300, November.
    20. Agarwala, M. & Burke, M. & Klusak, P. & Mohaddes, K. & Volz, U. & Zenghelis, D., 2021. "Climate Change and Fiscal Sustainability: Risks and Opportunities," Cambridge Working Papers in Economics 2163, Faculty of Economics, University of Cambridge.
    21. Gao, Han & Lin, Chunpeng & Peng, Juan & Zhao, Siqi, 2024. "Overextrapolation of disaster probabilities and asset pricing in a production economy," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 845-854.
    22. Sergio Rebelo & Neng Wang & Jinqiang Yang, 2018. "Rare Disasters, Financial Development, and Sovereign Debt," NBER Working Papers 25031, National Bureau of Economic Research, Inc.
    23. Mohd Ziaur Rehman & Shabeer Khan & Ghulam Abbas & Mohammed Alhashim, 2023. "Novel COVID-19 Outbreak and Global Uncertainty in the Top-10 Affected Countries: Evidence from Wavelet Coherence Approach," Sustainability, MDPI, vol. 15(6), pages 1-20, March.
    24. Kim, Young Min & Lee, Seojin, 2023. "Spillover shifts in the FX market: Implication for the behavior of a safe haven currency," The North American Journal of Economics and Finance, Elsevier, vol. 65(C).
    25. Bruno Ćorić & Vladimir Šimić, 2021. "Economic disasters and aggregate investment," Empirical Economics, Springer, vol. 61(6), pages 3087-3124, December.
    26. Fousseni Chabi-Yo & Riccardo Colacito, 2019. "The Term Structures of Coentropy in International Financial Markets," Management Science, INFORMS, vol. 65(8), pages 3541-3558, August.
    27. Aydan Dogan & Timo Bettendorf, 2018. "Revisiting real exchange rate volatility: Non-traded goods and cointegrated tfp Chockse," UB School of Economics Working Papers 2018/375, University of Barcelona School of Economics.
    28. Karen K. Lewis & Edith X. Liu, 2017. "Disaster Risk and Asset Returns : An International Perspective," International Finance Discussion Papers 1199, Board of Governors of the Federal Reserve System (U.S.).
    29. Rita Biswas & Louis R. Piccotti & Ben Z. Schreiber, 2021. "Differential risk premiums and the UIP puzzle," Financial Management, Financial Management Association International, vol. 50(1), pages 139-167, March.
    30. Chang‐Che Wu & MeiChi Huang & Chih‐Chiang Wu, 2021. "The role of asymmetry and dynamics in carry trade and general financial markets," The Financial Review, Eastern Finance Association, vol. 56(2), pages 331-353, May.
    31. Demirer, Riza & Gupta, Rangan & Suleman, Tahir & Wohar, Mark E., 2018. "Time-varying rare disaster risks, oil returns and volatility," Energy Economics, Elsevier, vol. 75(C), pages 239-248.
    32. Engel, Charles & Kazakova, Katya & Wang, Mengqi & Xiang, Nan, 2022. "A reconsideration of the failure of uncovered interest parity for the U.S. dollar," Journal of International Economics, Elsevier, vol. 136(C).
    33. Robert J. Barro & Tao Jin, 2016. "Rare Events and Long-Run Risks," Working Paper 115371, Harvard University OpenScholar.
    34. Ojeda-Joya, Jair & Romero, José Vicente, 2023. "Global uncertainty shocks and exchange-rate expectations in Latin America," Economic Modelling, Elsevier, vol. 120(C).
    35. Martin, Ian & Kremens, Lukas, 2017. "The Quanto Theory of Exchange Rates," CEPR Discussion Papers 11970, C.E.P.R. Discussion Papers.
    36. YiLi Chien & Hanno Lustig & Kanda Naknoi, 2015. "Why Are Exchange Rates So Smooth? A Household Finance Explanation," Working Papers 2015-39, Federal Reserve Bank of St. Louis.
    37. Shigeta, Yuki, 2020. "Gain/loss asymmetric stochastic differential utility," Journal of Economic Dynamics and Control, Elsevier, vol. 118(C).
    38. Tarek A. Hassan & Tony Zhang, 2021. "The Economics of Currency Risk," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 281-307, August.
    39. Qunzi Zhang, 2021. "One hundred years of rare disaster concerns and commodity prices," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(12), pages 1891-1915, December.
    40. Ulm, M. & Hambuckers, J., 2022. "Do interest rate differentials drive the volatility of exchange rates? Evidence from an extended stochastic volatility model," Journal of Empirical Finance, Elsevier, vol. 65(C), pages 125-148.
    41. Fernando Eguren-Martin & Andrej Sokol, 2022. "Attention to the Tail(s): Global Financial Conditions and Exchange Rate Risks," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 70(3), pages 487-519, September.
    42. Dąbrowski, Marek A. & Janus, Jakub, 2021. "Does the interest parity puzzle hold for Central and Eastern European economies?," MPRA Paper 107558, University Library of Munich, Germany.
    43. Cepni, Oguzhan & Emirmahmutoglu, Furkan & Guney, Ibrahim Ethem & Yilmaz, Muhammed Hasan, 2023. "Do the carry trades respond to geopolitical risks? Evidence from BRICS countries," Economic Systems, Elsevier, vol. 47(2).
    44. Sarno, Lucio & Della Corte, Pasquale & Schmeling, Maik & Wagner, Christian, 2021. "Exchange Rates and Sovereign Risk," CEPR Discussion Papers 16058, C.E.P.R. Discussion Papers.
    45. Dramane Coulibaly & Hubert Kempf, 2017. "Inflation Targeting and the Forward Bias Puzzle in Emerging Countries," EconomiX Working Papers 2017-12, University of Paris Nanterre, EconomiX.
    46. Lee, Suzanne S. & Wang, Minho, 2020. "Tales of tails: Jumps in currency markets," Journal of Financial Markets, Elsevier, vol. 48(C).
    47. Daron Acemoglu & Asuman Ozdaglar & Alireza Tahbaz-Salehi, 2017. "Microeconomic Origins of Macroeconomic Tail Risks," American Economic Review, American Economic Association, vol. 107(1), pages 54-108, January.
    48. Ramirez-Rondan, N.R. & Terrones, Marco E., 2019. "Uncertainty and the Uncovered Interest Parity Condition: How Are They Related?," MPRA Paper 97524, University Library of Munich, Germany.
    49. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    50. Jonathan Benchimol & Makram El-Shagi, 2019. "Forecast Performance in Times of Terrorism," Bank of Israel Working Papers 2019.08, Bank of Israel.
    51. Chen, Ren-Raw & Hsieh, Pei-lin & Huang, Jeffrey, 2018. "Crash risk and risk neutral densities," Journal of Empirical Finance, Elsevier, vol. 47(C), pages 162-189.
    52. Hambuckers, J. & Ulm, M., 2023. "On the role of interest rate differentials in the dynamic asymmetry of exchange rates," Economic Modelling, Elsevier, vol. 129(C).
    53. Gurdip Bakshi & Xiaohui Gao & George Panayotov, 2021. "A Theory of Dissimilarity Between Stochastic Discount Factors," Management Science, INFORMS, vol. 67(7), pages 4602-4622, July.
    54. Choi, Jin Ho & Suh, Sangwon, 2021. "A filtered currency carry trade," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    55. Byrne, Joseph P. & Ibrahim, Boulis Maher & Sakemoto, Ryuta, 2018. "Common information in carry trade risk factors," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 52(C), pages 37-47.
    56. Sebnem Kalemli-Ozcan & Liliana Varela, 2019. "Exchange Rate and Interest Rate Disconnect: The Role of Capital Flows, Currency Risk and Default Risk," 2019 Meeting Papers 351, Society for Economic Dynamics.
    57. Koetter, Michael & Noth, Felix & Rehbein, Oliver, 2019. "Borrowers under water! Rare disasters, regional banks, and recovery lending," IWH Discussion Papers 31/2016, Halle Institute for Economic Research (IWH), revised 2019.
    58. Ralph S.J. Koijen & Tobias J. Moskowitz & Lasse Heje Pedersen & Evert B. Vrugt, 2013. "Carry," NBER Working Papers 19325, National Bureau of Economic Research, Inc.
      • Moskowitz, Tobias J & Pedersen, Lasse Heje & Koijen, Ralph & Vrugt, Evert B., 2013. "Carry," CEPR Discussion Papers 9771, C.E.P.R. Discussion Papers.
      • Koijen, Ralph S.J. & Moskowitz, Tobias J. & Pedersen, Lasse Heje & Vrugt, Evert B., 2018. "Carry," Journal of Financial Economics, Elsevier, vol. 127(2), pages 197-225.
    59. Dahlquist, Magnus & Pénasse, Julien, 2022. "The missing risk premium in exchange rates," Journal of Financial Economics, Elsevier, vol. 143(2), pages 697-715.
    60. Londono, Juan M. & Zhou, Hao, 2017. "Variance risk premiums and the forward premium puzzle," Journal of Financial Economics, Elsevier, vol. 124(2), pages 415-440.
    61. Bo Liu & Yingjie Niu & Jinqiang Yang & Zhentao Zou, 2020. "Time‐varying risk of rare disasters, investment, and asset pricing," The Financial Review, Eastern Finance Association, vol. 55(3), pages 503-524, August.
    62. Jung, Kuk Mo, 2015. "Liquidity Risk and Time-Varying Correlation Between Equity and Currency Returns," MPRA Paper 67416, University Library of Munich, Germany.
    63. Maurer, Thomas & Tran, Ngoc-Khanh, 2021. "Entangled risks in incomplete FX markets," Journal of Financial Economics, Elsevier, vol. 142(1), pages 146-165.
    64. Balcilar, Mehmet & Gupta, Rangan & Nel, Jacobus, 2022. "Rare disaster risks and gold over 700 years: Evidence from nonparametric quantile regressions," Resources Policy, Elsevier, vol. 79(C).
    65. Kose, M. Ayhan & Claessens, Stijn, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CEPR Discussion Papers 12460, C.E.P.R. Discussion Papers.
    66. Georgiadis, Georgios & Müller, Gernot J. & Schumann, Ben, 2021. "Global risk and the dollar," Working Paper Series 2628, European Central Bank.
    67. De Santis, Roberto A. & Van der Veken, Wouter, 2020. "Forecasting macroeconomic risk in real time: Great and Covid-19 Recessions," Working Paper Series 2436, European Central Bank.
    68. Ghosh, Saurabh & Gopalakrishnan, Pawan & Ranjan, Abhishek, 2022. "Technology shocks, banking sector policy, and the trade-off between firms and households," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 664-688.
    69. Victoria Atanasov & Stig V. Møller & Richard Priestley, 2020. "Consumption Fluctuations and Expected Returns," Journal of Finance, American Finance Association, vol. 75(3), pages 1677-1713, June.
    70. Masato Ubukata, 2022. "A time-varying jump tail risk measure using high-frequency options data," Empirical Economics, Springer, vol. 63(5), pages 2633-2653, November.
