Today, we are pleased to present a guest contribution written by Jon Frost (Bank for International Settlements), Hiro Ito (Portland State) and René van Stralen (De Nederlandsche Bank). The views expressed represent those of the authors, and do not necessarily represent those of De Nederlandsche Bank, or any other institutions the authors are affiliated with.
Category Archives: international
Guest Contribution: “Defining recessions when negative growth is too common or too rare”
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. He was a member of the NBER’s Business Cycle Dating Committee for 25 years, with his term ending last fall. A shorter version appeared in Project Syndicate and in The Guardian.
Guest Contribution: “Uncovered Interest Rate Parity Redux: Non-Uniform Effects”
Today, we’re pleased to present a guest contribution written by Yin-Wong Cheung and Wenhao Wang (City University of Hong Kong).
Guest Contribution: “It’s (Long Past) Time for a Eurozone Brady Plan”
Today we are fortunate to be able to present a guest contribution written by Mark Copelovitch (University of Wisconsin – Madison).
Guest Contribution: “Charting This Crisis”
Today, we are fortunate to present a guest contribution written by Ashoka Mody, Charles and Marie Visiting Professor in International Economic Policy, Woodrow Wilson School, Princeton University. Previously, he was Deputy Director in the International Monetary Fund’s Research and European Departments. He is the author of “EuroTragedy: A Drama in Nine Acts,” recently updated with a new afterword.
Guest Contribution: “Oceans Apart? China and Other Systemically Important Economies”
Today we are pleased to present a guest contribution written by Hongyi Chen, Senior Advisor at the Hong Kong Institute for Monetary and Financial Research, and Pierre Siklos, Professor of Economics at Wilfrid Laurier University.
Guest Contribution: “Questioning the puzzle: Fiscal policy, exchange rate and inflation”
Today we are fortunate to present a guest contribution written by By Laurent Ferrara (SKEMA Business School, Paris, and Director of International Institute of Forecasters), Luca Metelli (Banca d’Italia), Filippo Natoli (Banca d’Italia) and Daniele Siena (Banque de France). The views presented represent those of the authors, and not necessarily those of the institutions the authors are affilliated with.
What Determines the Strength of Interest Rate Linkages between Countries?
Decisions regarding the trilemma, but also choices regarding macroprudential policies have an impact. From the revised version of Joshua Aizenman, Menzie Chinn and Hiro Ito, “Financial Spillovers and Macroprudential Policies” (forthcoming Open Economies Review):
Guest Contribution: “The Role of Network Effects in the International Transmission of US Monetary Policy”
Today, we are fortunate to be able to present a guest contribution by Stéphane Dees (Banque de France and Univ. Bordeaux) and Alessandro Galesi (Banco de España). The views expressed here are those of the authors and do not necessarily reflect the views of Banque de France, Banco de España, or the Eurosystem.
The Fama Puzzle at 40
Fama (JME, 1984) was published 35 years ago, but the earlier — perhaps the earliest — appearance of the Fama regression is in Tryon (1979). While the puzzle has largely persisted since then, it has seemingly disappeared since the global financial crisis.