Globalization and Monetary Policy Institute
Tools
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What's New
2009
| 10/14 |
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State-Dependent Pricing, Local-Currency
Pricing, and Exchange Rate Pass-Through, Institute Working Paper no. 39—This paper presents a two-country DSGE model with state-dependent pricing as in Dotsey, King, and Wolman (1999) in which firms price-discriminate across countries by setting prices in local currency. |
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A Model of International Cities: Implications for Real
Exchange Rates, Institute Working Paper no. 38—We develop a model of cities each inhabited by two agents, one specializing in manufacturing, the other in retail distribution. The distribution sector represents the physical transformation of all internationally traded goods from the factory gate to the final consumer. |
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| 10/7 |
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Global, Local, and Contagious Investor Sentiment, Institute Working Paper no. 37—We construct indexes of investor sentiment for six major stock markets and decompose them into one global and six local indexes. |
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| 10/5 |
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International Economic Update: The Good, the Bad and the Recovery—There are positive signals in the international data, although trouble spots still exist. Emerging markets were showing strong growth in the second quarter. Some advanced economies began growing as well. However, unemployment is rising in most countries, and credit growth in Europe is stagnant. Inflation remains low (negative in some cases) in advanced economies. |
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| 9/14 |
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Can Long-Horizon Forecasts Beat the Random Walk Under the Engel-West Explanation? Institute Working Paper no. 36—Engel and West (2005) argue that as the discount factor gets closer to one, present-value asset pricing models place greater weight on future fundamentals. Consequently, current fundamentals have very weak forecasting power and exchange rates appear to follow approximately a random walk. In this paper, the authors connect the Engel-West explanation to the studies of exchange rates with long-horizon regressions. |
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| 8/13 |
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European Hoarding: Currency Use Among Immigrants in Switzerland—Institute Working Paper no. 35—Do immigrants have a higher demand for large denominated banknotes than natives? This study examines whether cash orders for CHF 1000 notes, a banknote not used for daily transactions, is concentrated in Swiss cities with a high foreign-to-native ratio. |
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| 8/10 |
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Should Monetary Policy "Lean or Clean"?—Institute Working Paper no. 34—It has been contended by many in the central banking community that monetary policy would not be effective in "leaning" against the upswing of a credit cycle (the boom) but that lower interest rates would be effective in "cleaning" up (the bust) afterwards. In this paper, these two propositions (can't lean, but can clean) are examined and found seriously deficient. |
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Global Slack and Domestic Inflation Rates: A Structural Investigation for G-7 Countries—Institute Working Paper no. 33—This paper aims to assess the empirical importance of global output in determining domestic inflation rates by estimating a structural model for a sample of G-7 economies. |
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Has Globalization Transformed U.S. Macroeconomic Dynamics?—Institute Working Paper no. 32—This paper estimates a structural New Keynesian model to test whether globalization has changed the behavior of U.S. macroeconomic variables. |
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| 8/3 |
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Fiscal Stabilization with Partial Exchange Rate Pass-Through—Institute Working Paper no. 31—This paper examines the role of fiscal stabilization policy in a two-country framework that allows for a general degree of exchange rate pass-through |
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| 7/17 |
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Insulation Impossible: Fiscal Spillovers in a Monetary Union—Institute Working Paper no. 30—studies the effects of monetary policy rules in a monetary union. The focus of the analysis is on the interaction between the fiscal policy of member countries (regions) and the central monetary authority.
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| 7/2 |
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International Economic
Update: First Quarter Sees Continued Sharp Declines—With few exceptions, nations reported continued declines in GDP in the first quarter. The GDPs of the U.K., the euro zone and Japan contracted at a faster rate than in the United States. Especially sharp was the nearly 9 percent contraction in Japan from first quarter 2008. |
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| 5/5 |
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International Economic
Update: Economies Still Contracting, Gradual Recovery Expected in 2010
The global economy continues to slow. The world's largest economies are seeing their sharpest contractions in several decades, and many developing and emerging markets that showed resilience until late last year are now in decline. First quarter 2009 GDP growth numbers were dismal, and a further drop is expected for the remainder of this year. |
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| 3/27 |
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Working Paper No. 29: Monetary
Policy Strategy in a Global Environment |
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| 3/20 |
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International Economic Update: Difficult
Times and Bold Response
The global outlook continues to deteriorate. The latest data from industrialized
countries point toward further declines in growth. Plummeting trade and
capital flight are driving emerging markets towards recession. Policymakers
worldwide are employing a myriad of tools to stimulate demand and revive
credit markets. World output is expected to fall in 2009, the first time
it has done so since World War II. |
| 1/30 |
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Working Paper No. 28: Investment and Trade Patterns in a Sticky-Price, Open-Economy Mode
Working Paper No. 27: International Portfolios, Capital Accumulation and Foreign Assets Dynamics |
| 1/30 |
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International Economic Update: Global Growth Declines Further |
| 1/26 |
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Call for Papers: Capital Flows, International Financial Markets, and Financial Crises |
| 1/10 |
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Working Paper No. 23: Exchange Rate Pass-Through in a Competitive Model of Pricing-to-Market
Working Paper No. 24: How Successful is the G7 in Managing Exchange Rates?