    71. Matthew Agarwala & Matt Burke & Patrycja Klusak & Kamiar Mohaddes & Ulrich Volz & Dimitri Zenghelis, 2021. "Climate Change and Fiscal Responsibility: Risks and Opportunities," Working Papers 008, The Productivity Institute.
    72. Jens Klose, 2022. "European Exchange Rate Adjustments in Response to COVID-19, Containment Measures and Stabilization Policies," MAGKS Papers on Economics 202220, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    73. Michaelides, Alexander & Milidonis, Andreas & Nishiotis, George P., 2019. "Private information in currency markets," Journal of Financial Economics, Elsevier, vol. 131(3), pages 643-665.
    74. Hui, Cho-Hoi & Lo, Chi-Fai & Chau, Po-Hon & Wong, Andrew, 2020. "Does Bitcoin behave as a currency?: A standard monetary model approach," International Review of Financial Analysis, Elsevier, vol. 70(C).
    75. Isabel Trevino, 2020. "Informational Channels of Financial Contagion," Econometrica, Econometric Society, vol. 88(1), pages 297-335, January.
    76. Suh, Sangwon, 2019. "Unexploited currency carry trade profit opportunity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 58(C), pages 236-254.
    77. Mikhail Chernov & Magnus Dahlquist & Lars Lochstoer, 2023. "Pricing Currency Risks," Journal of Finance, American Finance Association, vol. 78(2), pages 693-730, April.
    78. Ghaderi, Mohammad & Kilic, Mete & Seo, Sang Byung, 2022. "Learning, slowly unfolding disasters, and asset prices," Journal of Financial Economics, Elsevier, vol. 143(1), pages 527-549.
    79. Foroni, Claudia & Ravazzolo, Francesco & Sadaba, Barbara, 2018. "Assessing the predictive ability of sovereign default risk on exchange rate returns," Journal of International Money and Finance, Elsevier, vol. 81(C), pages 242-264.
    80. Dominguez, Kathryn M.E. & Foschi, Andrea, 2024. "Whatever-it-takes policymaking during the pandemic," Journal of International Economics, Elsevier, vol. 149(C).
    81. Jian Chen & Jiaquan Yao & Qunzi Zhang & Xiaoneng Zhu, 2023. "Global Disaster Risk Matters," Management Science, INFORMS, vol. 69(1), pages 576-597, January.
    82. Rangan Gupta & Tahir Suleman & Mark E. Wohar, 2017. "Exchange Rate Returns and Volatility: The Role of Time-Varying Rare Disaster Risks," Working Papers 201767, University of Pretoria, Department of Economics.
    83. Zviadadze, Irina, 2018. "Term Structure of Risk in Expected Returns," CEPR Discussion Papers 13414, C.E.P.R. Discussion Papers.
    84. Ismailov, Adilzhan & Rossi, Barbara, 2018. "Uncertainty and deviations from uncovered interest rate parity," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 242-259.
    85. Sönksen, Jantje & Grammig, Joachim, 2020. "Empirical Asset Pricing with Multi-Period Disaster Risk: A Simulation-Based Approach," CFR Working Papers 14-06, University of Cologne, Centre for Financial Research (CFR), revised 2020.
    86. Niu, Yingjie & Yang, Jinqiang & Zou, Zhentao, 2024. "Disaster learning and aggregate investment," Journal of Economic Theory, Elsevier, vol. 220(C).
    87. Wen, Jun & Zhao, Xin-Xin & Chang, Chun-Ping, 2021. "The impact of extreme events on energy price risk," Energy Economics, Elsevier, vol. 99(C).
    88. Byrne, Joseph P & Ibrahim, Boulis Maher & Sakemoto, Ryuta, 2017. "The Time-Varying Risk Price of Currency Carry Trades," MPRA Paper 80788, University Library of Munich, Germany.
    89. Libo Yin & Jing Nie, 2021. "Intermediary asset pricing in currency carry trade returns," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(8), pages 1241-1267, August.
    90. Rangan Gupta & Tahir Suleman & Mark E. Wohar, 2019. "The role of time‐varying rare disaster risks in predicting bond returns and volatility," Review of Financial Economics, John Wiley & Sons, vol. 37(3), pages 327-340, July.
    91. Michael Curran & Adnan Velic, 2017. "Real Exchange Rate Persistence and Country Characteristics," Trinity Economics Papers tep0917, Trinity College Dublin, Department of Economics.
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    1. Alessandro Moro, 2021. "Can capital controls promote green investments in developing countries?," Temi di discussione (Economic working papers) 1348, Bank of Italy, Economic Research and International Relations Area.
    2. Sushant Acharya & Julien Bengui, 2016. "Liquidity traps, capital flows," Staff Reports 765, Federal Reserve Bank of New York.
    3. Nicolas E. Magud & Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "Capital Controls: Myth and Reality--A Portfolio Balance Approach," CEMA Working Papers 608, China Economics and Management Academy, Central University of Finance and Economics.
    4. Rebucci, Alessandro & Ma, Chang, 2019. "Capital Controls: A Survey of the New Literature," CEPR Discussion Papers 14186, C.E.P.R. Discussion Papers.
    5. Thanh C. Nguyen & Vítor Castro & Justine Wood, 2022. "Political environment and financial crises," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 417-438, January.
    6. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    7. Nicolas Gavoille & Katharina Hofer, 2018. "Capital Controls and Electoral Cycles," SSE Riga/BICEPS Research Papers 5, Baltic International Centre for Economic Policy Studies (BICEPS);Stockholm School of Economics in Riga (SSE Riga).
    8. Rafael Cezar & Eric Monnet, 2021. "Capital Controls and Foreign Reserves against External Shocks: Combined or Alone?," Working papers 849, Banque de France.
    9. Hoek, Jasper & Kamin, Steve & Yoldas, Emre, 2022. "Are higher U.S. interest rates always bad news for emerging markets?," Journal of International Economics, Elsevier, vol. 137(C).
    10. Andrew Lilley & Matteo Maggiori & Brent Neiman & Jesse Schreger, 2019. "Exchange Rate Reconnect," NBER Working Papers 26046, National Bureau of Economic Research, Inc.
    11. J. Scott Davis & Ippei Fujiwara & Kevin X. D. Huang & Jiao Wang, 2019. "Foreign Exchange Reserves as a Tool for Capital Account Management," Globalization Institute Working Papers 352, Federal Reserve Bank of Dallas.
    12. Jean Tirole, 2021. "Emmanuel Farhi, Economist Par Excellence," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 1-17, August.
    13. Peydró, José-Luis & fabiani, andrea & Lopéz Piñeros, Martha & Soto, Paul, 2021. "Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy," CEPR Discussion Papers 16510, C.E.P.R. Discussion Papers.
    14. Riccardo Degasperi & Seokki Simon Hong & Giovanni Ricco, 2024. "The global transmission of U.S. monetary policy," Temi di discussione (Economic working papers) 1466, Bank of Italy, Economic Research and International Relations Area.
    15. Bazot, Guillaume & Monnet, Eric & Morys, Matthias, 2019. "Taming the gobal financial cycle: Central banks and the sterilization of capital flows in the first era of globalization," IBF Paper Series 03-19, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    16. Han, Xuehui & Wei, Shang-Jin, 2018. "International transmissions of monetary shocks: Between a trilemma and a dilemma," Journal of International Economics, Elsevier, vol. 110(C), pages 205-219.
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    21. Rong Li & Dongzhou Mei & Bing Tong, 2024. "Gradual Portfolio Adjustment, Foreign Exchange Intervention, and Open Market Operations," CFDS Discussion Paper Series 2024/6, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
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  29. Emmanuel Farhi & Gita Gopinath & Oleg Itskhoki, 2014. "Fiscal Devaluations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 81(2), pages 725-760.
    See citations under working paper version above.
  30. Larry G. Epstein & Emmanuel Farhi & Tomasz Strzalecki, 2014. "How Much Would You Pay to Resolve Long-Run Risk?," American Economic Review, American Economic Association, vol. 104(9), pages 2680-2697, September.
    See citations under working paper version above.
  31. Mark Aguiar & Manuel Amador & Emmanuel Farhi & Gita Gopinath, 2014. "Sovereign Debt Booms in Monetary Unions," American Economic Review, American Economic Association, vol. 104(5), pages 101-106, May.
    See citations under working paper version above.
  32. Emmanuel Farhi & Iván Werning, 2013. "Estate Taxation with Altruism Heterogeneity," American Economic Review, American Economic Association, vol. 103(3), pages 489-495, May.
    See citations under working paper version above.
  33. Emmanuel Farhi & Josh Lerner & Jean Tirole, 2013. "Fear of rejection? Tiered certification and transparency," RAND Journal of Economics, RAND Corporation, vol. 44(4), pages 610-631, December.
    See citations under working paper version above.
  34. Emmanuel Farhi, 2013. "Insurance and Taxation over the Life Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(2), pages 596-635.
    See citations under working paper version above.
  35. Isabel Correia & Emmanuel Farhi & Juan Pablo Nicolini & Pedro Teles, 2013. "Unconventional Fiscal Policy at the Zero Bound," American Economic Review, American Economic Association, vol. 103(4), pages 1172-1211, June.
    See citations under working paper version above.
  36. Emmanuel Farhi & Iván Werning, 2012. "Capital Taxation: Quantitative Explorations of the Inverse Euler Equation," Journal of Political Economy, University of Chicago Press, vol. 120(3), pages 000.
    See citations under working paper version above.
  37. Emmanuel Farhi & Jean Tirole, 2012. "Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts," American Economic Review, American Economic Association, vol. 102(1), pages 60-93, February.
    See citations under working paper version above.
  38. Emmanuel Farhi & Jean Tirole, 2012. "Bubbly Liquidity," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(2), pages 678-706.
    See citations under working paper version above.
  39. Emmanuel Farhi & Christopher Sleet & Iván Werning & Sevin Yeltekin, 2012. "Non-linear Capital Taxation Without Commitment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(4), pages 1469-1493.

