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Pierre-Olivier Gourinchas

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Pierre-Olivier Gourinchas & Hélène Rey, 2005. "From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege," NBER Working Papers 11563, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
  2. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An Equilibrium Model of Global Imbalances and Low Interest Rates," 2006 Meeting Papers 894, Society for Economic Dynamics.

    Mentioned in:

    1. Was fiscal policy too tight in the boom?
      by chris dillow in Stumbling and Mumbling on 2009-11-23 20:54:34
    2. Another case for plan B
      by chris dillow in Stumbling and Mumbling on 2011-07-27 18:31:10
    3. Global Imbalances: Links to Economic and Financial Stability
      by Guest Author in the big picture on 2011-02-21 21:09:05
    4. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
    5. The most important Budget number
      by chris dillow in Stumbling and Mumbling on 2009-04-22 21:51:13
  3. Ricardo J Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An equilibrum model of "global imbalances" and low interest rates," BIS Working Papers 222, Bank for International Settlements.

    Mentioned in:

    1. Was fiscal policy too tight in the boom?
      by chris dillow in Stumbling and Mumbling on 2009-11-23 20:54:34
    2. Another case for plan B
      by chris dillow in Stumbling and Mumbling on 2011-07-27 18:31:10
    3. Global Imbalances: Links to Economic and Financial Stability
      by Guest Author in the big picture on 2011-02-21 21:09:05
    4. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
    5. The most important Budget number
      by chris dillow in Stumbling and Mumbling on 2009-04-22 21:51:13
  4. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," American Economic Review, American Economic Association, vol. 98(1), pages 358-393, March.

    Mentioned in:

    1. Was fiscal policy too tight in the boom?
      by chris dillow in Stumbling and Mumbling on 2009-11-23 20:54:34
    2. Another case for plan B
      by chris dillow in Stumbling and Mumbling on 2011-07-27 18:31:10
    3. Global Imbalances: Links to Economic and Financial Stability
      by Guest Author in the big picture on 2011-02-21 21:09:05
    4. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
    5. The most important Budget number
      by chris dillow in Stumbling and Mumbling on 2009-04-22 21:51:13
  5. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," NBER Working Papers 11996, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. Was fiscal policy too tight in the boom?
      by chris dillow in Stumbling and Mumbling on 2009-11-23 20:54:34
    2. Another case for plan B
      by chris dillow in Stumbling and Mumbling on 2011-07-27 18:31:10
    3. Global Imbalances: Links to Economic and Financial Stability
      by Guest Author in the big picture on 2011-02-21 21:09:05
    4. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
    5. The most important Budget number
      by chris dillow in Stumbling and Mumbling on 2009-04-22 21:51:13
  6. Pierre-Olivier Gourinchas & Hélène Rey, 2019. "Global real rates: a secular approach," BIS Working Papers 793, Bank for International Settlements.

    Mentioned in:

    1. What's in store for r*?
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2020-11-24 13:15:29
  7. Gita Gopinath & Pierre-Olivier Gourinchas & Chang-Tai Hsieh & Nicholas Li, 2009. "Estimating the border effect: some new evidence," Working Papers 09-10, Federal Reserve Bank of Boston.

    Mentioned in:

    1. Estimating the border effect: some new evidence
      by Martin Berka in NEP-OPM blog on 2009-10-19 02:04:17
  8. Pierre-Olivier Gourinchas & Helene Rey, 2005. "International Financial Adjustment," NBER Working Papers 11155, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. Global imbalances and sliding dollar, is the US doomed?
      by Economic Logician in Economic Logic on 2008-03-14 23:33:00
  9. Camila Casas & Federico Díez & Gita Gopinath & Pierre-Olivier Gourinchas, 2017. "Dollar pricing redux," BIS Working Papers 653, Bank for International Settlements.

    Mentioned in:

    1. U.S. Monetary Policy Spillovers
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2018-11-12 13:07:42
  10. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2016. "Safe Asset Scarcity and Aggregate Demand," NBER Working Papers 22044, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. How to Ensure the Crisis Provision of Safe Assets
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2017-06-26 13:52:56
  11. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2002. "Consumption Over the Life Cycle," Econometrica, Econometric Society, vol. 70(1), pages 47-89, January.

    Mentioned in:

    1. Performing Consumption Smoothing
      by Mike in Rortybomb on 2009-05-30 00:01:10

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Gourinchas, Pierre-Olivier & Kalemli-Özcan, Ṣebnem & Penciakova, Veronika & Sander, Nick, 2022. "SME Failures Under Large Liquidity Shocks: An Application to the COVID-19 Crisis," CEPR Discussion Papers 15323, C.E.P.R. Discussion Papers.

    Mentioned in:

    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic consequences > Production and supply

Wikipedia or ReplicationWiki mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Gita Gopinath & Pierre-Olivier Gourinchas & Chang-Tai Hsieh & Nicholas Li, 2011. "International Prices, Costs, and Markup Differences," American Economic Review, American Economic Association, vol. 101(6), pages 2450-2486, October.

    Mentioned in:

    1. International Prices, Costs, and Markup Differences (AER 2011) in ReplicationWiki ()
  2. Pierre-Olivier Gourinchas & Maurice Obstfeld, 2012. "Stories of the Twentieth Century for the Twenty-First," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 226-265, January.

    Mentioned in:

    1. Stories of the Twentieth Century for the Twenty-First (AEJ:MA 2012) in ReplicationWiki ()
  3. Pierre-Olivier Gourinchas & Hélène Rey, 2007. "International Financial Adjustment," Journal of Political Economy, University of Chicago Press, vol. 115(4), pages 665-703, August.

    Mentioned in:

    1. International Financial Adjustment (JPE 2007) in ReplicationWiki ()

Working papers

  1. Gopinath, Gita & Gourinchas, Pierre-Olivier & Presbitero, Andrea & Topalova, Petia, 2024. "Changing Global Linkages: A New Cold War?," CEPR Discussion Papers 18997, C.E.P.R. Discussion Papers.

    Cited by:

    1. Jesús Fernández-Villaverde & Tomohide Mineyama & Dongho Song, 2024. "Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effect," NBER Working Papers 32638, National Bureau of Economic Research, Inc.
    2. Barattieri, Alessandro & Mattoo, Aaditya & Taglioni, Daria, 2024. "Trade Effects of Industrial Policies : Are Preferential Agreements a Shield ?," Policy Research Working Paper Series 10806, The World Bank.
    3. Aaditya Mattoo & Michele Ruta & Robert W. Staiger, 2024. "Geopolitics and the World Trading System," NBER Working Papers 33293, National Bureau of Economic Research, Inc.
    4. Han Qiu & Dora Xia & James Yetman, 2024. "Deconstructing global trade: the role of geopolitical alignment," BIS Quarterly Review, Bank for International Settlements, September.
    5. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back Into Geoeconomics," NBER Working Papers 33681, National Bureau of Economic Research, Inc.
    6. Fernando Broner & Alberto Martin & Josefin Meyer & Christoph Trebesch & Jiaxian Zhou Wu, 2025. "Hegemony and international alignment," Economics Working Papers 1902, Department of Economics and Business, Universitat Pompeu Fabra.
    7. Thiemo Fetzer & Peter John Lambert & Bennet Feld & Prashant Garg, 2024. "AI-Generated Production Networks: Measurement and Applications to Global Trade," CESifo Working Paper Series 11497, CESifo.
    8. Garcia William Connell & Ho Victor, 2025. "External Vulnerability Index: A Tool to Assess Trade Weaknesses," Intereconomics: Review of European Economic Policy, Sciendo, vol. 60(1), pages 40-45.
    9. Alen Mulabdic & Gaurav Nayyar, 2024. "Is the U.S. Friend-Shoring, Nearshoring, or Reshoring ? Evidence from Greenfield Investment Announcements," Policy Research Working Paper Series 11006, The World Bank.
    10. Tamas Ginter, 2025. "Geoeconomic Fragmentation in the Western Balkans," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 24(2), pages 27-46.
    11. Francesco Paolo Conteduca & Simona Giglioli & Claire Giordano & Michele Mancini & Ludovic Panon, 2024. "Trade fragmentation unveiled: five facts on the reconfiguration of global, US and EU trade," Questioni di Economia e Finanza (Occasional Papers) 881, Bank of Italy, Economic Research and International Relations Area.
    12. Laura Alfaro & Mariya Brussevich & Camelia Minoiu & Andrea F. Presbitero, 2025. "Bank Financing of Global Supply Chains," NBER Working Papers 33754, National Bureau of Economic Research, Inc.
    13. Chang,Kuo-I & Hayakawa,Kazunobu, 2025. "Subsidies for Reshoring: Evidence from Taiwan," IDE Discussion Papers 974, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    14. Haishi Li & Zhi Li & Ziho Park & Yulin Wang & Jing Wu, 2024. "To Comply or Not to Comply: Understanding Neutral Country Supply Chain Responses to Russian Sanctions," CESifo Working Paper Series 11110, CESifo.
    15. Hanin Khawaja, 2025. "Beyond Singularity and Multipolarity: Functional Fragmentation in the International Monetary System," Working Papers 2514, New School for Social Research, Department of Economics.
    16. HAYAKAWA,Kazunobu, 2025. "Trade Effects of US Tariffs under Trump 2.0," IDE Discussion Papers 976, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    17. Panon, Ludovic & Lebastard, Laura & Mancini, Michele & Borin, Alessandro & Essers, Dennis & Linarello, Andrea & Caka, Peonare & Cariola, Gianmarco & Gentili, Elena & Padellini, Tullia & Requena, Franc, 2024. "Inputs in distress: geoeconomic fragmentation and firms’ sourcing," Working Paper Series 2992, European Central Bank.
    18. Samuel Hardwick, 2025. "Trade, Political Distance and the World Trade Organization," Papers 2509.17303, arXiv.org.
    19. Dirks, Maximilian W., 2025. "When two quarrel, the third rejoices: Windfall FDIs and the early winners of the Russian-Ukrainian war," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325433, Verein für Socialpolitik / German Economic Association.
    20. Clayton, Christopher & Coppola, Antonio & Maggiori, Matteo & Schreger, Jesse, 2025. "Chokepoints: Identifying Economic Pressure," SocArXiv zsc4x_v1, Center for Open Science.
    21. Joerg Mayer, 2024. "De-dollarization: the global payment infrastructure and wholesale central bank digital currencies," FMM Working Paper 102-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    22. Florencia Airaudo & Francois de Soyres & Keith Richards & Ana Maria Santacreu, 2025. "Measuring Geopolitical Fragmentation: Implications for Trade, Financial Flows, and Economic Policy," Review, Federal Reserve Bank of St. Louis, vol. 107(12), pages 1-30, September.
    23. Catherine Casanova & Eugenio Cerutti & Swapan-Kumar Pradhan, 2024. "Chinese Banks and their EMDE Borrowers: Have Their Relationships Changed in Times of Geoeconomic Fragmentation," BIS Working Papers 1213, Bank for International Settlements.
    24. Baur, Andreas & Dorn, Florian & Flach, Lisandra & Fuest, Clemens, 2025. "Geoeconomic fragmentation and the role of non-aligned countries," Economics Letters, Elsevier, vol. 255(C).
    25. Tianyu Fan & Mai Wo & Wei Xiang, 2025. "Geopolitical Barriers to Globalization," Papers 2509.12084, arXiv.org, revised Sep 2025.
    26. Bo Yang & Jinyuan Song & Yifan Wei & Jing Li, 2025. "Navigating geopolitical risks: How U.S. firms adjust supply chains amid U.S.–China rivalry," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(7), pages 937-949, September.
    27. Khalil, Makram & Osten, David & Strobel, Felix, 2025. "Trade dynamics under geopolitical risk," Discussion Papers 03/2025, Deutsche Bundesbank.
    28. Tianyu Fan, 2025. "The Geopolitical Determinants of Economic Growth, 1960-2019," Papers 2507.04833, arXiv.org, revised Jul 2025.
    29. Ando,Mitsuyo & Hayakawa,Kazunobu & Kimura,Fukunari & Mukunoki,Hiroshi, 2025. "Friend- and Near-Shoring in Factories America, Asia, and Europe amid Rising Geopolitical Tensions," IDE Discussion Papers 973, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    30. Asier Minondo, 2024. "El desempeño exportador de España: claves de un éxito," Studies on the Spanish Economy eee2024-32, FEDEA.
    31. Norring, Anni, 2024. "The economic effects of geoeconomic fragmentation," BOFIT Policy Briefs 8/2024, Bank of Finland Institute for Emerging Economies (BOFIT).
    32. Dirks, Maximilian W., 2025. "When two quarrel, the third rejoices: Windfall FDI and the early winners of the Russian-Ukrainian war," Ruhr Economic Papers 1161, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    33. Steven A. Altman & Caroline R. Bastian & Davis Fattedad, 2024. "Challenging the deglobalization narrative: Global flows have remained resilient through successive shocks," Journal of International Business Policy, Palgrave Macmillan, vol. 7(4), pages 416-439, December.
    34. Aiyar, Shekhar & Ohnsorge, Franziska, 2024. "Geoeconomic Fragmentation and "Connector" Countries," MPRA Paper 121726, University Library of Munich, Germany.
    35. Andreas Baur, 2024. "Geoeconomics and Foreign Economic Policy – Quo Vadis EU?," EconPol Policy Brief 63, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    36. De Haas, Ralph & Popov, Alexander & Mamonov, Mikhail & Shala, Iliriana, 2025. "Violent conflict and cross-border lending," Working Paper Series 3073, European Central Bank.
    37. Kagerer, B., 2024. "Geopolitics and corporate risk: Evidence from EU-Russia conflict shocks," Cambridge Working Papers in Economics 2471, Faculty of Economics, University of Cambridge.
    38. Florencia Airaudo & Francois de Soyres & Alexandre Gaillard & Ana Maria Santacreu, 2025. "Recent Evolutions in the Global Trade System: From Integration to Strategic Realignment," Working Papers 2025-027, Federal Reserve Bank of St. Louis.
    39. Thierry Mayer, 2025. "Comment on "Putting Economics Back Into Geoeconomics" 2," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, National Bureau of Economic Research, Inc.

  2. Pierre-Olivier Gourinchas & Gregor Schwerhoff & Antonio Spilimbergo, 2024. "Energy transition: The race between technology and political backlash," Working Paper Series WP24-4, Peterson Institute for International Economics.

    Cited by:

    1. Jules Pretty & Dennis Garrity & Hemant Kumar Badola & Mike Barrett & Cornelia Butler Flora & Catherine Cameron & Natasha Grist & Leanne Hepburn & Heather Hilburn & Amy Isham & Erik Jacobi & Rattan Lal, 2025. "How the Concept of “Regenerative Good Growth” Could Help Increase Public and Policy Engagement and Speed Transitions to Net Zero and Nature Recovery," Sustainability, MDPI, vol. 17(3), pages 1-29, January.

  3. Mai Chi Dao & Pierre-Olivier Gourinchas & Daniel Leigh & Prachi Mishra, 2024. "Understanding the International Rise & Fall of inflation since 2020," Working Papers 119, Ashoka University, Department of Economics.

    Cited by:

    1. Lukas Hack & Davud Rostam-Afschar, 2024. "Understanding Firm Dynamics with Daily Data," CRC TR 224 Discussion Paper Series crctr224_2024_593, University of Bonn and University of Mannheim, Germany.
    2. Li, Mengheng & Mendieta-Munoz, Ivan, 2025. "Unpacking trend inflation: Evidence from a factor correlated unobserved components model of sticky and flexible prices," EconStor Preprints 320299, ZBW - Leibniz Information Centre for Economics.
    3. Piergiorgio Alessandri & Andrea Gazzani, 2023. "Natural gas and the macroeconomy: not all energy shocks are alike," Temi di discussione (Economic working papers) 1428, Bank of Italy, Economic Research and International Relations Area.
    4. Liza Archanskaia & Plamen Nikolov & Wouter Simons & Lukas Vogel, 2024. "Navigating Shocks: The Performance of the EU Corporate Sector from the Pandemic to the Energy Crisis," European Economy - Discussion Papers 216, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    5. Georgakas, Ioannis, 2025. "Support Policies and Inflationary Pressures: A Critical Review of 2020-2022 in the Light of the 2008 Experience," MPRA Paper 124405, University Library of Munich, Germany.
    6. Morão, Hugo, 2025. "Fuel price surges and rising inflation expectations in the Euro Area," International Economics, Elsevier, vol. 181(C).
    7. Guido Ascari & Dennis Bonam & Lorenzo Mori & Andra Smadu, 2024. "Fiscal Policy and Inflation in the Euro Area," Working Papers 820, DNB.
    8. Weber, Isabella & Wasner, Evan & Lang, Markus & Braun, Benjamin & Klooster, Jens van’t, 2025. "Implicit coordination in sellers’ inflation: how cost shocks facilitate price hikes," LSE Research Online Documents on Economics 128231, London School of Economics and Political Science, LSE Library.

  4. Mr. Sakai Ando & Mr. Giovanni Dell'Ariccia & Pierre-Olivier Gourinchas & Guido Lorenzoni & Mr. Adrian Peralta-Alva & Mr. Francisco Roch, 2023. "Debt Mutualization in the Euro Area: A Quantitative Exploration," IMF Working Papers 2023/059, International Monetary Fund.

    Cited by:

    1. Daniel Loureiro & Oscar Afonso & Paulo B. Vasconcelos, 2024. "Global directed technical change model with fiscal and monetary policies, and public debt," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-57, April.

  5. Pierre-Olivier Gourinchas & Şebnem Kalemli-Özcan & Veronika Penciakova & Nicholas Sander, 2023. "SME Failures Under Large Liquidity Shocks: An Application to the COVID-19 Crisis," Staff Working Papers 23-32, Bank of Canada.

    Cited by:

    1. Caselli, Mauro & Fracasso, Andrea & Traverso, Silvio, 2021. "Robots and risk of COVID-19 workplace contagion: Evidence from Italy," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    2. Luis Felipe Céspedes & Roberto Chang & Andrés Velasco, 2020. "The Macroeconomics of a Pandemic: A Minimalist Framework," Working Papers wp504, University of Chile, Department of Economics.
    3. Daiji Kawaguchi & Sagiri Kitao & Manabu Nose, 2022. "The impact of COVID-19 on Japanese firms: mobility and resilience via remote work," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 29(6), pages 1419-1449, December.
    4. Federico Huneeus & Joseph P. Kaboski & Mauricio Larrain & Sergio L. Schmukler & Mario Vera, 2024. "Crisis Credit, Employment Protection, Indebtedness, and Risk," Working Papers Central Bank of Chile 1035, Central Bank of Chile.
    5. Nicholas Bloom & Philip Bunn & Paul Mizen & Pawel Smietanka & Gregory Thwaites, 2020. "The impact of Covid-19 on productivity," Discussion Papers 2020/13, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    6. Jorge Fernández B. & Francisco Vásquez L., 2024. "Financiamiento de corto plazo de las empresas chilenas," Working Papers Central Bank of Chile 1032, Central Bank of Chile.
    7. Kasinger, Johannes & Krahnen, Jan Pieter & Ongena, Steven & Pelizzon, Loriana & Schmeling, Maik & Wahrenburg, Mark, 2021. "Non-performing loans - new risks and policies? NPL resolution after COVID-19: Main differences to previous crises," SAFE White Paper Series 84, Leibniz Institute for Financial Research SAFE.
    8. Honda, Tomohito & Hosono, Kaoru & Miyakawa, Daisuke & Ono, Arito & Uesugi, Iichiro, 2022. "Determinants and Effects of the Use of COVID-19 Business Support Programs in Japan," RCESR Discussion Paper Series DP22-5, Research Center for Economic and Social Risks, Institute of Economic Research, Hitotsubashi University.
    9. Dörr, Julian Oliver & Murmann, Simona & Licht, Georg, 2021. "The COVID-19 insolvency gap: First-round effects of policy responses on SMEs," ZEW Discussion Papers 21-018, ZEW - Leibniz Centre for European Economic Research.
    10. Rebucci, Alessandro & Bai, Ge & Jiménez, Daniel & Phan, Phillip & , & Sun, Xian, 2021. "The Financial Fragility of For-profit Hospitals: Evidence from the COVID-19 Pandemic," CEPR Discussion Papers 16650, C.E.P.R. Discussion Papers.
    11. Shun-Yang Lee & Julian Runge & Daniel Yoo & Yakov Bart & Anett Gyurak & J. W. Schneider, 2023. "COVID-19 Demand Shocks Revisited: Did Advertising Technology Help Mitigate Adverse Consequences for Small and Midsize Businesses?," Papers 2307.09035, arXiv.org, revised Jan 2024.
    12. Álvarez, Laura & García-Posada, Miguel & Mayordomo, Sergio, 2023. "Distressed firms, zombie firms and zombie lending: A taxonomy," Journal of Banking & Finance, Elsevier, vol. 149(C).
    13. Hoshi, Takeo & Kawaguchi, Daiji & Ueda, Kenichi, 2023. "Zombies, again? The COVID-19 business support programs in Japan," Journal of Banking & Finance, Elsevier, vol. 147(C).
    14. Florin O. Bilbiie & Marc J. Melitz, 2020. "Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier," NBER Working Papers 28258, National Bureau of Economic Research, Inc.
    15. Zhang, Dengjun & Sogn-Grundvåg, Geir, 2022. "Credit constraints and the severity of COVID-19 impact: Empirical evidence from enterprise surveys," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 337-349.
    16. Ana Clara Borrego & Francisco Alegria Carreira & Pedro Pardal & Rute Abreu, 2022. "Social Responsibility and SDG 8 during the First Wave of the COVID-19 Pandemic: The Role of Chartered Accountants in Portugal," Sustainability, MDPI, vol. 14(14), pages 1-22, July.
    17. Hiroyuki Okamuro & Yasushi Hara & Yunosuke Iwaki, 2022. "Impact of Consumer Awareness and Behavior on Business Exits in the Hospitality, Tourism, Entertainment, and Culture Industries under the COVID-19 Pandemic," Administrative Sciences, MDPI, vol. 12(4), pages 1-19, November.
    18. Ines Ghazouani & Nadia Basty, 2023. "Is the relationship between bank stability, competition, and intervention quality nonlinear? Evidence from North African countries," African Development Review, African Development Bank, vol. 35(1), pages 38-51, March.
    19. Péter Harasztosi & Laurent Maurin & Rozália Pál & Debora Revoltella & Wouter van der Wielen, 2022. "Firm-level policy support during the crisis: So far, so good?," International Economics, CEPII research center, issue 171, pages 30-48.
    20. Alam, Nurul & Gao, Junbin & Jones, Stewart, 2021. "Corporate failure prediction: An evaluation of deep learning vs discrete hazard models," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    21. Ascari, Guido & Colciago, Andrea & Silvestrini, Riccardo, 2023. "Business dynamism, sectoral reallocation and productivity in a pandemic," European Economic Review, Elsevier, vol. 156(C).
    22. Altavilla, Carlo & Ellul, Andrew & Pagano, Marco & Polo, Andrea & Vlassopoulos, Thomas, 2021. "Loan guarantees, bank lending and credit risk reallocation," CFS Working Paper Series 672, Center for Financial Studies (CFS).
    23. Fanelli, Sebastián & Gonzalez-Eiras, Martín, 2021. "Resolution of financial crises," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    24. Nicholas Bloom & Robert S. Fletcher & Ethan Yeh, 2021. "The impact of Covid-19 on US firms," POID Working Papers 009, Centre for Economic Performance, LSE.
    25. Tan, Brandon & Igan, Deniz & Martinez Peria, Maria Soledad & Pierri, Nicola & Presbitero, Andrea F., 2021. "Government intervention and bank markups: Lessons from the global financial crisis for the COVID-19 crisis," Journal of Banking & Finance, Elsevier, vol. 133(C).
    26. Gasparini, Tommaso & Lewis, Vivien & Moyen, Stéphane & Villa, Stefania, 2024. "Risky firms and fragile banks: Implications for macroprudential policy," Discussion Papers 10/2024, Deutsche Bundesbank.
    27. Lafortune, Jeanne & Pugatch, Todd & Tessada, José & Ubfal, Diego, 2022. "Can interactive online training make high school students more entrepreneurial? Experimental evidence from Rwanda," GLO Discussion Paper Series 1041, Global Labor Organization (GLO).
    28. Helder Marcos Freitas Pereira & Maria Sylvia Macchione Saes, 2022. "Government Support and Institutions’ Intermediation throughout Companies’ Adaptation to the COVID-19 Crisis," Sustainability, MDPI, vol. 14(9), pages 1-16, May.
    29. Nopriadi Saputra, 2021. "Double-Sided Perspective of Business Resilience: Leading SME Rationally and Irrationally During COVID-19," GATR Journals jmmr275, Global Academy of Training and Research (GATR) Enterprise.
    30. Kingsley Opoku Appiah & Bismark Addai & Wesley Ekuban & Suzzie Owiredua Aidoo & Joseph Amankwah-Amoah, 2022. "Management research and the impact of COVID-19 on performance: a bibliometric review and suggestions for future research," Future Business Journal, Springer, vol. 8(1), pages 1-20, December.
    31. Shen, Yu & Ren, Meixu & Zhao, Jingmei, 2023. "Bank competition and zombie company: Empirical evidence from China," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 297-318.
    32. Nathanael Ojong & Simplice A. Asongu, 2021. "COVID-19 Global Pandemic, Financial Development and Financial Inclusion," Research Africa Network Working Papers 21/078, Research Africa Network (RAN).
    33. Pontus Braunerhjelm, 2022. "Rethinking stabilization policies; Including supply-side measures and entrepreneurial processes," Small Business Economics, Springer, vol. 58(2), pages 963-983, February.
    34. Aguilar-Gomez, Sandra & Gutierrez, Emilio & Heres, David & Jaume, David & Tobal, Martin, 2024. "Thermal stress and financial distress: Extreme temperatures and firms’ loan defaults in Mexico," Journal of Development Economics, Elsevier, vol. 168(C).
    35. Vujanović, Nina & Stojčić, Nebojša & Hashi, Iraj, 2021. "FDI spillovers and firm productivity during crisis: Empirical evidence from transition economies," Economic Systems, Elsevier, vol. 45(2).
    36. Sebastian Doerr & Magdalena Erdem & Guido Franco & Leonardo Gambacorta & Anamaria Illes, 2021. "Technological capacity and firms' recovery from Covid-19," BIS Working Papers 965, Bank for International Settlements.
    37. Jose M. Berrospide & Arun Gupta & Matthew P. Seay, 2021. "Un-used Bank Capital Buffers and Credit Supply Shocks at SMEs during the Pandemic," Finance and Economics Discussion Series 2021-043, Board of Governors of the Federal Reserve System (U.S.).
    38. Serguei Kaniovski & Atanas Pekanov & Thomas Url, 2021. "Ex-post-Analyse der Wirkungen des COVID-19-Maßnahmenpaketes auf die Unternehmensliquidität," WIFO Studies, WIFO, number 67189.
    39. Samuel Kwesi Dunyo & Saran Sarntisart, 2024. "The impact of COVID‐19 pandemic on the Thai economy and the effectiveness of monetary policy: A Bayesian DSGE model approach," Asian Economic Journal, East Asian Economic Association, vol. 38(1), pages 3-34, March.
    40. Martina Pilloni & József Kádár & Tareq Abu Hamed, 2022. "The Impact of COVID-19 on Energy Start-Up Companies: The Use of Global Financial Crisis (GFC) as a Lesson for Future Recovery," Energies, MDPI, vol. 15(10), pages 1-15, May.
    41. Maria Bas & Caroline Paunov & Ana Fernandes, 2024. "How resilient was trade to COVID-19?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04910158, HAL.
    42. Choudhary, Piyush & Kumar Jain, Nikunj & Panda, Abinash, 2022. "Making small and medium enterprises circular economy compliant by reducing the single use plastic consumption," Journal of Business Research, Elsevier, vol. 149(C), pages 448-462.
    43. Martins, Ana & Pereira dos Santos, João & Pozzobon, Fernando, 2025. "Sailing Through Troubled Waters: Evidence from Support Discontinuities to Firms in Times of Crisis," IZA Discussion Papers 18136, Institute of Labor Economics (IZA).
    44. Takeo Hoshi & Daiji Kawaguchi & Kenichi Ueda, 2021. "The Return of the Dead? The COVID-19 Business Support Programs in Japan (Forthcoming in Journal of Banking and Finance)," CARF F-Series CARF-F-513, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    45. Archanskaia, Elizaveta & Canton, Erik & Hobza, Alexandr & Nikolov, Plamen & Simons, Wouter, 2023. "The asymmetric impact of COVID-19: A novel approach to quantifying financial distress across industries," European Economic Review, Elsevier, vol. 158(C).
    46. Barrot, Jean-Noël & Bonelli, Maxime & Grassi, Basile & Sauvagnat, Julien, 2024. "Causal effects of closing businesses in a pandemic," Journal of Financial Economics, Elsevier, vol. 154(C).
    47. Cerqua, Augusto & Letta, Marco, 2022. "Local inequalities of the COVID-19 crisis," Regional Science and Urban Economics, Elsevier, vol. 92(C).
    48. Galina Hale & John C. Leer & Fernanda Nechio, 2023. "Inflationary Effects of Fiscal Support to Households and Firms," NBER Working Papers 30906, National Bureau of Economic Research, Inc.
    49. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2021. "Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’," NBER Working Papers 29293, National Bureau of Economic Research, Inc.
    50. Roberta De Luca & Rosalia Greco & Giovanni Immordino, 2025. "Mafia Infiltration and Ownership Dynamics in Italian Companies during Covid-19," CSEF Working Papers 750, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    51. Tetsushi Sonobe & Asami Takeda & Susumu Yoshida & Hoa Thi Truong, 2021. "The Impacts of the COVID-19 Pandemic on Micro, Small, and Medium Enterprises in Asia and Their Digitalization Responses," ADBI Working Papers 1241, Asian Development Bank Institute.
    52. Charlie Tchinda & Marcus Dejardin, 2021. "Are Business Policy Measures in Response to the COVID-19 Pandemic to Be Equally Valued? An Exploration According to SMEs Owners’ Business Expectations," Sustainability, MDPI, vol. 13(21), pages 1-42, October.
    53. Onjewu, Adah-Kole Emmanuel & Olan, Femi & Nyuur, Richard Benon-be-isan & Paul, Salima & Nguyen, Ha Thanh Truc, 2023. "The effect of government support on Bureaucracy, COVID-19 resilience and export intensity: Evidence from North Africa," Journal of Business Research, Elsevier, vol. 156(C).
    54. Ana Martins & João Pereira dos Santos & Fernando Pozzobon, 2025. "Sailing through Troubled Waters: Evidence from the APOIAR Program," GEE Papers 190, Gabinete de Estratégia e Estudos, Ministério da Economia, revised May 2025.
    55. Lafortune, Jeanne & Pugatch, Todd & Tessada, José & Ubfal, Diego, 2024. "Can gamified online training make high school students more entrepreneurial? Experimental evidence from Rwanda," Economics of Education Review, Elsevier, vol. 101(C).
    56. Wang, Wei & Miao, Wei & Liu, Yongdong & Deng, Yiting & Cao, Yunfei, 2022. "The impact of COVID-19 on the ride-sharing industry and its recovery: Causal evidence from China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 155(C), pages 128-141.
    57. Khwazi Magubane, 2025. "Is There a Common Financial Cycle in Systemic Economies?," JRFM, MDPI, vol. 18(3), pages 1-31, February.
    58. Zofia Gródek-Szostak & Jadwiga Adamczyk & Małgorzata Luc & Marcin Suder & Justyna Tora & Karolina Kotulewicz-Wisińska & Wojciech Zysk & Anna Szeląg-Sikora, 2022. "Hard Cash in Hard Times—The Effect of Institutional Support for Businesses Shaken by COVID-19," Sustainability, MDPI, vol. 14(8), pages 1-18, April.
    59. Claus Puhr & Martin Schneider, 2021. "Have mitigating measures helped prevent insolvencies in Austria amid the COVID-19 pandemic?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/20-Q1/, pages 77-110.
    60. Miguel Acosta-Henao & Andrés Fernández & Patricia Gomez-Gonzalez & Ṣebnem Kalemli-Özcan, 2024. "Firm Financing During Sudden Stops: Can Governments Substitute Markets?," NBER Working Papers 33283, National Bureau of Economic Research, Inc.
    61. Benguria, Felipe, 2021. "The 2020 trade collapse: Exporters amid the pandemic," Economics Letters, Elsevier, vol. 205(C).
    62. Blagica Petreski & Marjan Petreski & Bojan Srbinoski, 2020. "The potential of export-oriented companies to contribute to post-Covid-19 economic recovery in North Macedonia," Finance Think Policy Studies 2020-12/33, Finance Think - Economic Research and Policy Institute.
    63. Pedro Dias Moreira & Nicholas Kozeniauskas, 2021. "On the Cleansing Effect of Recessions and Government Policy: Evidence from Covid-19," Working Papers w202118, Banco de Portugal, Economics and Research Department.
    64. Valery V. Kizilov, 2021. "Some Macroeconomic Consequences of COVID-19: Specifics of the 2020 World Economic Crisis," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 9-27, February.
    65. Elías Albagli & Andrés Fernández & Juan Guerra-Salas & Federico Huneeus & Pablo Muñoz, 2023. "Anatomy of Firms’ Margins of Adjustment: Evidence from the COVID Pandemic," Working Papers Central Bank of Chile 981, Central Bank of Chile.
    66. Thibaut Duprey & Artur Kotlicki & Daniel E. Rigobon & Philip Schnattinger, 2024. "Bouncing Back: How Mothballing Curbs Prices," Staff Working Papers 24-51, Bank of Canada.
    67. Thomas Philippon, 2020. "Efficient Programs to Support Businesses During and After Lockdowns," NBER Working Papers 28211, National Bureau of Economic Research, Inc.
    68. Apol Pribadi Subriadi & Shinta Amalia Kusuma Wardhani, 2022. "Survivability Scenario of SMEs in Facing COVID-19 Crisis Based on the Social Commerce Framework," Sustainability, MDPI, vol. 14(6), pages 1-24, March.
    69. Tijana Matejić & Snežana Knežević & Vesna Bogojević Arsić & Tijana Obradović & Stefan Milojević & Miljan Adamović & Aleksandra Mitrović & Marko Milašinović & Dragoljub Simonović & Goran Milošević & Ma, 2022. "Assessing the Impact of the COVID-19 Crisis on Hotel Industry Bankruptcy Risk through Novel Forecasting Models," Sustainability, MDPI, vol. 14(8), pages 1-44, April.
    70. James Bell & Henry Chan & Michael Chan & Sungkon Moon, 2022. "COVID-19 and Construction: Impact Analysis on Construction Performance during Two Infection Waves in Victoria, Australia," Sustainability, MDPI, vol. 14(5), pages 1-18, February.
    71. Bonfim, Diana & Custódio, Cláudia & Raposo, Clara, 2023. "Supporting small firms through recessions and recoveries," Journal of Financial Economics, Elsevier, vol. 147(3), pages 658-688.
    72. Cerqua, Augusto & Letta, Marco, 2020. "Local economies amidst the COVID-19 crisis in Italy: a tale of diverging trajectories," MPRA Paper 104404, University Library of Munich, Germany.
    73. Lalinsky, Tibor & Pál, Rozália, 2021. "Efficiency and effectiveness of the COVID-19 government support: Evidence from firm-level data," EIB Working Papers 2021/06, European Investment Bank (EIB).
    74. Victor Martin-Sanchez & Christoph Albert & Andrea Caggese, 2022. "Income Inequality and Entrepreneurship: Lessons from the 2020 COVID-19 Recession," Working Papers 1377, Barcelona School of Economics.
    75. Galina Hale & John Leer & Fernanda Nechio, 2024. "Fiscal Policy Design and Inflation: The COVID-19 Pandemic Experience," Working Paper Series 2023-02, Federal Reserve Bank of San Francisco.
    76. Adelaide Martins & Manuel Castelo Branco & Pedro Novo Melo & Carolina Machado, 2022. "Sustainability in Small and Medium-Sized Enterprises: A Systematic Literature Review and Future Research Agenda," Sustainability, MDPI, vol. 14(11), pages 1-26, May.
    77. Julian Oliver Dörr & Georg Licht & Simona Murmann, 2022. "Small firms and the COVID-19 insolvency gap," Small Business Economics, Springer, vol. 58(2), pages 887-917, February.
    78. Yun Liu & Yifei Zhang & Heyang Fang & Xin Chen, 2022. "SMEs’ line of credit under the COVID-19: evidence from China," Small Business Economics, Springer, vol. 58(2), pages 807-828, February.
    79. Segarra-Blasco, Agustí & Teruel, Mercedes & Cattaruzzo, Sebastiano, 2021. "The economic reaction to non-pharmaceutical interventions during Covid-19," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 592-608.
    80. Denis Jelačić & Andreja Pirc Barčić & Leon Oblak & Darko Motik & Petra Grošelj & Matej Jošt, 2021. "Sustainable Production Management Model for Small and Medium Enterprises in Some South-Central EU Countries," Sustainability, MDPI, vol. 13(11), pages 1-15, May.
    81. Ahmed, Rizwan & Chen, Xihui Haviour & Kumpamool, Chamaiporn & Nguyen, Dung T.K., 2023. "Inflation, oil prices, and economic activity in recent crisis: Evidence from the UK," Energy Economics, Elsevier, vol. 126(C).
    82. Groenewegen, Jesse & Hardeman, Sjoerd & Stam, Erik, 2021. "Does COVID-19 state aid reach the right firms? COVID-19 state aid, turnover expectations, uncertainty and management practices," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    83. Cristina Demma & Giovanni Ferri & Andrea Orame & Valerio Pesic & Valerio Vacca, 2024. "Banks' operational resilience during pandemics," Questioni di Economia e Finanza (Occasional Papers) 833, Bank of Italy, Economic Research and International Relations Area.
    84. Florian Eckert & Heiner Mikosch, 2022. "Firm bankruptcies and start-up activity in Switzerland during the COVID-19 crisis," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 158(1), pages 1-25, December.
    85. Miguel Acosta-Henao & Andres Fernandez & Patricia Gomez-Gonzalez & Sebnem Kalemli-Ozcan, 2023. "The COVID-19 shock and firm financing: Government or Market or Both?," Fordham Economics Discussion Paper Series dp2023-03er:dp2023-03, Fordham University, Department of Economics.
    86. Francesco Ciampi & Alessandro Giannozzi & Giacomo Marzi & Edward I. Altman, 2021. "Rethinking SME default prediction: a systematic literature review and future perspectives," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(3), pages 2141-2188, March.
    87. Garnadt, Niklas & von Rueden, Christina & Thiel, Esther, 2021. "Labour reallocation dynamics in Germany during the COVID-19 pandemic and past recessions," Working Papers 08/2021, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    88. Yonghee Kim & Sungjin Yoo & Chun Il Park, 2025. "Platform Power Under Asymmetric Market Evolution: Evidence from Korean Home Shopping," Sustainability, MDPI, vol. 17(14), pages 1-33, July.

