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Author:Glick, Reuven 

Journal Article
International output comparisons

FRBSF Economic Letter

Working Paper
Fiscal constraints and incentives with monetary coordination: implications for Europe 1992

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
The outlook for net exports

FRBSF Economic Letter

Working Paper
Foreign reserve and money dynamics with asset portfolio adjustment: international evidence

Pacific Basin Working Paper Series , Paper 94-09

Working Paper
Currency crises

A currency crisis is a speculative attack on the foreign exchange value of a currency, resulting in a sharp depreciation or forcing the authorities to sell foreign exchange reserves and raise domestic interest rates to defend the currency. This article discusses analytical models of the causes of currency and associated crises, presents basic measures of the incidence of crises, evaluates the accuracy of empirical models in predicting crises, and reviews work measuring the consequences of crises on the real economy. Currency crises have large measurable costs on the economy, but our ability ...
Working Paper Series , Paper 2011-22

Journal Article
Prospects for Asia and the Global Economy: conference summary

A new volume, Prospects for Asia and the Global Economy, summarizes the 2013 Asia Economic Policy Conference hosted by the Federal Reserve Bank of San Francisco?s Center for Pacific Basin Studies. The conference focused on challenges faced by policymakers in advanced and emerging economies as they continue to recover from the recent global financial crisis. Issues discussed included the monetary policy spillovers from advanced economies to emerging markets, the costs and benefits of foreign reserve accumulation, and the desirability of macroprudential interventions, restrictions on ...
FRBSF Economic Letter

Working Paper
Sterilization, monetary policy, and global financial integration

This paper investigates the changing pattern and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset accumulation associated with net balance of payments inflows, across countries and over time. We find that the extent of sterilization of foreign reserve inflows has risen in recent years to varying degrees in Asia as well as in Latin America, consistent with greater concerns about the potential inflationary impact of reserve inflows. We also find that ...
Working Paper Series , Paper 2008-15

Working Paper
Off-balance-sheet liquidity and monetary control

Working Papers in Applied Economic Theory , Paper 87-12

Journal Article
Monetary policy in a changing financial environment

FRBSF Economic Letter

Journal Article
Interest rate linkages in the Pacific Basin

Economic Review , Issue Sum , Pages 31-42

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