    Cited by:

    1. Findeisen, Sebastian & Sachs, Dominik, 2015. "Redistribution and Insurance with Simple Tax Instruments," CEPR Discussion Papers 10668, C.E.P.R. Discussion Papers.
    2. Marcus Berliant & Pierre C. Boyer, 2024. "Politics and income taxes: Progress and progressivity," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 26(4), August.
    3. Bierbrauer, Felix J. & Boyer, Pierre C. & Peichl, Andreas, 2020. "Politically Feasible Reforms of Non-Linear Tax Systems," Rationality and Competition Discussion Paper Series 236, CRC TRR 190 Rationality and Competition.
    4. Andres Drenik & Ricardo Perez-Truglia, 2017. "Sympathy for the Diligent and the Demand for Workfare," NBER Working Papers 23659, National Bureau of Economic Research, Inc.
    5. Juan Passadore & Juan Xandri, 2019. "Robust Predictions in Dynamic Policy Games," 2019 Meeting Papers 1345, Society for Economic Dynamics.
    6. Florian Scheuer & Joel Slemrod, 2019. "Taxation and the Superrich," CESifo Working Paper Series 7817, CESifo.
    7. Scheuer, Florian & Slemrod, Joel, 2020. "Taxing Our Wealth," CEPR Discussion Papers 15481, C.E.P.R. Discussion Papers.
    8. Findeisen, Sebastian & Sachs, Dominik, 2015. "Education and Optimal Dynamic Taxation: The Role of Income-Contingent Student Loans," CEPR Discussion Papers 10622, C.E.P.R. Discussion Papers.
    9. Augustin Landier & Guillaume Plantin, 2017. "Taxing the Rich," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(3), pages 1186-1209.
    10. Boháček, Radim & Kejak, Michal, 2018. "Optimal government policies in models with heterogeneous agents," Journal of Economic Theory, Elsevier, vol. 176(C), pages 834-858.
    11. Felix Bierbrauer & Aleh Tsyvinski & Nicolas Werquin, 2021. "Taxes and Turnout: When the Decisive Voter Stays at Home," ECONtribute Discussion Papers Series 071, University of Bonn and University of Cologne, Germany.
    12. Koeniger, Winfried & Zanella, Carlo, 2022. "Opportunity and inequality across generations," Journal of Public Economics, Elsevier, vol. 208(C).
    13. Saez, Emmanuel & Stantcheva, Stefanie, 2018. "A simpler theory of optimal capital taxation," Journal of Public Economics, Elsevier, vol. 162(C), pages 120-142.
    14. Landier, Augustin & Plantin, Guillaume, 2011. "Inequality, Tax Avoidance, and Financial Instability," CEPR Discussion Papers 8391, C.E.P.R. Discussion Papers.
    15. Garon, Jean-Denis, 2016. "The commitment value of funding pensions," Economics Letters, Elsevier, vol. 145(C), pages 11-14.
    16. Martin Gonzalez-Eiras & Dirk Niepelt, 2015. "Politico-Economic Equivalence," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(4), pages 843-862, October.
    17. Marco Bassetto & Leslie McGranahan, 2021. "Mobility, Population Growth, and Public Capital Spending in the United States," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 255-277, July.
    18. Julie Ing, 2016. "Adverse selection, commitment and exhaustible resource taxation," CER-ETH Economics working paper series 16/263, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    19. Antoine Camous & Dmitry Matveev, 2023. "The Central Bank Strikes Back! Credibility of Monetary Policy under Fiscal Influence," The Economic Journal, Royal Economic Society, vol. 133(649), pages 1-29.
    20. Findeisen, Sebastian & Sachs, Dominik, 2014. "Education Policies and Taxation without Commitment," Working Papers 14-16, University of Mannheim, Department of Economics.
    21. Alexander Wolitzky & Florian Scheuer, 2014. "Capital Taxation under Political Constraints," 2014 Meeting Papers 191, Society for Economic Dynamics.
    22. Ing, Julie, 2020. "Adverse selection, commitment and exhaustible resource taxation," Resource and Energy Economics, Elsevier, vol. 61(C).
    23. Findeisen, Sebastian & Sachs, Dominik, 2011. "Education and Optimal Dynamic Taxation," IZA Discussion Papers 6056, Institute of Labor Economics (IZA).
    24. Charles Brendon & Martin Ellison, 2018. "Time-Consistently Undominated Policies," Discussion Papers 1801, Centre for Macroeconomics (CFM).
    25. Chen, Yunmin & Guo, Jang-Ting & Krause, Alan, 2020. "The credibility of commitment and optimal nonlinear savings taxation," Journal of Macroeconomics, Elsevier, vol. 65(C).
    26. Jang-Ting Guo & Alan Krause, "undated". "Dynamic Nonlinear Income Taxation with Quasi-Hyperbolic Discounting and No Commitment," Discussion Papers 11/16, Department of Economics, University of York.
    27. Ales, Laurence & Maziero, Pricila & Yared, Pierre, 2014. "A theory of political and economic cycles," Journal of Economic Theory, Elsevier, vol. 153(C), pages 224-251.
    28. Felix Bierbrauer & Aleh Tsyvinski & Nicolas WERQUIN, 2019. "Taxes and Turnout," 2019 Meeting Papers 377, Society for Economic Dynamics.
    29. Felix Bierbrauer & Aleh Tsyvinski & Nicolas Werquin, 2021. "Taxes and Turnout: When the Decisive Voter Stays at Home," CESifo Working Paper Series 8954, CESifo.
    30. da Costa, Carlos E. & Santos, Marcelo R., 2023. "Progressive consumption taxes," Journal of Public Economics, Elsevier, vol. 220(C).
    31. Jang, Youngsoo, 2021. "Democracy or Optimal Policy: Income Tax Decisions without Commitment," MPRA Paper 110466, University Library of Munich, Germany.
    32. Mikhail Golosov & Aleh Tsyvinski & Nicolas Werquin, 2016. "Recursive Contracts and Endogenously Incomplete Markets," NBER Working Papers 22012, National Bureau of Economic Research, Inc.
    33. Craig Brett & John A Weymark, 2016. "Optimal Nonlinear Taxation of Income and Savings Without Commitment," Vanderbilt University Department of Economics Working Papers 16-00010, Vanderbilt University Department of Economics.
    34. Donnelly, David & Fricaudet, Marie & Ameli, Nadia, 2023. "“Accelerating institutional funding of low-carbon investment: The potential for an investment emissions intensity tax”," Ecological Economics, Elsevier, vol. 207(C).
    35. Doval, Laura & Skreta, Vasiliki, 2024. "Mechanism design with limited commitment: Markov environments," European Economic Review, Elsevier, vol. 167(C).
    36. Ge Jin & Bing Zhang, 2024. "Optimal fiscal policy with a balanced-budget restriction: revisiting Chamley and Barro," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 31(2), pages 454-485, April.
    37. Jang, Youngsoo, 2021. "Democracy or Optimal Policy: Income Tax Decisions without Commitment," MPRA Paper 110475, University Library of Munich, Germany.
    38. Edmans, Alex & Gabaix, Xavier, 2016. "Executive Compensation: A Modern Primer," Scholarly Articles 34651704, Harvard University Department of Economics.
    39. Etheridge, Ben, 2015. "A test of the household income process using consumption and wealth data," European Economic Review, Elsevier, vol. 78(C), pages 129-157.
    40. Conesa, Juan C. & Domínguez, Begoña, 2013. "Intangible investment and Ramsey capital taxation," Journal of Monetary Economics, Elsevier, vol. 60(8), pages 983-995.
    41. Ruiqing Zhong & Weifeng Zhong, 2019. "Political Institutions and the Governmental Burden on Businesses," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 175(2), pages 332-371.
    42. Darong Dai, 2020. "Voting over selfishly optimal tax schedules: Can Pigouvian tax redistribute income?," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 22(5), pages 1660-1686, September.
    43. Brett, Craig & Weymark, John A., 2017. "Voting over selfishly optimal nonlinear income tax schedules," Games and Economic Behavior, Elsevier, vol. 101(C), pages 172-188.
    44. Lensman, Todd & Troshkin, Maxim, 2022. "Implications of uncertainty for optimal policies," Journal of Economic Theory, Elsevier, vol. 199(C).
    45. Pierre-Edouard Collignon, 2021. "No Regret Fiscal Reforms," Working Papers 2021-20, Center for Research in Economics and Statistics.
    46. Darong Dai, 2018. "Fiscal policy under a minimum‐time objective," Scottish Journal of Political Economy, Scottish Economic Society, vol. 65(3), pages 293-314, July.