  6. Dao, Mai & Dizioli, Allan Gloe & Jackson, Chris & Gourinchas, Pierre-Olivier & Leigh, Daniel, 2023. "Unconventional Fiscal Policy in Times of High Inflation," CEPR Discussion Papers 18435, C.E.P.R. Discussion Papers.

    Cited by:

    1. Lu, Saite & Coutts, Ken & Gudgin, Graham, 2024. "Energy shocks and inflation episodes in the UK," Energy Economics, Elsevier, vol. 129(C).
    2. Mai Chi Dao & Pierre-Olivier Gourinchas & Daniel Leigh & Prachi Mishra, 2024. "Understanding the International Rise and Fall of Inflation since 2020," NBER Chapters, in: Inflation in the COVID Era and Beyond, National Bureau of Economic Research, Inc.
    3. Sebastian Dullien & David Gallusser & Silke Tober, 2024. "Historische Preissteigerungen in Deutschland, niedrige Inflation in der Schweiz: Die Rolle von Regulierung," IMK Working Paper 224-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Meryem Gökten & Philipp Heimberger & Andreas Lichtenberger, 2024. "How Far from Full Employment? The European Unemployment Problem Revisited," wiiw Working Papers 245, The Vienna Institute for International Economic Studies, wiiw.
    5. Hack, Lukas & Istrefi, Klodiana & Meier, Matthias, 2023. "Hawkish or dovish central bankers: do different flocks matter for fiscal shocks?," Research Bulletin, European Central Bank, vol. 114.
    6. Uxó, Jorge & Febrero, Eladio & Álvarez, Ignacio, 2025. "Prices, markups and wages: inflation and its distributive consequences in Spain, 2021-2023," Structural Change and Economic Dynamics, Elsevier, vol. 72(C), pages 179-192.
    7. Drago Bergholt & Øistein Røisland & Tommy Sveen & Ragnar Torvik, 2025. "Should Monetary And Fiscal Policy Pull In The Same Direction?," Working Papers No 06/2025, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    8. Tom Krebs & Isabella Weber, 2024. "Can Price Controls be Optimal? The Economics of the Energy Shock in Germany," Working Papers 3, Forum New Economy.
    9. Boyd, Laura & Keenan, Enda & McIndoe-Calder, Tara, 2023. "Earnings growth under high inflation," Quarterly Bulletin Articles, Central Bank of Ireland, pages 89-123, September.
    10. Aspachs, Oriol & Graziano, Alberto & Mestres, Josep & Montalvo, Jose G. & Reynal-Querol, Marta, 2024. "Spending response to cash transfers to shield households from inflation: Evidence from bank accounts," Economics Letters, Elsevier, vol. 238(C).
    11. Daniel Loureiro & Oscar Afonso & Paulo B. Vasconcelos, 2024. "Global directed technical change model with fiscal and monetary policies, and public debt," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-57, April.
    12. Pallotti, Filippo & Paz-Pardo, Gonzalo & Slacalek, Jiri & Tristani, Oreste & Violante, Giovanni L., 2024. "Who bears the costs of inflation? Euro area households and the 2021–2023 shock," Journal of Monetary Economics, Elsevier, vol. 148(S).
    13. Haroutunian, Stephan & Bańkowski, Krzysztof & Bischl, Simeon & Bouabdallah, Othman & Hauptmeier, Sebastian & Leiner-Killinger, Nadine & O'Connell, Marguerite & Oleaga, Iñigo Arruga & Abraham, Laurent , 2024. "The path to the reformed EU fiscal framework: a monetary policy perspective," Occasional Paper Series 349, European Central Bank.
    14. Mr. Jiaqian Chen & Ms. Era Dabla-Norris & Carlos Goncalves & Zoltan Jakab & Jesper Lindé, 2023. "Can Fiscal Consolidation help Central Banks Fight Inflation?," IMF Working Papers 2023/260, International Monetary Fund.
    15. Pallotti, Filippo & Paz-Pardo, Gonzalo & Slacalek, Jiri & Tristani, Oreste & Violante, Giovanni L., 2023. "Who bears the costs of inflation? Euro area households and the 2021–2022 shock," Working Paper Series 2877, European Central Bank.
    16. Juan Carluccio & Arthur Stalla-Bourdillon & Jean-Baptiste Gossé & Florian Le Gallo & Aymeric Schneider & Niamh Dunne & Guillaume Gaulier, 2024. "The energy crisis: what emergency measures did the European Union introduce in response? [Faire face à la crise énergétique : quelles réponses d’urgence apportées dans l’Union européenne ?]," Bulletin de la Banque de France, Banque de France, issue 253.
    17. Peter Bofinger, 2024. "Fighting inflation with conventional and unconventional fiscal policy," IMK Studies 92-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

  7. Gourinchas, Pierre-Olivier & Ray, Walker & Vayanos, Dimitri, 2022. "A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers," CEPR Discussion Papers 17119, C.E.P.R. Discussion Papers.

    Cited by:

    1. Ostry, D. A., 2023. "Tails of Foreign Exchange-at-Risk (FEaR)," Janeway Institute Working Papers 2311, Faculty of Economics, University of Cambridge.
    2. James Costain & Galo Nuño & Carlos Thomas, 2022. "The Term Structure of Interest Rates in a Heterogeneous Monetary Union," Working Papers 2223, Banco de España.
    3. Greenwood, Robin & Hanson, Samuel & Vayanos, Dimitri, 2024. "Supply and demand and the term structure of interest rates," LSE Research Online Documents on Economics 126107, London School of Economics and Political Science, LSE Library.
    4. Sinem Hacioğlu-Hoke & Daniel Ostry & Hélène Rey & Adrien Rousset Planat & Vania Stavrakeva & Jenny Tang, 2024. "Topography of the FX derivatives market: a view from London," Bank of England working papers 1103, Bank of England.
    5. Santiago Camara & Lawrence Christiano & Husnu Dalgic, 2024. "The International Monetary Transmission Mechanism," CRC TR 224 Discussion Paper Series crctr224_2024_608, University of Bonn and University of Mannheim, Germany.
    6. Elias Albagli & Luis Ceballos & Sebastian Claro & Damian Romero, 2024. "UIP Deviations: Insights from Event Studies," Working Papers Central Bank of Chile 1007, Central Bank of Chile.
    7. Matias Moretti & Lorenzo Pandolfi & Sergio L. Schmukler & Tomas Williams & German Villegas-Bauer, 2025. "Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds," Mo.Fi.R. Working Papers 192, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    8. Ray, Walker & Droste, Michael & Gorodnichenko, Yuriy, 2024. "Unbundling quantitative easing: taking a cue from treasury auctions," LSE Research Online Documents on Economics 120833, London School of Economics and Political Science, LSE Library.
    9. Fornaro, Luca & Grosse Steffen, Christoph, 2024. "Fragmented Monetary Unions," CEPR Discussion Papers 19171, C.E.P.R. Discussion Papers.
    10. Jappelli, Ruggero & Pelizzon, Loriana & Subrahmanyam, Marti G., 2023. "Quantitative easing, the repo market, and the term structure of interest rates," SAFE Working Paper Series 395, Leibniz Institute for Financial Research SAFE.
    11. International Monetary Fund, 2022. "Denmark: Selected Issues," IMF Staff Country Reports 2022/170, International Monetary Fund.
    12. Nobuhiro Abe & Yuto Ishikuro & Koki Nakayama & Yutaro Takano, 2025. "Interest Rate Pass-through by U.S. Banks: Macro Implications of Bank Competition," Bank of Japan Working Paper Series 25-E-9, Bank of Japan.
    13. Carlos Cañon & Eddie Gerba & Alberto Pambira & Evarist Stoja, 2023. "An Unconventional FX Tail Risk Story," CESifo Working Paper Series 10629, CESifo.
    14. Cañon, Carlos & Gerba, Eddie & Pambira, Alberto & Stoja, Evarist, 2023. "An unconventional FX tail risk story," LSE Research Online Documents on Economics 120052, London School of Economics and Political Science, LSE Library.
    15. Jiang, Zhengyang & Richmond, Robert J. & Zhang, Tony, 2025. "Understanding the strength of the dollar," Journal of Financial Economics, Elsevier, vol. 168(C).
    16. Dimitris Malliaropulos & Petros Migiakis, 2022. "A global monetary policy factor in sovereign bond yields," Working Papers 301, Bank of Greece.
    17. Oleg Itskhoki & Dmitry Mukhin, 2025. "Mussa Puzzle Redux," Econometrica, Econometric Society, vol. 93(1), pages 1-39, January.
    18. Tsvetelina Nenova, 2025. "Global or Regional Safe Assets: Evidence from Bond Substitution Patterns," BIS Working Papers 1254, Bank for International Settlements.
    19. Michael B. Devereux & Charles Engel & Steve Pak Yeung Wu, 2023. "Collateral Advantage: Exchange Rates, Capital Flows and Global Cycles," NBER Working Papers 31164, National Bureau of Economic Research, Inc.

  8. Gourinchas, Pierre-Olivier & Rey, Hélène, 2022. "Exorbitant Privilege and Exorbitant Duty," CEPR Discussion Papers 16944, C.E.P.R. Discussion Papers.

    Cited by:

    1. Ignazio Angeloni & André Sapir, 2011. "The international monetary system is changing- what opportunities and risks for the euro?," Bruegel Working Papers 632, Bruegel.
    2. Galina Hale & Luciana Juvenal, 2021. "External Balance Sheets and the COVID-19 Crisis," NBER Working Papers 29277, National Bureau of Economic Research, Inc.
    3. Ahnert, Toni & Perotti, Enrico, 2021. "Cheap but flighty: A theory of safety-seeking capital flows," Journal of Banking & Finance, Elsevier, vol. 131(C).
    4. Luca Fantacci & Lucio Gobbi & Dario Luciani, 2022. "Bene pubblico globale o arma finanziaria? L'egemonia del dollaro alla prova delle sanzioni (Global public good or financial weapon? Dollar hegemony to the test of sanctions)," Moneta e Credito, Economia civile, vol. 75(298), pages 123-147.
    5. Raddatz, Claudio & Schmukler, Sergio L., 2012. "On the international transmission of shocks: Micro-evidence from mutual fund portfolios," Journal of International Economics, Elsevier, vol. 88(2), pages 357-374.
    6. Nicolas Coeurdacier & Hélène Rey, 2013. "Home Bias in Open Economy Financial Macroeconomics," Post-Print hal-03473901, HAL.
    7. François Gourio & Michael Siemer & Adrien Verdelhan, 2011. "International Risk Cycles," NBER Working Papers 17277, National Bureau of Economic Research, Inc.
    8. Konstantinos Gkillas & Dimitrios Vortelinos & Christos Floros & Alexandros Garefalakis & Nikolaos Sariannidis, 2020. "Greek sovereign crisis and European exchange rates: effects of news releases and their providers," Annals of Operations Research, Springer, vol. 294(1), pages 515-536, November.
    9. Ozge Akinci & Ṣebnem Kalemli-Özcan & Albert Queralto, 2022. "Uncertainty Shocks, Capital Flows, and International Risk Spillovers," NBER Working Papers 30026, National Bureau of Economic Research, Inc.
    10. Ostry, D. A., 2023. "Tails of Foreign Exchange-at-Risk (FEaR)," Janeway Institute Working Papers 2311, Faculty of Economics, University of Cambridge.
    11. Robert Neil McCauley & Agustín S Bénétrix & Patrick McGuire & Goetz von Peter, 2017. "Financial deglobalisation in banking?," BIS Working Papers 650, Bank for International Settlements.
    12. André Sapir & Jean Pisani-Ferry, 2011. "Global Currencies for Tomorrow: A European Perspective," ULB Institutional Repository 2013/174278, ULB -- Universite Libre de Bruxelles.
    13. Ito, Hiro & McCauley, Robert N., 2019. "A key currency view of global imbalances," Journal of International Money and Finance, Elsevier, vol. 94(C), pages 97-115.
    14. Viera Čihovská & Veronika Nekolová, 2012. "Možnosti a bariéry vstupu malých a stredných podnikov SR na jednotný trh EÚ - výsledky marketingového prieskumu," Medzinarodne vztahy (Journal of International Relations), Ekonomická univerzita, Fakulta medzinárodných vzťahov, vol. 10(2), pages 45-57.
    15. Fiedler, Salomon & Görg, Holger & Hornok, Cecília & Jannsen, Nils & Kooths, Stefan & Marchal, Léa & Potjagailo, Galina, 2018. "Direktinvestitionen im Ausland - Effekte auf die deutsche Leistungsbilanz und Spillovers in den Empfängerländern," Kieler Beiträge zur Wirtschaftspolitik 16, Kiel Institute for the World Economy (IfW Kiel).
    16. Toni Ahnert & Enrico Perotti, 2015. "Cheap But Flighty: How Global Imbalances Create Financial Fragility," Staff Working Papers 15-33, Bank of Canada.
    17. Evgenia Passari & Hélène Rey, 2015. "Financial Flows and the International Monetary System," NBER Working Papers 21172, National Bureau of Economic Research, Inc.
    18. ÅžimÅŸek, Alp & Caballero, Ricardo, 2019. "A Model of Fickle Capital Flows and Retrenchment," CEPR Discussion Papers 13819, C.E.P.R. Discussion Papers.
    19. Andrew J Filardo & Pierre L Siklos, 2015. "Prolonged reserves accumulation, credit booms, asset prices and monetary policy in Asia," BIS Working Papers 500, Bank for International Settlements.
    20. Steiner, Andreas, 2014. "Reserve accumulation and financial crises: From individual protection to systemic risk," European Economic Review, Elsevier, vol. 70(C), pages 126-144.
    21. Lin, Justin Yifu & Fardoust, Shahrokh & Rosenblatt, David, 2012. "Reform of the international monetary system : a jagged history and uncertain prospects," Policy Research Working Paper Series 6070, The World Bank.
    22. Vincent Vicard, 2023. "Profit Shifting, Returns on Foreign Direct Investments and Investment Income Imbalances," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(2), pages 369-414, June.
    23. Monika Mrlinová, 2012. "Metodologie mezinárodních statistik obchodu se službami," Medzinarodne vztahy (Journal of International Relations), Ekonomická univerzita, Fakulta medzinárodných vzťahov, vol. 10(2), pages 87-104.
    24. Stefan Avdjiev & Robert N. McCauley & Hyun Song Shin, 2016. "Breaking free of the triple coincidence in international finance," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 31(87), pages 409-451.
    25. Joyce, Joseph, 2016. "Partners, Not Debtors: The External Liabilities of Emerging Market Economies," MPRA Paper 73880, University Library of Munich, Germany.
    26. Emmanuel Farhi & Xavier Gabaix, "undated". "Rare Disasters and Exchange Rates," Working Paper 71001, Harvard University OpenScholar.
    27. Canzoneri, Matthew & Cumby, Robert & Diba, Behzad & López-Salido, David, 2013. "Key currency status: An exorbitant privilege and an extraordinary risk," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 371-393.
    28. Fernando Broner & Tatiana Didier & Sergio L. Schmukler & Goetz von Peter, 2023. "Bilateral International Investments:The Big Sur?," Mo.Fi.R. Working Papers 181, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    29. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    30. Mengus, E., 2014. "Honoring Sovereign Debt or Bailing Out Domestic Residents: A Theory of Internal Costs of Default," Working papers 480, Banque de France.
    31. Kanda Naknoi & YiLi Chien, 2013. "The Risk Premium and Long-Run Global Imbalances," 2013 Meeting Papers 55, Society for Economic Dynamics.
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    83. Shigenori Shiratsuka & Wataru Takahashi & Yuki Teranishi & Kozo Ueda, 2010. "Future of Central Banking under Globalization: Summary of the 2010 International Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan," IMES Discussion Paper Series 10-E-21, Institute for Monetary and Economic Studies, Bank of Japan.
    84. Hélène Rey, 2015. "Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence," NBER Working Papers 21162, National Bureau of Economic Research, Inc.
    85. Peter Rusiňák, 2012. "Imidž Slovenskej republiky v činnosti orgánov pre zahraničné styky," Medzinarodne vztahy (Journal of International Relations), Ekonomická univerzita, Fakulta medzinárodných vzťahov, vol. 10(2), pages 7-28.
    86. Luis Servén & Ha Nguyen, 2013. "Global Imbalances: Origins and Prospects," The World Bank Research Observer, World Bank, vol. 28(2), pages 191-219, August.
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    90. Joseph P. Joyce, 2021. "The sources of international investment income in emerging market economies," Review of International Economics, Wiley Blackwell, vol. 29(3), pages 606-625, August.
    91. Joshua Aizenman & Hiro Ito, 2020. "Post COVID-19 Exit Strategies and Emerging Markets Economic Challenges," NBER Working Papers 27966, National Bureau of Economic Research, Inc.
    92. Ben Omrane, Walid & Savaşer, Tanseli, 2016. "The sign switch effect of macroeconomic news in foreign exchange markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 45(C), pages 96-114.
    93. Yao Axel Ehouman, 2020. "Do oil-market shocks drive global liquidity?," EconomiX Working Papers 2020-33, University of Paris Nanterre, EconomiX.
    94. Martin Grančay, 2012. "Recenzia - Paul Krugman, Maurice Obstfeld a Marc Melitz - International economics, theory and policy (9. vydanie)," Medzinarodne vztahy (Journal of International Relations), Ekonomická univerzita, Fakulta medzinárodných vzťahov, vol. 10(2), pages 147-148.
    95. Kerstin Bernoth & Helmut Herwartz & Lasse Trienens, 2023. "The Impacts of Global Risk and US Monetary Policy on US Dollar Exchange Rates and Excess Currency Returns," Discussion Papers of DIW Berlin 2037, DIW Berlin, German Institute for Economic Research.
    96. Robert N. McCauley & Guonan Ma, 2013. "Global and Euro Imbalances: China and Germany," SUERF 50th Anniversary Volume Chapters, in: Morten Balling & Ernest Gnan (ed.), 50 Years of Money and Finance: Lessons and Challenges, chapter 2, pages 43-72, SUERF - The European Money and Finance Forum.
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  9. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2021. "COVID-19 and SMEs: A 2021 "Time Bomb"?," FRB Atlanta Working Paper 2021-6, Federal Reserve Bank of Atlanta.

    Cited by:

    1. Yi, Xingjian & Liu, Sheng & Wu, Zhouheng, 2022. "What drives credit expansion worldwide?——An empirical investigation with long-term cross-country panel data," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 225-242.
    2. Tsuruta, Daisuke, 2024. "Bank credit to SMEs in Japan: Evidence from normal times, the global financial crisis, and the COVID-19 crisis," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).

  10. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2021. "Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’," NBER Working Papers 29293, National Bureau of Economic Research, Inc.

    Cited by:

    1. Zheng, Huanhuan, 2023. "Sovereign debt responses to the COVID-19 pandemic," Journal of International Economics, Elsevier, vol. 143(C).
    2. António Afonso & Jorge Braga Ferreira, 2025. "The ECB's Pandemic Emergency Purchase Programme and Fiscal Policy: Synergies or Conflict?," Working Papers REM 2025/0378, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Segura, Anatoli & Villacorta, Alonso, 2023. "Firm-bank linkages and optimal policies after a rare disaster," Journal of Financial Economics, Elsevier, vol. 149(2), pages 296-322.
    4. Tomoyuki Yagi & Kakuho Furukawa & Jouchi Nakajima, 2022. "Productivity Trends in Japan - Reviewing Recent Facts and the Prospects for the Post-COVID-19 Era -," Bank of Japan Working Paper Series 22-E-10, Bank of Japan.
    5. Péter Harasztosi & Laurent Maurin & Rozália Pál & Debora Revoltella & Wouter van der Wielen, 2022. "Firm-level policy support during the crisis: So far, so good?," International Economics, CEPII research center, issue 171, pages 30-48.
    6. Evi Pappa & Andrey Ramos & Eugenia Vella, 2024. "Which Crisis Support Fiscal Measures Worked During the Covid-19 Shock in Europe?," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 15(4), pages 327-348, December.
    7. Hussein Hassan & Minko Markovski & Alexander Mihailov, 2023. "A TGARCH Quantification of the Average Effect of COVID-19 Cases on Share Prices by Sector: Comparing the US and the UK," Economics Discussion Papers em-dp2023-15, Department of Economics, University of Reading.
    8. Díez, Federico J. & Duval, Romain & Maggi, Chiara, 2022. "Supporting SMEs during COVID-19: The case for targeted equity injections," Economics Letters, Elsevier, vol. 219(C).
    9. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    10. Kotone Yamada & Yukio Minoura & Jouchi Nakajima & Tomoyuki Yagi, 2023. "Corporate Finance Facility and Resource Allocation: Research Trends and Developments during the Spread of COVID-19," Bank of Japan Working Paper Series 23-E-1, Bank of Japan.
    11. Melcangi, Davide & Turen, Javier, 2023. "Subsidizing startups under imperfect information," Journal of Monetary Economics, Elsevier, vol. 139(C), pages 93-109.
    12. Galina Hale & John Leer & Fernanda Nechio, 2024. "Fiscal Policy Design and Inflation: The COVID-19 Pandemic Experience," Working Paper Series 2023-02, Federal Reserve Bank of San Francisco.
    13. Dergiades, Theologos & Milas, Costas & Panagiotidis, Theodore, 2022. "Unemployment claims during COVID-19 and economic support measures in the U.S," Economic Modelling, Elsevier, vol. 113(C).
    14. Brault, Julien, 2023. "Recent trends in EU corporate demography and policy: COVID and beyond," EIF Working Paper Series 2023/90, European Investment Fund (EIF).

  11. Gourinchas, Pierre-Olivier & Martin, Philippe, 2020. "The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis," CEPR Discussion Papers 14891, C.E.P.R. Discussion Papers.

    Cited by:

    1. Francesco Carli & Leonor Modesto, 2022. "Sovereign debt, fiscal policy, and macroeconomic instability," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(6), pages 1386-1412, December.
    2. Robert S. Chirinko & Ryan Chiu & Shaina Henderson, 2019. "What went wrong?: The Puerto Rican debt crisis, the "Treasury Put," and the failure of market discipline," CESifo Working Paper Series 7558, CESifo.
    3. Valentin Lang & David Mihalyi & Andrea F. Presbitero, 2023. "Borrowing Costs after Sovereign Debt Relief," American Economic Journal: Economic Policy, American Economic Association, vol. 15(2), pages 331-358, May.
    4. Sewon Hur & César Sosa-Padilla & Zeynep Yom, 2021. "Optimal Bailouts in Banking and Sovereign Crises," Villanova School of Business Department of Economics and Statistics Working Paper Series 49, Villanova School of Business Department of Economics and Statistics.
    5. Toyofuku, Kenta, 2021. "Unit of account, sovereign debt, and optimal currency area," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    6. Nicoletta Batini & Francesco Lamperti & Andrea Roventini, 2020. "Reducing risk while sharing it: a fiscal recipe for the EU at the time of COVID-19," SciencePo Working papers Main hal-04090084, HAL.
    7. Bletzinger, Tilman & von Thadden, Leopold, 2018. "Designing QE in a fiscally sound monetary union," Working Paper Series 2156, European Central Bank.
    8. Galindo, Arturo & Avellán, Leopoldo & Gómez, Tomás & Lotti, Giulia, 2022. "The Cyclicality of Official Bilateral Lending: Which Cycle do Flows Follow?," IDB Publications (Working Papers) 12643, Inter-American Development Bank.
    9. Liu, Yan & Wu, Guowei & Xiong, Chen, 2024. "Countercyclical central government transfers incentivize local government overborrowing: Theory and evidence," Economic Modelling, Elsevier, vol. 132(C).
    10. Mengus, Eric, 2017. "Asset Purchase Bailouts and Endogenous Implicit Guarantees," HEC Research Papers Series 1248, HEC Paris, revised 22 Jan 2018.
    11. Maideu-Morera, Gerard, 2024. "Optimal Fiscal Rules and Macroprudential Policies with Sovereign Default Risk," TSE Working Papers 24-1534, Toulouse School of Economics (TSE).
    12. Horn,Sebastian Andreas & Parks,Bradley Christopher & Reinhart,Carmen M. & Trebesch,Christoph, 2023. "China as an International Lender of Last Resort," Policy Research Working Paper Series 10380, The World Bank.
    13. Hülsewig, Oliver & Steinbach, Armin, 2024. "Banking Regulation and Sovereign Default Risk: How Regulation Undermines Rules," HEC Research Papers Series 1526, HEC Paris.
    14. Mitchener, Kris & Trebesch, Christoph, 2021. "Sovereign Debt in the 21st Century: Looking Backward, Looking Forward," CEPR Discussion Papers 15935, C.E.P.R. Discussion Papers.
    15. Michal Kobielarz, 2023. "Bailout Dynamics in a Monetary Union," Working Papers of Department of Economics, Leuven 746842, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    16. Bonam, Dennis & Ciccarelli, Matteo & Gomes, Sandra & Aldama, Pierre & Bańkowski, Krzysztof & Buss, Ginters & da Costa, José Cardoso & Christoffel, Kai & Elfsbacka Schmöller, Michaela & Jacquinot, Pasc, 2024. "Challenges for monetary and fiscal policy interactions in the post-pandemic era," Occasional Paper Series 337, European Central Bank.
    17. Radoslaw Paluszynski & Georgios Stefanidis, 2023. "Borrowing into debt crises," Quantitative Economics, Econometric Society, vol. 14(1), pages 277-308, January.

  12. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2020. "COVID-19 and SME Failures," FRB Atlanta Working Paper 2020-21, Federal Reserve Bank of Atlanta.