Working Paper No. 25: Do China and Oil Exporters Influence Major Currency Configurations?
Working Paper No. 26: Monthly Pass-Through Ratios
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2008
| 12/23 |
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International Economic Update: The Slowdown Materializes |
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| 11/20 |
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Working Paper No. 22: The Taylor Rule and Forecast Intervals for Exchange Rates |
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| 11/5 |
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Making Sense of Today's Globalized Economy: A Conversation with Charles Engel, Southwest Economy, September/October 2008 |
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| 10/30 |
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International Economic Update:The Financial Crisis Intensifies and Spreads |
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| 10/3 |
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Working Paper No. 21: Vertical Specialization and International Business Cycle Synchronization |
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| 9/17 |
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Working Paper No. 20: An International Perspective on Oil Price Shocks and U.S. Economic Activity |
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| 8/27 |
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Working Paper No. 19: Default and the Maturity Structure in Sovereign Bonds |
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| 8/11 |
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International Economic Update: Challenging Times... |
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| 7/28 |
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Working Papers: |
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Some Preliminary Evidence on the Globalization-Inflation Nexus |
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The Real Exchange Rate in Sticky Price Models: Does Investment Matter? |
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Technical Note on 'The Real Exchange Rate in Sticky Price Models: Does Investment Matter?' |
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| 7/16 |
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Working Paper: Variety, Globalization, and Social Efficiency |
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| 6/20 |
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International Economic Update: Global Inflation Increases |
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| 6/04 |
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Working Paper: The Effect of Trade with Low-Income Countries on U.S. Industry |
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| 6/04 |
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Working Paper: Globalisation, Domestic Inflation and Global Output Gaps: Evidence from the Euro Area |
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| 5/23 |
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Working Paper: Financial Globalization, Governance, and the Evolution of the Home Bias |
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| 4/21 |
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Working Paper: Globalization and Monetary Policy: An Introduction, Enrique Martinez-Garcia |
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| 4/15 |
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Working Paper: Vehicle Currency, Michael B. Devereux and Shouyong Shi |
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| 4/15 |
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Working Paper: Country Portfolios in Open Economy Macro Models, Michael B. Devereux and Alan Sutherland |
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| 4/11 |
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Working Paper: How Should Central Banks Define Price Stability? Mark A. Wynne |
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| 4/10 |
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Working Paper: Accounting for Persistence and Volatility of Good-level Real Exchange Rates: The Role of Sticky Information,
Mario J. Crucini, Mototsugu Shintani and Takayuki Tsuruga |
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| 4/04 |
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International Economic Update: Weakening Global Growth, Increasing Inflationary Pressures |
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| 2/15 |
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International Economic Update: Global growth deceleration continues. |
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| 3/24 |
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Institute Working Paper No. 6: Driving Forces of the Canadian Economy: An Accounting Exercise, Simona E. Cociuba and Alexander Ueberfeldt |
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| 2/29 |
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Delving More Deeply into Globalization
A Conversation with Mark Wynne, director of the Globalization and Monetary Policy Institute. |
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| 2/22 |
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Staff Papers—"The Globalization of U.S. Business Investment" |
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| 2/15 |
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International Economic Update—Global output is expanding at healthy, but noticeably declining, rates. Evidence of slower credit and real activity growth is materializing throughout the industrialized world. |
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| 2/14 |
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Banco de México Governor Ortiz joins Dallas Fed's Globalization Institute Advisory Board. Read more» |
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Publications
E-mail Alerts
Seminars
- Kalina Manova, Stanford University
October 23
- Alfredo Cuecuecha, CIDE
Nov. 2
- Alice Schoonbroodt. University of Southampton, visiting UT Austin
Dec. 3
- Martin Gervais, University of Southampton, visiting UT Austin
Dec. 4
- Eric Van Wincoop, University of Virginia
Dec. 18
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