Search Results
Speech
Opening remarks for the Transatlantic Economic Interdependence and Policy Challenges Conference
Remarks at the Transatlantic Economic Interdependence and Policy Challenges Conference, Federal Reserve Bank of New York, New York City.
Working Paper
International coordination of macroeconomic policies: still alive in the new millennium?
In this paper we provide two building blocks for an analysis of international policy coordination: (1) a survey of models of policy coordination, and (2) an account of experience with policy coordination among the G-7 countries and within Europe since the breakdown of the Bretton Woods System. Using these building blocks, we investigate the correspondence between the models and experience and attempt to draw lessons for both the modelers and the practitioners. We find that the correspondence is close enough that the models help in analyzing several instances of actual policy coordination, but ...
Speech
The longer-term challenges ahead
Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom.
Journal Article
Monetary and financial integration: evidence from the EMU
Report
Border effects and the availability of domestic products abroad
Borders have a sizable negative impact on trade flows. Given the vast number of individual goods potentially traded, this "border effect" could have two possible explanations: (1) less international than domestic trade in the goods that are actually traded between countries ("flow"), or (2) differences between the sets of goods traded internationally and domestically--that is, fewer goods are available as exports than are sold in the home market ("availability"). Most of the previous literature on border effects has ignored the possible role of this second factor, instead ...
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 ...
Working Paper
Global financial integration: a collection of new research
This introductory note summarizes and draws together the work reported in eight research papers written by staff economists of the Board's Division of International Finance as part of a project on global financial integration. The eight papers are also International Discussion Finance Discussion Papers (IFDPs), the numbers of which are specified on the table of contents that appears herein. When viewing this introduction online, the paper titles appearing on the table-of-contents page are web links that may be used to navigate directly to each paper's on-line file.
Report
Dynamic factor models with time-varying parameters: measuring changes in international business cycles
We develop a dynamic factor model with time-varying factor loadings and stochastic volatility in both the latent factors and idiosyncratic components. We employ this new measurement tool to study the evolution of international business cycles in the post-Bretton Woods period, using a panel of output growth rates for nineteen countries. We find 1) statistical evidence of a decline in volatility for most countries, with the timing, magnitude, and source (international or domestic) of the decline differing across countries; 2) some evidence of a decline in business cycle synchronization for ...
Speech
The global recovery and monetary policy
Delivered at The Institute of Regulation and Risk North Asia, The Grand Ballroom, Conrad Hotel, Pacific Place, Hong Kong. This speech was also delivered at The Institute of Regulation and Risk North Asia, The InterContinental Hotel, Tokyo Bay, Japan, June 14, 2010.