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    1. Caselli, Mauro & Fracasso, Andrea & Traverso, Silvio, 2021. "Robots and risk of COVID-19 workplace contagion: Evidence from Italy," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    2. Luis Felipe Céspedes & Roberto Chang & Andrés Velasco, 2020. "The Macroeconomics of a Pandemic: A Minimalist Framework," Working Papers wp504, University of Chile, Department of Economics.
    3. Daiji Kawaguchi & Sagiri Kitao & Manabu Nose, 2022. "The impact of COVID-19 on Japanese firms: mobility and resilience via remote work," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 29(6), pages 1419-1449, December.
    4. Federico Huneeus & Joseph P. Kaboski & Mauricio Larrain & Sergio L. Schmukler & Mario Vera, 2024. "Crisis Credit, Employment Protection, Indebtedness, and Risk," Working Papers Central Bank of Chile 1035, Central Bank of Chile.
    5. Ann Harrison, 2024. "Disentangling Various Explanations for the Declining Labor Share: Evidence from Millions of Firm Records," NBER Working Papers 32015, National Bureau of Economic Research, Inc.
    6. Moses Waiganjo & Danijela Godinic & Bojan Obrenovic, 2021. "Strategic Planning and Sustainable Innovation During the COVID-19 Pandemic: A Literature Review," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 7(5), pages 52-59, December.
    7. Nicholas Bloom & Philip Bunn & Paul Mizen & Pawel Smietanka & Gregory Thwaites, 2020. "The impact of Covid-19 on productivity," Discussion Papers 2020/13, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    8. Jorge Fernández B. & Francisco Vásquez L., 2024. "Financiamiento de corto plazo de las empresas chilenas," Working Papers Central Bank of Chile 1032, Central Bank of Chile.
    9. Kasinger, Johannes & Krahnen, Jan Pieter & Ongena, Steven & Pelizzon, Loriana & Schmeling, Maik & Wahrenburg, Mark, 2021. "Non-performing loans - new risks and policies? NPL resolution after COVID-19: Main differences to previous crises," SAFE White Paper Series 84, Leibniz Institute for Financial Research SAFE.
    10. Honda, Tomohito & Hosono, Kaoru & Miyakawa, Daisuke & Ono, Arito & Uesugi, Iichiro, 2022. "Determinants and Effects of the Use of COVID-19 Business Support Programs in Japan," RCESR Discussion Paper Series DP22-5, Research Center for Economic and Social Risks, Institute of Economic Research, Hitotsubashi University.
    11. Dörr, Julian Oliver & Murmann, Simona & Licht, Georg, 2021. "The COVID-19 insolvency gap: First-round effects of policy responses on SMEs," ZEW Discussion Papers 21-018, ZEW - Leibniz Centre for European Economic Research.
    12. Rebucci, Alessandro & Bai, Ge & Jiménez, Daniel & Phan, Phillip & , & Sun, Xian, 2021. "The Financial Fragility of For-profit Hospitals: Evidence from the COVID-19 Pandemic," CEPR Discussion Papers 16650, C.E.P.R. Discussion Papers.
    13. Shun-Yang Lee & Julian Runge & Daniel Yoo & Yakov Bart & Anett Gyurak & J. W. Schneider, 2023. "COVID-19 Demand Shocks Revisited: Did Advertising Technology Help Mitigate Adverse Consequences for Small and Midsize Businesses?," Papers 2307.09035, arXiv.org, revised Jan 2024.
    14. Álvarez, Laura & García-Posada, Miguel & Mayordomo, Sergio, 2023. "Distressed firms, zombie firms and zombie lending: A taxonomy," Journal of Banking & Finance, Elsevier, vol. 149(C).
    15. Hoshi, Takeo & Kawaguchi, Daiji & Ueda, Kenichi, 2023. "Zombies, again? The COVID-19 business support programs in Japan," Journal of Banking & Finance, Elsevier, vol. 147(C).
    16. Florin O. Bilbiie & Marc J. Melitz, 2020. "Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier," NBER Working Papers 28258, National Bureau of Economic Research, Inc.
    17. Zhang, Dengjun & Sogn-Grundvåg, Geir, 2022. "Credit constraints and the severity of COVID-19 impact: Empirical evidence from enterprise surveys," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 337-349.
    18. Ana Clara Borrego & Francisco Alegria Carreira & Pedro Pardal & Rute Abreu, 2022. "Social Responsibility and SDG 8 during the First Wave of the COVID-19 Pandemic: The Role of Chartered Accountants in Portugal," Sustainability, MDPI, vol. 14(14), pages 1-22, July.
    19. Hiroyuki Okamuro & Yasushi Hara & Yunosuke Iwaki, 2022. "Impact of Consumer Awareness and Behavior on Business Exits in the Hospitality, Tourism, Entertainment, and Culture Industries under the COVID-19 Pandemic," Administrative Sciences, MDPI, vol. 12(4), pages 1-19, November.
    20. Péter Harasztosi & Laurent Maurin & Rozália Pál & Debora Revoltella & Wouter van der Wielen, 2022. "Firm-level policy support during the crisis: So far, so good?," International Economics, CEPII research center, issue 171, pages 30-48.
    21. Alam, Nurul & Gao, Junbin & Jones, Stewart, 2021. "Corporate failure prediction: An evaluation of deep learning vs discrete hazard models," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    22. Altavilla, Carlo & Ellul, Andrew & Pagano, Marco & Polo, Andrea & Vlassopoulos, Thomas, 2021. "Loan guarantees, bank lending and credit risk reallocation," CFS Working Paper Series 672, Center for Financial Studies (CFS).
    23. Fanelli, Sebastián & Gonzalez-Eiras, Martín, 2021. "Resolution of financial crises," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    24. Pavol Durana & Lucia Michalkova & Andrej Privara & Josef Marousek & Milos Tumpach, 2021. "Does the life cycle affect earnings management and bankruptcy?," Oeconomia Copernicana, Institute of Economic Research, vol. 12(2), pages 425-461, June.
    25. Nicholas Bloom & Robert S. Fletcher & Ethan Yeh, 2021. "The impact of Covid-19 on US firms," POID Working Papers 009, Centre for Economic Performance, LSE.
    26. Tan, Brandon & Igan, Deniz & Martinez Peria, Maria Soledad & Pierri, Nicola & Presbitero, Andrea F., 2021. "Government intervention and bank markups: Lessons from the global financial crisis for the COVID-19 crisis," Journal of Banking & Finance, Elsevier, vol. 133(C).
    27. Diana Bonfim & Geraldo Cerqueiro & Hans Degryse & Steven Ongena, 2020. "On-Site Inspecting Zombie Lending," Swiss Finance Institute Research Paper Series 20-16, Swiss Finance Institute.
    28. Gasparini, Tommaso & Lewis, Vivien & Moyen, Stéphane & Villa, Stefania, 2024. "Risky firms and fragile banks: Implications for macroprudential policy," Discussion Papers 10/2024, Deutsche Bundesbank.
    29. Lafortune, Jeanne & Pugatch, Todd & Tessada, José & Ubfal, Diego, 2022. "Can interactive online training make high school students more entrepreneurial? Experimental evidence from Rwanda," GLO Discussion Paper Series 1041, Global Labor Organization (GLO).
    30. Nopriadi Saputra, 2021. "Double-Sided Perspective of Business Resilience: Leading SME Rationally and Irrationally During COVID-19," GATR Journals jmmr275, Global Academy of Training and Research (GATR) Enterprise.
    31. Kingsley Opoku Appiah & Bismark Addai & Wesley Ekuban & Suzzie Owiredua Aidoo & Joseph Amankwah-Amoah, 2022. "Management research and the impact of COVID-19 on performance: a bibliometric review and suggestions for future research," Future Business Journal, Springer, vol. 8(1), pages 1-20, December.
    32. Shen, Yu & Ren, Meixu & Zhao, Jingmei, 2023. "Bank competition and zombie company: Empirical evidence from China," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 297-318.
    33. Nathanael Ojong & Simplice A. Asongu, 2021. "COVID-19 Global Pandemic, Financial Development and Financial Inclusion," Research Africa Network Working Papers 21/078, Research Africa Network (RAN).
    34. Camilo Gómez & Daniela Rodríguez-Novoa, 2024. "Firm Support Measures, Credit Payment Behavior, and Credit Risk," Borradores de Economia 1277, Banco de la Republica de Colombia.
    35. Pontus Braunerhjelm, 2022. "Rethinking stabilization policies; Including supply-side measures and entrepreneurial processes," Small Business Economics, Springer, vol. 58(2), pages 963-983, February.
    36. Aguilar-Gomez, Sandra & Gutierrez, Emilio & Heres, David & Jaume, David & Tobal, Martin, 2024. "Thermal stress and financial distress: Extreme temperatures and firms’ loan defaults in Mexico," Journal of Development Economics, Elsevier, vol. 168(C).
    37. Vujanović, Nina & Stojčić, Nebojša & Hashi, Iraj, 2021. "FDI spillovers and firm productivity during crisis: Empirical evidence from transition economies," Economic Systems, Elsevier, vol. 45(2).
    38. Sebastian Doerr & Magdalena Erdem & Guido Franco & Leonardo Gambacorta & Anamaria Illes, 2021. "Technological capacity and firms' recovery from Covid-19," BIS Working Papers 965, Bank for International Settlements.
    39. Jose M. Berrospide & Arun Gupta & Matthew P. Seay, 2021. "Un-used Bank Capital Buffers and Credit Supply Shocks at SMEs during the Pandemic," Finance and Economics Discussion Series 2021-043, Board of Governors of the Federal Reserve System (U.S.).
    40. Serguei Kaniovski & Atanas Pekanov & Thomas Url, 2021. "Ex-post-Analyse der Wirkungen des COVID-19-Maßnahmenpaketes auf die Unternehmensliquidität," WIFO Studies, WIFO, number 67189.
    41. Maria Bas & Caroline Paunov & Ana Fernandes, 2024. "How resilient was trade to COVID-19?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04910158, HAL.
    42. Choudhary, Piyush & Kumar Jain, Nikunj & Panda, Abinash, 2022. "Making small and medium enterprises circular economy compliant by reducing the single use plastic consumption," Journal of Business Research, Elsevier, vol. 149(C), pages 448-462.
    43. Monika Wieczorek-Kosmala & Joanna Błach & Anna Doś, 2021. "COVID-19 Interruptions and SMEs Heterogeneity: Evidence from Poland," Risks, MDPI, vol. 9(9), pages 1-21, September.
    44. Takeo Hoshi & Daiji Kawaguchi & Kenichi Ueda, 2021. "The Return of the Dead? The COVID-19 Business Support Programs in Japan (Forthcoming in Journal of Banking and Finance)," CARF F-Series CARF-F-513, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    45. Cerqua, Augusto & Letta, Marco, 2022. "Local inequalities of the COVID-19 crisis," Regional Science and Urban Economics, Elsevier, vol. 92(C).
    46. Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2021. "Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’," NBER Working Papers 29293, National Bureau of Economic Research, Inc.
    47. Roberta De Luca & Rosalia Greco & Giovanni Immordino, 2025. "Mafia Infiltration and Ownership Dynamics in Italian Companies during Covid-19," CSEF Working Papers 750, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    48. Tetsushi Sonobe & Asami Takeda & Susumu Yoshida & Hoa Thi Truong, 2021. "The Impacts of the COVID-19 Pandemic on Micro, Small, and Medium Enterprises in Asia and Their Digitalization Responses," ADBI Working Papers 1241, Asian Development Bank Institute.
    49. Charlie Tchinda & Marcus Dejardin, 2021. "Are Business Policy Measures in Response to the COVID-19 Pandemic to Be Equally Valued? An Exploration According to SMEs Owners’ Business Expectations," Sustainability, MDPI, vol. 13(21), pages 1-42, October.
    50. Onjewu, Adah-Kole Emmanuel & Olan, Femi & Nyuur, Richard Benon-be-isan & Paul, Salima & Nguyen, Ha Thanh Truc, 2023. "The effect of government support on Bureaucracy, COVID-19 resilience and export intensity: Evidence from North Africa," Journal of Business Research, Elsevier, vol. 156(C).
    51. Lafortune, Jeanne & Pugatch, Todd & Tessada, José & Ubfal, Diego, 2024. "Can gamified online training make high school students more entrepreneurial? Experimental evidence from Rwanda," Economics of Education Review, Elsevier, vol. 101(C).
    52. Wang, Wei & Miao, Wei & Liu, Yongdong & Deng, Yiting & Cao, Yunfei, 2022. "The impact of COVID-19 on the ride-sharing industry and its recovery: Causal evidence from China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 155(C), pages 128-141.
    53. Khwazi Magubane, 2025. "Is There a Common Financial Cycle in Systemic Economies?," JRFM, MDPI, vol. 18(3), pages 1-31, February.
    54. Lalinsky, Tibor & Pál, Rozália, 2022. "Distribution of COVID-19 government support and its consequences for firm liquidity and solvency," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 305-335.
    55. Zofia Gródek-Szostak & Jadwiga Adamczyk & Małgorzata Luc & Marcin Suder & Justyna Tora & Karolina Kotulewicz-Wisińska & Wojciech Zysk & Anna Szeląg-Sikora, 2022. "Hard Cash in Hard Times—The Effect of Institutional Support for Businesses Shaken by COVID-19," Sustainability, MDPI, vol. 14(8), pages 1-18, April.
    56. Claus Puhr & Martin Schneider, 2021. "Have mitigating measures helped prevent insolvencies in Austria amid the COVID-19 pandemic?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/20-Q1/, pages 77-110.
    57. Miguel Acosta-Henao & Andrés Fernández & Patricia Gomez-Gonzalez & Ṣebnem Kalemli-Özcan, 2024. "Firm Financing During Sudden Stops: Can Governments Substitute Markets?," NBER Working Papers 33283, National Bureau of Economic Research, Inc.
    58. Benguria, Felipe, 2021. "The 2020 trade collapse: Exporters amid the pandemic," Economics Letters, Elsevier, vol. 205(C).
    59. Blagica Petreski & Marjan Petreski & Bojan Srbinoski, 2020. "The potential of export-oriented companies to contribute to post-Covid-19 economic recovery in North Macedonia," Finance Think Policy Studies 2020-12/33, Finance Think - Economic Research and Policy Institute.
    60. Pedro Dias Moreira & Nicholas Kozeniauskas, 2021. "On the Cleansing Effect of Recessions and Government Policy: Evidence from Covid-19," Working Papers w202118, Banco de Portugal, Economics and Research Department.
    61. Elías Albagli & Andrés Fernández & Juan Guerra-Salas & Federico Huneeus & Pablo Muñoz, 2023. "Anatomy of Firms’ Margins of Adjustment: Evidence from the COVID Pandemic," Working Papers Central Bank of Chile 981, Central Bank of Chile.
    62. Thomas Philippon, 2020. "Efficient Programs to Support Businesses During and After Lockdowns," NBER Working Papers 28211, National Bureau of Economic Research, Inc.
    63. Apol Pribadi Subriadi & Shinta Amalia Kusuma Wardhani, 2022. "Survivability Scenario of SMEs in Facing COVID-19 Crisis Based on the Social Commerce Framework," Sustainability, MDPI, vol. 14(6), pages 1-24, March.
    64. Tijana Matejić & Snežana Knežević & Vesna Bogojević Arsić & Tijana Obradović & Stefan Milojević & Miljan Adamović & Aleksandra Mitrović & Marko Milašinović & Dragoljub Simonović & Goran Milošević & Ma, 2022. "Assessing the Impact of the COVID-19 Crisis on Hotel Industry Bankruptcy Risk through Novel Forecasting Models," Sustainability, MDPI, vol. 14(8), pages 1-44, April.
    65. James Bell & Henry Chan & Michael Chan & Sungkon Moon, 2022. "COVID-19 and Construction: Impact Analysis on Construction Performance during Two Infection Waves in Victoria, Australia," Sustainability, MDPI, vol. 14(5), pages 1-18, February.
    66. Bonfim, Diana & Custódio, Cláudia & Raposo, Clara, 2023. "Supporting small firms through recessions and recoveries," Journal of Financial Economics, Elsevier, vol. 147(3), pages 658-688.
    67. Cerqua, Augusto & Letta, Marco, 2020. "Local economies amidst the COVID-19 crisis in Italy: a tale of diverging trajectories," MPRA Paper 104404, University Library of Munich, Germany.
    68. Lalinsky, Tibor & Pál, Rozália, 2021. "Efficiency and effectiveness of the COVID-19 government support: Evidence from firm-level data," EIB Working Papers 2021/06, European Investment Bank (EIB).
    69. Victor Martin-Sanchez & Christoph Albert & Andrea Caggese, 2022. "Income Inequality and Entrepreneurship: Lessons from the 2020 COVID-19 Recession," Working Papers 1377, Barcelona School of Economics.
    70. Julian Oliver Dörr & Georg Licht & Simona Murmann, 2022. "Small firms and the COVID-19 insolvency gap," Small Business Economics, Springer, vol. 58(2), pages 887-917, February.
    71. Yun Liu & Yifei Zhang & Heyang Fang & Xin Chen, 2022. "SMEs’ line of credit under the COVID-19: evidence from China," Small Business Economics, Springer, vol. 58(2), pages 807-828, February.
    72. Segarra-Blasco, Agustí & Teruel, Mercedes & Cattaruzzo, Sebastiano, 2021. "The economic reaction to non-pharmaceutical interventions during Covid-19," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 592-608.
    73. Denis Jelačić & Andreja Pirc Barčić & Leon Oblak & Darko Motik & Petra Grošelj & Matej Jošt, 2021. "Sustainable Production Management Model for Small and Medium Enterprises in Some South-Central EU Countries," Sustainability, MDPI, vol. 13(11), pages 1-15, May.
    74. Ahmed, Rizwan & Chen, Xihui Haviour & Kumpamool, Chamaiporn & Nguyen, Dung T.K., 2023. "Inflation, oil prices, and economic activity in recent crisis: Evidence from the UK," Energy Economics, Elsevier, vol. 126(C).
    75. Groenewegen, Jesse & Hardeman, Sjoerd & Stam, Erik, 2021. "Does COVID-19 state aid reach the right firms? COVID-19 state aid, turnover expectations, uncertainty and management practices," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    76. Florian Eckert & Heiner Mikosch, 2022. "Firm bankruptcies and start-up activity in Switzerland during the COVID-19 crisis," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 158(1), pages 1-25, December.
    77. Miguel Acosta-Henao & Andres Fernandez & Patricia Gomez-Gonzalez & Sebnem Kalemli-Ozcan, 2023. "The COVID-19 shock and firm financing: Government or Market or Both?," Fordham Economics Discussion Paper Series dp2023-03er:dp2023-03, Fordham University, Department of Economics.
    78. Francesco Ciampi & Alessandro Giannozzi & Giacomo Marzi & Edward I. Altman, 2021. "Rethinking SME default prediction: a systematic literature review and future perspectives," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(3), pages 2141-2188, March.
    79. Garnadt, Niklas & von Rueden, Christina & Thiel, Esther, 2021. "Labour reallocation dynamics in Germany during the COVID-19 pandemic and past recessions," Working Papers 08/2021, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    80. Yonghee Kim & Sungjin Yoo & Chun Il Park, 2025. "Platform Power Under Asymmetric Market Evolution: Evidence from Korean Home Shopping," Sustainability, MDPI, vol. 17(14), pages 1-33, July.

  13. Gourinchas, Pierre-Olivier & Farhi, Emmanuel & Caballero, Ricardo, 2020. "Global Imbalances and Policy Wars at the Zero Lower Bound," CEPR Discussion Papers 14424, C.E.P.R. Discussion Papers.

    Cited by:

    1. Sara Eugeni, 2019. "Exchange rate volatility and cooperation in an incomplete markets' economy," Department of Economics Working Papers 2019_02, Durham University, Department of Economics.
    2. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    3. Mariano Kulish & Nadine Yamout, 2024. "The Fiscal Arithmetic of a Slowdown in Trend Growth," Working Papers 308, Red Nacional de Investigadores en Economía (RedNIE).
    4. Huber, Florian & Punzi, Maria Teresa, 2017. "The shortage of safe assets in the US investment portfolio: Some international evidence," Department of Economics Working Paper Series 243, WU Vienna University of Economics and Business.
    5. Luca Fornaro & Gianluca Benigno, 2015. "Stagnation Traps," 2015 Meeting Papers 810, Society for Economic Dynamics.
    6. Francesco D'Acunto & Daniel Hoang & Michael Weber & Michael Weber, 2016. "Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure," CESifo Working Paper Series 5793, CESifo.
    7. Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parraga Rodriguez, Susana &, 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank.
    8. Georgiadis, Georgios & Müller, Gernot J. & Schumann, Ben, 2024. "Global risk and the dollar," Journal of Monetary Economics, Elsevier, vol. 144(C).
    9. Obstfeld, Maurice, 2020. "Harry Johnson’s “Case for Flexible Exchange Rates†– 50 Years Later," CEPR Discussion Papers 14488, C.E.P.R. Discussion Papers.
    10. Mr. Anton Korinek, 2017. "Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation," IMF Working Papers 2017/025, International Monetary Fund.
    11. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2016. "Safe Asset Scarcity and Aggregate Demand," American Economic Review, American Economic Association, vol. 106(5), pages 513-518, May.
    12. Francisco SERRANITO, 2015. "Dévaluation interne, politiques structurelles et réductions des déficits publics les réponses apportées par la "Troika" sont-elles un remède aux déséquilibres externes des pays périphériques," LEO Working Papers / DR LEO 2392, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    13. Gauti B. Eggertsson & Neil R. Mehrotra & Lawrence H. Summers, 2016. "Secular Stagnation in the Open Economy," American Economic Review, American Economic Association, vol. 106(5), pages 503-507, May.
    14. Thorbecke, Willem, 2018. "The exposure of U.S. manufacturing industries to exchange rates," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 538-549.
    15. You, Yu & Lee, Junsoo & Kim, Yoonbai & Yang, Zheng, 2024. "Comovement and Global Imbalances of Current Accounts," Economic Systems, Elsevier, vol. 48(4).
    16. Jean Tirole, 2021. "Emmanuel Farhi, Economist Par Excellence," Post-Print hal-03350650, HAL.
    17. Pınar Kaya Soylu & Mustafa Okur & Özgür Çatıkkaş & Z. Ayca Altintig, 2020. "Long Memory in the Volatility of Selected Cryptocurrencies: Bitcoin, Ethereum and Ripple," JRFM, MDPI, vol. 13(6), pages 1-21, May.
    18. Sushant Acharya & Julien Bengui, 2016. "Liquidity traps, capital flows," Staff Reports 765, Federal Reserve Bank of New York.
    19. Ruch,Franz Ulrich, 2021. "Neutral Real Interest Rates in Inflation Targeting Emerging and Developing Economies," Policy Research Working Paper Series 9711, The World Bank.
    20. Otaviano Canuto, 2023. "The U.S. dollar’s “exorbitant privilege” remains," Policy briefs on Economic Trends and Policies 2322, Policy Center for the New South.
    21. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    22. Manuel, Lancastre, 2016. "Age Milestones and Low Interest Rates, an Analytic Approach," MPRA Paper 85046, University Library of Munich, Germany.
    23. Manuel Amador & Javier Bianchi & Luigi Bocola & Fabrizio Perri, 2016. "Reverse Speculative Attacks," Staff Report 528, Federal Reserve Bank of Minneapolis.
    24. Frankel, Jeffrey, 2016. "International Coordination," Working Paper Series 16-002, Harvard University, John F. Kennedy School of Government.
    25. Kollmann, Robert, 2021. "Liquidity Traps in a World Economy," MPRA Paper 105113, University Library of Munich, Germany.
    26. Gauti B. Eggertsson & Neil R. Mehrotra & Sanjay R. Singh & Lawrence H. Summers, 2016. "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," NBER Working Papers 22299, National Bureau of Economic Research, Inc.
    27. Deepa Dhume Datta & Benjamin K. Johannsen & Hannah Kwon & Robert J. Vigfusson, 2018. "Oil, Equities, and the Zero Lower Bound," Finance and Economics Discussion Series 2018-058, Board of Governors of the Federal Reserve System (U.S.).
    28. Maurice Obstfeld, 2020. "Harry Johnson's “Case for flexible exchange rates”—50 years later," Manchester School, University of Manchester, vol. 88(S1), pages 86-113, September.
    29. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    30. Ryan Niladri Banerjee & Michael B Devereux & Giovanni Lombardo, 2016. "Self-oriented monetary policy, global financial markets and excess volatility of international capital flows," BIS Working Papers 540, Bank for International Settlements.
    31. Ferreira, Thiago R.T. & Shousha, Samer, 2023. "Determinants of global neutral interest rates," Journal of International Economics, Elsevier, vol. 145(C).
    32. Sweder van Wijnbergen, 2018. "Real interest rates, exchange rates and the ZLB: on Secular Stagnation," Tinbergen Institute Discussion Papers 18-032/VI, Tinbergen Institute, revised 28 Oct 2018.
    33. Zhang, Ning, 2023. "Asset home bias in debtor and creditor countries," Journal of Economic Dynamics and Control, Elsevier, vol. 157(C).
    34. Ugo Panizza & Charles Wyplosz, 2018. "The Folk Theorem of Decreasing Effectiveness of Monetary Policy: What Do the Data Say?," Russian Journal of Money and Finance, Bank of Russia, vol. 77(1), pages 71-107, March.
    35. Bahaj, Saleem & Malherbe, Frédéric, 2021. "The Cross-border Effects of Bank Capital Regulation," CEPR Discussion Papers 16148, C.E.P.R. Discussion Papers.
    36. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    37. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "The Safe Assets Shortage Conundrum," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 29-46, Summer.
    38. Anton Korinek, 2017. "Currency wars or efficient spillovers?," BIS Working Papers 615, Bank for International Settlements.
    39. Oleg Itskhoki & Dmitry Mukhin, 2025. "Mussa Puzzle Redux," Econometrica, Econometric Society, vol. 93(1), pages 1-39, January.
    40. Wüthrich, Nicolas, 2017. "Book review: review of Peter Spiegler's Behind the model: a constructive critique of economic modelling. Cambridge: Cambridge University Press. 2015. 201pp," LSE Research Online Documents on Economics 84037, London School of Economics and Political Science, LSE Library.
    41. Sergio Florez-Orrego, 2021. "Money Matters: Global banks, safe assets and monetary autonomy," Documentos CEDE 19153, Universidad de los Andes, Facultad de Economía, CEDE.
    42. Ly Dai Hung, 2022. "Safe Assets at Financial Globalization," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 13(03), pages 1-21, October.

  14. Pierre-Olivier Gourinchas & Hélène Rey, 2019. "Global real rates: a secular approach," BIS Working Papers 793, Bank for International Settlements.

    Cited by:

    1. Chuanglian Chen & Xiaobin Liu & Jun Yu & Tao Zeng, 2024. "The Time-varying Zone-like and Asymmetric Preference of Central Banks: Evidence from China," Working Papers 202421, University of Macau, Faculty of Business Administration.
    2. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.
    3. Brand, Claus & Goy, Gavin & Lemke, Wolfgang, 2021. "Natural rate chimera and bond pricing reality," Working Paper Series 2612, European Central Bank.
    4. Andrey Sinyakov & Alexey Porshakov, 2019. "Estimates of the Natural Rate of Interest for Russia: Is 'Navigating by the Stars' Useful?," Russian Journal of Money and Finance, Bank of Russia, vol. 78(4), pages 3-47, December.
    5. Robert C. M. Beyer & Lazar Milivojevic, 2023. "Dynamics and synchronization of global equilibrium interest rates," Applied Economics, Taylor & Francis Journals, vol. 55(28), pages 3195-3214, June.
    6. Corina-Florentina Scarlat (Mihai), 2022. "The Evolution And Sustainability Of Public Debt In The E.U. Member States," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 115-127, June.
    7. Thomas Mayer & Gunther Schnabl, 2019. "Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy?," CESifo Working Paper Series 7954, CESifo.
    8. Stolyarov, Dmitriy & Tesar, Linda L., 2021. "Interest rate trends in a global context," Economic Modelling, Elsevier, vol. 101(C).
    9. Michele Catalano & Emilia Pezzolla, 2022. "Global natural projections," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(4), pages 949-990, November.
    10. Kathryn Holston & Thomas Laubach & John C. Williams, 2023. "Measuring the Natural Rate of Interest after COVID-19," Staff Reports 1063, Federal Reserve Bank of New York.
    11. Fernandez-Gallardo, Alvaro, 2023. "Preventing financial disasters: Macroprudential policy and financial crises," European Economic Review, Elsevier, vol. 151(C).
    12. Goto, Eiji, 2023. "International comovement of r∗: A case study of the G7 countries," Journal of Empirical Finance, Elsevier, vol. 74(C).

  15. Rey, Hélène & Gourinchas, Pierre-Olivier & Sauzet, Maxime, 2019. "The International Monetary and Financial System," CEPR Discussion Papers 13714, C.E.P.R. Discussion Papers.

    Cited by:

    1. Linda S. Goldberg & Signe Krogstrup, 2023. "International Capital Flow Pressures and Global Factors," NBER Working Papers 30887, National Bureau of Economic Research, Inc.
    2. Coimbra, Nuno & Kim, Daisoon & Rey, Hélène, 2022. "Central Bank Policy and the concentration of risk: Empirical estimates," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 182-198.
    3. Eric Monnet & Mr. Damien Puy, 2019. "Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle," IMF Working Papers 2019/161, International Monetary Fund.
    4. Ryan Chahrour & Rosen Valchev, 2023. "The Dollar in an Era of International Retrenchment," NBER Working Papers 31405, National Bureau of Economic Research, Inc.
    5. Eren, Egemen & Malamud, Semyon, 2022. "Dominant currency debt," Journal of Financial Economics, Elsevier, vol. 144(2), pages 571-589.
    6. Hanno Lustig, 2021. "Matteo Maggiori: Winner of the 2021 Fischer Black Prize," Journal of Finance, American Finance Association, vol. 76(5), pages 2087-2091, October.
    7. Christoph E. Boehm & Niklas Kroner, 2023. "The US, Economic News, and the Global Financial Cycle," International Finance Discussion Papers 1371, Board of Governors of the Federal Reserve System (U.S.).
    8. Gian Maria Tomat, 2024. "The monetary policy trilemma from the perspective of European integration," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 53(1), February.
    9. Javier Bianchi & Saki Bigio & Charles Engel, 2022. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," Working Papers 182, Peruvian Economic Association.
    10. Cesa-Bianchi, Ambrogio & Czech, Robert & Eguren Martin, Fernando, 2021. "Dash for Dollars," CEPR Discussion Papers 16415, C.E.P.R. Discussion Papers.
    11. Ambrocio, Gene & Hasan, Iftekhar, 2021. "Quid pro quo? Political ties and sovereign borrowing," Journal of International Economics, Elsevier, vol. 133(C).
    12. Fornaro, Luca & , & Benigno, Gianluca, 2020. "The Global Financial Resource Curse," CEPR Discussion Papers 14441, C.E.P.R. Discussion Papers.
    13. Ozge Akinci & Gianluca Benigno & Serra Pelin & Jonathan Turek, 2023. "The Dollar’s Imperial Circle," Liberty Street Economics 20230301, Federal Reserve Bank of New York.
    14. Maria Sole Pagliari & Mrs. Swarnali A Hannan, 2017. "The Volatility of Capital Flows in Emerging Markets: Measures and Determinants," IMF Working Papers 2017/041, International Monetary Fund.
    15. Leonie Bräuer & Harald Hau, 2022. "Can Time-Varying Currency Risk Hedging Explain Exchange Rates?," CESifo Working Paper Series 10065, CESifo.
    16. Nicolas Groshenny & Naveed Javed, 2023. "Dornbusch s overshooting and the systematic component of monetary policy in SOE-SVARs," TEPP Working Paper 2023-08, TEPP.
    17. Jörg Mayer, 2021. "The “exorbitant privilege” and “exorbitant duty” of the United States in the international monetary system: implications for developing countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 157(4), pages 927-964, November.
    18. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    19. Lu, Dong & Qian, Xingwang & Zhu, Wenyu, 2024. "External debt currency denomination and the currency composition of foreign exchange reserves," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    20. Degasperi,Riccardo & Hong, Seokki Simon & Ricco, Giovanni, 2020. "The Global Transmission of U.S. Monetary Policy," The Warwick Economics Research Paper Series (TWERPS) 1257, University of Warwick, Department of Economics.
    21. Saleem Bahaj & Ricardo Reis, 2019. "Central Bank Swap Lines: Evidence on the Effects of the Lender of Last Resort," IMES Discussion Paper Series 19-E-09, Institute for Monetary and Economic Studies, Bank of Japan.
    22. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    23. Lu, Dong & Mu, Yuhao, 2023. "A parsimonious model of trade, finance and endogenous currency choices in international reserves," Economics Letters, Elsevier, vol. 225(C).
    24. Pierpaolo Benigno & Linda M. Schilling & Harald Uhlig, 2021. "Cryptocurrencies, Currency Competition, and the Impossible Trinity," NBER Chapters, in: NBER International Seminar on Macroeconomics 2021, National Bureau of Economic Research, Inc.
    25. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    26. Ferreira, Thiago R.T. & Shousha, Samer, 2023. "Determinants of global neutral interest rates," Journal of International Economics, Elsevier, vol. 145(C).
    27. Thiago Revil T. Ferreira & Samer Shousha, 2020. "Scarcity of Safe Assets and Global Neutral Interest Rates," International Finance Discussion Papers 1293, Board of Governors of the Federal Reserve System (U.S.).
    28. Nieminen, Mika & Kuziemska-Pawlak, Kamila, 2024. "Cross-country variation in economic preferences and the asset composition of international investment positions," Journal of International Money and Finance, Elsevier, vol. 146(C).
    29. Han, Bo, 2022. "Currency denomination and borrowing cost: Evidence from global bonds," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
    30. Gerba, Eddie & Leiva-León, Danilo & Rubio, Margarita, 2024. "Inspecting cross-border macro-financial mechanisms," Journal of International Money and Finance, Elsevier, vol. 145(C).
    31. Jiang, Zhengyang & Richmond, Robert J. & Zhang, Tony, 2025. "Understanding the strength of the dollar," Journal of Financial Economics, Elsevier, vol. 168(C).
    32. Soós, Károly Attila, 2021. "Az optimális valutaövezet két elmélete - aszimmetrikus sokkok és nemzetközi pénzügyi integráció [Principles of optimal currency areas: asymmetric shocks and international financial integration]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1250-1275.
    33. Kohler, Karsten & Bonizzi, Bruno & Kaltenbrunner, Annina, 2023. "Global financial uncertainty shocks and external monetary vulnerability: The role of dominance, exposure, and history," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).