  40. Emmanuel Farhi & Iván Werning, 2010. "Progressive Estate Taxation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 125(2), pages 635-673.
    See citations under working paper version above.
  41. Emmanuel Farhi, 2010. "Capital Taxation and Ownership When Markets Are Incomplete," Journal of Political Economy, University of Chicago Press, vol. 118(5), pages 908-948.
    See citations under working paper version above.
  42. Emmanuel Farhi & Mikhail Golosov & Aleh Tsyvinski, 2009. "A Theory of Liquidity and Regulation of Financial Intermediation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 76(3), pages 973-992.
    See citations under working paper version above.
  43. Emmanuel Farhi & Jean Tirole, 2009. "Leverage and the Central Banker's Put," American Economic Review, American Economic Association, vol. 99(2), pages 589-593, May.

    Cited by:

    1. Hirano, Tomohiro & Inaba, Masaru & Yanagawa, Noriyuki, 2015. "Asset bubbles and bailouts," Journal of Monetary Economics, Elsevier, vol. 76(S), pages 71-89.
    2. Tobias Adrian & J. Nellie Liang, 2014. "Monetary policy, financial conditions, and financial stability," Staff Reports 690, Federal Reserve Bank of New York.
    3. Claudio Borio, 2011. "Rediscovering the macroeconomic roots of financial stability policy: journey, challenges and a way forward," BIS Working Papers 354, Bank for International Settlements.
    4. López-Penabad, Mª Celia & López-Andión, Carmen & Iglesias-Casal, Ana & Maside-Sanfiz, Jose Manuel, 2015. "Securitization in Spain and the wealth effect for shareholders," International Review of Economics & Finance, Elsevier, vol. 37(C), pages 308-323.
    5. Yener Altunbas & Leonardo Gambacorta & David Marques-Ibanez, 2010. "Does monetary policy affect bank risk-taking?," BIS Working Papers 298, Bank for International Settlements.
    6. Borio, Claudio, 2014. "The financial cycle and macroeconomics: What have we learnt?," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 182-198.
    7. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    8. Viral V. Acharya & Hamid Mehran & Til Schuermann & Anjan V. Thakor, 2011. "Robust capital regulation," Staff Reports 490, Federal Reserve Bank of New York.
    9. Claudio Borio, 2011. "Central banking post-crisis: What compass for uncharted waters?," BIS Working Papers 353, Bank for International Settlements.
    10. Ji Wu & Shirong Zhao, 2024. "Returns to scale in cost, revenue, and profit for European banks: New results from nonparametric local linear methods," The Financial Review, Eastern Finance Association, vol. 59(2), pages 487-517, May.
    11. Michael Diemer & Uwe Vollmer, 2015. "What makes banking crisis resolution difficult? Lessons from Japan and the Nordic Countries," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 5(2), pages 251-277, December.
    12. Dai, Meixing, 2011. "Les « hélicoptères » des banques centrales [The central banks' helicopters]," MPRA Paper 34526, University Library of Munich, Germany, revised 04 Nov 2011.
    13. Kara, A. & Marques-Ibanez, D. & Ongena, S., 2011. "Securitization and Lending Standards : Evidence from the Wholesale Loan Market," Other publications TiSEM ebfb7c18-fcea-4bc4-9ff1-5, Tilburg University, School of Economics and Management.
    14. Ebrahimy, Ehsan, 2022. "Liquidity choice and misallocation of credit," European Economic Review, Elsevier, vol. 142(C).
    15. Ioanna Kokores, 2015. "Lean-Against-the-Wind Monetary Policy: The Post-Crisis Shift in the Literature," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 65(3-4), pages 66-99, july-Dece.
    16. Claudio Borio & Piti Disyatat, 2011. "Global imbalances and the financial crisis: Link or no link?," BIS Working Papers 346, Bank for International Settlements.
    17. Claudio Borio & Haibin Zhu, 2008. "Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?," BIS Working Papers 268, Bank for International Settlements.
    18. Magdalena Redo & Marta Gebska, 2020. "Globalization in Growing Financial Markets as a Threat to the Financial Security of the Global Economy," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 335-355.
    19. Mr. Ehsan Ebrahimy, 2019. "Liquidity Choice and Misallocation of Credit," IMF Working Papers 2019/284, International Monetary Fund.
    20. Ekin Ayse Ozsuca & Elif Akbostanci, 2012. "An Empirical Analysis of the Risk Taking Channel of Monetary Policy in Turkey," ERC Working Papers 1208, ERC - Economic Research Center, Middle East Technical University, revised Dec 2012.
    21. Chun-Ming Chien & Cheng-Yih Hong & Jian-Fa Li, 2014. "Spillover Effects Of Tourism Policychanges On Hospitality Industries," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 8(2), pages 111-124.
    22. Mekki Hamdaoui & Saif Eddine Ayouni & Samir Maktouf, 2022. "Capital Account Liberalization, Political Stability, and Economic Growth," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 723-772, March.
    23. Claudio Borio, 2014. "The financial cycle and macroeconomics: what have we learned and what are the policy implications?," Chapters, in: Ewald Nowotny & Doris Ritzberger-Grünwald & Peter Backé (ed.), Financial Cycles and the Real Economy, chapter 2, pages 10-35, Edward Elgar Publishing.
    24. Carbó-Valverde, Santiago & Marques-Ibanez, David & Rodríguez-Fernández, Francisco, 2012. "Securitization, risk-transferring and financial instability: The case of Spain," Journal of International Money and Finance, Elsevier, vol. 31(1), pages 80-101.
    25. Bank for International Settlements, 2022. "Private sector debt and financial stability," CGFS Papers, Bank for International Settlements, number 67.

