Globalization and Monetary Policy Institute
2010 Annual Report
Working Papers Issued in 2010
All institute working papers are available on the Dallas Fed website at www.dallasfed.org/institute/wpapers/.
Limited Asset Market Participation and the Consumption–Real Exchange Rate Anomaly
Size and Composition of the Central Bank Balance Sheet: Revisiting Japan's Experience of the Quantitative Easing Policy
Published in Monetary and Economic Studies, vol. 28, November 2010, pp. 79–105.
Transitional Dynamics of Output and Factor Income Shares: Lessons from East Germany
Simona E. Cociuba
Fiscal Deficits, Debt, and Monetary Policy in a Liquidity Trap
Michael B. Devereux
Leverage Constraints and the International Transmission of Shocks
Michael B. Devereux and James Yetman
Published in Journal of Money, Credit and Banking, vol. 42, pp. 71–105.
What Determines European Real Exchange Rates?
Martin Berka and Michael B. Devereux
The Quantitative Role of Capital-Goods Imports in U.S. Growth
Michele Cavallo and Anthony Landry
Published in American Economic Review, vol. 100, no. 2, 2010, pp. 78–82.
Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?
Kathryn M.E. Dominguez, Rasmus Fatum and Pavel Vacek
Asymmetries and State Dependence: The Impact of Macro Surprises on Intraday Exchange Rates
Rasmus Fatum, Michael Hutchison and Thomas Wu
Measuring Business Cycles by Saving for a Rainy Day
Mario J. Crucini and Mototsugu Shintani
The Fiscal Multiplier and Spillover in a Global Liquidity Trap
Ippei Fujiwara and Kozo Ueda
Financial Globalization, Financial Frictions and Optimal Monetary Policy
Ester Faia and Eleni Iliopulos
Trends in U.S. Hours and the Labor Wedge
Simona E. Cociuba and Alexander Ueberfeldt
Some Alternative Perspectives on Macroeconomic Theory and Some Policy Implications
William R. White
Published as “The Mayekawa Lecture: Some Alternative Perspectives on Macroeconomic Theory and Some Policy Implications” in Monetary and Economic Studies, vol. 28, November 2010, pp. 35–58.
Income Differences and Prices of Tradables
Global Liquidity Trap
Ippei Fujiwara, Nao Sudo, Tomoyuki Nakajima, Yuki Teranishi
Banking Globalization and International Business Cycles
Are the Intraday Effects of Central Bank Intervention on Exchange Rate Spreads Asymmetric and State Dependent?
Rasmus Fatum, Jesper Pedersen, Peter Norman Sørensen
International Real Business Cycles with Endogenous Markup Variability
Scott Davis and Kevin X.D. Huang
Understanding the Effect of Productivity Changes on International Relative Prices: The Role of News Shocks
Deokwoo Nam and Jian Wang
Real Exchange Rate Dynamics Revisited: A Case with Financial Market Imperfections
Ippei Fujiwara and Yuki Teranishi
Export Shocks and the Zero Bound Trap
The Effects of News About Future Productivity on International Relative Prices: An Empirical Investigation
Deokwoo Nam and Jian Wang
Globalization and Inflation in Europe
Raphael Auer, Kathrin Degen, Andreas M. Fischer
Teams of Rivals: Endogenous Markups in a Ricardian World
Beatriz de Blas and Katheryn Niles Russ