  16. Markus Brunnermeier & Oleg Itskhoki & Pierre-Olivier Gourinchas, 2018. "Consumption-led Growth," 2018 Meeting Papers 198, Society for Economic Dynamics.

    Cited by:

    1. Tumisang Loate & Ekaterina Pirozhkova & Nicola Viegi, 2021. "Sailing into the Wind evaluating the near future of Monetary Policy in South Africa," Working Papers 11006, South African Reserve Bank.

  17. Camila Casas & Mr. Federico J Diez & Ms. Gita Gopinath & Pierre-Olivier Gourinchas, 2017. "Dominant Currency Paradigm: A New Model for Small Open Economies," IMF Working Papers 2017/264, International Monetary Fund.

    Cited by:

    1. Crowley, Meredith A. & Corsetti, Giancarlo & Han, Lu & Song, Huasheng, 2019. "Markets and Markup: A New Empirical Framework and Evidence on Exporters from China," CEPR Discussion Papers 13904, C.E.P.R. Discussion Papers.
    2. Juan Esteban Carranza & Camila Casas & Alejandra Ximena González-Ramírez, 2020. "The Colombian peso depreciation of 2014-2015 and the adjustment of trade in the manufacturing sector," Borradores de Economia 1125, Banco de la Republica de Colombia.
    3. Jing Cynthia Wu & Yinxi Xie & Ji Zhang, 2024. "The Role of International Financial Integration in Monetary Policy Transmission," Staff Working Papers 24-3, Bank of Canada.
    4. Antonia López-Villavicencio & Valérie Mignon, 2020. "Exchange rate pass-through to import prices: accounting for changes in the eurozone trade structure," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 156(4), pages 835-858, November.
    5. Konstantin Egorov & Dmitry Mukhin, 2019. "Optimal Monetary Policy under Dollar Pricing," 2019 Meeting Papers 1510, Society for Economic Dynamics.
    6. Goetz, D. & Rodnyansky, A., 2019. "Exchange Rate Shocks and Quality Adjustments," Cambridge Working Papers in Economics 1915, Faculty of Economics, University of Cambridge.
    7. Forbes, Kristin & Hjortsoe, Ida & Nenova, Tsvetelina, 2018. "The shocks matter: Improving our estimates of exchange rate pass-through," Journal of International Economics, Elsevier, vol. 114(C), pages 255-275.
    8. Eren, Egemen & Malamud, Semyon, 2022. "Dominant currency debt," Journal of Financial Economics, Elsevier, vol. 144(2), pages 571-589.
    9. Corsetti, Giancarlo & Dedola, Luca & Leduc, Sylvain, 2023. "Exchange rate misalignment and external imbalances: What is the optimal monetary policy response?," Journal of International Economics, Elsevier, vol. 144(C).
    10. Ferrari Minesso, Massimo & Gräb, Johannes, 2022. "E pluribus plures: shock dependency of the USD pass-through to real and financial variables," Working Paper Series 2684, European Central Bank.
    11. Christopher Loewald, 2021. "Macro works a decisiontree approach to exchange rate policy," Working Papers 11009, South African Reserve Bank.
    12. Gita Gopinath, 2017. "A Macroeconomic Perspective on Border Taxes," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(2 (Fall)), pages 433-447.
    13. Georgios Georgiadis & Saskia Mösle, 2020. "Introducing dominant‐currency pricing in the ECB's global macroeconomic model," International Finance, Wiley Blackwell, vol. 23(2), pages 234-256, August.
    14. Antoine Berthou & Guillaume Horny & Jean-Stéphane Mésonnier, 2022. "The Real Effects of Invoicing Exports in Dollars," SciencePo Working papers Main hal-03560975, HAL.
    15. Montfaucon, Angella Faith, 2022. "Invoicing Currency and Symmetric Pass-Through of Exchange Rates and Tariffs: Evidence from Malawian Imports from the EU," International Economics, Elsevier, vol. 169(C), pages 191-207.
    16. Punnoose Jacob & Lenno Uuskula, 2016. "Deep habits and exchange rate pass-through," Bank of Estonia Working Papers wp2016-4, Bank of Estonia, revised 19 Jul 2016.
    17. Konstantin Egorov & Dmitry Mukhin, 2020. "Optimal Policy under Dollar Pricing," Working Papers w0261, New Economic School (NES).
    18. Jorge García-García & Enrique Montes-Uribe & Iader Giraldo-Salazar (ed.), 2019. "Comercio exterior en Colombia: política, instituciones, costos y resultados," Books, Banco de la Republica de Colombia, number 2019-isbn:9789586644068, November.
    19. Casas, Camila, 2020. "Industry heterogeneity and exchange rate pass-through," Journal of International Money and Finance, Elsevier, vol. 106(C).
    20. Makoto Shimizu, 2020. "The Present-Value Model of the Exchange Rate with a Persistently Time-Varying Risk Premium: Evidence from the Dollar-Yen Rate," Open Economies Review, Springer, vol. 31(5), pages 1037-1059, November.
    21. Thierry Mayer & Walter Steingress, 2019. "Estimating the effect of exchange rate changes on total exports," BIS Working Papers 786, Bank for International Settlements.
    22. Rodnyansky, A., 2018. "(Un)Competitive Devaluations and Firm Dynamics," Cambridge Working Papers in Economics 1888, Faculty of Economics, University of Cambridge.
    23. María Victoria Landaberry & Miguel Mello, 2019. "Inherited Dollarization: Persistence of US Dollar Pricing in Consumer Goods Markets," Documentos de trabajo 2019005, Banco Central del Uruguay.
    24. Jorge García-García & David C. López-Valenzuela & Enrique Montes-Uribe, 2020. "Porqué Colombia no exporta más," Borradores de Economia 1139, Banco de la Republica de Colombia.
    25. Muhammad Omer & Junaid Kamal & Jakob Haan, 2023. "Does an exchange rate depreciation improve the trade balance of Pakistan?," International Journal of Economic Policy Studies, Springer, vol. 17(1), pages 163-185, February.
    26. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    27. Georgiadis, Georgios & Gräb, Johannes & Khalil, Makram, 2019. "Global value chain participation and exchange rate pass-through," Working Paper Series 2327, European Central Bank.
    28. Fernando Giuliano & Emiliano Luttini, 2019. "Import prices and invoice currency: evidence from Chile," BIS Working Papers 784, Bank for International Settlements.
    29. Ortega, Eva & Osbat, Chiara, 2020. "Exchange rate pass-through in the euro area and EU countries," Occasional Paper Series 241, European Central Bank.
    30. Mr. Tamim Bayoumi & Jelle Barkema & Mr. Diego A. Cerdeiro, 2019. "The Inflexible Structure of Global Supply Chains," IMF Working Papers 2019/193, International Monetary Fund.
    31. Ayi Supriyadi & Trinil Arimurti & Yanfitri & Sinta Atharinanda, 2025. "Exchange Rate And Indonesia Economic Growth," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 28(2), pages 261-292, July.
    32. Ibhagui, Oyakhilome & Olarewaju, Favour, 2020. "Broad Dollar Shocks and Economic Activity in Trade-Heavy Countries: The Role of Government Size," MPRA Paper 100944, University Library of Munich, Germany.
    33. Sérgio Kannebley & Diogo de Prince & Felipe dos Santos Costa, 2023. "Sectoral Exchange Rate Pass-through to Manufacturing Prices: A GVAR Approach," Open Economies Review, Springer, vol. 34(4), pages 919-958, September.
    34. Tosapol Apaitan & Pym Manopimoke & Nuwat Nookhwun & Jettawat Pattararangrong, 2021. "Heterogeneity in Exchange Rate Pass-through to Import Prices in Thailand: Evidence from Micro Data," PIER Discussion Papers 167, Puey Ungphakorn Institute for Economic Research.
    35. Mr. David J Hofman & Mr. Marcos d Chamon & Mr. Pragyan Deb & Mr. Thomas Harjes & Umang Rawat & Itaru Yamamoto, 2020. "Intervention Under Inflation Targeting--When Could It Make Sense?," IMF Working Papers 2020/009, International Monetary Fund.
    36. Guangling Liu & Marrium Mustapher, 2024. "Spillover effects of the recent US monetary policy shocks on the South African economy: The role of monetary and fiscal policy coordination," WIDER Working Paper Series wp-2024-68, World Institute for Development Economic Research (UNU-WIDER).
    37. Suman Basu & Emine Boz & Gita Gopinath & Francisco Roch & Filiz Unsal, "undated". "Integrated Monetary and Financial Policies for Small Open Economies," Department of Economics Working Papers 2025-10, Universidad Torcuato Di Tella.
    38. Dandy Badimo & Zhao Yuhuan, 2025. "The effect of exchange rate (regime) on Botswana’s inbound leisure tourism demand," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(4), pages 8909-8934, April.
    39. Christopher Loewald, 2021. "Macro works applying integrated policy frameworks to South Africa," Working Papers 11016, South African Reserve Bank.
    40. Egorov, Konstantin & Mukhin, Dmitry, 2023. "Optimal policy under dollar pricing," LSE Research Online Documents on Economics 118585, London School of Economics and Political Science, LSE Library.
    41. Montfaucon, Angella Faith & Sato, Kiyotaka & Shrestha, Nagendra & Parsons, Craig, 2021. "Exchange rate pass-through and invoicing currency choice between fixed and floating exchange rate regimes: Evidence from Malawi’s transaction-level data," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 562-577.
    42. David C. López-Valenzuela & Enrique Montes-Uribe & Héctor M. Zárate-Solano & Alvaro Carmona-Duarte, 2019. "Determinantes y evolución entre precios y cantidades de las exportaciones industriales de Colombia: un estudio a partir de un modelo de Panel-VAR," Borradores de Economia 1075, Banco de la Republica de Colombia.

  18. Farhi, Emmanuel & Gourinchas, Pierre-Olivier & Caballero, Ricardo, 2017. "Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields," CEPR Discussion Papers 11833, C.E.P.R. Discussion Papers.

    Cited by:

    1. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.
    2. Sophie Piton, 2018. "Do Unit Labor Costs Matter? A Decomposition Exercise on European Data," Working Papers halshs-01785345, HAL.
    3. Olivier J Blanchard, 2019. "Public Debt and Low Interest Rates," Working Paper Series WP19-4, Peterson Institute for International Economics.
    4. Maurice Obstfeld, 2019. "Global Dimensions of U.S. Monetary Policy," NBER Working Papers 26039, National Bureau of Economic Research, Inc.
    5. David Rezza Baqaee & Emmanuel Farhi, 2017. "Productivity and Misallocation in General Equilibrium," Discussion Papers 1735, Centre for Macroeconomics (CFM).
    6. Ansgar Rannenberg, 2023. "The Rise in Inequality, the Decline in the Natural Interest Rate, and the Increase in Household Debt," International Journal of Central Banking, International Journal of Central Banking, vol. 19(2), pages 1-93, June.
    7. Piguillem, Facundo & Grasso, Adriana & Passadore, Juan, 2020. "The Macroeconomics of Hedging Income Shares," CEPR Discussion Papers 14732, C.E.P.R. Discussion Papers.
    8. Emmanuel Farhi & Francois Gourio, 2018. "Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(2 (Fall)), pages 147-250.
    9. German Gutierrez, 2018. "Investigating Global Labor and Pro t Shares," 2018 Meeting Papers 165, Society for Economic Dynamics.
    10. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2020. "Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market," Documents de Travail de l'OFCE 2020-14, Observatoire Francais des Conjonctures Economiques (OFCE).
    11. Papetti, Andrea, 2019. "Demographics and the natural real interest rate: historical and projected paths for the euro area," Working Paper Series 2258, European Central Bank.
    12. Benjamin Moll & Lukasz Rachel & Pascual Restrepo, 2021. "Uneven Growth: Automation's Impact on Income and Wealth Inequality," NBER Working Papers 28440, National Bureau of Economic Research, Inc.
    13. Orhan Erem Atesagaoglu & Hakki Yazici, 2021. "Optimal Taxation of Capital in the Presence of Declining Labor Share," Bristol Economics Discussion Papers 21/739, School of Economics, University of Bristol, UK.
    14. Alexius, Annika, 2017. "Why are real interest rates so low? Evidence from a structural VAR with sign restrictions," Research Papers in Economics 2017:6, Stockholm University, Department of Economics.
    15. Brand, Claus & Goy, Gavin & Lemke, Wolfgang, 2021. "Natural rate chimera and bond pricing reality," Working Paper Series 2612, European Central Bank.
    16. Jacob A. Kerspien & Jakob B. Madsen, 2024. "Markups, Tobin's q, and the Increasing Capital Share," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 569-587, March.
    17. Maarten de Ridder, 2022. "Market power and innovation in the intangible economy," POID Working Papers 064, Centre for Economic Performance, LSE.
    18. Goldin, Ian & Koutroumpis, Pantelis & Lafond, François & Winkler, Julian, 2020. "Why is productivity slowing down?," MPRA Paper 99172, University Library of Munich, Germany.
    19. Ricardo Reis, 2021. "The constraint on public dept when r," BIS Working Papers 939, Bank for International Settlements.
    20. Francisco Amaral & Martin Dohmen & Sebastian Kohl & Moritz Schularick, 2022. "Interest Rates and the Spatial Polarization of Housing Markets," ECONtribute Discussion Papers Series 212, University of Bonn and University of Cologne, Germany.
    21. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2023. "Systemically important banks - emerging risk and policy responses: An agent-based investigation," LEM Papers Series 2023/30, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    22. Loukas Karabarbounis & Brent Neiman, 2018. "Accounting for Factorless Income," NBER Chapters, in: NBER Macroeconomics Annual 2018, volume 33, pages 167-228, National Bureau of Economic Research, Inc.
    23. Jaume Ventura & Alberto Martin & Fernando Broner, 2020. "On Public Spending and Economic Unions," Working Papers 1167, Barcelona School of Economics.
    24. Eggertsson, Gauti B. & Robbins, Jacob A. & Wold, Ella Getz, 2021. "Kaldor and Piketty’s facts: The rise of monopoly power in the United States," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 19-38.
    25. Robert N McCauley, 2019. "Safe assets: made, not just born," BIS Working Papers 769, Bank for International Settlements.
    26. Joseph Kopecky & Alan M. Taylor, 2020. "The Murder-Suicide of the Rentier: Population Aging and the Risk Premium," Trinity Economics Papers tep1220, Trinity College Dublin, Department of Economics.
    27. R. Dixon & G.C. Lim, 2017. "Labor's Share, the Firm's Market Power and TFP," Melbourne Institute Working Paper Series wp2017n22, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    28. Carl-Johan Dalgaard & Morten Olsen, 2025. "Has the real rate of return “depreciated”?," Journal of Economic Growth, Springer, vol. 30(1), pages 49-85, March.
    29. Dmitry Kuvshinov & Kaspar Zimmermann, 2018. "The Big Bang: Stock Market Capitalization in the Long Run," Working Papers 0136, European Historical Economics Society (EHES).
    30. Paul Schreyer & Belen Zinni, 2018. "Productivity measurement, R&D assets and mark-ups in OECD countries," OECD Statistics Working Papers 2018/06, OECD Publishing.
    31. Kevin Rennert & Brian C. Prest & William A. Pizer & Richard G. Newell & David Anthoff & Cora Kingdon & Lisa Rennels & Roger Cooke & Adrian E. Raftery & Hana Sevcikova & Frank Errickson, 2021. "The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 52(2 (Fall)), pages 223-305.
    32. Michael D. Bauer & Glenn D. Rudebusch, 2023. "The Rising Cost of Climate Change: Evidence from the Bond Market," The Review of Economics and Statistics, MIT Press, vol. 105(5), pages 1255-1270, September.
    33. Noémie Lisack & Rana Sajedi & Gregory Thwaites, 2021. "Population Aging and the Macroeconomy," Post-Print hal-04459531, HAL.
    34. B. De Backer & J. Wauters, 2017. "The cyclical and structural determinants of the low interest rate environment," Economic Review, National Bank of Belgium, issue ii, pages 69-86, september.
    35. Guillaume Bazot & David Guerreiro, 2025. "A decomposition of the labor share decline in the US business sector," AMSE Working Papers 2503, Aix-Marseille School of Economics, France.
    36. Michał Gradzewicz & Jakub Mućk, 2020. "Unravelling the Markups Changes: The Role of Demand Elasticity and Concentration," KAE Working Papers 2020-056, Warsaw School of Economics, Collegium of Economic Analysis.
    37. ÅžimÅŸek, Alp & Caballero, Ricardo, 2019. "A Risk-centric Model of Demand Recessions and Speculation," CEPR Discussion Papers 13815, C.E.P.R. Discussion Papers.
    38. Pfeiffer, Philipp & Roeger, Werner & Vogel, Lukas, 2021. "Optimal fiscal policy with low interest rates for government debt," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    39. Nickel, Christiane & Kilponen, Juha & Moral-Benito, Enrique & Koester, Gerrit & Ciccarelli, Matteo & Enders, Almira & Holton, Sarah & Landau, Bettina & Venditti, Fabrizio & Bobeica, Elena & Brand, Cla, 2025. "A strategic view on the economic and inflation environment in the euro area," Occasional Paper Series 371, European Central Bank.
    40. Joseba Martinez, 2018. "Automation, Growth and Factor Shares," 2018 Meeting Papers 736, Society for Economic Dynamics.
    41. Romain Duval & Davide Furceri & Raphaël Lee & Marina M. Tavares, 2024. "Market power and monetary policy transmission," Economica, London School of Economics and Political Science, vol. 91(362), pages 669-700, April.
    42. Tomas Reichenbachas & Linas Jurkšas & Rokas Kaminskas, 2021. "Natural real rates of interest across Euro area countries: Are R-stars getting closer together?," Bank of Lithuania Discussion Paper Series 24, Bank of Lithuania.
    43. Andrew Bailey & Ambrogio Cesa-Bianchi & Marco Garofalo & Richard Harrison & Nick McLaren & Rana Sajedi & Sophie Piton, 2023. "Structural change, global R* and the missing-investment puzzle," Bank of England working papers 997, Bank of England.
    44. Sushant Acharya & Keshav Dogra, 2018. "The side effects of safe asset creation," Staff Reports 842, Federal Reserve Bank of New York.
    45. Luo, Yuwei & Mei, Dongzhou, 2023. "The shortage of safe assets and China's housing boom," Economic Modelling, Elsevier, vol. 119(C).
    46. Tarek Benjamin Moll & Lukasz Rachel & Pascual Restrepo, 2019. "Uneven Growth: Automation’s Impact on Income and Wealth Inequality," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-333, Boston University - Department of Economics.
    47. Magali Marx & Benoit Mojon & François Velde, 2017. "Why Have Interest Rates Fallen far Below the Return on Capital," Working papers 630, Banque de France.
    48. Benjamin Grosse-Rueschkamp & Jörg Rocholl, 2020. "Ursachen und Konsequenzen von Niedrigzinsen [Causes and Consequences of Low Interest Rates]," Schmalenbach Journal of Business Research, Springer, vol. 72(4), pages 401-421, December.
    49. Alessandro Bellocchi & Giuseppe Travaglini, 2024. "Nonlinearity, Endogeneity, and Interaction: Implications for European Reform of Budgetary Rules," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 10(2), pages 519-550, July.
    50. Monica Amici & Emmanuele Bobbio & Roberto Torrini, 2018. "Patterns of Convergence (Divergence) in the Euro Area: Profitability Versus Cost and Price Indicators," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(3), pages 367-384, November.
    51. Germán Gutiérrez & Thomas Philippon, 2017. "Declining Competition and Investment in the U.S," NBER Working Papers 23583, National Bureau of Economic Research, Inc.
    52. Ambrogio Cesa-Bianchi & Richard Harrison & Rana Sajedi, 2022. "Decomposing the drivers of Global R," Bank of England working papers 990, Bank of England.
    53. Daisuke ADACHI & Yukiko SAITO, 2020. "Multinational Production and Labor Share," Discussion papers 20012, Research Institute of Economy, Trade and Industry (RIETI).
    54. Charles Goodhart & Manoj Pradhan, 2017. "Demographics will reverse three multi-decade global trends," BIS Working Papers 656, Bank for International Settlements.
    55. Smith, Matthew & Yagan, Danny & Zidar, Owen M. & Zwick, Eric, 2017. "Capitalists in the Twenty-First Century," Working Papers 271, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    56. Aditya Aladangady & Etienne Gagnon & Benjamin K. Johannsen & William B. Peterman, 2021. "Macroeconomic Implications of Inequality and Income Risk," Finance and Economics Discussion Series 2021-073, Board of Governors of the Federal Reserve System (U.S.).
    57. Michał Gradzewicz & Jakub Mućk, 2024. "Globalisation and the fall of markups," The World Economy, Wiley Blackwell, vol. 47(3), pages 1089-1116, March.
    58. Juan Passadore & Facundo Piguillem & Adriana Grasso, 2017. "Rising Capital Shares, Risk Taking and The Secular Stagnation," 2017 Meeting Papers 1513, Society for Economic Dynamics.
    59. Piton, Sophie, 2021. "Economic integration and unit labour costs," European Economic Review, Elsevier, vol. 136(C).
    60. Mertens, Matthias, 2019. "Micro-mechanisms behind declining labour shares: Market power, production processes, and global competition," IWH-CompNet Discussion Papers 3/2019, Halle Institute for Economic Research (IWH).
    61. Joachim Hubmer, 2019. "The Race Between Preferences and Technology," 2019 Meeting Papers 1430, Society for Economic Dynamics.
    62. Sophie Piton, 2017. "Economic Integration and the Non-tradable Sector: The European Experience," 2017 Papers ppi361, Job Market Papers.
    63. Orhan Erem Atesagaoglu & Hakki Yazici, 2021. "Optimal Taxation of Capital in the Presence of Declining Labor Share," CESifo Working Paper Series 9101, CESifo.
    64. Jonas Loebbing, 2022. "An Elementary Theory of Directed Technical Change and Wage Inequality," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(1), pages 411-451.
    65. Maurice Obstfeld, 2023. "Perspectives on r-bar and r-star," IMES Discussion Paper Series 23-E-03, Institute for Monetary and Economic Studies, Bank of Japan.
    66. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "The Safe Assets Shortage Conundrum," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 29-46, Summer.
    67. Enrico Sergio Levrero & Giacomo Sbrenna, 2022. "Some Factors Affecting US Capital Profitability over the Last Decades," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 77-101, December.
    68. Brand, Claus & Bielecki, Marcin & Penalver, Adrian, 2018. "The natural rate of interest: estimates, drivers, and challenges to monetary policy JEL Classification: E52, E43," Occasional Paper Series 217, European Central Bank.
    69. Corhay, Alexandre & Kung, Howard & Schmid, Lukas, 2025. "Q: Risk, rents, or growth?," Journal of Financial Economics, Elsevier, vol. 165(C).
    70. Fernando Broner & Alberto Martin & Jaume Ventura, 2020. "On Public Spending and Unions," Economics Working Papers 1715, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2020.
    71. Drago, Bergholt & Furlanetto, Francesco & Faccioli, Nicolò Maffei, 2019. "The decline of the labor share: new empirical evidence," Working Paper 2019/18, Norges Bank.
    72. Paul Hackworth, 2024. "The Current and Expected Pricing Markup as Derived from the Capital Asset Pricing Model and Tobin’s Q and Applied to the UK’s FTSE 100," JRFM, MDPI, vol. 17(3), pages 1-17, March.
    73. Goto, Eiji, 2023. "International comovement of r∗: A case study of the G7 countries," Journal of Empirical Finance, Elsevier, vol. 74(C).
    74. Kersten Kellermann & Carsten-Henning Schlag, 2021. "Überakkumulation oder Investitionslücke? [Over Accumulation or Investment Gap?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(12), pages 964-970, December.

  19. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," NBER Working Papers 23127, National Bureau of Economic Research, Inc.

    Cited by:

    1. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.
    2. Olivier J Blanchard, 2019. "Public Debt and Low Interest Rates," Working Paper Series WP19-4, Peterson Institute for International Economics.
    3. Sophie Piton, 2018. "Do Unit Labor Costs Matter? A Decomposition Exercise on European Data," Working Papers halshs-01785345, HAL.
    4. Maurice Obstfeld, 2019. "Global Dimensions of U.S. Monetary Policy," NBER Working Papers 26039, National Bureau of Economic Research, Inc.
    5. David Rezza Baqaee & Emmanuel Farhi, 2017. "Productivity and Misallocation in General Equilibrium," Discussion Papers 1735, Centre for Macroeconomics (CFM).
    6. Adriana Grasso & Juan Passadore & Facundo Piguillem, 2024. "Online Appendix to "The Macroeconomics of Hedging Income Shares"," Online Appendices 20-335, Review of Economic Dynamics.
    7. Ansgar Rannenberg, 2023. "The Rise in Inequality, the Decline in the Natural Interest Rate, and the Increase in Household Debt," International Journal of Central Banking, International Journal of Central Banking, vol. 19(2), pages 1-93, June.
    8. Piguillem, Facundo & Grasso, Adriana & Passadore, Juan, 2020. "The Macroeconomics of Hedging Income Shares," CEPR Discussion Papers 14732, C.E.P.R. Discussion Papers.
    9. Emmanuel Farhi & Francois Gourio, 2018. "Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(2 (Fall)), pages 147-250.
    10. German Gutierrez, 2018. "Investigating Global Labor and Pro t Shares," 2018 Meeting Papers 165, Society for Economic Dynamics.
    11. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2020. "Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market," Documents de Travail de l'OFCE 2020-14, Observatoire Francais des Conjonctures Economiques (OFCE).
    12. Papetti, Andrea, 2019. "Demographics and the natural real interest rate: historical and projected paths for the euro area," Working Paper Series 2258, European Central Bank.
    13. Benjamin Moll & Lukasz Rachel & Pascual Restrepo, 2021. "Uneven Growth: Automation's Impact on Income and Wealth Inequality," NBER Working Papers 28440, National Bureau of Economic Research, Inc.
    14. Minsu Chang, 2023. "Online Appendix to "Changing Marital Transitions and Homeownership Among Young Households"," Online Appendices 21-30, Review of Economic Dynamics.
    15. Orhan Erem Atesagaoglu & Hakki Yazici, 2021. "Optimal Taxation of Capital in the Presence of Declining Labor Share," Bristol Economics Discussion Papers 21/739, School of Economics, University of Bristol, UK.
    16. Alexius, Annika, 2017. "Why are real interest rates so low? Evidence from a structural VAR with sign restrictions," Research Papers in Economics 2017:6, Stockholm University, Department of Economics.
    17. Brand, Claus & Goy, Gavin & Lemke, Wolfgang, 2021. "Natural rate chimera and bond pricing reality," Working Paper Series 2612, European Central Bank.
    18. Jacob A. Kerspien & Jakob B. Madsen, 2024. "Markups, Tobin's q, and the Increasing Capital Share," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 569-587, March.
    19. Maarten de Ridder, 2022. "Market power and innovation in the intangible economy," POID Working Papers 064, Centre for Economic Performance, LSE.
    20. Goldin, Ian & Koutroumpis, Pantelis & Lafond, François & Winkler, Julian, 2020. "Why is productivity slowing down?," MPRA Paper 99172, University Library of Munich, Germany.
    21. Ricardo Reis, 2021. "The constraint on public dept when r," BIS Working Papers 939, Bank for International Settlements.
    22. Ray C. Fair, 2022. "Why Have Interest Rates Been Low?," Cowles Foundation Discussion Papers 2340, Cowles Foundation for Research in Economics, Yale University.
    23. Francisco Amaral & Martin Dohmen & Sebastian Kohl & Moritz Schularick, 2022. "Interest Rates and the Spatial Polarization of Housing Markets," ECONtribute Discussion Papers Series 212, University of Bonn and University of Cologne, Germany.
    24. Lilit Popoyan & Mauro Napoletano & Andrea Roventini, 2023. "Systemically important banks - emerging risk and policy responses: An agent-based investigation," LEM Papers Series 2023/30, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    25. Loukas Karabarbounis & Brent Neiman, 2018. "Accounting for Factorless Income," NBER Chapters, in: NBER Macroeconomics Annual 2018, volume 33, pages 167-228, National Bureau of Economic Research, Inc.
    26. Jaume Ventura & Alberto Martin & Fernando Broner, 2020. "On Public Spending and Economic Unions," Working Papers 1167, Barcelona School of Economics.
    27. Eggertsson, Gauti B. & Robbins, Jacob A. & Wold, Ella Getz, 2021. "Kaldor and Piketty’s facts: The rise of monopoly power in the United States," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 19-38.
    28. Robert N McCauley, 2019. "Safe assets: made, not just born," BIS Working Papers 769, Bank for International Settlements.
    29. Joseph Kopecky & Alan M. Taylor, 2020. "The Murder-Suicide of the Rentier: Population Aging and the Risk Premium," Trinity Economics Papers tep1220, Trinity College Dublin, Department of Economics.
    30. Robert Dixon & Guay C. Lim, 2018. "Labor'S Share, The Firm'S Market Power, And Total Factor Productivity," Economic Inquiry, Western Economic Association International, vol. 56(4), pages 2058-2076, October.
    31. R. Dixon & G.C. Lim, 2017. "Labor's Share, the Firm's Market Power and TFP," Melbourne Institute Working Paper Series wp2017n22, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    32. Carl-Johan Dalgaard & Morten Olsen, 2025. "Has the real rate of return “depreciated”?," Journal of Economic Growth, Springer, vol. 30(1), pages 49-85, March.
    33. Dmitry Kuvshinov & Kaspar Zimmermann, 2018. "The Big Bang: Stock Market Capitalization in the Long Run," Working Papers 0136, European Historical Economics Society (EHES).
    34. Paul Schreyer & Belen Zinni, 2018. "Productivity measurement, R&D assets and mark-ups in OECD countries," OECD Statistics Working Papers 2018/06, OECD Publishing.
    35. Kevin Rennert & Brian C. Prest & William A. Pizer & Richard G. Newell & David Anthoff & Cora Kingdon & Lisa Rennels & Roger Cooke & Adrian E. Raftery & Hana Sevcikova & Frank Errickson, 2021. "The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 52(2 (Fall)), pages 223-305.
    36. Michael D. Bauer & Glenn D. Rudebusch, 2023. "The Rising Cost of Climate Change: Evidence from the Bond Market," The Review of Economics and Statistics, MIT Press, vol. 105(5), pages 1255-1270, September.
    37. Noémie Lisack & Rana Sajedi & Gregory Thwaites, 2021. "Population Aging and the Macroeconomy," Post-Print hal-04459531, HAL.
    38. B. De Backer & J. Wauters, 2017. "The cyclical and structural determinants of the low interest rate environment," Economic Review, National Bank of Belgium, issue ii, pages 69-86, september.
    39. Guillaume Bazot & David Guerreiro, 2025. "A decomposition of the labor share decline in the US business sector," AMSE Working Papers 2503, Aix-Marseille School of Economics, France.
    40. Michał Gradzewicz & Jakub Mućk, 2020. "Unravelling the Markups Changes: The Role of Demand Elasticity and Concentration," KAE Working Papers 2020-056, Warsaw School of Economics, Collegium of Economic Analysis.
    41. ÅžimÅŸek, Alp & Caballero, Ricardo, 2019. "A Risk-centric Model of Demand Recessions and Speculation," CEPR Discussion Papers 13815, C.E.P.R. Discussion Papers.
    42. Pfeiffer, Philipp & Roeger, Werner & Vogel, Lukas, 2021. "Optimal fiscal policy with low interest rates for government debt," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    43. Nickel, Christiane & Kilponen, Juha & Moral-Benito, Enrique & Koester, Gerrit & Ciccarelli, Matteo & Enders, Almira & Holton, Sarah & Landau, Bettina & Venditti, Fabrizio & Bobeica, Elena & Brand, Cla, 2025. "A strategic view on the economic and inflation environment in the euro area," Occasional Paper Series 371, European Central Bank.
    44. Joseba Martinez, 2018. "Automation, Growth and Factor Shares," 2018 Meeting Papers 736, Society for Economic Dynamics.
    45. Romain Duval & Davide Furceri & Raphaël Lee & Marina M. Tavares, 2024. "Market power and monetary policy transmission," Economica, London School of Economics and Political Science, vol. 91(362), pages 669-700, April.
    46. Tomas Reichenbachas & Linas Jurkšas & Rokas Kaminskas, 2021. "Natural real rates of interest across Euro area countries: Are R-stars getting closer together?," Bank of Lithuania Discussion Paper Series 24, Bank of Lithuania.
    47. Andrew Bailey & Ambrogio Cesa-Bianchi & Marco Garofalo & Richard Harrison & Nick McLaren & Rana Sajedi & Sophie Piton, 2023. "Structural change, global R* and the missing-investment puzzle," Bank of England working papers 997, Bank of England.
    48. Sushant Acharya & Keshav Dogra, 2018. "The side effects of safe asset creation," Staff Reports 842, Federal Reserve Bank of New York.
    49. Luo, Yuwei & Mei, Dongzhou, 2023. "The shortage of safe assets and China's housing boom," Economic Modelling, Elsevier, vol. 119(C).
    50. Tarek Benjamin Moll & Lukasz Rachel & Pascual Restrepo, 2019. "Uneven Growth: Automation’s Impact on Income and Wealth Inequality," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-333, Boston University - Department of Economics.
    51. Magali Marx & Benoit Mojon & François Velde, 2017. "Why Have Interest Rates Fallen far Below the Return on Capital," Working papers 630, Banque de France.
    52. Benjamin Grosse-Rueschkamp & Jörg Rocholl, 2020. "Ursachen und Konsequenzen von Niedrigzinsen [Causes and Consequences of Low Interest Rates]," Schmalenbach Journal of Business Research, Springer, vol. 72(4), pages 401-421, December.
    53. Alessandro Bellocchi & Giuseppe Travaglini, 2024. "Nonlinearity, Endogeneity, and Interaction: Implications for European Reform of Budgetary Rules," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 10(2), pages 519-550, July.
    54. Monica Amici & Emmanuele Bobbio & Roberto Torrini, 2018. "Patterns of Convergence (Divergence) in the Euro Area: Profitability Versus Cost and Price Indicators," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(3), pages 367-384, November.
    55. Germán Gutiérrez & Thomas Philippon, 2017. "Declining Competition and Investment in the U.S," NBER Working Papers 23583, National Bureau of Economic Research, Inc.
    56. Ambrogio Cesa-Bianchi & Richard Harrison & Rana Sajedi, 2022. "Decomposing the drivers of Global R," Bank of England working papers 990, Bank of England.
    57. Daisuke ADACHI & Yukiko SAITO, 2020. "Multinational Production and Labor Share," Discussion papers 20012, Research Institute of Economy, Trade and Industry (RIETI).
    58. Charles Goodhart & Manoj Pradhan, 2017. "Demographics will reverse three multi-decade global trends," BIS Working Papers 656, Bank for International Settlements.
    59. Emmanuel Farhi & François Gourio, 2019. "What is Driving the Return Spread Between “Safe” and “Risky” Assets?," Chicago Fed Letter, Federal Reserve Bank of Chicago.
    60. Smith, Matthew & Yagan, Danny & Zidar, Owen M. & Zwick, Eric, 2017. "Capitalists in the Twenty-First Century," Working Papers 271, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    61. Aditya Aladangady & Etienne Gagnon & Benjamin K. Johannsen & William B. Peterman, 2021. "Macroeconomic Implications of Inequality and Income Risk," Finance and Economics Discussion Series 2021-073, Board of Governors of the Federal Reserve System (U.S.).
    62. Michał Gradzewicz & Jakub Mućk, 2024. "Globalisation and the fall of markups," The World Economy, Wiley Blackwell, vol. 47(3), pages 1089-1116, March.
    63. Juan Passadore & Facundo Piguillem & Adriana Grasso, 2017. "Rising Capital Shares, Risk Taking and The Secular Stagnation," 2017 Meeting Papers 1513, Society for Economic Dynamics.
    64. Piton, Sophie, 2021. "Economic integration and unit labour costs," European Economic Review, Elsevier, vol. 136(C).
    65. Mertens, Matthias, 2019. "Micro-mechanisms behind declining labour shares: Market power, production processes, and global competition," IWH-CompNet Discussion Papers 3/2019, Halle Institute for Economic Research (IWH).
    66. Joachim Hubmer, 2019. "The Race Between Preferences and Technology," 2019 Meeting Papers 1430, Society for Economic Dynamics.
    67. Sophie Piton, 2017. "Economic Integration and the Non-tradable Sector: The European Experience," 2017 Papers ppi361, Job Market Papers.
    68. Orhan Erem Atesagaoglu & Hakki Yazici, 2021. "Optimal Taxation of Capital in the Presence of Declining Labor Share," CESifo Working Paper Series 9101, CESifo.
    69. Jonas Loebbing, 2022. "An Elementary Theory of Directed Technical Change and Wage Inequality," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(1), pages 411-451.
    70. Maurice Obstfeld, 2023. "Perspectives on r-bar and r-star," IMES Discussion Paper Series 23-E-03, Institute for Monetary and Economic Studies, Bank of Japan.
    71. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "The Safe Assets Shortage Conundrum," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 29-46, Summer.
    72. Enrico Sergio Levrero & Giacomo Sbrenna, 2022. "Some Factors Affecting US Capital Profitability over the Last Decades," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 77-101, December.
    73. Brand, Claus & Bielecki, Marcin & Penalver, Adrian, 2018. "The natural rate of interest: estimates, drivers, and challenges to monetary policy JEL Classification: E52, E43," Occasional Paper Series 217, European Central Bank.
    74. Corhay, Alexandre & Kung, Howard & Schmid, Lukas, 2025. "Q: Risk, rents, or growth?," Journal of Financial Economics, Elsevier, vol. 165(C).
    75. Fernando Broner & Alberto Martin & Jaume Ventura, 2020. "On Public Spending and Unions," Economics Working Papers 1715, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2020.
    76. Drago, Bergholt & Furlanetto, Francesco & Faccioli, Nicolò Maffei, 2019. "The decline of the labor share: new empirical evidence," Working Paper 2019/18, Norges Bank.
    77. Paul Hackworth, 2024. "The Current and Expected Pricing Markup as Derived from the Capital Asset Pricing Model and Tobin’s Q and Applied to the UK’s FTSE 100," JRFM, MDPI, vol. 17(3), pages 1-17, March.
    78. Goto, Eiji, 2023. "International comovement of r∗: A case study of the G7 countries," Journal of Empirical Finance, Elsevier, vol. 74(C).
    79. Kersten Kellermann & Carsten-Henning Schlag, 2021. "Überakkumulation oder Investitionslücke? [Over Accumulation or Investment Gap?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(12), pages 964-970, December.

  20. Camila Casas & Federico Díez & Gita Gopinath & Pierre-Olivier Gourinchas, 2017. "Dollar pricing redux," BIS Working Papers 653, Bank for International Settlements.

    Cited by:

    1. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    2. Stijn Claessens & M. Ayhan Kose, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CAMA Working Papers 2017-76, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    3. Joscha Beckmann & Mariarosaria Comunale, 2020. "Exchange rate fluctuations and the financial channel in emerging economies," Bank of Lithuania Working Paper Series 83, Bank of Lithuania.
    4. Angella Faith Montfaucon, 2022. "Euro usage in international trade amidst threats to multilateralism: evidence from Malawian imports," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(2), pages 485-507, May.

  21. Rey, Hélène & Gourinchas, Pierre-Olivier, 2016. "Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound," CEPR Discussion Papers 11503, C.E.P.R. Discussion Papers.

    Cited by:

    1. Corradin, Stefano & Heider, Florian & Hoerova, Marie, 2017. "On collateral: implications for financial stability and monetary policy," Working Paper Series 2107, European Central Bank.
    2. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    3. policy, Work stream on macroprudential & Albertazzi, Ugo & Martin, Alberto & Assouan, Emmanuelle & Tristani, Oreste & Galati, Gabriele & Vlassopoulos, Thomas, 2021. "The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro area," Occasional Paper Series 272, European Central Bank.
    4. Corsetti, Giancarlo & Erce, Aitor & Uy, Timothy, 2017. "Official sector lending strategies during the Euro Area crisis," LSE Research Online Documents on Economics 86155, London School of Economics and Political Science, LSE Library.
    5. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    6. Mariam Camarero & Jesús Peiró-Palomino & Cecilio Tamarit, 2018. "External imbalances and growth," Working Papers 1808, Department of Applied Economics II, Universidad de Valencia.
    7. Gülden Poyraz & Ahmet İncekara, 2021. "On Determinants of Exchange Market Pressure in Turkey: The Role of Model Uncertainty," Journal of Economy Culture and Society, Istanbul University, Faculty of Economics, vol. 63(63), pages 199-211, June.
    8. Claudio Borio & Piti Disyatat & Mikael Juselius & Phurichai Rungcharoenkitkul, 2022. "Why So Low for So Long? A Long-Term View of Real Interest Rates," International Journal of Central Banking, International Journal of Central Banking, vol. 18(3), pages 47-87, September.
    9. Paul Beaudry & Césaire Meh, 2021. "Monetary Policy, Trends in Real Interest Rates and Depressed Demand," Staff Working Papers 21-27, Bank of Canada.
    10. Bazillier, Rémi & Héricourt, Jérôme & Ligonnière, Samuel, 2021. "Structure of income inequality and household leverage: Cross-country causal evidence," European Economic Review, Elsevier, vol. 132(C).
    11. Ruch,Franz Ulrich, 2021. "Neutral Real Interest Rates in Inflation Targeting Emerging and Developing Economies," Policy Research Working Paper Series 9711, The World Bank.
    12. Stephanie Guichard, 2017. "10 Years after the Global Financial Crisis: What Have We Learnt About International Capital Flows?," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 8(03), pages 1-30, October.
    13. Reuven Glick, 2019. "R* and the Global Economy," Working Paper Series 2019-18, Federal Reserve Bank of San Francisco.
    14. Agnes Benassy-Quere & Matthieu Bussière & Pauline Wibaux, 2018. "Trade and Currency Weapons," CESifo Working Paper Series 7112, CESifo.
    15. Jaume Ventura & Alberto Martin & Luca Fornaro & Vladimir Asriyan, 2016. "Monetary Policy for a Bubbly World," Working Papers 921, Barcelona School of Economics.
    16. Guido Baldi & Björn Bremer & Thore Schlaak, 2017. "International Investments and Current Account Imbalances: The Importance of Valuation Changes," DIW Roundup: Politik im Fokus 117, DIW Berlin, German Institute for Economic Research.
    17. van Riet, Ad, 2017. "Addressing the safety trilemma: a safe sovereign asset for the eurozone," ESRB Working Paper Series 35, European Systemic Risk Board.
    18. Marc Giannoni & Domenico Giannone & Andrea Tambalotti & Marco Del Negro, 2017. "Safety, Liquidity, and the Natural Rate of Interest," 2017 Meeting Papers 803, Society for Economic Dynamics.
    19. Rémi Bazillier & Jérôme Héricourt & Samuel Ligonnière, 2019. "Structure of Income Inequality and Household Leverage: Theory and Cross-Country Evidence," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02079212, HAL.
    20. Wei Cui, 2017. "Macroeconomic Effects of Delayed Capital Liquidation," Discussion Papers 1719, Centre for Macroeconomics (CFM).
    21. Stijn Claessens & M. Ayhan Kose, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CAMA Working Papers 2017-76, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    22. John C. Williams, 2017. "Three Questions on R-star," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    23. Guido Baldi & Björn Bremer & Thore Schlaak, 2017. "Internationale Investitionen und Leistungsbilanzungleichgewichte: Die Bedeutung von Wertschwankungen," DIW Roundup: Politik im Fokus 117, DIW Berlin, German Institute for Economic Research.
    24. Claude Bismut & Ismael Ramajo, 2019. "Nominal and real interest rates in OECD countries," CEE-M Working Papers hal-02355139, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.
    25. Mamaysky, Harry, 2018. "The time horizon of price responses to quantitative easing," Journal of Banking & Finance, Elsevier, vol. 90(C), pages 32-49.
    26. Linda S. Goldberg & Signe Krogstrup, 2018. "International capital flow pressures," Staff Reports 834, Federal Reserve Bank of New York.
    27. Paul Beaudry & Katsiaryna Kartashova & Césaire A Meh, 2022. "Gazing at r*: A Hysteresis Perspective," RBA Annual Conference Papers acp2022-08, Reserve Bank of Australia, revised Dec 2022.
    28. Sushant Acharya & Keshav Dogra, 2018. "The side effects of safe asset creation," Staff Reports 842, Federal Reserve Bank of New York.
    29. Eichacker, Nina, 2020. "German Public Banks, Financial Competition, and Crisis: Institutional Change in German Banking and Financial Vulnerability Before the Global Financial Crisis," SocArXiv jkp5u, Center for Open Science.
    30. Claude Bismut & Ismael Ramajo, 2019. "Nominal and real interest rates in OECD countries," Working Papers hal-02355139, HAL.
    31. Katja Mann, 2021. "Does foreign capital go where the returns are? Financial integration and capital allocation efficiency1," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3945-3971, July.
    32. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2017. "Für eine zukunftsorientierte Wirtschaftspolitik. Jahresgutachten 2017/18 [Towards a Forward-Looking Economic Policy. Annual Report 2017/18]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201718.
    33. Kenneth Rogoff, 2017. "Dealing with Monetary Paralysis at the Zero Bound," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 47-66, Summer.
    34. Stéphanie Pamies & Nicolas Carnot & Anda Pătărău, 2021. "Do Fundamentals Explain Differences between Euro Area Sovereign Interest Rates?," European Economy - Discussion Papers 141, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    35. Zorell, Nico, 2017. "Large net foreign liabilities of euro area countries," Occasional Paper Series 198, European Central Bank.
    36. Ernest Gnan & Claudia Kwapil & Maria Teresa Valderrama, 2018. "Monetary policy after the crisis: mandates, targets, and international linkages," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2/18, pages 8-33.
    37. Hernán D. Seoane, 2020. "The Real Interest Rates Across Monetary Policy Regimes," EconPol Policy Reports 22, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

  22. Gourinchas, Pierre-Olivier & Caballero, Ricardo & Farhi, Emmanuel, 2016. "Safe Asset Scarcity and Aggregate Demand," CEPR Discussion Papers 11170, C.E.P.R. Discussion Papers.

    Cited by:

    1. Marcin Kacperczyk & Christophe Pérignon & Guillaume Vuillemey, 2021. "The Private Production of Safe Assets," Journal of Finance, American Finance Association, vol. 76(2), pages 495-535, April.
    2. Corradin, Stefano & Heider, Florian & Hoerova, Marie, 2017. "On collateral: implications for financial stability and monetary policy," Working Paper Series 2107, European Central Bank.
    3. Michael Bordo & Robert N. McCauley, 2017. "A Global Shortage of Safe Assets: A New Triffin Dilemma?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 45(4), pages 443-451, December.
    4. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    5. Fernando Broner & Daragh Clancy & Alberto Martin & Aitor Erce, 2017. "Fiscal multipliers and foreign holdings of public debt," Economics Working Papers 1610, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2021.
    6. Linda S. Goldberg & Signe Krogstrup, 2023. "International Capital Flow Pressures and Global Factors," NBER Working Papers 30887, National Bureau of Economic Research, Inc.
    7. Huber, Florian & Punzi, Maria Teresa, 2017. "The shortage of safe assets in the US investment portfolio: Some international evidence," Department of Economics Working Paper Series 243, WU Vienna University of Economics and Business.
    8. Reis, Ricardo, 2016. "Funding quantitative easing to target inflation," LSE Research Online Documents on Economics 67883, London School of Economics and Political Science, LSE Library.
    9. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," NBER Working Papers 23127, National Bureau of Economic Research, Inc.
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    41. Benedikt Ballensiefen & Angelo Ranaldo, 2019. "Safe Asset Carry Trade," Working Papers on Finance 1909, University of St. Gallen, School of Finance, revised Oct 2019.
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    44. Ly-Dai, Hung, 2018. "Public Safe Assets Determination," MPRA Paper 90237, University Library of Munich, Germany, revised Oct 2018.
    45. Duffy, David & Foley, Daniel & Mc Inerney, Niall & McQuinn, Kieran, 2016. "Demographic Change, Long-Run Housing Demand and the Related Challenges for the Irish Banking Sector," Book Chapters, in: Ireland’s Economic Outlook: Perspectives and Policy Challenges, Economic and Social Research Institute (ESRI).
    46. Bussière, Matthieu & Karadimitropoulou, Aikaterini E. & León-Ledesma, Miguel A., 2021. "Current Account Dynamics And The Real Exchange Rate: Disentangling The Evidence," Macroeconomic Dynamics, Cambridge University Press, vol. 25(1), pages 28-58, January.
    47. Linda S. Goldberg & Signe Krogstrup, 2018. "International capital flow pressures," Staff Reports 834, Federal Reserve Bank of New York.
    48. Jaevin Park, 2020. "Inside Money, Business Cycle, and Bank Capital Requirements," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 103-121, April.
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    50. Tomas Reichenbachas & Linas Jurkšas & Rokas Kaminskas, 2021. "Natural real rates of interest across Euro area countries: Are R-stars getting closer together?," Bank of Lithuania Discussion Paper Series 24, Bank of Lithuania.
    51. Guillermo A. Calvo, 2016. "From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII," NBER Working Papers 22535, National Bureau of Economic Research, Inc.
    52. Boysen-Hogrefe, Jens & Fiedler, Salomon & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan, 2021. "Vermögenspreise, Zinseffekte und die Robustheit der öffentlichen Finanzen in Deutschland - eine Szenario-Analyse," Kieler Beiträge zur Wirtschaftspolitik 36, Kiel Institute for the World Economy (IfW Kiel).
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    4. Filippo Balestrieri & Mr. Suman S Basu, 2018. "An Imperfect Financial Union With Heterogeneous Regions," IMF Working Papers 2018/205, International Monetary Fund.
    5. Olivier Blanchard, 2025. "Convergence? Thoughts About the Evolution of Mainstream Macroeconomics over the Last 40 Years," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, National Bureau of Economic Research, Inc.
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    7. Athanasia Chalari & Clive Sealey & Mike Webb, 2016. "A Comparison of Subjective Experiences and Responses to Austerity of UK and Greek Youth," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 102, Hellenic Observatory, LSE.
    8. Markus K. Brunnermeier & Ricardo Reis, 2019. "A Crash Course on the Euro Crisis," Working Papers 2019-14, Princeton University. Economics Department..
    9. Jordaan, Jacob A. & Monastiriotis, Vassilis, 2016. "The domestic productivity effects of FDI in Greece: loca(lisa)tion matters!," LSE Research Online Documents on Economics 68816, London School of Economics and Political Science, LSE Library.
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    23. Yannis Caloghirou & Ioannis Giotopoulos & Alexandra Kontolaimou & Aggelos Tsakanikas, 0. "Inside the black box of high-growth firms in a crisis-hit economy: corporate strategy, employee human capital and R&D capabilities," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-27.
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    33. Economides, George & Papageorgiou, Dmitris & Philippopoulos, Apostolis, 2020. "Macroeconomic policy lessons from Greece," LSE Research Online Documents on Economics 107155, London School of Economics and Political Science, LSE Library.
    34. Keuschnigg, Christian, 2022. "Monetary Union, Asymmetric Recession, and Exit," Economics Working Paper Series 2206, University of St. Gallen, School of Economics and Political Science.
    35. Alessio Terzi, 2019. "The Euro Crisis and Economic Growth: A Novel Counterfactual Approach," CESifo Working Paper Series 7746, CESifo.
    36. Konstantinos Kougias, 2017. "‘Real’ Flexicurity Worlds in action: Evidence from Denmark and Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 106, Hellenic Observatory, LSE.
    37. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2020. "Macroeconomic Policy Lessons for Greece from the Debt Crisis," CESifo Working Paper Series 8188, CESifo.
    38. Cyrille Lenoël & Corrado Macchiarelli & Garry Young, 2023. "Greece 2010–18: What Could Have Been Done Differently?," Open Economies Review, Springer, vol. 34(2), pages 281-315, April.
    39. Joseba Martinez & Thomas Philippon & Markus Sihvonen, 2019. "Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets," NBER Working Papers 26026, National Bureau of Economic Research, Inc.
    40. Feghali, Khalil & Mora, Nada & Nassif, Pamela, 2021. "Financial inclusion, bank market structure, and financial stability: International evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 236-257.
    41. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2017. "The driving forces of the current Greek great depression," Working Papers 201703, Athens University Of Economics and Business, Department of Economics.
    42. Platon Monokroussos & Dimitrios D. Thomakos & Thomas A. Alexopoulos, 2016. "The Determinants of Loan Loss Provisions: An Analysis of the Greek Banking System in Light of the Sovereign Debt Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 104, Hellenic Observatory, LSE.
    43. Tryphon Kollintzas & Dimitris Papageorgiou & Efthymios Tsionas & Vanghelis Vassilatos, 2018. "Market and political power interactions in Greece: an empirical investigation," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 7(1), pages 1-43, December.
    44. Christos, Genakos & Kaplanis, Ioannis & Tagaraki, Maria Theano & Tsakanikas, Aggelos, 2023. "Firm resilience and growth during the economics crisis: lessons from the Greek depression," LSE Research Online Documents on Economics 119705, London School of Economics and Political Science, LSE Library.
    45. Rohan Kekre, 2022. "Optimal Currency Areas with Labor Market Frictions," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(2), pages 44-95, April.
    46. Dimakopoulou, Vasiliki & Economides, George & Philippopoulos, Apostolis, 2022. "The ECB's policy, the Recovery Fund and the importance of trust and fiscal corrections: The case of Greece," Economic Modelling, Elsevier, vol. 112(C).
    47. Dimitris Papageorgiou & Stylianos Tsiaras, 2021. "The Greek Great Depression from a neoclassical perspective," Working Papers 286, Bank of Greece.
    48. Guilherme Bandeira & Jordi Caballe & Eugenia Vella, 2022. "Emigration and Fiscal Austerity in a Depression," DEOS Working Papers 2224, Athens University of Economics and Business.
    49. Germaschewski, Yin & Wang, Shu-Ling, 2022. "Fiscal stabilization in high-debt economies without monetary independence," Journal of Macroeconomics, Elsevier, vol. 72(C).
    50. Guilherme Bandeira & Jordi Caballe & Eugenia Vella, 2019. "Fiscal Austerity and Migration: A Missing Link," Working Papers 2019009, The University of Sheffield, Department of Economics.
    51. Chalari, Athanasia & Sealey, Clive & Webb, Mike, 2016. "A comparison of subjective experiencesand responses to austerity of UK andGreek youth," LSE Research Online Documents on Economics 68585, London School of Economics and Political Science, LSE Library.
    52. Martinez, Joseba & Philippon, Thomas & Sihvonen, Markus, 2022. "Does a currency union need a capital market union?," Journal of International Economics, Elsevier, vol. 139(C).
    53. Maideu-Morera, Gerard, 2024. "Optimal Fiscal Rules and Macroprudential Policies with Sovereign Default Risk," TSE Working Papers 24-1534, Toulouse School of Economics (TSE).
    54. Costas Lapavitsas, 2019. "Political Economy of the Greek Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(1), pages 31-51, March.
    55. Philip R. Lane, 2019. "Macrofinancial Stability and the Euro," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 424-442, September.
    56. Dimitris Malliaropulos & Dimitris Papageorgiou & Melina Vasardani & Evangelia Vourvachaki, 2021. "The impact of the Recovery and Resilience Facility on the Greek economy," Economic Bulletin, Bank of Greece, issue 53, pages 7-28, July.
    57. Kyriakos Drivas & Claire Economidou & Ioannis Kaplanis & Maria Theano Tagaraki, 2023. "Examination of related diversification in laggard regions," Papers in Regional Science, Wiley Blackwell, vol. 102(4), pages 851-869, August.
    58. Goodhart, C.A.E. & Peiris, M.U. & Tsomocos, D.P., 2018. "Debt, recovery rates and the Greek dilemma," Journal of Financial Stability, Elsevier, vol. 36(C), pages 265-278.
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    60. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    61. Darracq Pariès, Matthieu & Müller, Georg & Papadopoulou, Niki, 2023. "Fiscal multipliers within the euro area in the context of sovereign risk and bank fragility," Economic Modelling, Elsevier, vol. 126(C).
    62. Kougias, Konstantinos, 2017. "‘Real’ flexicurity worlds in action: evidence from Denmark and Greece," LSE Research Online Documents on Economics 69576, London School of Economics and Political Science, LSE Library.
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    64. Alexandros Fakos & Plutarchos Sakellaris & Tiago Tavares, 2018. "Firm Investment During Large Crises: The role of Credit Conditions," 2018 Meeting Papers 1000, Society for Economic Dynamics.
    65. Yu-Fu Chen & Michael Funke, 2017. "Greece’s Three-Act Tragedy: A Simple Model of Grexit vs. Staying Afloat inside the Single Currency Area," Open Economies Review, Springer, vol. 28(2), pages 297-318, April.
    66. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2021. "Austerity, Assistance and Institutions: Lessons from the Greek Sovereign Debt Crisis," Open Economies Review, Springer, vol. 32(3), pages 435-478, July.
    67. Dellas, Harris & Malliaropulos, Dimitris & Papageorgiou, Dimitris & Vourvachaki, Evangelia, 2017. "Fiscal Policy with an Informal Sector," CEPR Discussion Papers 12494, C.E.P.R. Discussion Papers.
    68. Charalampidis, Nikolaos, 2020. "On unemployment cycles in the Euro Area, 1999–2018," European Economic Review, Elsevier, vol. 121(C).
    69. Spyros Arvanitis & Euripidis Loukis, 2024. "Factors Explaining Firm Economic Vulnerability During the 2008 Crisis," Journal of Industry, Competition and Trade, Springer, vol. 24(1), pages 1-41, December.
    70. Panagiotis Avramidis & Ioannis Asimakopoulos & Dimitris Malliaropulos, 2021. "Disrupted lending relationship and borrower's strategic default: evidence from the tourism industry during the Greek economic crisis," Working Papers 285, Bank of Greece.
    71. Fakos, Alexandros & Sakellaris, Plutarchos & Tavares, Tiago, 2022. "Investment slumps during financial crises: The real effects of credit supply," Journal of Financial Economics, Elsevier, vol. 145(1), pages 29-44.
    72. Robert J. Kolesar & Rok Spruk, 2024. "Effect of Austerity Measures on Infant Mortality: Evidence from Greece," Papers 2407.17084, arXiv.org.
    73. Thomas Philippon & Francisco Roldán, 2018. "On the Optimal Speed of Sovereign Deleveraging with Precautionary Savings," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(2), pages 375-413, June.
    74. Ngozi E. Egbuna (PhD) & Maimuna John-Sowe & Dauda Mohammed (PhD) & Hissan Abubakari & Eric L. Sambolah & Kormay Adams, 2020. "Uncertainty And Economic Performance In The West African Monetary Zone (Wamz): A Fixed Effect Panel Threshold Approach," Working Papers 19, West African Monetary Institute.

  24. Gourinchas, Pierre-Olivier & Philippon, Thomas & Vayanos, Dimitri, 2016. "The analytics of the Greek crisis: celebratory centenary issue," LSE Research Online Documents on Economics 67368, London School of Economics and Political Science, LSE Library.

    Cited by:

    1. Sophie Piton, 2018. "Do Unit Labor Costs Matter? A Decomposition Exercise on European Data," Working Papers halshs-01785345, HAL.
    2. Athanasia Chalari & Clive Sealey & Mike Webb, 2016. "A Comparison of Subjective Experiences and Responses to Austerity of UK and Greek Youth," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 102, Hellenic Observatory, LSE.
    3. Jordaan, Jacob A. & Monastiriotis, Vassilis, 2016. "The domestic productivity effects of FDI in Greece: loca(lisa)tion matters!," LSE Research Online Documents on Economics 68816, London School of Economics and Political Science, LSE Library.
    4. Philippe Martin & Thomas Philippon, 2017. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," American Economic Review, American Economic Association, vol. 107(7), pages 1904-1937, July.
    5. Ivan Jaccard, 2019. "Structural Asymmetries and Financial Imbalances," 2019 Meeting Papers 988, Society for Economic Dynamics.
    6. Christian Keuschnigg & Linda Kirschner & Michael Kogler & Hannah Winterberg, 2020. "Italy in the Eurozone," CESifo Working Paper Series 8416, CESifo.
    7. Alessio Terzi, 2018. "Macroeconomic Adjustment in the Euro Area," Growth Lab Working Papers 107, Harvard's Growth Lab.
    8. Kollintzas, Tryphon & Papageorgiou, Dimitris & Vassilatos, Vanghelis, 2018. "Market and political power interactions in Greece: A theory," European Journal of Political Economy, Elsevier, vol. 53(C), pages 59-83.
    9. Callum Jones, 2018. "Household Leverage and the Recession," 2018 Meeting Papers 933, Society for Economic Dynamics.
    10. Keuschnigg, Christian, 2022. "Monetary Union, Asymmetric Recession, and Exit," Economics Working Paper Series 2206, University of St. Gallen, School of Economics and Political Science.
    11. Konstantinos Kougias, 2017. "‘Real’ Flexicurity Worlds in action: Evidence from Denmark and Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 106, Hellenic Observatory, LSE.
    12. Joseba Martinez & Thomas Philippon & Markus Sihvonen, 2019. "Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets," NBER Working Papers 26026, National Bureau of Economic Research, Inc.
    13. Platon Monokroussos & Dimitrios D. Thomakos & Thomas A. Alexopoulos, 2016. "The Determinants of Loan Loss Provisions: An Analysis of the Greek Banking System in Light of the Sovereign Debt Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 104, Hellenic Observatory, LSE.
    14. Guilherme Bandeira & Jordi Caballe & Eugenia Vella, 2019. "Fiscal Austerity and Migration: A Missing Link," Working Papers 2019009, The University of Sheffield, Department of Economics.
    15. Chalari, Athanasia & Sealey, Clive & Webb, Mike, 2016. "A comparison of subjective experiencesand responses to austerity of UK andGreek youth," LSE Research Online Documents on Economics 68585, London School of Economics and Political Science, LSE Library.
    16. Martinez, Joseba & Philippon, Thomas & Sihvonen, Markus, 2022. "Does a currency union need a capital market union?," Journal of International Economics, Elsevier, vol. 139(C).
    17. Ivan Jaccard & Frank Smets, 2020. "Structural Asymmetries and Financial Imbalances in the Eurozone," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 73-102, April.
    18. Costas Lapavitsas, 2019. "Political Economy of the Greek Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(1), pages 31-51, March.
    19. Goodhart, C.A.E. & Peiris, M.U. & Tsomocos, D.P., 2018. "Debt, recovery rates and the Greek dilemma," Journal of Financial Stability, Elsevier, vol. 36(C), pages 265-278.
    20. Kougias, Konstantinos, 2017. "‘Real’ flexicurity worlds in action: evidence from Denmark and Greece," LSE Research Online Documents on Economics 69576, London School of Economics and Political Science, LSE Library.
    21. Sophie Piton, 2017. "Economic Integration and the Non-tradable Sector: The European Experience," 2017 Papers ppi361, Job Market Papers.
    22. Charalampidis, Nikolaos, 2020. "On unemployment cycles in the Euro Area, 1999–2018," European Economic Review, Elsevier, vol. 121(C).