  44. Farhi, Emmanuel & Werning, Iván, 2008. "Optimal savings distortions with recursive preferences," Journal of Monetary Economics, Elsevier, vol. 55(1), pages 21-42, January.
    See citations under working paper version above.
  45. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "Financial Crash, Commody Prices, and Global Inbalances," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 1-68.

    Cited by:

    1. John Baffes & Cristina Savescu, 2014. "Monetary conditions and metal prices," Applied Economics Letters, Taylor & Francis Journals, vol. 21(7), pages 447-452, May.
    2. Tsvetanov, Daniel & Coakley, Jerry & Kellard, Neil, 2016. "Bubbling over! The behaviour of oil futures along the yield curve," Journal of Empirical Finance, Elsevier, vol. 38(PB), pages 516-533.
    3. Kallis, Giorgos & Sager, Jalel, 2017. "Oil and the economy: A systematic review of the literature for ecological economists," Ecological Economics, Elsevier, vol. 131(C), pages 561-571.
    4. Jean-Pierre Allegret & Valérie Mignon & Audrey Allegret, 2014. "Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies," Working Papers hal-04141352, HAL.
    5. Tobias Basse & Robinson Kruse & Christoph Wegener, 2017. "The Walking Debt Crisis," CREATES Research Papers 2017-06, Department of Economics and Business Economics, Aarhus University.
    6. Chuliá, Helena & Guillén, Montserrat & Uribe, Jorge M., 2017. "Spillovers from the United States to Latin American and G7 stock markets: A VAR quantile analysis," Emerging Markets Review, Elsevier, vol. 31(C), pages 32-46.
    7. Jian Li & Jean-Paul Chavas & Xiaoli L. Etienne & Chongguang Li, 2017. "Commodity price bubbles and macroeconomics: evidence from the Chinese agricultural markets," Agricultural Economics, International Association of Agricultural Economists, vol. 48(6), pages 755-768, November.
    8. Jozef Baruník, Evzen Kocenda and Lukáa Vácha, 2015. "Volatility Spillovers Across Petroleum Markets," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    9. Luo, Yuwei & Mei, Dongzhou, 2023. "The shortage of safe assets and China's housing boom," Economic Modelling, Elsevier, vol. 119(C).
    10. Kevin Daly, 2016. "A Secular Increase in the Equity Risk Premium," International Finance, Wiley Blackwell, vol. 19(2), pages 179-200, June.
    11. Georgios Bampinas & Theodore Panagiotidis & Christina Rouska, 2018. "Volatility persistence and asymmetry under the microscope: The role of information demand for gold and oil," Working Paper series 18-13, Rimini Centre for Economic Analysis.
    12. Kyrtsou, Catherine & Mikropoulou, Christina & Papana, Angeliki, 2016. "Does the S&P500 index lead the crude oil dynamics? A complexity-based approach," Energy Economics, Elsevier, vol. 56(C), pages 239-246.
    13. Andrés Fernández & Andrés González & Diego Rodríguez, 2015. "Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies," Borradores de Economia 915, Banco de la Republica de Colombia.
    14. Marcus Miller & Ishita Mohanty & Lei Zhang, 2009. "The Illusion Of Stability—Low Inflation In A Bubble Economy," Manchester School, University of Manchester, vol. 77(s1), pages 126-149, September.
    15. Nady Rapelanoro, 2017. "Hoarding international reserves and global liquidity expansion, what are the links and do they matter?," EconomiX Working Papers 2017-13, University of Paris Nanterre, EconomiX.
    16. Agnello, Luca & Castro, Vitor & Hammoudeh, Shawkat & Sousa, Ricardo M., 2017. "Spillovers from the oil sector to the housing market cycle," Energy Economics, Elsevier, vol. 61(C), pages 209-220.
    17. D'Ecclesia, Rita L. & Magrini, Emiliano & Montalbano, Pierluigi & Triulzi, Umberto, 2014. "Understanding recent oil price dynamics: A novel empirical approach," Energy Economics, Elsevier, vol. 46(S1), pages 11-17.
    18. Chuliá, Helena & Fernández, Julián & Uribe, Jorge M., 2018. "Currency downside risk, liquidity, and financial stability," Journal of International Money and Finance, Elsevier, vol. 89(C), pages 83-102.
    19. Tarek Chebbi, 2021. "The response of precious metal futures markets to unconventional monetary surprises in the presence of uncertainty," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 1897-1916, April.
    20. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    21. Julien Chevallier, 2011. "Time-varying correlations in oil, gas and CO2 prices: an application using BEKK, CCC, and DCC-MGARCH models," Post-Print hal-00716634, HAL.
    22. Ju, Jiandong & Shi, Kang & Wei, Shang-Jin, 2021. "Trade reforms and current account imbalances," Journal of International Economics, Elsevier, vol. 131(C).
    23. Shalini, Velappan & Prasanna, Krishna, 2016. "Impact of the financial crisis on Indian commodity markets: Structural breaks and volatility dynamics," Energy Economics, Elsevier, vol. 53(C), pages 40-57.
    24. Algieri, Bernardina & Kalkuhl, Matthias & Koch, Nicolas, 2015. "A Tale for Two Tails: Explaining Extreme Events in Financialized Agricultural markets," 2015 Conference (59th), February 10-13, 2015, Rotorua, New Zealand 202529, Australian Agricultural and Resource Economics Society.
    25. Zinna, Gabriele, 2011. "Identifying risks in emerging market sovereign and corporate bond spreads," Bank of England working papers 430, Bank of England.
    26. Lammerding, Marc & Stephan, Patrick & Trede, Mark & Wilfling, Bernd, 2013. "Speculative bubbles in recent oil price dynamics: Evidence from a Bayesian Markov-switching state-space approach," Energy Economics, Elsevier, vol. 36(C), pages 491-502.
    27. Ma, Yan-Ran & Ji, Qiang & Wu, Fei & Pan, Jiaofeng, 2021. "Financialization, idiosyncratic information and commodity co-movements," Energy Economics, Elsevier, vol. 94(C).
    28. Mohammad Isleimeyyeh & Amine Ben Amar & Stéphane Goutte & Ramzi Benkraiem, 2022. "Commodity markets dynamics: What do cross-commodities over different nearest-to-maturities tell us?," Post-Print hal-03674806, HAL.
    29. Bonato, Matteo & Gupta, Rangan & Lau, Chi Keung Marco & Wang, Shixuan, 2020. "Moments-based spillovers across gold and oil markets," Energy Economics, Elsevier, vol. 89(C).
    30. Abdul Rashid & Fazal Husain, 2010. "Capital Inflows, Inflation and Exchange Rate Volatility: An Investigation for Linear and Nonlinear Causal Linkages," PIDE-Working Papers 2010:63, Pakistan Institute of Development Economics.
    31. Lin , Justin Yifu & Martin, Will, 2010. "The financial crisis and its impacts on global agriculture," Policy Research Working Paper Series 5431, The World Bank.
    32. Koch, Nicolas, 2014. "Tail events: A new approach to understanding extreme energy commodity prices," Energy Economics, Elsevier, vol. 43(C), pages 195-205.
    33. Kose, M. Ayhan & Claessens, Stijn, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CEPR Discussion Papers 12460, C.E.P.R. Discussion Papers.
    34. Chuku Chuku & Paul Middleditch, 2016. "Characterizing monetary and fiscal policy rules and interactions when commodity prices matter," Centre for Growth and Business Cycle Research Discussion Paper Series 222, Economics, The University of Manchester.
    35. Moser, Philipp & Isaksson, Olov H.D. & Seifert, Ralf W., 2017. "Inventory dynamics in process industries: An empirical investigation," International Journal of Production Economics, Elsevier, vol. 191(C), pages 253-266.
    36. Bampinas Georgios & Panagiotidis Theodore, 2015. "On the relationship between oil and gold before and after financial crisis: linear, nonlinear and time-varying causality testing," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 19(5), pages 657-668, December.
    37. Presbitero, Andrea & Eberhardt, Markus, 2021. "Commodity Prices and Banking Crises," CEPR Discussion Papers 15959, C.E.P.R. Discussion Papers.
    38. Cozzi, Guido & Davenport, Margaret, 2017. "Extrapolative Expectations and Capital Flows during Convergence," MPRA Paper 78016, University Library of Munich, Germany.
    39. Roberto Duncan, 2014. "A threshold model of the US current account," Globalization Institute Working Papers 202, Federal Reserve Bank of Dallas.
    40. Christophe Blot & Jérôme Creel & Christine Rifflart & Danielle Schweisguth, 2009. "Petit manuel de stratégies de sortie de crise," SciencePo Working papers Main hal-01023657, HAL.
    41. Socaciu, Erzsébet-Mirjám & Nagy, Bálint-Zsolt & Benedek, Botond, 2023. "No place like home: Home bias and flight-to-quality in Group of Seven countries," Economic Modelling, Elsevier, vol. 129(C).
    42. Gourinchas, Pierre-Olivier & Rey, Hélène, 2014. "External Adjustment, Global Imbalances, Valuation Effects," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 585-645, Elsevier.
    43. Nadal, Raquel & Szklo, Alexandre & Lucena, André, 2017. "Time-varying impacts of demand and supply oil shocks on correlations between crude oil prices and stock markets indices," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1011-1020.
    44. Algieri, Bernardina & Leccadito, Arturo, 2019. "Price volatility and speculative activities in futures commodity markets: A combination of combinations of p-values test," Journal of Commodity Markets, Elsevier, vol. 13(C), pages 40-54.
    45. Astill, Sam & Taylor, A.M. Robert & Kellard, Neil & Korkos, Ioannis, 2023. "Using covariates to improve the efficacy of univariate bubble detection methods," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 342-366.
    46. Miron, Jeffrey A., 2009. "Bailout or Bankruptcy?," Scholarly Articles 11380185, Harvard University Department of Economics.
    47. Nguyen, Quynh Nga & Aboura, Sofiane & Chevallier, Julien & Zhang, Lyuyuan & Zhu, Bangzhu, 2020. "Local Gaussian correlations in financial and commodity markets," European Journal of Operational Research, Elsevier, vol. 285(1), pages 306-323.
    48. Georgios Bampinas & Theodore Panagiotidis, 2017. "Oil and stock markets before and after financial crises : a local Gaussian correlation approach," Bank of Estonia Working Papers wp2016-11, Bank of Estonia, revised 06 Feb 2017.
    49. Waluyo, 2018. "Do Efficiency of Taxes, Profitability and Size of Companies affect Debt? A Study of Companies Listed in the Indonesian Stock Exchange," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 331-339.
    50. Ing-Haw Cheng & Wei Xiong, 2014. "Financialization of Commodity Markets," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 419-441, December.
    51. Herkenhoff, Philipp & Sauré, Philip, 2021. "How expected inflation distorts the current account and the valuation effect," European Economic Review, Elsevier, vol. 135(C).
    52. Sauré, Philip, 2017. "Time-intensive R&D and unbalanced trade," European Economic Review, Elsevier, vol. 91(C), pages 229-244.
    53. Thomas Goda & Özlem Onaran & Engelbert Stockhammer, 2014. "A case for redistribution? Income inequality and wealth concentration in the recent crisis," Documentos de Trabajo de Valor Público 12186, Universidad EAFIT.
    54. Kanjilal, Kakali & Ghosh, Sajal, 2017. "Dynamics of crude oil and gold price post 2008 global financial crisis – New evidence from threshold vector error-correction model," Resources Policy, Elsevier, vol. 52(C), pages 358-365.
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    64. Adams, Zeno & Glück, Thorsten, 2015. "Financialization in commodity markets: A passing trend or the new normal?," Journal of Banking & Finance, Elsevier, vol. 60(C), pages 93-111.
    65. José-Francisco Vergara-Perucich, 2023. "A Systematic Bibliometric Analysis of the Real Estate Bubble Phenomenon: A Comprehensive Review of the Literature from 2007 to 2022," IJFS, MDPI, vol. 11(3), pages 1-16, August.
    66. Banerjee, Ameet Kumar & Sensoy, Ahmet & Goodell, John W. & Mahapatra, Biplab, 2024. "Impact of media hype and fake news on commodity futures prices: A deep learning approach over the COVID-19 period," Finance Research Letters, Elsevier, vol. 59(C).
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  46. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," American Economic Review, American Economic Association, vol. 98(1), pages 358-393, March.
    See citations under working paper version above.
  47. Emmanuel Farhi & Iván Werning, 2007. "Inequality and Social Discounting," Journal of Political Economy, University of Chicago Press, vol. 115(3), pages 365-402.
    See citations under working paper version above.
  48. Farhi, Emmanuel & Panageas, Stavros, 2007. "Saving and investing for early retirement: A theoretical analysis," Journal of Financial Economics, Elsevier, vol. 83(1), pages 87-121, January.

    Cited by:

