Search Results
Speech
The U.S. economic outlook
Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.
Conference Paper
The United States as an open economy
Speech
The longer-term challenges ahead
Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom.
Journal Article
Multinationals from emerging economies: growing but little understood
Their share of the foreign investment pie grew from 0.4 percent in 1970 to 15.8 percent in 2008. What's behind the growth?
Report
Home bias in trade: location or foreign-ness?
With "home bias," a consumer differentiates between domestic goods and imports and tends to purchase the domestic variety. A vast number of empirical studies in the international trade literature report the apparent prevalence of a large degree of home bias (the case of the "missing trade," the "border puzzle"). Many theoretical studies, in turn, assume its presence. Despite this wide usage, the origins of home bias remain cloudy. Do customs officials require extensive paper work, thus making imports prohibitively expensive? Is there some inherent distrust of a foreign product? ; This paper ...
Working Paper
International monetary policy coordination and financial market integration
The welfare gains from international coordination of monetary policy are analysed in a two-country model with sticky prices. The gains from coordination are compared under two alternative structures for financial markets: financial autarky and risk sharing. The welfare gains from coordination are found to be largest when there is risk sharing and the elasticity of substitution between home and foreign goods is greater than unity. When there is no risk sharing the gains to coordination are almost zero. It is also shown that the welfare gain from risk sharing can be negative when monetary ...
Speech
Confessions of a data dependent
Remarks before the New York Association for Business Economics, New York, November 2, 2006 ; "Globalization brings new influences into the Fed's navigation calculations to determine the best flight path for the U.S. economy. To determine that course...we must develop a better understanding of the new forces exerting themselves on the aircraft we have been charged with flying. That aircraft no longer flies solely in domestic space, affected soley by domestic factors. Rather, it flies all over the world, requiring more sophisticated navigation instruments to monitor changing global and ...