  25. Gita Gopinath & Emine Boz & Camila Casas & Federico J. Díez & Pierre-Olivier Gourinchas & Mikkel Plagborg-Møller, 2016. "Dominant Currency Paradigm," NBER Working Papers 22943, National Bureau of Economic Research, Inc.

    Cited by:

    1. Crowley, Meredith A. & Corsetti, Giancarlo & Han, Lu & Song, Huasheng, 2019. "Markets and Markup: A New Empirical Framework and Evidence on Exporters from China," CEPR Discussion Papers 13904, C.E.P.R. Discussion Papers.
    2. Vieira Marques Da Costa, Rui & Dhingra, Swati & Machin, Stephen, 2022. "New dawn fades: trade, labour and the Brexit exchange rate depreciation," LSE Research Online Documents on Economics 118043, London School of Economics and Political Science, LSE Library.
    3. Beck, Roland & Berganza, Juan Carlos & Brüggemann, Axel & Cezar, Rafael & Eijking, Carlijn & Eller, Markus & Fuentes, Alberto & Alves, Joel Graça & Kreitz, Lilian & Marsilli, Clement & Moder, Isabella, 2023. "Recent advances in the literature on capital flow management," Occasional Paper Series 317, European Central Bank.
    4. Uhlig, Harald & Xie, Taojun, 2020. "Parallel Digital Currencies and Sticky Prices," CEPR Discussion Papers 15619, C.E.P.R. Discussion Papers.
    5. Abbassi, Puriya & Bräuning, Falk, 2020. "Real effects of foreign exchange risk migration: Evidence from matched firm-bank microdata," Discussion Papers 53/2020, Deutsche Bundesbank.
    6. Dieppe, Alistair & Georgiadis, Georgios & Ricci, Martino & Van Robays, Ine & van Roye, Björn, 2018. "ECB-Global: Introducing the ECB's global macroeconomic model for spillover analysis," Economic Modelling, Elsevier, vol. 72(C), pages 78-98.
    7. Yining Geng, 2020. "Impact of Family Planning Policy on Gender Inequality: Evidence from China," Working Papers 202009, University of Liverpool, Department of Economics.
    8. Mr. Yan Carriere-Swallow & Mr. Nicolas E Magud & Juan Yepez, 2018. "No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect," IMF Working Papers 2018/213, International Monetary Fund.
    9. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2015. "Global Imbalances and Policy Wars at the Zero Lower Bound," NBER Working Papers 21670, National Bureau of Economic Research, Inc.
    10. Daisuke Ikeda, 2020. "Digital Money as a Unit of Account and Monetary Policy in Open Economies," IMES Discussion Paper Series 20-E-15, Institute for Monetary and Economic Studies, Bank of Japan.
    11. Freitag, Andreas & Lein, Sarah M., 2023. "Endogenous product adjustment and exchange rate pass-through," Journal of International Economics, Elsevier, vol. 140(C).
    12. Juan Esteban Carranza & Camila Casas & Alejandra Ximena González-Ramírez, 2020. "The Colombian peso depreciation of 2014-2015 and the adjustment of trade in the manufacturing sector," Borradores de Economia 1125, Banco de la Republica de Colombia.
    13. Javier Garcia-Cicco, 2022. "Alternative monetary-policy instruments and limited credibility: an exploration," BIS Working Papers 1020, Bank for International Settlements.
    14. Camatte, Hadrien & Daudin, Guillaume & Faubert, Violaine & Rifflart, Christine, 2023. "Estimating the elasticity of consumer prices to the exchange rate: An accounting approach," Journal of International Money and Finance, Elsevier, vol. 137(C).
    15. Ortiz, Marco & Herrera, Gerardo & Perez, Fernando, 2022. "The shine beneath: foreign exchange intervention in resource-rich economies," MPRA Paper 116208, University Library of Munich, Germany.
    16. Dainauskas, Justas, 2023. "Time-varying exchange rate pass-through into terms of trade," LSE Research Online Documents on Economics 120000, London School of Economics and Political Science, LSE Library.
    17. Katharina Bergant & Francesco Grigoli & Niels-Jakob Hansen & Katharina Damiano Sandri, 2023. "Dampening global financial shocks: can macroprudential regulation help (more than capital controls)?," BIS Working Papers 1097, Bank for International Settlements.
    18. Giancarlo Corsetti & Keith Kuester & Gernot J. Müller, 2017. "Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession," Discussion Papers 1721, Centre for Macroeconomics (CFM).
    19. Yin-Wong Cheung, 2023. "A decade of RMB internationalisation," Economic and Political Studies, Taylor & Francis Journals, vol. 11(1), pages 47-74, January.
    20. Natalie Chen & Wanyu Chung & Dennis Novy, 2022. "Vehicle Currency Pricing and Exchange Rate Pass-Through," Journal of the European Economic Association, European Economic Association, vol. 20(1), pages 312-351.
    21. Jing Cynthia Wu & Yinxi Xie & Ji Zhang, 2024. "The Role of International Financial Integration in Monetary Policy Transmission," Staff Working Papers 24-3, Bank of Canada.
    22. Prasad Sankar Bhattacharya, 2024. "Pass‐through to export prices: Evidence from Australia†," The World Economy, Wiley Blackwell, vol. 47(6), pages 2574-2607, June.
    23. Egemen Eren & Semyon Malamud, 2018. "Dominant Currency Debt," Swiss Finance Institute Research Paper Series 18-55, Swiss Finance Institute.
    24. Lee, Kwan Yong & Naknoi, Kanda, 2024. "Exchange rates, invoicing currencies and the margins of exports," Journal of International Money and Finance, Elsevier, vol. 141(C).
    25. Kocięcki, Andrzej & Kolasa, Marcin, 2023. "A solution to the global identification problem in DSGE models," Journal of Econometrics, Elsevier, vol. 236(2).
    26. Bank for International Settlements, 2020. "US dollar funding: an international perspective," CGFS Papers, Bank for International Settlements, number 65, december.
    27. García-Cicco, Javier & García-Schmidt, Mariana, 2020. "Revisiting the exchange rate pass through: A general equilibrium perspective," Journal of International Economics, Elsevier, vol. 127(C).
    28. Antonia López-Villavicencio & Valérie Mignon, 2020. "Exchange rate pass-through to import prices: accounting for changes in the eurozone trade structure," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 156(4), pages 835-858, November.
    29. Konstantin Egorov & Dmitry Mukhin, 2019. "Optimal Monetary Policy under Dollar Pricing," 2019 Meeting Papers 1510, Society for Economic Dynamics.
    30. Valentina Bruno & Hyun Song Shin, 2019. "Dollar and Exports," BIS Working Papers 819, Bank for International Settlements.
    31. Laura Alfaro & Mauricio Calani & Liliana Varela, 2021. "Granular Corporate Hedging Under Dominant Currency," NBER Working Papers 28910, National Bureau of Economic Research, Inc.
    32. Montoro, Carlos & Ortiz, Marco, 2023. "The portfolio balance channel of capital flows and foreign exchange intervention in a small open economy," Journal of International Money and Finance, Elsevier, vol. 133(C).
    33. Gerding, Felix & Hartley, Jonathan S., 2024. "De-dollarization? Not so fast," Economics Letters, Elsevier, vol. 238(C).
    34. José De Gregorio & Pablo García & Emiliano Luttini & Marco Rojas, 2023. "From Dominant to Producer Currency Pricing: Dynamics of Chilean Exports," Working Papers Central Bank of Chile 970, Central Bank of Chile.
    35. Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parraga Rodriguez, Susana &, 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank.
    36. Stefan Avdjiev & Valentina Bruno & Catherine Koch, 2018. "The dollar exchange rate as a global risk factor: evidence from investment," BIS Working Papers 695, Bank for International Settlements.
    37. Georgiadis, Georgios & Müller, Gernot J. & Schumann, Ben, 2024. "Global risk and the dollar," Journal of Monetary Economics, Elsevier, vol. 144(C).
    38. Dainauskas, Justas, 2023. "Time-varying exchange rate pass-through into terms of trade," Journal of International Money and Finance, Elsevier, vol. 137(C).
    39. Forbes, Kristin & Hjortsoe, Ida & Nenova, Tsvetelina, 2018. "The shocks matter: Improving our estimates of exchange rate pass-through," Journal of International Economics, Elsevier, vol. 114(C), pages 255-275.
    40. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    41. Eugenio Cerutti & Catherine Koch & Swapan-Kumar Pradhan, 2020. "Banking across borders: Are Chinese banks different?," BIS Working Papers 892, Bank for International Settlements.
    42. Friederike Niepmann & Tim Schmidt-Eisenlohr, 2019. "Institutional Investors, the Dollar, and U.S. Credit Conditions," International Finance Discussion Papers 1246, Board of Governors of the Federal Reserve System (U.S.).
    43. Beniamino Quintieri & Giovanni Stamato, 2023. "Are preferential agreements beneficial to EU trade? New evidence from the EU–South Korea treaty," The World Economy, Wiley Blackwell, vol. 46(12), pages 3511-3541, December.
    44. Corsetti, G. & Crowley, M. & Han, L., 2018. "Invoicing and the Dynamics of Pricing-to-market - Evidence from UK Export Prices around the Brexit Referendum," Cambridge Working Papers in Economics 1860, Faculty of Economics, University of Cambridge.
    45. Barbara Schuster & Siavash Radpour, 2022. "No "Great Resignation" for Older Workers- Mass Job Loss Drove the Retirement Surge," SCEPA publication series. 2022-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    46. Ha,Jongrim & Stocker,Marc & Yilmazkuday,Hakan, 2019. "Inflation and Exchange Rate Pass-Through," Policy Research Working Paper Series 8780, The World Bank.
    47. Robert A. Blecker, 2025. "Conflict and cooperation in international trade: post-Keynesian perspectives," FMM Working Paper 119-2025, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    48. Brun, Martin & Gambetta, Juan Pedro & Varela, Gonzalo J., 2022. "Why do exports react less to real exchange rate depreciations than to appreciations? Evidence from Pakistan," Journal of Asian Economics, Elsevier, vol. 81(C).
    49. Drenik, Andrés & Perez, Diego J., 2021. "Domestic price dollarization in emerging economies," Journal of Monetary Economics, Elsevier, vol. 122(C), pages 38-55.
    50. Cook, David & Patel, Nikhil, 2023. "Dollar invoicing, global value chains, and the business cycle dynamics of international trade," Journal of International Economics, Elsevier, vol. 145(C).
    51. Xing Guo & Pablo Ottonello & Diego J. Perez, 2023. "Monetary Policy and Redistribution in Open Economies," Journal of Political Economy Macroeconomics, University of Chicago Press, vol. 1(1), pages 191-241.
    52. Corsetti, Giancarlo & Dedola, Luca & Leduc, Sylvain, 2023. "Exchange rate misalignment and external imbalances: What is the optimal monetary policy response?," Journal of International Economics, Elsevier, vol. 144(C).
    53. Giudici, Paolo & Leach, Thomas & Pagnottoni, Paolo, 2022. "Libra or Librae? Basket based stablecoins to mitigate foreign exchange volatility spillovers," Finance Research Letters, Elsevier, vol. 44(C).
    54. Matsumura, Misaki, 2022. "What price index should central banks target? An open economy analysis," Journal of International Economics, Elsevier, vol. 135(C).
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    56. Boris Hofmann & Taejin Park, 2020. "The broad dollar exchange rate as an EME risk factor," BIS Quarterly Review, Bank for International Settlements, December.
    57. Nikhil Patel & Zhi Wang & Shang‐Jin Wei, 2019. "Global Value Chains and Effective Exchange Rates at the Country‐Sector Level," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(S1), pages 7-42, December.
    58. Felipe Benguria & Dennis Novy, 2025. "How to grow an invoicing currency: micro evidence from Argentina," CEP Discussion Papers dp2112, Centre for Economic Performance, LSE.
    59. Wenbo Jia & Hao Jiang & Yiqing Lyv & Stavros Sindakis, 2025. "Uncertainty’s Effect on China’s Knowledge-Based Economy: Transformation Beyond Trade," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 4684-4725, March.
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    62. Shang-Jin Wei & Yinxi Xie, 2020. "Monetary Policy in an Era of Global Supply Chains," NBER Working Papers 26602, National Bureau of Economic Research, Inc.
    63. Georgiadis, Georgios & Jančoková, Martina, 2017. "Financial globalisation, monetary policy spillovers and macro-modelling: tales from 1001 shocks," Working Paper Series 2082, European Central Bank.
    64. Rui C. Mano & Silvia Sgherri, 2024. "One Shock, Many Policy Responses," Open Economies Review, Springer, vol. 35(2), pages 395-420, April.
    65. Tao Liu & Xiaosong Wang & Wing Thye Woo, 2024. "Network effect and international currency," Scandinavian Journal of Economics, Wiley Blackwell, vol. 126(3), pages 600-626, July.
    66. Aleksandr V. Gevorkyan & Tarron Khemraj, 2022. "Dominant Currency Shocks and Foreign Exchange Pressure in the Periphery," SCEPA working paper series. 2022-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
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    69. Ye Li & Simon Mayer & Simon Mayer, 2021. "Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking," CESifo Working Paper Series 9260, CESifo.
    70. Camila Casas & Sergii Meleshchuk & Mr. Yannick Timmer, 2023. "The Dominant Currency Financing Channel of External Adjustment," IMF Working Papers 2023/164, International Monetary Fund.
    71. Eugster, Johannes & Donato, Giovanni, 2025. "The exchange rate elasticity of the Swiss current account," Journal of International Money and Finance, Elsevier, vol. 152(C).
    72. Boz, Emine & Casas, Camila & Georgiadis, Georgios & Gopinath, Gita & Le Mezo, Helena & Mehl, Arnaud & Nguyen, Tra, 2022. "Patterns of invoicing currency in global trade: New evidence," Journal of International Economics, Elsevier, vol. 136(C).
    73. Gita Gopinath, 2017. "A Macroeconomic Perspective on Border Taxes," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(2 (Fall)), pages 433-447.
    74. Mikhail Dmitriev & Jonathan Hoddenbagh, 2019. "Optimal Monetary Policy in Small Open Economies: Producer Currency Pricing," Working Papers wp2019_10_01, Department of Economics, Florida State University.
    75. Corsetti, G. & Kuester, K. & Müller, G. J. & Schmidt, S., 2021. "The Exchange Rate Insulation Puzzle," Cambridge Working Papers in Economics 2109, Faculty of Economics, University of Cambridge.
    76. Javier Bianchi & Saki Bigio & Charles Engel, 2022. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," Working Papers 182, Peruvian Economic Association.
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    78. Hashmi, Aamir Rafique & Nsafoah, Dennis, 2024. "International spillovers of conventional versus new monetary policy," Economic Modelling, Elsevier, vol. 139(C).
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    Cited by:

    1. Andres Rodriguez-Clare & Mauricio Ulate & Jose P. Vasquez, 2020. "New-Keynesian Trade: Understanding the Employment and Welfare Effects of Trade Shocks," Working Paper Series 2020-32, Federal Reserve Bank of San Francisco.
    2. Sara Eugeni, 2019. "Exchange rate volatility and cooperation in an incomplete markets' economy," Department of Economics Working Papers 2019_02, Durham University, Department of Economics.
    3. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    4. Huber, Florian & Punzi, Maria Teresa, 2017. "The shortage of safe assets in the US investment portfolio: Some international evidence," Department of Economics Working Paper Series 243, WU Vienna University of Economics and Business.
    5. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," NBER Working Papers 23127, National Bureau of Economic Research, Inc.
    6. Alex Haberis & Anna Lipińska, 2020. "A Welfare‐Based Analysis of International Monetary Policy Spillovers at the Zero Lower Bound," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(5), pages 1107-1145, August.
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    33. Claudio Borio & Piti Disyatat & Phurichai Rungcharoenkitkul, 2019. "What anchors for the natural rate of interest?," BIS Working Papers 777, Bank for International Settlements.
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    35. Lael Brainard, 2016. "What Happened to the Great Divergence? a speech at the 2016 U.S. Monetary Policy Forum, New York, New York, February 26, 2016," Speech 891, Board of Governors of the Federal Reserve System (U.S.).
    36. Matthias Schlegl, 2018. "Secular Stagnation in an Economy with Land," ISER Discussion Paper 1032, Institute of Social and Economic Research, The University of Osaka.
    37. Manuel, Lancastre, 2016. "Age Milestones and Low Interest Rates, an Analytic Approach," MPRA Paper 85046, University Library of Munich, Germany.
    38. Manuel Amador & Javier Bianchi & Luigi Bocola & Fabrizio Perri, 2016. "Reverse Speculative Attacks," Staff Report 528, Federal Reserve Bank of Minneapolis.
    39. Islomjon Inkhomiddinov, 2025. "Measuring Natural Rate of Interest in Uzbekistan," IHEID Working Papers 02-2025, Economics Section, The Graduate Institute of International Studies.
    40. Rodnyansky, A., 2018. "(Un)Competitive Devaluations and Firm Dynamics," Cambridge Working Papers in Economics 1888, Faculty of Economics, University of Cambridge.
    41. Frankel, Jeffrey, 2016. "International Coordination," Working Paper Series 16-002, Harvard University, John F. Kennedy School of Government.
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    43. Gauti B. Eggertsson & Neil R. Mehrotra & Sanjay R. Singh & Lawrence H. Summers, 2016. "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," NBER Working Papers 22299, National Bureau of Economic Research, Inc.
    44. John C. Williams, 2016. "Whither Inflation Targeting? Speech to the Hayek Group, Reno, Nevada, September 6, 2016," Speech 169, Federal Reserve Bank of San Francisco.
    45. Capraro, Santiago & Panico, Carlo & Torres-Gonzalez, Luis Daniel, 2021. "The persistent and generalised decline in the U. S. interest rates: an alternative interpretation," MPRA Paper 110181, University Library of Munich, Germany.
    46. Deepa Dhume Datta & Benjamin K. Johannsen & Hannah Kwon & Robert J. Vigfusson, 2018. "Oil, Equities, and the Zero Lower Bound," Finance and Economics Discussion Series 2018-058, Board of Governors of the Federal Reserve System (U.S.).
    47. Ryan Niladri Banerjee & Michael B Devereux & Giovanni Lombardo, 2016. "Self-oriented monetary policy, global financial markets and excess volatility of international capital flows," BIS Working Papers 540, Bank for International Settlements.
    48. Bussière, Matthieu & Karadimitropoulou, Aikaterini E. & León-Ledesma, Miguel A., 2021. "Current Account Dynamics And The Real Exchange Rate: Disentangling The Evidence," Macroeconomic Dynamics, Cambridge University Press, vol. 25(1), pages 28-58, January.
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    50. Joshua K. Hausman & Paul W. Rhode & Johannes F. Wieland, 2019. "Recovery from the Great Depression: The Farm Channel in Spring 1933," American Economic Review, American Economic Association, vol. 109(2), pages 427-472, February.
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    52. Sanjay R. Singh & Nicolas Caramp, 2020. "Bond Premium Cyclicality and Liquidity Traps," Working Papers 336, University of California, Davis, Department of Economics.
    53. Jeanne, Olivier, 2021. "Currency Wars, Trade Wars, and Global Demand," CEPR Discussion Papers 16827, C.E.P.R. Discussion Papers.
    54. Engel, Charles, 2020. "Safe U.S. Assets and U.S. Capital Flows," Journal of International Money and Finance, Elsevier, vol. 102(C).
    55. Bhavesh Garg & K.P. Prabheesh, 2022. "Is Indonesia’S Current Account Balance Optimal? Evidence From An Intertemporal Approach," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 25(Special I), pages 1-18, March.
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    Cited by:

    1. Bárány, Zsófia L. & Coeurdacier, Nicolas & Guibaud, Stéphane, 2023. "Capital flows in an aging world," Journal of International Economics, Elsevier, vol. 140(C).
    2. Agustin S. Bénétrix & Philip R. Lane & Jay C. Shambaugh, 2014. "International Currency Exposures, Valuation Effects, and the Global Financial Crisis," NBER Chapters, in: NBER International Seminar on Macroeconomics 2014, pages 98-109, National Bureau of Economic Research, Inc.
    3. Camarero, Mariam & Carrion-i-Silvestre, Josep Lluís & Tamarit, Cecilio, 2015. "Testing for external sustainability under a monetary integration process. Does the Lawson doctrine apply to Europe?," Economic Modelling, Elsevier, vol. 44(C), pages 343-349.
    4. Evans, Martin D.D., 2014. "External balances, trade flows and financial conditions," Journal of International Money and Finance, Elsevier, vol. 48(PB), pages 271-290.
    5. Nicolas Coeurdacier & Stéphane Guibaud & Keyu Jin, 2015. "Credit Constraints and Growth in a Global Economy," Post-Print hal-03392968, HAL.
    6. Daisuke Ikeda & Toan Phan & Timothy Sablik, 2020. "Asset Bubbles and Global Imbalances," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 20, pages 1-4, January.
    7. Rabitsch, Katrin & Stepanchuk, Serhiy & Tsyrennikov, Viktor, 2015. "International portfolios: A comparison of solution methods," Journal of International Economics, Elsevier, vol. 97(2), pages 404-422.
    8. Kyriakos Chousakos & Gary Gorton & Guillermo Ordonez, 2018. "Aggregate Information Dynamics," 2018 Meeting Papers 167, Society for Economic Dynamics.
    9. Mariam Camarero & Jesús Peiró-Palomino & Cecilio Tamarit, 2018. "External imbalances and growth," Working Papers 1808, Department of Applied Economics II, Universidad de Valencia.
    10. Alessandro Turrini & Stefan Zeugner, 2019. "Benchmarks for Net International Investment Positions," European Economy - Discussion Papers 097, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    11. Michael Kumhof & Phurichai Rungcharoenkitkul & Andrej Sokol, 2020. "How does international capital flow?," Bank of England working papers 884, Bank of England.
    12. Jonathan Heathcote & Fabrizio Perri, 2013. "Assessing International Efficiency," Working Papers 476, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    13. Silvia Miranda-Agrippino & Hélène Rey, 2020. "U.S. Monetary Policy and the Global Financial Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(6), pages 2754-2776.
    14. Philip R. Lane & Gian Maria Milesi-Ferretti, 2015. "Global Imbalances and External Adjustment After the Crisis," Central Banking, Analysis, and Economic Policies Book Series, in: Claudio Raddatz & Diego Saravia & Jaume Ventura (ed.),Global Liquidity, Spillovers to Emerging Markets and Policy Responses, edition 1, volume 20, chapter 4, pages 105-142, Central Bank of Chile.
    15. Kyriakos Chousakos & Gary Gorton & Guillermo Ordoñez, 2018. "Global Information Spillovers," Central Banking, Analysis, and Economic Policies Book Series, in: Enrique G. Mendoza & Ernesto Pastén & Diego Saravia (ed.),Monetary Policy and Global Spillovers: Mechanisms, Effects and Policy Measures, edition 1, volume 25, chapter 5, pages 137-181, Central Bank of Chile.
    16. Nicolas Stoffels & Cédric Tille, 2018. "Do Swiss foreign assets hedge the business cycle?," Aussenwirtschaft, University of St. Gallen, School of Economics and Political Science, Swiss Institute for International Economics and Applied Economics Research, vol. 69(01), pages 1-40, December.
    17. Zsofia Barany & Nicolas Coeurdacier & Stéphane Guibaud, 2015. "Fertility, Longevity and International Capital Flows," SciencePo Working papers Main hal-01164462, HAL.
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    19. Zhang, Ning, 2019. "Country portfolios under global imbalances," European Economic Review, Elsevier, vol. 119(C), pages 302-317.
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    21. Konrad Sobanski, 2015. "Valuation Effect As A Determinant Of The International Investment Position In Central And Eastern European Economies," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 10(3), pages 151-164, September.
    22. Philip Lane, 2013. "International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia," The Institute for International Integration Studies Discussion Paper Series iiisdp438, IIIS.
    23. Juliana D. Araujo & Antonio C. David & Carlos Hombeeck & Chris Papageorgiou, 2017. "Non-FDI Capital Inflows in Low-Income Countries: Catching the Wave?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 65(2), pages 426-465, June.
    24. Bárány, Zsófia & Coeurdacier, Nicolas & Guibaud, Stéphane, 2016. "Fertility, Longevity, and Capital Flows," Economics Series 321, Institute for Advanced Studies.
    25. Olivier J. Blanchard & Mitali Das, 2017. "A New Index of Debt Sustainability," NBER Working Papers 24068, National Bureau of Economic Research, Inc.
    26. Cezar, Rafael & Silvestrini, Maéva, 2021. "Impact of the ECB Quantitative Easing on the International Investment Position," International Economics, Elsevier, vol. 165(C), pages 241-263.
    27. Wulff, Alexander & Heinemann, Maik, 2015. "Idiosyncratic Risk, Borrowing Constraints and Financial Integration - A Discussion of Ambiguous Results," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113165, Verein für Socialpolitik / German Economic Association.
    28. Devendra Kumar Jain & Rup Singh & Henali Kumar & Nikeel Kumar & Arvind Patel, 2022. "Why does currency denomination in external liabilities of small island developing states matter? Evidence from Fiji," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 9(3), pages 447-464, September.
    29. Kazutaka Kurasawa, 2016. "Policy Uncertainty and Foreign Exchange Rates: The DCC-GARCH Model of the US / Japanese Foreign Exchange Rate," International Journal of Economic Sciences, International Institute of Social and Economic Sciences, vol. 5(4), pages 1-19, December.
    30. Daisuke Ikeda & Toan Phan, 2013. "Asset Bubbles & Global Imbalances," Working Papers 2013-41, Department of Research, Ipag Business School.
    31. Margaux MacDonald, 2015. "Patterns Of International Capital Flows And Productivity Growth: New Evidence," Working Paper 1345, Economics Department, Queen's University.
    32. Francisco Serranito & Jean-Baptiste Gossé, 2014. "Long-run determinants of current accounts in OECD countries: Lessons for intra-European imbalances," Post-Print hal-01384673, HAL.
    33. Ms. Juliana Dutra Araujo & Mr. Antonio David & Carlos van Hombeeck & Mr. Chris Papageorgiou, 2015. "Non-FDI Capital Inflows in Low-Income Developing Countries: Catching the Wave?," IMF Working Papers 2015/086, International Monetary Fund.
    34. Robert Nizhegorodtsev & Elena Piskun & Viktoria Kudrevich, 2017. "The Forecasting of Regional Social and Economic Development," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(1), pages 38-48.
    35. Croce, Mariano & Gavazzoni, Federico & Colacito, Ric & Ready, Robert, 2018. "Currency Risk Factors in a Recursive Multicountry Economy," CEPR Discussion Papers 12610, C.E.P.R. Discussion Papers.
    36. Borio, Claudio, 2016. "On the centrality of the current account in international economics," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 266-274.
    37. Anna Tikhonova, 2018. "The Estimation of the Importance of Universities Performance Assessment for Stakeholders," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(2), pages 536-546.
    38. Croce, Mariano & Colacito, Ric & Ho, Steven & Howard, Philip, 2018. "BKK the EZ Way. International Long-Run Growth News and Capital Flows," CEPR Discussion Papers 12783, C.E.P.R. Discussion Papers.
    39. Adugna Olani, 2016. "Dynamic Capital Inflow Transmission Of Monetary Policy To Emerging Markets," Working Paper 1358, Economics Department, Queen's University.
    40. Devendra Kumar Jain & Naqeeb Ur-Rehman & Omonjon Ganiev & Kapil Arora, 2023. "Currencies of greater interest for central Asian economies: an analysis of exchange market pressure amid global and regional interdependence," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-18, December.
    41. Philippe Darreau & Francois Pigalle, 2017. "International financial integration: Ramsey vs Solow," Economics Bulletin, AccessEcon, vol. 37(2), pages 1381-1392.
    42. Rey, Hélène & Miranda-Agrippino, Silvia, 2015. "World Asset Markets and the Global Financial Cycle," CEPR Discussion Papers 10936, C.E.P.R. Discussion Papers.
    43. Felix Gerding & Espen Henriksen & Ina Simonovska, 2014. "The Risky Capital of Emerging Markets," NBER Working Papers 20769, National Bureau of Economic Research, Inc.
    44. Shengxing Zhang & Keyu Jin, 2015. "Asset prices and creation in a global economy," 2015 Meeting Papers 1253, Society for Economic Dynamics.

  28. Pierre-Olivier Gourinchas & Olivier Jeanne, 2012. "Global safe assets," BIS Working Papers 399, Bank for International Settlements.