    1. Horioka, Charles Yuji & Gahramanov, Emin & Hayat, Aziz & Tang, Xueli, 2021. "The impact of bequest motives on labor supply and retirement behavior in Japan: A theoretical and empirical analysis," Journal of the Japanese and International Economies, Elsevier, vol. 62(C).
    2. Yvonne Adema & Jan Bonenkamp & Lex Meijdam, 2011. "Retirement Flexibility and Portfolio Choice in General Equilibrium," Tinbergen Institute Discussion Papers 11-038/2/DSF13, Tinbergen Institute.
    3. Jan Bonenkamp & Yvonne Adema & Lex Meijdam, 2011. "Retirement Flexibility and Portfolio Choice," CPB Discussion Paper 182, CPB Netherlands Bureau for Economic Policy Analysis.
    4. Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021. "Household Finance," Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
    5. Borys Grochulski & Yuzhe Zhang, 2019. "Wealth Effects with Endogenous Retirement," Economic Quarterly, Federal Reserve Bank of Richmond, issue 3Q, pages 173-200.
    6. Huaxiong Huang & Moshe A. Milevsky & Thomas S. Salisbury, 2018. "Retirement spending and biological age," Papers 1811.09921, arXiv.org.
    7. Jia Qi & Swarn Chatterjee & Yingyi Liu, 2022. "Retirement Preparedness of Generation X Compared to Other Cohorts in the United States," IJFS, MDPI, vol. 10(2), pages 1-14, June.
    8. Park, Seyoung, 2015. "A generalization of Yaari’s result on annuitization with optimal retirement," Economics Letters, Elsevier, vol. 137(C), pages 17-20.
    9. Florina Salaghe & Dimitra Papadovasilaki & Federico Guerrero & James Sundali, 2020. "Temptation and Retirement Accounts: A Story of Time Inconsistency and Bounded Rationality," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 6(3), pages 173-198, April.
    10. Guodong Ding & Daniele Marazzina, 2021. "Effect of Labour Income on the Optimal Bankruptcy Problem," Papers 2106.15426, arXiv.org.
    11. Jingjing Chai & Wolfram Horneff & Raimond Maurer & Olivia S. Mitchell, 2009. "Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts," Working Papers wp204, University of Michigan, Michigan Retirement Research Center.
    12. Cocco, João F. & Gomes, Francisco J., 2012. "Longevity risk, retirement savings, and financial innovation," Journal of Financial Economics, Elsevier, vol. 103(3), pages 507-529.
    13. Fabio C. Bagliano & Carolina Fugazza & Giovanna Nicodano, 2017. "A Life-Cycle Model with Unemployment Traps," Working papers 041, Department of Economics, Social Studies, Applied Mathematics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
    14. Aggarwal, Raj & Goodell, John W., 2013. "Political-economy of pension plans: Impact of institutions, gender, and culture," Journal of Banking & Finance, Elsevier, vol. 37(6), pages 1860-1879.
    15. Giorgio Ferrari & Shihao Zhu, 2023. "Optimal Retirement Choice under Age-dependent Force of Mortality," Papers 2311.12169, arXiv.org.
    16. Guohui Guan & Qitao Huang & Zongxia Liang & Fengyi Yuan, 2020. "Retirement decision with addictive habit persistence in a jump diffusion market," Papers 2011.10166, arXiv.org, revised Feb 2024.
    17. Zhou Yang & Hyeng Keun Koo, 2018. "Optimal Consumption and Portfolio Selection with Early Retirement Option," Mathematics of Operations Research, INFORMS, vol. 43(4), pages 1378-1404, November.
    18. Charles Yuji Horioka & Emin Gahramanov & Aziz Hayat & Xueli Tang, 2019. "The Impact of Bequest Motives on Retirement Behavior in Japan: A Theoretical and Empirical Analysis," Discussion Paper Series DP2019-26, Research Institute for Economics & Business Administration, Kobe University.
    19. Doriana Ruffino, 2014. "Resuscitating Businessman Risk: A Rationale for Familiarity-Based Portfolios," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(1), pages 107-130, January.
    20. Mao, Hong & Ostaszewski, Krzysztof M. & Wang, Yuling, 2014. "Optimal retirement age, leisure and consumption," Economic Modelling, Elsevier, vol. 43(C), pages 458-464.
    21. Borys Grochulski & Yuzhe Zhang, 2013. "Saving for Retirement with Job Loss Risk," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 45-81.
    22. Motohiro Yogo, 2009. "Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing and Risky Assets," Working Papers, Center for Retirement Research at Boston College wp2009-3, Center for Retirement Research, revised Jan 2009.
    23. Chen, An & Hentschel, Felix & Steffensen, Mogens, 2021. "On retirement time decision making," Insurance: Mathematics and Economics, Elsevier, vol. 100(C), pages 107-129.
    24. Bae, Se Yung & Jeon, Junkee & Koo, Hyeng Keun & Park, Kyunghyun, 2020. "Social insurance for the elderly," Economic Modelling, Elsevier, vol. 91(C), pages 274-299.
    25. Daniel Vuuren, 2014. "Flexible Retirement," Journal of Economic Surveys, Wiley Blackwell, vol. 28(3), pages 573-593, July.
    26. Menoncin, Francesco & Vergalli, Sergio, 2019. "Optimal Stopping Time, Consumption, Labour, and Portfolio Decision for a Pension Scheme," ETA: Economic Theory and Applications 288459, Fondazione Eni Enrico Mattei (FEEM).
    27. Barucci, Emilio & Biffis, Enrico & Marazzina, Daniele, 2023. "Health insurance, portfolio choice, and retirement incentives," European Journal of Operational Research, Elsevier, vol. 307(2), pages 910-921.
    28. Lee, Ho-Seok & Lim, Byung Hwa, 2023. "Personal bankruptcy and post-bankruptcy liquidity constraint," Journal of Banking & Finance, Elsevier, vol. 152(C).
    29. Guodong Ding & Daniele Marazzina, 2021. "Sensitivity of Optimal Retirement Problem to Liquidity Constraints," Papers 2108.09035, arXiv.org.
    30. Chae, Jiwon & Jang, Bong-Gyu & Park, Seyoung, 2023. "Analytic approach for models of optimal retirement with disability risk," Mathematical Social Sciences, Elsevier, vol. 126(C), pages 68-75.
    31. Jeon, Junkee & Park, Kyunghyun, 2023. "Optimal job switching and retirement decision," Applied Mathematics and Computation, Elsevier, vol. 443(C).
    32. Kwok, Kai Yin & Chiu, Mei Choi & Wong, Hoi Ying, 2016. "Demand for longevity securities under relative performance concerns: Stochastic differential games with cointegration," Insurance: Mathematics and Economics, Elsevier, vol. 71(C), pages 353-366.
    33. Xiang Gao & Cody Hyndman & Traian A. Pirvu & Petar Jevti'c, 2022. "Optimal annuitization post-retirement with labor income," Papers 2202.04220, arXiv.org.
    34. Jang, Bong-Gyu & Lee, Ho-Seok, 2016. "Retirement with risk aversion change and borrowing constraints," Finance Research Letters, Elsevier, vol. 16(C), pages 112-124.
    35. Alain Bensoussan & Bong-Gyu Jang & Seyoung Park, 2016. "Unemployment Risks and Optimal Retirement in an Incomplete Market," Operations Research, INFORMS, vol. 64(4), pages 1015-1032, August.
    36. Chen, An & Ferrari, Giorgio & Zhu, Shihao, 2023. "Striking the Balance: Life Insurance Timing and Asset Allocation in Financial Planning," Center for Mathematical Economics Working Papers 684, Center for Mathematical Economics, Bielefeld University.
    37. Junkee Jeon & Hyeng Keun Koo & Yong Hyun Shin & Zhou Yang, 2021. "An Integral Equation Representation for Optimal Retirement Strategies in Portfolio Selection Problem," Computational Economics, Springer;Society for Computational Economics, vol. 58(3), pages 885-914, October.
    38. Chong Wang & Neng Wang & Jinqiang Yang, 2011. "A Unified Model of Entrepreneurship Dynamics," NBER Working Papers 16843, National Bureau of Economic Research, Inc.
