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Working Paper
Tradability, Productivity, and Understanding International Economic Integration
Bergin, Paul R.; Glick, Reuven (2005-09-01)
This paper develops a two-country macro model with endogenous tradability to study features of international economic integration. Recent episodes of integration in Europe and North America suggest some surprising observations: while quantities of trade have increased significantly, especially along the extensive margin of goods previously not traded, price dispersion has not decreased and may even have increased. These observations challenge the usual understanding of integration in the literature. We propose a way of reconciling these price and quantity observations in a macroeconomic model ...
Working Paper Series , Paper 2005-13

Working Paper
Unconventional monetary policy and the dollar: conventional signs, unconventional magnitudes
Leduc, Sylvain; Glick, Reuven (2015-11-29)
We examine the effects of unconventional monetary policy surprises on the value of the dollar using high-frequency intraday data and contrast them with the effects of conventional policy tools. Identifying monetary policy surprises from changes in interest rate future prices in narrow windows around policy announcements, we find that monetary policy surprises since the Federal Reserve lowered its policy rate to the effective lower bound have had larger effects on the value of the dollar. In particular, we document that the impact on the dollar has been roughly three times that following ...
Working Paper Series , Paper 2015-18

Journal Article
How much does the EMU benefit trade?
Rose, Andrew K.; Glick, Reuven (2016)
The economic benefits of sharing a currency like the euro continue to be debated. In theory, countries that use the same currency face lower trade costs and exchange rate risk and are able to compare prices across borders more easily. These advantages should help increase trade among the economies involved. New estimates suggest that this has been the case in Europe, though perhaps to a lesser degree than previously thought.
FRBSF Economic Letter

Working Paper
Monetary policy, intervention, and exchange rates in Japan
Glick, Reuven; Hutchison, Michael M. (1993)
Pacific Basin Working Paper Series , Paper 93-07

Journal Article
Monetary policy in the Pacific Basin
Glick, Reuven; Hutchison, Michael M. (1988)
FRBSF Economic Letter

Working Paper
Is money still useful for policy in East Asia?
Glick, Reuven; Moreno, Ramon (2001)
Since the East Asian crises of 1997, a number of East Asian economies have allowed greater exchange rate flexibility and abandoned monetary targets in favor of inflation targeting, apparently because the perceived usefulness of money as a predictor of inflation, i.e. the information content of money, has fallen. In this paper, we discuss factors that are likely to have influenced the stability of the relationship between money and inflation, particularly in the 1990s, and then assess this relationship in a set of East Asian economies. We focus on (1) the stability of the behavior of the ...
Pacific Basin Working Paper Series , Paper 2001-12

Journal Article
Real exchange rates, imperfect information, and economic disturbances
Glick, Reuven (1986-10)
Economic Review , Issue Fall , Pages 45-59

Working Paper
Fiscal constraints and incentives with monetary coordination: implications for Europe 1992
Glick, Reuven; Hutchison, Michael M. (1990)
This paper analyzes how the feasible mix of government expenditure and financing arrangements may change in a monetary union such as that presently under discussion for the European Community. The effect of this institutional change on the incentives facing fiscal policymakers in their budgetary decisions also is investigated. The framework of analysis is a two-country, two-period intertemporal framework with maximizing private and public sector behavior. We find that the range of feasible divergence in the present discounted value of fiscal spending is reduced in a monetary union, although ...
Working Papers in Applied Economic Theory , Paper 90-04

Journal Article
Financial issues in the Pacific Basin region: conference summary
Glick, Reuven (2002)
FRBSF Economic Letter

Working Paper
Real exchange rate effects of monetary disturbances under different degrees of exchange rate flexibility: an empirical analysis
Wihlborg, Clas; Kretzmer, Peter; Glick, Reuven (1990)
Working Papers in Applied Economic Theory , Paper 90-03

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