Cryptocurrency price discrepancies under uncertainty: Evidence from COVID-19 and lockdown nexus [0.03%]
不确定性下的加密货币价格差异：来自COVID-19和封锁关系的证据
Meichen Chen,Cong Qin,Xiaoyu Zhang
Meichen Chen
The past decades have witnessed recurrent price discrepancies in cryptocurrency markets across countries. In addition to prior explanations that generally attribute this phenomenon to domestic capital controls during normal periods, we prov...
Domestic versus foreign drivers of trade (im)balances: How robust is evidence from estimated DSGE models? [0.03%]
贸易（失）衡的国内因素与国外因素：DSGE模型估计结果所呈现的证据可靠吗？
Roberta Cardani,Stefan Hohberger,Philipp Pfeiffer et al.
Roberta Cardani et al.
Estimated DSGE models tend to ascribe a significant and often predominant part of a country's trade balance (TB) dynamics to domestic drivers ("shocks"), suggesting foreign factors to be only of secondary importance. This paper revisits the...
Juha Tervala,Timothy Watson
Juha Tervala
The COVID-19 pandemic initiated a deep global recession, and with interest rates at very low levels, warrants consideration of the efficacy of different forms of fiscal stimulus in response. History reveals that deep recessions may cause ou...
Unconventional monetary policy and disaster risk: Evidence from the subprime and COVID-19 crises [0.03%]
非常规货币政策与灾害风险：次贷危机和新冠疫情的证据
Gustavo S Cortes,George P Gao,Felipe B G Silva et al.
Gustavo S Cortes et al.
We compare the interventions conducted by the Federal Reserve in response to the subprime and COVID-19 crises with respect to their effectiveness in reducing disaster risk. Using model-free measures of disaster risk derived from daily optio...
Monetary policy spillovers under COVID-19: Evidence from lending by U.S. foreign bank subsidiaries [0.03%]
新冠疫情下的货币政策溢出效应：来自美国外资银行子公司的贷款证据
Mark M Spiegel
Mark M Spiegel
This paper uses Call Report data to examine the impact of home country monetary policy on foreign bank subsidiary lending in the United States during the COVID-19 pandemic. Examining a large sample of foreign bank subsidiaries and domestic ...
A counterfactual economic analysis of Covid-19 using a threshold augmented multi-country model [0.03%]
使用阈值增强的多国模型对COVID-19的反事实经济分析
Alexander Chudik,Kamiar Mohaddes,M Hashem Pesaran et al.
Alexander Chudik et al.
This paper develops a threshold-augmented dynamic multi-country model (TGVAR) to quantify the macroeconomic effects of the Covid-19 pandemic. We show that there exist threshold effects in the relationship between output growth and excess gl...
Maurice Obstfeld
Maurice Obstfeld
This speech highlights two channels through which globalization poses challenges for monetary policy. The first channel is through the global determination of the average world natural real rate of interest, which implies that saving and in...
Roel Beetsma,Massimo Giuliodori,Jesper Hanson et al.
Roel Beetsma et al.
We use information on new sovereign debt issues in the euro area to explore the drivers behind the debt maturity decisions of governments. We set up a theoretical model for the maturity structure that trades off the preference for liquidity...
Moving closer? Comparing regional adjustments to shocks in EMU and the United States [0.03%]
日益接近？比较欧盟和美国区域调整的差异性
Davide Furceri,Prakash Loungani,Pietro Pizzuto
Davide Furceri
This paper analyzes alternative channels of adjustment to nominal exchange rate flexibility in response to shocks faced by countries and regions that are part of a monetary union. Over our full sample period of analysis (1977-2018), the res...
Valuation effect of capital account liberalization: Evidence from the Chinese stock market [0.03%]
资本账户开放的估值效应——来自中国股市的证据
Haoyuan Ding,Yuying Jin,Kees G Koedijk et al.
Haoyuan Ding et al.
This paper examines the valuation effect of capital account liberalization. Using an event study approach and the policy announcement for RMB Qualified Foreign Institutional Investors (short for RQFII) as the event date, we find that overal...