    39. Hyeng Keun Koo & Kum-Hwan Roh & Yong Hyun Shin, 2021. "Optimal consumption/investment and retirement with necessities and luxuries," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 94(2), pages 281-317, October.
    40. Zongxia Liang & Fengyi Yuan, 2023. "Weak equilibria for time‐inconsistent control: With applications to investment‐withdrawal decisions," Mathematical Finance, Wiley Blackwell, vol. 33(3), pages 891-945, July.
    41. Javier Rojo-Suárez & Ana Belén Alonso-Conde, 2020. "Impact of consumer confidence on the expected returns of the Tokyo Stock Exchange: A comparative analysis of consumption and production-based asset pricing models," PLOS ONE, Public Library of Science, vol. 15(11), pages 1-31, November.
    42. Bäuerle Nicole & Chen An, 2019. "Optimal retirement planning under partial information," Statistics & Risk Modeling, De Gruyter, vol. 36(1-4), pages 37-55, December.
    43. Andreas Hubener & Raimond Maurer & Olivia S. Mitchell, 2013. "How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios," Working Papers wp293, University of Michigan, Michigan Retirement Research Center.
    44. John Ameriks & Andrew Caplin & Steven Laufer & Stijn Van Nieuwerburgh, 2011. "The Joy of Giving or Assisted Living? Using Strategic Surveys to Separate Public Care Aversion from Bequest Motives," Journal of Finance, American Finance Association, vol. 66(2), pages 519-561, April.
    45. Alassane Diaw, 2017. "Retirement Preparedness in Saudi Arabia," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 78-86.
    46. Mehlkopf, R.J., 2011. "Risk sharing with the unborn," Other publications TiSEM fe8a8df6-455f-4624-af10-9, Tilburg University, School of Economics and Management.
    47. Jang, Bong-Gyu & Park, Seyoung & Rhee, Yuna, 2013. "Optimal retirement with unemployment risks," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3585-3604.
    48. Marten Hillebrand, 2008. "Pension Systems, Demographic Change, and the Stock Market," Lecture Notes in Economics and Mathematical Systems, Springer, number 978-3-540-77972-8, February.
    49. Ferrari, Giorgio & Zhu, Shihao, 2023. "Optimal Retirement Choice under Age-dependent Force of Mortality," Center for Mathematical Economics Working Papers 683, Center for Mathematical Economics, Bielefeld University.
    50. Lim, Byung Hwa & Kwak, Minsuk, 2016. "Bequest motive and incentive to retire: Consumption, investment, retirement, and life insurance strategies," Finance Research Letters, Elsevier, vol. 16(C), pages 19-27.
    51. Adam Butt & M. Scott Donald & F. Douglas Foster & Susan Thorp & Geoffrey J. Warren & Tom Smith, 2017. "Design of MySuper default funds: influences and outcomes," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(1), pages 47-85, March.
    52. Jang, Bong-Gyu & Park, Seyoung & Zhao, Huainan, 2020. "Optimal retirement with borrowing constraints and forced unemployment risk," Insurance: Mathematics and Economics, Elsevier, vol. 94(C), pages 25-39.
    53. An Chen & Giorgio Ferrari & Shihao Zhu, 2023. "Striking the Balance: Life Insurance Timing and Asset Allocation in Financial Planning," Papers 2312.02943, arXiv.org.
    54. Ding, Guodong & Marazzina, Daniele, 2022. "The impact of liquidity constraints and cashflows on the optimal retirement problem," Finance Research Letters, Elsevier, vol. 49(C).
    55. Kyoung Jin Choi & Gyoocheol Shim & Yong Hyun Shin, 2008. "Optimal Portfolio, Consumption‐Leisure And Retirement Choice Problem With Ces Utility," Mathematical Finance, Wiley Blackwell, vol. 18(3), pages 445-472, July.
    56. Gaobo Pang & University of Maryland, 2006. "Tax-Deferred Savings and Early Retirement," Computing in Economics and Finance 2006 31, Society for Computational Economics.
    57. Jingjing Chai & Wolfram Horneff & Raimond Maurer & Olivia S. Mitchell, 2011. "Optimal Portfolio Choice over the Life Cycle with Flexible Work, Endogenous Retirement, and Lifetime Payouts," Review of Finance, European Finance Association, vol. 15(4), pages 875-907.
    58. Zhao, Hui & Wang, Suxin, 2022. "Optimal investment and benefit adjustment problem for a target benefit pension plan with Cobb-Douglas utility and Epstein-Zin recursive utility," European Journal of Operational Research, Elsevier, vol. 301(3), pages 1166-1180.
    59. Menoncin, Francesco & Regis, Luca, 2017. "Longevity-linked assets and pre-retirement consumption/portfolio decisions," Insurance: Mathematics and Economics, Elsevier, vol. 76(C), pages 75-86.
    60. Dybvig, Philip H. & Liu, Hong, 2010. "Lifetime consumption and investment: Retirement and constrained borrowing," Journal of Economic Theory, Elsevier, vol. 145(3), pages 885-907, May.
    61. Stavros Panageas, 2007. "Optimal Retirement Benefit Guarantees," 2007 Meeting Papers 172, Society for Economic Dynamics.
    62. Ryle Perera, 2013. "Optimal investment, consumption–leisure, insurance and retirement choice," Annals of Finance, Springer, vol. 9(4), pages 689-723, November.
    63. Beetsma, R. & Romp, W., 2016. "Intergenerational Risk Sharing," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 311-380, Elsevier.
    64. Francesco Menoncin & Luca Regis, 2015. "Longevity assets and pre-retirement consumption/portfolio decisions," Working Papers 2/2015, IMT School for Advanced Studies Lucca, revised May 2015.
    65. Bo Zhao, 2018. "Too Poor to Retire? Housing Prices and Retirement," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 27, pages 27-47, January.
    66. Choi, Kyoung Jin & Jeon, Junkee & Koo, Hyeng Keun, 2022. "Intertemporal preference with loss aversion: Consumption and risk-attitude," Journal of Economic Theory, Elsevier, vol. 200(C).
    67. Jang, Bong-Gyu & Koo, Hyeng Keun & Park, Seyoung, 2019. "Optimal consumption and investment with insurer default risk," Insurance: Mathematics and Economics, Elsevier, vol. 88(C), pages 44-56.
    68. Park, Seyoung, 2020. "Verification theorems for models of optimal consumption and investment with annuitization," Mathematical Social Sciences, Elsevier, vol. 103(C), pages 36-44.
    69. Geoffrey Kingston, 2009. "Financial Plans for Baby Boomers: How Much Risk?," Economic Papers, The Economic Society of Australia, vol. 28(2), pages 65-74, June.
    70. Jeon, Junkee & Park, Kyunghyun, 2020. "Dynamic asset allocation with consumption ratcheting post retirement," Applied Mathematics and Computation, Elsevier, vol. 385(C).
    71. Zongxia Liang & Fengyi Yuan, 2021. "Weak equilibria for time-inconsistent control: with applications to investment-withdrawal decisions," Papers 2105.06607, arXiv.org, revised Jun 2023.
    72. Wei-Ting Pan, 2016. "The Impact of Mandatory Savings on Life Cycle Consumption and Portfolio Choice," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2016, January-A.
    73. Bovenberg, A.L. & Koijen, R.S.J. & Nijman, T.E. & Teulings, C.N., 2007. "Saving and investing over the life cycle and the role of collective pension funds," Other publications TiSEM 6eab1341-eda5-4f21-8c06-8, Tilburg University, School of Economics and Management.
    74. Luo, Shangzhen & Wang, Mingming & Zhu, Wei, 2022. "Time-inconsistent life-cycle consumption and retirement choice with mortality risk," Applied Mathematics and Computation, Elsevier, vol. 433(C).