    Cited by:

    1. Antonio Rodriguez‐Lopez, 2021. "Liquidity and the International Allocation of Economic Activity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(2), pages 789-830, May.
    2. Marcin Kacperczyk & Christophe Pérignon & Guillaume Vuillemey, 2021. "The Private Production of Safe Assets," Journal of Finance, American Finance Association, vol. 76(2), pages 495-535, April.
    3. Maya Eden, 2019. "International Liquidity Rents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 147-159, January.
    4. Mr. Manmohan Singh, 2013. "Collateral and Monetary Policy," IMF Working Papers 2013/186, International Monetary Fund.
    5. Gary Gorton & Toomas Laarits & Tyler Muir, 2022. "Mobile Collateral versus Immobile Collateral," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(6), pages 1673-1703, September.
    6. Byrne, Joseph P. & Cao, Shuo & Korobilis, Dimitris, 2019. "Decomposing global yield curve co-movement," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 500-513.
    7. Barry Eichengreen & Masahiro Kawai, 2014. "Issues for Renminbi Internationalization : An Overview," Macroeconomics Working Papers 23961, East Asian Bureau of Economic Research.
    8. Jeanne, O., 2012. "Fiscal challenges to monetary dominance in the euro area: a theoretical perspective," Financial Stability Review, Banque de France, issue 16, pages 143-150, April.
    9. Gopalakrishnan, Balagopal & Mohapatra, Sanket, 2017. "Turning Over a Golden Leaf? Global Liquidity and Emerging Market Central Banks’ Demand for Gold after the Financial Crisis," IIMA Working Papers WP 2017-04-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    10. Rocheteau, Guillaume & Rodriguez-Lopez, Antonio, 2014. "Liquidity provision, interest rates, and unemployment," Journal of Monetary Economics, Elsevier, vol. 65(C), pages 80-101.
    11. Hong-Ghi Min & Judith A. McDonald & Sang-Ook Shin, 2016. "What Makes a Safe Haven? Equity and Currency Returns for Six OECD Countries during the Financial Crisis," Annals of Economics and Finance, Society for AEF, vol. 17(2), pages 365-402, November.
    12. Svetlozar Rachev & Frank Fabozzi, 2016. "Financial market with no riskless (safe) asset," Papers 1612.02112, arXiv.org.
    13. Harold Cole & Thomas F. Cooley, 2023. "Rating Agencies," PIER Working Paper Archive 23-006, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    14. Claudio Borio, 2014. "The international monetary and financial system: its Achilles heel and what to do about it," Globalization Institute Working Papers 203, Federal Reserve Bank of Dallas.
    15. Mr. Roberto Perrelli & Mr. Shaun K. Roache, 2014. "Time-Varying Neutral Interest Rate—The Case of Brazil," IMF Working Papers 2014/084, International Monetary Fund.
    16. Maya Eden & Benjamin S. Kay, 2019. "Safe Assets as Commodity Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(6), pages 1651-1689, September.
    17. Patricia Gómez-González, 2015. "Financial innovation in sovereign borrowing and public provision of liquidity," Working Papers 1511, Banco de España.
    18. Barry Eichengreen, 2019. "Two Views of the International Monetary System," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 54(4), pages 233-236, July.
    19. Chemla, Gilles & Hennessy, Christopher A., 2016. "Government as borrower of first resort," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 1-16.
    20. Robert N McCauley, 2019. "Safe assets: made, not just born," BIS Working Papers 769, Bank for International Settlements.
    21. Anne-Marie Rieu-Foucault, 2017. "Point sur la fourniture de liquidié publique," Working Papers hal-04141643, HAL.
    22. Tom Pak Wing FongAuthor-Workplace-Name: Research Department, Hong Kong Monetary Authority & Ka Fai LiAuthor-Workplace-Name: Research Department, Hong Kong Monetary Authority & Angela Kin Wan Sze, 2016. "Measuring Spillovers between the US and Emerging Markets," Working Papers 082016, Hong Kong Institute for Monetary Research.
    23. Stefan Behrendt, 2017. "Low Long-Term Interest Rates - An alternative View," Jena Economics Research Papers 2017-001, Friedrich-Schiller-University Jena.
    24. Reuven Glick, 2019. "R* and the Global Economy," Working Paper Series 2019-18, Federal Reserve Bank of San Francisco.
    25. Mann, Katja & Davenport, Margaret, 2016. "Demography, Capital Flows and Asset Allocation over the Life-cycle," VfS Annual Conference 2016 (Augsburg): Demographic Change 145948, Verein für Socialpolitik / German Economic Association.
    26. Chemla, Gilles & Hennessy, Christopher, 2016. "Government as Borrower of First Resort," CEPR Discussion Papers 11362, C.E.P.R. Discussion Papers.
    27. van Riet, Ad, 2017. "Addressing the safety trilemma: a safe sovereign asset for the eurozone," ESRB Working Paper Series 35, European Systemic Risk Board.
    28. Vessela Todorova, 2020. "Safe Haven Currencies," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 579-591, December.
    29. Eric M. Leeper, 2015. "Fiscal Analysis is Darned Hard," NBER Working Papers 21822, National Bureau of Economic Research, Inc.
    30. Joshua Aizenman & Yin-Wong Cheung & Xingwang Qian, 2019. "The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets," NBER Working Papers 25934, National Bureau of Economic Research, Inc.
    31. Kang, Kee-Youn, 2021. "Optimal contract for asset trades: Collateralizing or selling?," Journal of Financial Markets, Elsevier, vol. 56(C).
    32. Panizza, Ugo & Fatás, Antonio & Ghosh, Atish R. & ,, 2019. "The Motives to Borrow," CEPR Discussion Papers 13735, C.E.P.R. Discussion Papers.
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    392. Rihab Bousnina & Foued Badr Gabsi, 2022. "Current Account Balance and Financial Development in MENA Countries: The Role of Institutions," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(1), pages 109-142, March.
    393. Gourinchas, Pierre-Olivier & Philippon, Thomas & Vayanos, Dimitri, 2016. "The analytics of the Greek crisis: celebratory centenary issue," LSE Research Online Documents on Economics 67368, London School of Economics and Political Science, LSE Library.
    394. Sanket Mohapatra & Manabu Nose & Dilip Ratha, 2018. "Determinants of the distance between sovereign credit ratings and sub-sovereign bond ratings: Evidence from emerging markets and developing economies," Applied Economics, Taylor & Francis Journals, vol. 50(9), pages 934-956, February.
    395. Martin Melecky & Anca Maria Podpiera, 2016. "Central Bank Design and Banking Supervision," BAFFI CAREFIN Working Papers 1630, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    396. Andrea Fabiani & Martha López & José-Luis Peydró & Paul E. Soto, 2023. "Capital Controls, Corporate Debt and Real Effects: Evidence from Boom and Crisis Times," Borradores de Economia 1244, Banco de la Republica de Colombia.
    397. Helena Glebocki Keefe, 2020. "The impact of exchange rate volatility on inflation targeting monetary policy in emerging and advanced economies," International Finance, Wiley Blackwell, vol. 23(3), pages 417-433, December.
    398. Mr. Etibar Jafarov & Mr. Rodolfo Maino & Mr. Marco Pani, 2019. "Financial Repression is Knocking at the Door, Again," IMF Working Papers 2019/211, International Monetary Fund.
    399. de Haan, Jakob & Fang, Yi & Jing, Zhongbo, 2020. "Does the risk on banks’ balance sheets predict banking crises? New evidence for developing countries," International Review of Economics & Finance, Elsevier, vol. 68(C), pages 254-268.
    400. Chokri Zehri, 2020. "Policies for managing sudden stops," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 38(1), pages 9-33.

  30. Gourinchas, Pierre-Olivier & Coeurdacier, Nicolas, 2011. "When Bonds Matter: Home Bias in Goods and Assets," CEPR Discussion Papers 8649, C.E.P.R. Discussion Papers.

    Cited by:

    1. Fabrizio Perri & Jonathan Heathcote, 2007. "The International Diversification Puzzle Is Not as Bad as You Think," Working Papers 2007-3, University of Minnesota, Department of Economics, revised 08 Oct 2007.
    2. Fabio Ghironi & Jaewoo Lee & Alessandro Rebucci, 2009. "The valuation channel of external adjustment," Working Papers 09-18, Federal Reserve Bank of Boston.
    3. Equiza-Goni, J. & Faraglia, E. & Oikonomou, R., 2018. "Union Debt Management," Cambridge Working Papers in Economics 1890, Faculty of Economics, University of Cambridge.
    4. Nicolas Coeurdacier & Hélène Rey, 2013. "Home Bias in Open Economy Financial Macroeconomics," Post-Print hal-03473901, HAL.
    5. Martin D D Evans & Viktoria Hnatkovska, 2006. "International Capital Flows Returns and World Financial Integration," 2006 Meeting Papers 60, Society for Economic Dynamics.
    6. Bengui, Julien & Nguyen, Ha, 2016. "Consumption baskets and currency choice in international borrowing," Journal of International Money and Finance, Elsevier, vol. 67(C), pages 287-304.
    7. Nicolas Coeurdacier & Robert Kollmann & Philippe Martin, 2010. "International portfolios, capital accumulation and foreign assets dynamics," SciencePo Working papers Main hal-01052901, HAL.
    8. Rigobon, Roberto & Pavlova, Anna, 2011. "International Macro-Finance," CEPR Discussion Papers 8218, C.E.P.R. Discussion Papers.
    9. Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2019. "Investor experiences and international capital flows," Economics Working Papers 1710, Department of Economics and Business, Universitat Pompeu Fabra.
    10. Filippo Brutti & Philip Sauré, 2016. "Repatriation Of Debt In The Euro Crisis," Journal of the European Economic Association, European Economic Association, vol. 14(1), pages 145-174, February.
    11. Koralai Kirabaeva & Assaf Razin, 2009. "Composition of International Capital Flows: A Survey," NBER Working Papers 15599, National Bureau of Economic Research, Inc.
    12. Sven Blank & Mathias Hoffmann & Moritz A. Roth, 2020. "Foreign direct investment and the equity home bias puzzle," Working Papers 2008, Banco de España.
    13. Hünnekes, Franziska & Konradt, Maximilian & Schularick, Moritz & Trebesch, Christoph & Wingenbach, Julian, 2025. "Exportweltmeister: Germany’s foreign investment returns in international comparison," Open Access Publications from Kiel Institute for the World Economy 318206, Kiel Institute for the World Economy (IfW Kiel).
    14. Bergin, Paul R. & Pyun, Ju Hyun, 2016. "International portfolio diversification and multilateral effects of correlations," Journal of International Money and Finance, Elsevier, vol. 62(C), pages 52-71.
    15. Haoyuan Ding & Xiao Li & Jiezhou Ying, 2023. "Anti‐dumping Policies and International Portfolio Allocation: The View from the Global Funds," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(2), pages 58-83, March.
    16. Haakon Kavli & Nicola Viegi, 2017. "Are Determinants of Portfolio Flows Always the Same? - South African Results from a Time Varying Parameter Var Model," South African Journal of Economics, Economic Society of South Africa, vol. 85(1), pages 3-27, March.
    17. Marta Arespa, 2015. "Endogenous Home Bias in Portfolio Diversification and Firms’ Entry," Review of International Economics, Wiley Blackwell, vol. 23(1), pages 14-44, February.
    18. Rabitsch, Katrin & Stepanchuk, Serhiy & Tsyrennikov, Viktor, 2015. "International portfolios: A comparison of solution methods," Journal of International Economics, Elsevier, vol. 97(2), pages 404-422.
    19. Ried, Stefan, 2009. "Putting up a good fight: The Galí-Monacelli model versus "The six major puzzles in international macroeconomics"," SFB 649 Discussion Papers 2009-020, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    20. Almira Enders & Zeno Enders & Mathias Hoffmann, 2017. "International Financial Market Integration, Asset Compositions, and the Falling Exchange Rate Pass-Through," CESifo Working Paper Series 6483, CESifo.
    21. Pavlo Dziuba & Darya Glukhova & Kyryl Shtogrin, 2022. "Risk, Return And International Portfolio Diversification: K-Means Clustering Data," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 8(3).
    22. Zhang, Shaojun, 2016. "Limited Risk Sharing and International Equity Returns," Working Paper Series 2016-25, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    23. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2008. "When bonds matter: home bias in goods and assets," Working Paper Series 2008-25, Federal Reserve Bank of San Francisco.
    24. Ke Pang, 2011. "Equity home bias, incomplete financial markets, and nominal rigidities," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 44(1), pages 340-363, February.
    25. Guillermo Hausmann-Guil, 2025. "Solving DSGE models with incomplete markets by perturbation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 57, July.
    26. Iván Arribas & Jesús Peiró-Palomino & Emili Tortosa-Ausina, 2015. "Is full banking integration desirable?," Working Papers 2015/05, Economics Department, Universitat Jaume I, Castellón (Spain).
    27. Curatola, Giuliano & Dergunov, Ilya, 2023. "International capital markets with interdependent preferences: Theory and empirical evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 403-421.
    28. Beck, Roland & Coppola, Antonio & Lewis, Angus & Maggiori, Matteo & Schmitz, Martin & Schreger, Jesse, 2023. "The Geography of Capital Allocation in the Euro Area," SocArXiv rzwd2, Center for Open Science.
    29. Nicolas Coeurdacier & Stéphane Guibaud, 2005. "A dynamic equilibrium model of imperfectly integrated financial markets," Working Papers halshs-00590775, HAL.
    30. Sergio Florez-Orrego & Matteo Maggiori & Jesse Schreger & Ziwen Sun & Serdil Tinda, 2023. "Global Capital Allocation," NBER Working Papers 31599, National Bureau of Economic Research, Inc.
    31. Tobias Broer, 2008. "The home bias of the poor: terms of trade effects and portfolios across the wealth distribution," Economics Working Papers ECO2008/28, European University Institute.
    32. Jonathan Heathcote & Fabrizio Perri, 2013. "Assessing International Efficiency," Working Papers 476, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    33. Graziano, Marco & Habib, Maurizio Michael, 2024. "Mutual funds and safe government bonds: do returns matter?," Working Paper Series 2931, European Central Bank.
    34. Nicolas Coeurdacier, 2009. "Theoretical perspectives on financial globalization: trade costs and equity home bias," SciencePo Working papers Main hal-01063456, HAL.
    35. Bianca De Paoli & Hande Küçük, 2015. "News shocks, monetary policy, and foreign currency positions," Staff Reports 750, Federal Reserve Bank of New York.
    36. Michael B. Devereux & Alan Sutherland, 2009. "Valuation Effects and the Dynamics of Net External Assets," NBER Working Papers 14794, National Bureau of Economic Research, Inc.
    37. van Wincoop, Eric & Tille, Cédric, 2008. "International Capital Flows," CEPR Discussion Papers 6705, C.E.P.R. Discussion Papers.
    38. Kubitza, Christian & Sigaux, Jean-David & Vandeweyer, Quentin, 2025. "The implications of CIP deviations for international capital flows," Working Paper Series 3017, European Central Bank.
    39. Cao, Dan & Evans, Martin & Lua, Wenlan, 2020. "Real Exchange Rate Dynamics Beyond Business Cycles," MPRA Paper 99054, University Library of Munich, Germany, revised 10 Mar 2020.
    40. Gianluca Benigno & Hande Küçük-Tuger, 2011. "Portfolio Allocation and International Risk Sharing," CEP Discussion Papers dp1048, Centre for Economic Performance, LSE.
    41. Guillermo Hausmann-Guil, 2025. "Online Appendix to "Solving DSGE models with incomplete markets by perturbation"," Online Appendices 24-34, Review of Economic Dynamics.
    42. Zhang, Ning, 2019. "Country portfolios under global imbalances," European Economic Review, Elsevier, vol. 119(C), pages 302-317.
    43. Koralai Kirabaeva & Assaf Razin, 2010. "Composition of Capital Flows: A Survey," NBER Working Papers 16492, National Bureau of Economic Research, Inc.
    44. Tille, Cédric & van Wincoop, Eric, 2014. "Solving DSGE portfolio choice models with dispersed private information," Journal of Economic Dynamics and Control, Elsevier, vol. 40(C), pages 1-24.
    45. Filippo Brutti & Philip U. Sauré, 2014. "Repatriation of Debt in the Euro Crisis: Evidence for the Secondary Market Theory," Working Papers 2014-03, Swiss National Bank.
    46. Alexander Harin, 2022. "Forbidden Zones for the Expectations of Data: New Mathematical Methods and Models for Behavioral Economics," Academic Journal of Applied Mathematical Sciences, Academic Research Publishing Group, vol. 8(1), pages 12-26, 12-2021.
    47. Hamano Masashige, 2012. "International equity and bond positions in a DSGE model with variety risk in consumption," DEM Discussion Paper Series 12-05, Department of Economics at the University of Luxembourg.
    48. Joseba Martinez & Thomas Philippon & Markus Sihvonen, 2019. "Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets," NBER Working Papers 26026, National Bureau of Economic Research, Inc.
    49. Korinek, Anton, 2011. "Foreign currency debt, risk premia and macroeconomic volatility," European Economic Review, Elsevier, vol. 55(3), pages 371-385, April.
    50. Michael Siemer & Adrien Verdelhan & Francois Gourio, 2015. "Uncertainty and International Capital Flows," 2015 Meeting Papers 880, Society for Economic Dynamics.
    51. John D. Burger & Francis E. Warnock & Veronica Cacdac Warnock, 2017. "Currency Matters: Analyzing International Bond Portfolios," NBER Working Papers 23175, National Bureau of Economic Research, Inc.
    52. Rahul Mukherjee, 2011. "Country Portfolios with Imperfect Corporate Governance," IHEID Working Papers 08-2011, Economics Section, The Graduate Institute of International Studies.
    53. Vahagn Galstyan & Philip Lane, 2010. "The Dynamics of Portfolio Holdings in Emerging Europe," The Institute for International Integration Studies Discussion Paper Series iiisdp346, IIIS.
    54. Calderon, Cesar & Kubota, Megumi, 2009. "Does higher openness cause more real exchange rate volatility ?," Policy Research Working Paper Series 4896, The World Bank.
    55. Jonathan J. Adams & Mr. Philip Barrett, 2017. "Why are Countries’ Asset Portfolios Exposed to Nominal Exchange Rates?," IMF Working Papers 2017/291, International Monetary Fund.
    56. Giancarlo Corsetti & Anna Lipinska & Giovanni Lombardo, 2021. "Sharing Asymmetric Tail Risk: Smoothing, Asset Prices and Terms of Trade," International Finance Discussion Papers 1324, Board of Governors of the Federal Reserve System (U.S.).
    57. Tommaso Trani, 2012. "Funding under Borrowing Limits in International Portfolios," IHEID Working Papers 01-2012, Economics Section, The Graduate Institute of International Studies, revised 14 Feb 2012.
    58. Alexandra Peter, 2012. "Bilateral Trade, Openness, and Asset Holdings," Open Economies Review, Springer, vol. 23(4), pages 713-740, September.
    59. Pierpaolo Benigno & Salvatore Nisticò, 2009. "International Portfolio Allocation under Model Uncertainty," NBER Working Papers 14734, National Bureau of Economic Research, Inc.
    60. Harms, Philipp & Hoffmann, Mathias & Ortseifer, Christina, 2010. "The home bias in equities and distribution costs," Discussion Paper Series 1: Economic Studies 2010,24, Deutsche Bundesbank.
    61. Yohei Okawa & Eric van Wincoop, 2010. "Gravity in International Finance," Working Papers 072010, Hong Kong Institute for Monetary Research.
    62. Aysun, Uluc, 2024. "Identifying the external and internal drivers of exchange rate volatility in small open economies," Emerging Markets Review, Elsevier, vol. 58(C).
    63. Hnatkovska, Viktoria, 2010. "Home bias and high turnover: Dynamic portfolio choice with incomplete markets," Journal of International Economics, Elsevier, vol. 80(1), pages 113-128, January.
    64. Ersal-Kiziler, Eylem & Nguyen, Ha, 2016. "Euro currency risk and the geography of debt flows to peripheral EMU," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 1-20.
    65. Martinez, Joseba & Philippon, Thomas & Sihvonen, Markus, 2022. "Does a currency union need a capital market union?," Journal of International Economics, Elsevier, vol. 139(C).
    66. Khalil, Makram, 2016. "Cross-Border Portfolio Diversification under Trade Linkages," VfS Annual Conference 2016 (Augsburg): Demographic Change 145811, Verein für Socialpolitik / German Economic Association.
    67. Bacchetta, Philippe & Davenport, Margaret & van Wincoop, Eric, 2021. "Can Sticky Portfolios Explain International Capital Flows and Asset Prices?," CEPR Discussion Papers 16772, C.E.P.R. Discussion Papers.
    68. Mr. Akito Matsumoto & Mr. Charles Engel, 2009. "International Risk Sharing: Through Equity Diversification or Exchange Rate Hedging?," IMF Working Papers 2009/138, International Monetary Fund.
    69. Anil V. Mishra & Umaru B. Conteh, 2014. "Australia's Bond Home Bias," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 17(01), pages 1-30.
    70. Ahmed Badawi & Anas Al Qudah & Waleed M. Rashideh, 2019. "Determinants of foreign portfolio investment in emerging markets: evidence from Saudi stock market," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(4), pages 779-794, October.
    71. Markus Sihvonen, 2023. "Equity Home Bias in a Capital Market Union," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(4), pages 953-999, December.
    72. Harin, Alexander, 2021. "Behavioral economics. Forbidden zones. New method and models," MPRA Paper 106545, University Library of Munich, Germany.
    73. Hu, Chenyue, 2023. "What explains equity home bias? Theory and evidence at the sector level," European Economic Review, Elsevier, vol. 160(C).
    74. Lee, Junyong & Lee, Kyounghun & Oh, Frederick Dongchuhl, 2023. "International portfolio diversification and the home bias puzzle," Research in International Business and Finance, Elsevier, vol. 64(C).
    75. Ning Zhang, 2018. "Asset home bias in debtor and creditor countries," Working Papers 2019_11, Business School - Economics, University of Glasgow.
    76. van Wincoop, Eric & Warnock, Francis E., 2010. "Can trade costs in goods explain home bias in assets?," Journal of International Money and Finance, Elsevier, vol. 29(6), pages 1108-1123, October.
    77. Nicolas Coeurdacier, 2011. "Limited participation and International Risk-Sharing," 2011 Meeting Papers 613, Society for Economic Dynamics.
    78. Arvai, Kai & Coimbra, Nuno, 2025. "Privilege Lost? The Rise and Fall of a Dominant Global Currency," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325376, Verein für Socialpolitik / German Economic Association.
    79. Devereux, Michael B. & Saito, Makoto & Yu, Changhua, 2020. "International capital flows, portfolio composition, and the stability of external imbalances," Journal of International Economics, Elsevier, vol. 127(C).
    80. Andreas Stathopoulos, 2012. "Portfolio Home Bias and External Habit Formation," 2012 Meeting Papers 502, Society for Economic Dynamics.
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    82. Ning Zhang, 2019. "Asset home bias in debtor and creditor countries," 2019 Meeting Papers 850, Society for Economic Dynamics.
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    84. Amdur, David, 2010. "International cross-holdings of bonds in a two-good DSGE model," Economics Letters, Elsevier, vol. 108(2), pages 163-166, August.
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    90. Giancarlo Corsetti & Anna Lipínska & Giovanni Lombardo, 2021. "Sharing asymmetric tail risk smoothing, asset pricing and terms of trade," BIS Working Papers 958, Bank for International Settlements.
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  31. Gopinath, Gita & Gourinchas, Pierre-Olivier & Hsieh, Chang-Tai & Li, Nicholas, 2011. "International Prices, Costs, and Markup Differences," Scholarly Articles 30703875, Harvard University Department of Economics.

    Cited by:

    1. Martin Berka & Michael B. Devereux & Charles Engel, 2014. "Real Exchange Rates and Sectoral Productivity in the Eurozone," NBER Working Papers 20510, National Bureau of Economic Research, Inc.
    2. Ray Chaudhuri, A., 2014. "Acquisitions by Multinationals and Trade Liberalization," Discussion Paper 2014-006, Tilburg University, Center for Economic Research.
    3. Gaudin, Germain, 2015. "Pass-through, vertical contracts, and bargains," DICE Discussion Papers 202, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    4. Fernando Borraz & Alberto Cavallo & Roberto Rigobon & Leandro Zipitría, 2012. "Distance and Political Boundaries:Estimating Border Effects under Inequality Constraints," Documentos de Trabajo (working papers) 1012, Department of Economics - dECON.
    5. Mario Crucini & Christopher Telmer, 2020. "Online Appendix to "Microeconomic Sources of Real Exchange Rate Variation"," Online Appendices 18-208, Review of Economic Dynamics.
    6. Friberg, Richard & Steen, Frode & Ulsaker, Simen Aardal, 2024. "Cross-border shopping of alcohol – What is the effect on tax revenue and sales and which products are most affected?," Discussion Paper Series in Economics 12/2024, Norwegian School of Economics, Department of Economics.
    7. Richard Friberg & Frode Steen & Simen A. Ulsaker, 2022. "Hump-Shaped Cross-Price Effects and the Extensive Margin in Cross-Border Shopping," American Economic Journal: Microeconomics, American Economic Association, vol. 14(2), pages 408-438, May.
    8. Ryan Chahrour & Luminita Stevens, 2019. "Price Dispersion and the Border Effect," 2019 Meeting Papers 947, Society for Economic Dynamics.
    9. Andres Blanco & Javier Cravino, 2018. "Price Rigidities and Relative PPP," NBER Working Papers 24655, National Bureau of Economic Research, Inc.
    10. Raphael Auer & Thomas Chaney & Philip Sauré, 2017. "Quality Pricing-to-Market," BIS Working Papers 657, Bank for International Settlements.
    11. Jen Baggs & Beverly Lapham & Loretta Fung, 2015. "Exchange Rates, Cross-border Travel, And Retailers: Theory And Empirics," Working Paper 1351, Economics Department, Queen's University.
    12. Robinson, Amanda Lea, 2016. "Internal Borders: Ethnic-Based Market Segmentation in Malawi," World Development, Elsevier, vol. 87(C), pages 371-384.
    13. Fernando Borraz & Leandro Zipitría, 2017. "Law of One Price, Distance, and Borders," Documentos de Trabajo (working papers) 0817, Department of Economics - dECON.
    14. Burstein, Ariel & Gopinath, Gita, 2014. "International Prices and Exchange Rates," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 391-451, Elsevier.
    15. Jenny C. Aker & Michael W. Klein & Stephen A. O'Connell & Muzhe Yang, 2010. "Borders, Ethnicity and Trade," NBER Working Papers 15960, National Bureau of Economic Research, Inc.
    16. Beck, Guenter W. & Kotz, Hans-Helmut & Zabelina, Natalia, 2020. "Price gaps at the border: Evidence from multi-country household scanner data," Journal of International Economics, Elsevier, vol. 127(C).
    17. Goetz, D. & Rodnyansky, A., 2019. "Exchange Rate Shocks and Quality Adjustments," Cambridge Working Papers in Economics 1915, Faculty of Economics, University of Cambridge.
    18. Rühl, Christian, 2016. "Size and welfare costs of price differences across European countries," CFS Working Paper Series 535, Center for Financial Studies (CFS).
    19. Philippe Andrade & Marios Zachariadis, 2012. "Global versus local shocks in micro price dynamics," Working papers 365, Banque de France.
    20. Johannes Stroebel & Joseph Vavra, 2019. "House Prices, Local Demand, and Retail Prices," Journal of Political Economy, University of Chicago Press, vol. 127(3), pages 1391-1436.
    21. Pitschner, Stefan, 2020. "How do firms set prices? Narrative evidence from corporate filings," European Economic Review, Elsevier, vol. 124(C).
    22. François Fontaine & Julien Martin & Isabelle Mejean, 2019. "Price Discrimination within and across EMU Markets: Evidence from French Exporters," NBER Working Papers 26246, National Bureau of Economic Research, Inc.
    23. Bittmann, Thomas & Loy, Jens-Peter & Anders, Sven, "undated". "Cost Pass-Through And Product Differentiation," 2017 International Congress, August 28-September 1, 2017, Parma, Italy 261145, European Association of Agricultural Economists.
    24. Messner, Teresa & Rumler, Fabio & Strasser, Georg, 2022. "Cross-country price and inflation dispersion: Retail network or national border," Single Market Economics Papers WP2022/11, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (European Commission), Chief Economist Team.
    25. Arnade, Carlos & Cooke, Bryce & Gale, Fred, 2017. "Agricultural price transmission: China relationships with world commodity markets," Journal of Commodity Markets, Elsevier, vol. 7(C), pages 28-40.
    26. Sharat Ganapati & Joseph S. Shapiro & Reed Walker, 2016. "Energy Prices, Pass-Through, and Incidence in U.S. Manufacturing," Cowles Foundation Discussion Papers 2038, Cowles Foundation for Research in Economics, Yale University.
    27. Sharat Ganapati, 2024. "The Modern Wholesaler: Global Sourcing, Domestic Distribution, and Scale Economies," NBER Working Papers 32036, National Bureau of Economic Research, Inc.
    28. Andrew B. Bernard & J. Bradford Jensen & Stephen J. Redding & Peter K. Schott, 2012. "The Empirics of Firm Heterogeneity and International Trade," Working Papers 12-18, Center for Economic Studies, U.S. Census Bureau.
    29. P. Figini & S. Cicognani & L. Zirulia, 2019. "Booking in the Rain: Testing the impact of public information on prices," Working Papers wp1137, Dipartimento Scienze Economiche, Universita' di Bologna.
    30. Angela Daley & Thesia Garner & Shelley Phipps & Eva Sierminska, 2020. "Differences across Place and Time in Household Expenditure Patterns: Implications for the Estimation of Equivalence Scales," LIS Working papers 781, LIS Cross-National Data Center in Luxembourg.
    31. M. ADAM & O.BONNET & e.FIZE & M. RAULT & T. LOISEL & L. WILNER, 2024. "Cross-border shopping for fuel at the France-Germany border," Documents de Travail de l'Insee - INSEE Working Papers 2024-08, Institut National de la Statistique et des Etudes Economiques.
    32. Colicev, A. & Hoste, J. & Konings, J., 2024. "The Impact of a Large Depreciation on the Cost of Living of Rich and Poor Consumers," Cambridge Working Papers in Economics 2430, Faculty of Economics, University of Cambridge.
    33. Néstor Duch-Brown & Lukasz Grzybowski & André Romahn & Frank Verboven, 2021. "Are online markets more integrated than traditional markets? Evidence from consumer electronics," Post-Print hal-03235901, HAL.
    34. Ayman Mnasri & Beverly Lapham, 2023. "A competitive search approach to exchange rate pass-through," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(1), pages 153-201, July.
    35. Bittmann, Thomas & Holzer, Patrick & Loy, Jens-Peter, 2016. "Seasonal Cost Pass-Through In The German Milk Market," 56th Annual Conference, Bonn, Germany, September 28-30, 2016 244779, German Association of Agricultural Economists (GEWISOLA).
    36. Guenter W. Beck & Kirstin Hubrich & Massimiliano Marcellino, 2016. "On the Importance of Sectoral and Regional Shocks for Price‐Setting," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 31(7), pages 1234-1253, November.
    37. HINDRIKS Jean, & SERSE Valerio,, 2018. "Heterogeneity in the tax pass-through to spirit retail prices: Evidence from Belgium," LIDAM Discussion Papers CORE 2018004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    38. Santeramo, Fabio, 2021. "Price dynamics, LOP and quantile regressions," MPRA Paper 107454, University Library of Munich, Germany.
    39. Benjian Yang & Mark D Partridge & Anping Chen, 2022. "Do border effects alter regional development: evidence from a quasi-natural experiment in China," Journal of Economic Geography, Oxford University Press, vol. 22(1), pages 103-127.
    40. Wozny, Florian, 2024. "Tax Incidence in Heterogeneous Markets: The Pass-through of Air Passenger Taxes on Airfares," IZA Discussion Papers 16783, Institute of Labor Economics (IZA).
    41. Ozge Senay & Alan Sutherland, 2015. "Local Currency Pricing, Foreign Monetary Shocks and Exchange Rate Policy," Open Economies Review, Springer, vol. 26(4), pages 633-661, September.
    42. Nicholas Li, 2021. "Borders, varieties and distribution costs: Evidence from a US–Canada retail chain," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 54(3), pages 949-985, November.
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    3. Didier Brandao,Tatiana & Llovet Montanes,Ruth & Schmukler,Sergio L. & Didier Brandao,Tatiana & Llovet Montanes,Ruth & Schmukler,Sergio L., 2016. "International financial integration of East Asia and Pacific," Policy Research Working Paper Series 7772, The World Bank.
    4. Chiţu, Livia & Eichengreen, Barry & Mehl, Arnaud, 2014. "History, gravity and international finance," Journal of International Money and Finance, Elsevier, vol. 46(C), pages 104-129.
    5. Philip R. Lane & Gian Maria Milesi-Ferretti, 2018. "The External Wealth of Nations Revisited: International Financial Integration in the Aftermath of the Global Financial Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(1), pages 189-222, March.
    6. Agustin S. Bénétrix & Philip R. Lane & Jay C. Shambaugh, 2014. "International Currency Exposures, Valuation Effects, and the Global Financial Crisis," NBER Chapters, in: NBER International Seminar on Macroeconomics 2014, pages 98-109, National Bureau of Economic Research, Inc.
    7. George Pantelopoulos, 2024. "Can external sustainability be decoupled from the NIIP?," International Economics and Economic Policy, Springer, vol. 21(1), pages 89-116, February.
    8. Stefan Avdjiev & Robert N. McCauley & Hyun Song Shin, 2016. "Breaking free of the triple coincidence in international finance," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 31(87), pages 409-451.
    9. Georgiadis, Georgios & Müller, Gernot J. & Schumann, Ben, 2024. "Global risk and the dollar," Journal of Monetary Economics, Elsevier, vol. 144(C).
    10. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    11. Joyce, Joseph, 2016. "Partners, Not Debtors: The External Liabilities of Emerging Market Economies," MPRA Paper 73880, University Library of Munich, Germany.
    12. Minoiu, Camelia & Reyes, Javier A., 2013. "A network analysis of global banking: 1978–2010," Journal of Financial Stability, Elsevier, vol. 9(2), pages 168-184.
    13. Ansgar Belke & Clemens Domnick, 2021. "Trade and capital flows: Substitutes or complements? An empirical investigation," Review of International Economics, Wiley Blackwell, vol. 29(3), pages 573-589, August.
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    15. Evans, Martin, 2015. "External Balances, Trade and Financial Conditions," MPRA Paper 66201, University Library of Munich, Germany.
    16. Christian Grisse & Thomas Nitschka, 2016. "Exchange Rate Returns and External Adjustment: Evidence from Switzerland," Open Economies Review, Springer, vol. 27(2), pages 317-339, April.
    17. Meller, Barbara & Metiu, Norbert, 2017. "The synchronization of credit cycles," Journal of Banking & Finance, Elsevier, vol. 82(C), pages 98-111.
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    20. Matteo Maggiori, 2013. "Financial Intermediation, International Risk Sharing, and Reserve Currencies," Working Paper 181796, Harvard University OpenScholar.
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    22. Eswar S. Prasad, 2011. "Role reversal in global finance," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 339-390.
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    27. Andrejs Zlobins, 2024. "On the time-varying effects of the ECB’s asset purchases," Empirical Economics, Springer, vol. 66(6), pages 2593-2623, June.
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    34. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    35. Gian Maria Milesi-Ferretti, 2024. "Many Creditors, One Large Debtor: Understanding the Buildup of Global Stock Imbalances After the Global Financial Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(2), pages 509-553, June.
    36. Philip R. Lane, 2013. "Capital Flows in the Euro Area," European Economy - Economic Papers 2008 - 2015 497, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    37. Philip Lane, 2013. "International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia," The Institute for International Integration Studies Discussion Paper Series iiisdp438, IIIS.
    38. Carlos Hurtado, 2012. "The Euro Experience: A Review of the Euro Crisis, Policy Issues, Issues Going Forward and Policy Implications for Latin America," Research Department Publications 4786, Inter-American Development Bank, Research Department.
    39. Everett, Mary & McQuade, Peter & O’Grady, Michael, 2020. "Bank business models as a driver of cross-border activities," Journal of International Money and Finance, Elsevier, vol. 108(C).
    40. McCauley, Robert N., 2015. "Does the US dollar confer an exorbitant privilege?," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 1-14.
    41. Philip R. Lane, 2013. "Cross-Border Financial Integration in Asia and the Macro-Financial Policy Framework," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 14(2), pages 37-52, April.
    42. Stefan Avdjiev & Stephan Binder & Ricardo Sousa, 2018. "External debt composition and domestic credit cycles," Working Papers 28, European Stability Mechanism.
    43. Hiro Ito & Robert N McCauley, 2019. "A disaster under-(re)insurance puzzle: Home bias in disaster risk-bearing," BIS Working Papers 808, Bank for International Settlements.
    44. Valentina Bruno & Hyun Song Shin, 2014. "Cross-border banking and global liquidity," BIS Working Papers 458, Bank for International Settlements.
    45. Dr.Zelha Altinkaya & Dr.Akin Marsap, 2012. "The Influences Of Changes In Philosophy Of Economics On Contemporary Managerial Philosophy," Far East Journal of Psychology and Business, Far East Research Centre, vol. 9(1), pages 1-9, December.
    46. Karthik Reddy & Moritz Schularick & Vasiliki Skreta, 2013. "Immunity," CESifo Working Paper Series 4445, CESifo.
      • Karthik Reddy & Moritz Schularick & Vasiliki Skreta, 2020. "Immunity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(2), pages 531-564, May.
      • Karthik Reddy & Moritz Schularick & Vasiliki Skreta, 2012. "Immunity," Working Papers 12-17, New York University, Leonard N. Stern School of Business, Department of Economics.
      • Karthik Reddy & Moritz Schularick & Vasiliki Skreta, 2013. "Immunity," Working Papers 13-04, New York University, Leonard N. Stern School of Business, Department of Economics.
    47. Cezar, Rafael & Silvestrini, Maéva, 2021. "Impact of the ECB Quantitative Easing on the International Investment Position," International Economics, Elsevier, vol. 165(C), pages 241-263.
    48. Natalya Martynova & Mr. Lev Ratnovski & Mr. Razvan Vlahu, 2015. "Bank Profitability and Risk-Taking," IMF Working Papers 2015/249, International Monetary Fund.
    49. Gourinchas, Pierre-Olivier & Rey, Hélène, 2014. "External Adjustment, Global Imbalances, Valuation Effects," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 585-645, Elsevier.
    50. Vítor Castro & Pedro A. Cerqueira & Rodrigo Martins, 2024. "Is There a Pervasive World Real Credit Cycle?," Open Economies Review, Springer, vol. 35(1), pages 99-119, February.
    51. Tommaso Trani, 2012. "Funding under Borrowing Limits in International Portfolios," IHEID Working Papers 01-2012, Economics Section, The Graduate Institute of International Studies, revised 14 Feb 2012.
    52. Rafael Cezar & Maëva Silvestrini, 2018. "Impact of the ECB Quantitative Easing on the French International Investment Position," Working papers 701, Banque de France.
    53. Hélène Rey, 2015. "Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence," NBER Working Papers 21162, National Bureau of Economic Research, Inc.
    54. Joseph P. Joyce, 2021. "The sources of international investment income in emerging market economies," Review of International Economics, Wiley Blackwell, vol. 29(3), pages 606-625, August.
    55. Dieter Schumacher, 2019. "The integration of international financial markets: an attempt to quantify contagion in an input–output-type analysis," Economic Systems Research, Taylor & Francis Journals, vol. 31(3), pages 345-360, July.
    56. Müller, Gernot & Georgiadis, Georgios & Schumann, Ben, 2023. "Dollar Trinity and the Global Financial Cycle," CEPR Discussion Papers 18427, C.E.P.R. Discussion Papers.
    57. Gächter, Martin & Ramskogler, Paul & Riedl, Aleksandra, 2018. "The trinity of wage setting in EMU: A policy proposal," Journal of Policy Modeling, Elsevier, vol. 40(2), pages 284-304.
    58. Robert N McCauley, 2018. "The 2008 crisis: transpacific or transatlantic?," BIS Quarterly Review, Bank for International Settlements, December.
    59. de la Torre, Augusto & Didier, Tatiana & Pinat, Magali, 2014. "Can Latin America tap the globalization upside ?," Policy Research Working Paper Series 6837, The World Bank.
    60. Philip Lane, 2013. "Financial Globalisation and the Crisis," Open Economies Review, Springer, vol. 24(3), pages 555-580, July.
    61. Carol C. Bertaut & Fang Cai & Nyssa Kim, 2013. "\"Fool Me Once . . . \" Did U.S. investors play it safer in the European debt crisis?," International Finance Discussion Papers 1088, Board of Governors of the Federal Reserve System (U.S.).
    62. Valerio Della Corte & Stefano Federico & Enrico Tosti, 2018. "Unwinding external stock imbalances? The case of Italy�s net international investment position," Questioni di Economia e Finanza (Occasional Papers) 446, Bank of Italy, Economic Research and International Relations Area.
    63. Davis, J. Scott & van Wincoop, Eric, 2025. "A theory of net capital flows over the global financial cycle," Journal of Monetary Economics, Elsevier, vol. 149(C).
    64. Joseph P. Joyce, 2018. "External balance sheets as countercyclical crisis buffers," International Economics and Economic Policy, Springer, vol. 15(2), pages 305-329, April.
    65. Alan J. Auerbach & Yuriy Gorodnichenko & Daniel Murphy, 2019. "Local Fiscal Multipliers and Fiscal Spillovers in the United States," NBER Working Papers 25457, National Bureau of Economic Research, Inc.
    66. Carol C. Bertaut & Alexandra M. Tabova & Vivian Wong, 2014. "The Replacement of Safe Assets: Evidence from the U.S. Bond Portfolio," International Finance Discussion Papers 1123, Board of Governors of the Federal Reserve System (U.S.).
    67. E Curcuru & Charles P Thomas & Francis E Warnock, 2015. "Cross-border portfolios: assets, liabilities, and non-flow adjustments," BIS Papers chapters, in: Bank for International Settlements (ed.), Cross-border Financial Linkages: Challenges for Monetary Policy and Financial Stability, volume 82, pages 7-24, Bank for International Settlements.
    68. Matthew M. Wynter, 2019. "Why did the equity home bias fall during the financial panic of 2008?," The World Economy, Wiley Blackwell, vol. 42(5), pages 1343-1372, May.