  49. Ricardo J. Caballero & Emmanuel Farhi & Mohamad L. Hammour, 2006. "Speculative Growth: Hints from the U.S. Economy," American Economic Review, American Economic Association, vol. 96(4), pages 1159-1192, September.
    See citations under working paper version above.
  50. Emmanuel Farhi & Josh Lerner & Jean Tirole, 2005. "Certifying New Technologies," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 734-744, 04/05.

    Cited by:

    1. Benjamin Chiao & Josh Lerner & Jean Tirole, 2007. "The rules of standard-setting organizations: an empirical analysis," RAND Journal of Economics, RAND Corporation, vol. 38(4), pages 905-930, December.
    2. Gill, David & Sgroi, Daniel, 2008. "The Optimal Choice of Pre-launch Reviewer: How Best to Transmit Information using Tests and Conditional Pricing," Economic Research Papers 269888, University of Warwick - Department of Economics.
    3. Matthieu Bouvard & Raphael Levy, 2013. "Two-sided reputation in certification markets," Carlo Alberto Notebooks 339, Collegio Carlo Alberto.
    4. Sgroi, Daniel & Oswald, Andrew J., 2012. "How Should Peer-Review Panels Behave?," IZA Discussion Papers 7024, Institute of Labor Economics (IZA).
    5. Leiponen, Aija, 2006. "Competing through cooperation: Standard setting in wireless telecommunications," Discussion Papers 1056, The Research Institute of the Finnish Economy.
    6. Hussinger, Katrin & Schwiebacher, Franz, 2013. "The value of disclosing IPR to open standard setting organizations," ZEW Discussion Papers 13-060, ZEW - Leibniz Centre for European Economic Research.
    7. David Gill & Daniel Sgroi, 2011. "The Optimal Choice of Pre-Launch Reviewer," Economics Series Working Papers 562, University of Oxford, Department of Economics.
    8. David Gill & Daniel Sgroi & Faculty of Economics and Churchill College & University of Cambridge, 2005. "Sequential Decisions with Tests," Economics Series Working Papers 242, University of Oxford, Department of Economics.
    9. Aija Elina Leiponen, 2008. "Competing Through Cooperation: The Organization of Standard Setting in Wireless Telecommunications," Management Science, INFORMS, vol. 54(11), pages 1904-1919, November.

Chapters

  1. Omar Barbiero & Emmanuel Farhi & Gita Gopinath & Oleg Itskhoki, 2018. "The Macroeconomics of Border Taxes," NBER Chapters, in: NBER Macroeconomics Annual 2018, volume 33, pages 395-457, National Bureau of Economic Research, Inc.
    See citations under working paper version above.Sorry, no citations of chapters recorded.
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