  33. Agnès Bénassy-Quéré & Emmanuel Farhi & Pierre-Olivier Gourinchas & Jacques Mistral & Jean Pisani-Ferry & Hélène Rey, 2011. "Réformer le système monétaire international," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00749038, HAL.

    Cited by:

    1. Salem Boubakri & Cyriac Guillaumin, 2015. "Regional integration of the East Asian stock markets : an empirical assessment," Post-Print halshs-01195916, HAL.

  34. Nicolas Govillot & Helene Rey & P.O. Gourinchas, 2010. "US External Returns and the Exorbitant Duty," 2010 Meeting Papers 371, Society for Economic Dynamics.

    Cited by:

    1. Tarek A. Hassan & Rui C. Mano, 2014. "Forward and Spot Exchange Rates in a Multi-currency World," NBER Working Papers 20294, National Bureau of Economic Research, Inc.
    2. Weithing Zhang & Thomas Mertens & Tarek Hassan, 2014. "Currency Manipulation," 2014 Meeting Papers 401, Society for Economic Dynamics.
    3. Tarek A. Hassan & Thomas M. Mertens & Tony Zhang, 2016. "A Risk-based Theory of Exchange Rate Stabilization," NBER Working Papers 22790, National Bureau of Economic Research, Inc.
    4. Tarek A. Hassan & Thomas M. Mertens & Tony Zhang, 2015. "Not so disconnected: exchange rates and the capital stock," Working Paper Series 2015-21, Federal Reserve Bank of San Francisco.
    5. Golec, Pascal & Perotti, Enrico, 2017. "Safe assets: a review," Working Paper Series 2035, European Central Bank.

  35. Olivier Jeanne & Pierre-Olivier Gourinchas, 2009. "Capital Mobility and Reform," 2009 Meeting Papers 107, Society for Economic Dynamics.

    Cited by:

    1. Philip R. Lane IIIS, Trinity College Dublin and CEPR, 2009. "Innovation and Financial Globalisation," The Institute for International Integration Studies Discussion Paper Series iiisdp299, IIIS.
    2. Papaioannou, Elias, 2009. "What drives international financial flows? Politics, institutions and other determinants," Journal of Development Economics, Elsevier, vol. 88(2), pages 269-281, March.
    3. Fratzscher, Marcel & Imbs, Jean, 2009. "Risk sharing, finance, and institutions in international portfolios," Journal of Financial Economics, Elsevier, vol. 94(3), pages 428-447, December.
    4. Oualid Lajili and Philippe Gilles, 2018. "Financial Liberalization, Political Openness and Growth in Developing Countries: Relationship and Transmission Channels," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 43(1), pages 1-27, March.

  36. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2009. "When bonds matter: home bias in goods and assets," SciencePo Working papers Main hal-03602482, HAL.

    Cited by:

    1. Fabrizio Perri & Jonathan Heathcote, 2007. "The International Diversification Puzzle Is Not as Bad as You Think," Working Papers 2007-3, University of Minnesota, Department of Economics, revised 08 Oct 2007.
    2. Fabio Ghironi & Jaewoo Lee & Alessandro Rebucci, 2009. "The valuation channel of external adjustment," Working Papers 09-18, Federal Reserve Bank of Boston.
    3. Equiza-Goni, J. & Faraglia, E. & Oikonomou, R., 2018. "Union Debt Management," Cambridge Working Papers in Economics 1890, Faculty of Economics, University of Cambridge.
    4. Nicolas Coeurdacier & Hélène Rey, 2013. "Home Bias in Open Economy Financial Macroeconomics," Post-Print hal-03473901, HAL.
    5. Martin D D Evans & Viktoria Hnatkovska, 2006. "International Capital Flows Returns and World Financial Integration," 2006 Meeting Papers 60, Society for Economic Dynamics.
    6. Bengui, Julien & Nguyen, Ha, 2016. "Consumption baskets and currency choice in international borrowing," Journal of International Money and Finance, Elsevier, vol. 67(C), pages 287-304.
    7. Nicolas Coeurdacier & Robert Kollmann & Philippe Martin, 2010. "International portfolios, capital accumulation and foreign assets dynamics," SciencePo Working papers Main hal-01052901, HAL.
    8. Rigobon, Roberto & Pavlova, Anna, 2011. "International Macro-Finance," CEPR Discussion Papers 8218, C.E.P.R. Discussion Papers.
    9. Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2019. "Investor experiences and international capital flows," Economics Working Papers 1710, Department of Economics and Business, Universitat Pompeu Fabra.
    10. Filippo Brutti & Philip Sauré, 2016. "Repatriation Of Debt In The Euro Crisis," Journal of the European Economic Association, European Economic Association, vol. 14(1), pages 145-174, February.
    11. Koralai Kirabaeva & Assaf Razin, 2009. "Composition of International Capital Flows: A Survey," NBER Working Papers 15599, National Bureau of Economic Research, Inc.
    12. Sven Blank & Mathias Hoffmann & Moritz A. Roth, 2020. "Foreign direct investment and the equity home bias puzzle," Working Papers 2008, Banco de España.
    13. Hünnekes, Franziska & Konradt, Maximilian & Schularick, Moritz & Trebesch, Christoph & Wingenbach, Julian, 2025. "Exportweltmeister: Germany’s foreign investment returns in international comparison," Open Access Publications from Kiel Institute for the World Economy 318206, Kiel Institute for the World Economy (IfW Kiel).
    14. Bergin, Paul R. & Pyun, Ju Hyun, 2016. "International portfolio diversification and multilateral effects of correlations," Journal of International Money and Finance, Elsevier, vol. 62(C), pages 52-71.
    15. Haoyuan Ding & Xiao Li & Jiezhou Ying, 2023. "Anti‐dumping Policies and International Portfolio Allocation: The View from the Global Funds," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(2), pages 58-83, March.
    16. Haakon Kavli & Nicola Viegi, 2017. "Are Determinants of Portfolio Flows Always the Same? - South African Results from a Time Varying Parameter Var Model," South African Journal of Economics, Economic Society of South Africa, vol. 85(1), pages 3-27, March.
    17. Marta Arespa, 2015. "Endogenous Home Bias in Portfolio Diversification and Firms’ Entry," Review of International Economics, Wiley Blackwell, vol. 23(1), pages 14-44, February.
    18. Rabitsch, Katrin & Stepanchuk, Serhiy & Tsyrennikov, Viktor, 2015. "International portfolios: A comparison of solution methods," Journal of International Economics, Elsevier, vol. 97(2), pages 404-422.
    19. Ried, Stefan, 2009. "Putting up a good fight: The Galí-Monacelli model versus "The six major puzzles in international macroeconomics"," SFB 649 Discussion Papers 2009-020, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    20. Almira Enders & Zeno Enders & Mathias Hoffmann, 2017. "International Financial Market Integration, Asset Compositions, and the Falling Exchange Rate Pass-Through," CESifo Working Paper Series 6483, CESifo.
    21. Pavlo Dziuba & Darya Glukhova & Kyryl Shtogrin, 2022. "Risk, Return And International Portfolio Diversification: K-Means Clustering Data," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 8(3).
    22. Zhang, Shaojun, 2016. "Limited Risk Sharing and International Equity Returns," Working Paper Series 2016-25, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    23. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2008. "When bonds matter: home bias in goods and assets," Working Paper Series 2008-25, Federal Reserve Bank of San Francisco.
    24. Ke Pang, 2011. "Equity home bias, incomplete financial markets, and nominal rigidities," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 44(1), pages 340-363, February.
    25. Guillermo Hausmann-Guil, 2025. "Solving DSGE models with incomplete markets by perturbation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 57, July.
    26. Iván Arribas & Jesús Peiró-Palomino & Emili Tortosa-Ausina, 2015. "Is full banking integration desirable?," Working Papers 2015/05, Economics Department, Universitat Jaume I, Castellón (Spain).
    27. Curatola, Giuliano & Dergunov, Ilya, 2023. "International capital markets with interdependent preferences: Theory and empirical evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 403-421.
    28. Beck, Roland & Coppola, Antonio & Lewis, Angus & Maggiori, Matteo & Schmitz, Martin & Schreger, Jesse, 2023. "The Geography of Capital Allocation in the Euro Area," SocArXiv rzwd2, Center for Open Science.
    29. Nicolas Coeurdacier & Stéphane Guibaud, 2005. "A dynamic equilibrium model of imperfectly integrated financial markets," Working Papers halshs-00590775, HAL.
    30. Sergio Florez-Orrego & Matteo Maggiori & Jesse Schreger & Ziwen Sun & Serdil Tinda, 2023. "Global Capital Allocation," NBER Working Papers 31599, National Bureau of Economic Research, Inc.
    31. Tobias Broer, 2008. "The home bias of the poor: terms of trade effects and portfolios across the wealth distribution," Economics Working Papers ECO2008/28, European University Institute.
    32. Jonathan Heathcote & Fabrizio Perri, 2013. "Assessing International Efficiency," Working Papers 476, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    33. Graziano, Marco & Habib, Maurizio Michael, 2024. "Mutual funds and safe government bonds: do returns matter?," Working Paper Series 2931, European Central Bank.
    34. Nicolas Coeurdacier, 2009. "Theoretical perspectives on financial globalization: trade costs and equity home bias," SciencePo Working papers Main hal-01063456, HAL.
    35. Bianca De Paoli & Hande Küçük, 2015. "News shocks, monetary policy, and foreign currency positions," Staff Reports 750, Federal Reserve Bank of New York.
    36. Michael B. Devereux & Alan Sutherland, 2009. "Valuation Effects and the Dynamics of Net External Assets," NBER Working Papers 14794, National Bureau of Economic Research, Inc.
    37. van Wincoop, Eric & Tille, Cédric, 2008. "International Capital Flows," CEPR Discussion Papers 6705, C.E.P.R. Discussion Papers.
    38. Kubitza, Christian & Sigaux, Jean-David & Vandeweyer, Quentin, 2025. "The implications of CIP deviations for international capital flows," Working Paper Series 3017, European Central Bank.
    39. Cao, Dan & Evans, Martin & Lua, Wenlan, 2020. "Real Exchange Rate Dynamics Beyond Business Cycles," MPRA Paper 99054, University Library of Munich, Germany, revised 10 Mar 2020.
    40. Gianluca Benigno & Hande Küçük-Tuger, 2011. "Portfolio Allocation and International Risk Sharing," CEP Discussion Papers dp1048, Centre for Economic Performance, LSE.
    41. Guillermo Hausmann-Guil, 2025. "Online Appendix to "Solving DSGE models with incomplete markets by perturbation"," Online Appendices 24-34, Review of Economic Dynamics.
    42. Zhang, Ning, 2019. "Country portfolios under global imbalances," European Economic Review, Elsevier, vol. 119(C), pages 302-317.
    43. Koralai Kirabaeva & Assaf Razin, 2010. "Composition of Capital Flows: A Survey," NBER Working Papers 16492, National Bureau of Economic Research, Inc.
    44. Tille, Cédric & van Wincoop, Eric, 2014. "Solving DSGE portfolio choice models with dispersed private information," Journal of Economic Dynamics and Control, Elsevier, vol. 40(C), pages 1-24.
    45. Filippo Brutti & Philip U. Sauré, 2014. "Repatriation of Debt in the Euro Crisis: Evidence for the Secondary Market Theory," Working Papers 2014-03, Swiss National Bank.
    46. Alexander Harin, 2022. "Forbidden Zones for the Expectations of Data: New Mathematical Methods and Models for Behavioral Economics," Academic Journal of Applied Mathematical Sciences, Academic Research Publishing Group, vol. 8(1), pages 12-26, 12-2021.
    47. Hamano Masashige, 2012. "International equity and bond positions in a DSGE model with variety risk in consumption," DEM Discussion Paper Series 12-05, Department of Economics at the University of Luxembourg.
    48. Joseba Martinez & Thomas Philippon & Markus Sihvonen, 2019. "Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets," NBER Working Papers 26026, National Bureau of Economic Research, Inc.
    49. Korinek, Anton, 2011. "Foreign currency debt, risk premia and macroeconomic volatility," European Economic Review, Elsevier, vol. 55(3), pages 371-385, April.
    50. Michael Siemer & Adrien Verdelhan & Francois Gourio, 2015. "Uncertainty and International Capital Flows," 2015 Meeting Papers 880, Society for Economic Dynamics.
    51. John D. Burger & Francis E. Warnock & Veronica Cacdac Warnock, 2017. "Currency Matters: Analyzing International Bond Portfolios," NBER Working Papers 23175, National Bureau of Economic Research, Inc.
    52. Rahul Mukherjee, 2011. "Country Portfolios with Imperfect Corporate Governance," IHEID Working Papers 08-2011, Economics Section, The Graduate Institute of International Studies.
    53. Vahagn Galstyan & Philip Lane, 2010. "The Dynamics of Portfolio Holdings in Emerging Europe," The Institute for International Integration Studies Discussion Paper Series iiisdp346, IIIS.
    54. Calderon, Cesar & Kubota, Megumi, 2009. "Does higher openness cause more real exchange rate volatility ?," Policy Research Working Paper Series 4896, The World Bank.
    55. Jonathan J. Adams & Mr. Philip Barrett, 2017. "Why are Countries’ Asset Portfolios Exposed to Nominal Exchange Rates?," IMF Working Papers 2017/291, International Monetary Fund.
    56. Giancarlo Corsetti & Anna Lipinska & Giovanni Lombardo, 2021. "Sharing Asymmetric Tail Risk: Smoothing, Asset Prices and Terms of Trade," International Finance Discussion Papers 1324, Board of Governors of the Federal Reserve System (U.S.).
    57. Tommaso Trani, 2012. "Funding under Borrowing Limits in International Portfolios," IHEID Working Papers 01-2012, Economics Section, The Graduate Institute of International Studies, revised 14 Feb 2012.
    58. Alexandra Peter, 2012. "Bilateral Trade, Openness, and Asset Holdings," Open Economies Review, Springer, vol. 23(4), pages 713-740, September.
    59. Pierpaolo Benigno & Salvatore Nisticò, 2009. "International Portfolio Allocation under Model Uncertainty," NBER Working Papers 14734, National Bureau of Economic Research, Inc.
    60. Harms, Philipp & Hoffmann, Mathias & Ortseifer, Christina, 2010. "The home bias in equities and distribution costs," Discussion Paper Series 1: Economic Studies 2010,24, Deutsche Bundesbank.
    61. Yohei Okawa & Eric van Wincoop, 2010. "Gravity in International Finance," Working Papers 072010, Hong Kong Institute for Monetary Research.
    62. Aysun, Uluc, 2024. "Identifying the external and internal drivers of exchange rate volatility in small open economies," Emerging Markets Review, Elsevier, vol. 58(C).
    63. Hnatkovska, Viktoria, 2010. "Home bias and high turnover: Dynamic portfolio choice with incomplete markets," Journal of International Economics, Elsevier, vol. 80(1), pages 113-128, January.
    64. Ersal-Kiziler, Eylem & Nguyen, Ha, 2016. "Euro currency risk and the geography of debt flows to peripheral EMU," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 1-20.
    65. Martinez, Joseba & Philippon, Thomas & Sihvonen, Markus, 2022. "Does a currency union need a capital market union?," Journal of International Economics, Elsevier, vol. 139(C).
    66. Khalil, Makram, 2016. "Cross-Border Portfolio Diversification under Trade Linkages," VfS Annual Conference 2016 (Augsburg): Demographic Change 145811, Verein für Socialpolitik / German Economic Association.
    67. Bacchetta, Philippe & Davenport, Margaret & van Wincoop, Eric, 2021. "Can Sticky Portfolios Explain International Capital Flows and Asset Prices?," CEPR Discussion Papers 16772, C.E.P.R. Discussion Papers.
    68. Mr. Akito Matsumoto & Mr. Charles Engel, 2009. "International Risk Sharing: Through Equity Diversification or Exchange Rate Hedging?," IMF Working Papers 2009/138, International Monetary Fund.
    69. Anil V. Mishra & Umaru B. Conteh, 2014. "Australia's Bond Home Bias," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 17(01), pages 1-30.
    70. Ahmed Badawi & Anas Al Qudah & Waleed M. Rashideh, 2019. "Determinants of foreign portfolio investment in emerging markets: evidence from Saudi stock market," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(4), pages 779-794, October.
    71. Markus Sihvonen, 2023. "Equity Home Bias in a Capital Market Union," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(4), pages 953-999, December.
    72. Harin, Alexander, 2021. "Behavioral economics. Forbidden zones. New method and models," MPRA Paper 106545, University Library of Munich, Germany.
    73. Hu, Chenyue, 2023. "What explains equity home bias? Theory and evidence at the sector level," European Economic Review, Elsevier, vol. 160(C).
    74. Lee, Junyong & Lee, Kyounghun & Oh, Frederick Dongchuhl, 2023. "International portfolio diversification and the home bias puzzle," Research in International Business and Finance, Elsevier, vol. 64(C).
    75. Ning Zhang, 2018. "Asset home bias in debtor and creditor countries," Working Papers 2019_11, Business School - Economics, University of Glasgow.
    76. van Wincoop, Eric & Warnock, Francis E., 2010. "Can trade costs in goods explain home bias in assets?," Journal of International Money and Finance, Elsevier, vol. 29(6), pages 1108-1123, October.
    77. Nicolas Coeurdacier, 2011. "Limited participation and International Risk-Sharing," 2011 Meeting Papers 613, Society for Economic Dynamics.
    78. Arvai, Kai & Coimbra, Nuno, 2025. "Privilege Lost? The Rise and Fall of a Dominant Global Currency," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325376, Verein für Socialpolitik / German Economic Association.
    79. Devereux, Michael B. & Saito, Makoto & Yu, Changhua, 2020. "International capital flows, portfolio composition, and the stability of external imbalances," Journal of International Economics, Elsevier, vol. 127(C).
    80. Andreas Stathopoulos, 2012. "Portfolio Home Bias and External Habit Formation," 2012 Meeting Papers 502, Society for Economic Dynamics.
    81. Tommaso Trani, 2011. "Trade in secured debt, adjustment in haircuts and international portfolios," IHEID Working Papers 13-2011, Economics Section, The Graduate Institute of International Studies.
    82. Ning Zhang, 2019. "Asset home bias in debtor and creditor countries," 2019 Meeting Papers 850, Society for Economic Dynamics.
    83. David Amdur, 2009. "International Diversification in Debt vs Equity," Working Papers gueconwpa~09-09-01, Georgetown University, Department of Economics.
    84. Amdur, David, 2010. "International cross-holdings of bonds in a two-good DSGE model," Economics Letters, Elsevier, vol. 108(2), pages 163-166, August.
    85. Hu, Chenyue, 2025. "Portfolio choice analysis in a multi-country macro model," Journal of Economic Dynamics and Control, Elsevier, vol. 170(C).
    86. Kim, Kyounghun & Kim, Sunghyun & Lim, Sanho, 2023. "Optimal bond holding dynamics with hedging against real exchange rate risks," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 626-638.
    87. Hu, Chenyue, 2020. "Industrial specialization matters: A new angle on equity home Bias," Journal of International Economics, Elsevier, vol. 126(C).
    88. Broer, Tobias, 2017. "The home bias of the poor: Foreign asset portfolios across the wealth distribution," European Economic Review, Elsevier, vol. 92(C), pages 74-91.
    89. Curatola, Giuliano & Dergunov, Ilya, 2017. "International capital markets with time-varying preferences," SAFE Working Paper Series 176, Leibniz Institute for Financial Research SAFE.
    90. Giancarlo Corsetti & Anna Lipínska & Giovanni Lombardo, 2021. "Sharing asymmetric tail risk smoothing, asset pricing and terms of trade," BIS Working Papers 958, Bank for International Settlements.
    91. Peter, Alexandra, 2010. "Bilateral Trade, Openness and Asset Holdings," Bonn Econ Discussion Papers 21/2010, University of Bonn, Bonn Graduate School of Economics (BGSE).

  37. Gourinchas, Pierre-Olivier & Hsieh, Chang-Tai & Gopinath, Gita & Li, Nicholas, 2009. "Estimating the Border Effect: Some New Evidence," CEPR Discussion Papers 7281, C.E.P.R. Discussion Papers.

    Cited by:

    1. Jean Imbs & Haroon Mumtaz & Morten O. Ravn & Hélène Rey, 2010. "One TV, One Price?," PSE-Ecole d'économie de Paris (Postprint) hal-00612524, HAL.
    2. Georg Strasser, 2011. "The Efficiency of the Global Markets for Final Goods and Productive Capabilities," 2011 Meeting Papers 576, Society for Economic Dynamics.
    3. Jenny C. Aker & Michael W. Klein & Stephen A. O'Connell & Muzhe Yang, 2010. "Borders, Ethnicity and Trade," NBER Working Papers 15960, National Bureau of Economic Research, Inc.
    4. Gita Gopinath & Oleg Itskhoki, 2008. "Frequency of Price Adjustment and Pass-through," NBER Working Papers 14200, National Bureau of Economic Research, Inc.
    5. Kevin Wiseman, 2010. "Location, Productivity, and Trade," 2010 Meeting Papers 671, Society for Economic Dynamics.
    6. Andrea F. Presbitero & Gregory F. Udell & Alberto Zazzaro, 2014. "The Home Bias and the Credit Crunch: A Regional Perspective," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(s1), pages 53-85, February.
    7. Gita Gopinath & Oleg Itskhoki, 2010. "In Search of Real Rigidities," NBER Working Papers 16065, National Bureau of Economic Research, Inc.
    8. Leonardo Gambacorta & Paolo Emilio Mistrulli, 2014. "Bank Heterogeneity and Interest Rate Setting: What Lessons Have We Learned since Lehman Brothers?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(4), pages 753-778, June.
    9. Luis Garicano & Luis Rayo, 2016. "Why Organizations Fail: Models and Cases," Journal of Economic Literature, American Economic Association, vol. 54(1), pages 137-192, March.
    10. Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," SciencePo Working papers Main hal-00973027, HAL.
    11. Wang, Chenglong & Liu, Hui & Zhang, Mengtian & Wei, Zongcai, 2018. "The border effect on urban land expansion in China: The case of Beijing-Tianjin-Hebei region," Land Use Policy, Elsevier, vol. 78(C), pages 287-294.
    12. Charles Engel, 2010. "Exchange rate policies," BIS Papers chapters, in: Bank for International Settlements (ed.), The international financial crisis and policy challenges in Asia and the Pacific, volume 52, pages 229-250, Bank for International Settlements.
    13. Klenow, Peter J. & Malin, Benjamin A., 2010. "Microeconomic Evidence on Price-Setting," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 6, pages 231-284, Elsevier.
    14. Jean Boivin & Robert Clark & Nicolas Vincent, 2010. "Virtual Borders: Online Nominal Rigidities and International Market Segmentation," NBER Working Papers 15642, National Bureau of Economic Research, Inc.
    15. Michel De Vroey, 2010. "Getting rid of Keynes ? A survey of the history of macroeconomics from Keynes to Lucas and beyond," Working Paper Research 187, National Bank of Belgium.
    16. James MacGee & Chris Hajzler, 2012. "Retail Price Differences across U.S. and Canadian Cities during the Interwar Period," 2012 Meeting Papers 1126, Society for Economic Dynamics.
    17. Jiří Schwarz, 2012. "Impact of institutions on cross-border price dispersion," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 148(4), pages 617-645, December.
    18. Jenny C. Aker & Michael W. Klein & Stephen A. O'Connell, 2015. "International and Intranational Market Segmentation and Integration in West Africa," NBER Chapters, in: African Successes, Volume IV: Sustainable Growth, pages 179-199, National Bureau of Economic Research, Inc.
    19. Kei-Mu Yi, 2010. "Can Multistage Production Explain the Home Bias in Trade?," American Economic Review, American Economic Association, vol. 100(1), pages 364-393, March.
    20. Hakan Yilmazkuday, 2012. "How wide is the border across U.S. states?," Letters in Spatial and Resource Sciences, Springer, vol. 5(1), pages 25-31, March.
    21. Adam, Antonis & Moutos, Thomas, 2014. "Do capital importing countries pay higher prices for their imports of goods?," Journal of International Money and Finance, Elsevier, vol. 40(C), pages 95-108.

  38. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2009. "When bonds matter: home bias in goods and assets," SciencePo Working papers Main hal-03602482, HAL.

    Cited by:

    1. Fabrizio Perri & Jonathan Heathcote, 2007. "The International Diversification Puzzle Is Not as Bad as You Think," Working Papers 2007-3, University of Minnesota, Department of Economics, revised 08 Oct 2007.
    2. Fabio Ghironi & Jaewoo Lee & Alessandro Rebucci, 2009. "The valuation channel of external adjustment," Working Papers 09-18, Federal Reserve Bank of Boston.
    3. Equiza-Goni, J. & Faraglia, E. & Oikonomou, R., 2018. "Union Debt Management," Cambridge Working Papers in Economics 1890, Faculty of Economics, University of Cambridge.
    4. Nicolas Coeurdacier & Hélène Rey, 2013. "Home Bias in Open Economy Financial Macroeconomics," Post-Print hal-03473901, HAL.
    5. Martin D D Evans & Viktoria Hnatkovska, 2006. "International Capital Flows Returns and World Financial Integration," 2006 Meeting Papers 60, Society for Economic Dynamics.
    6. Bengui, Julien & Nguyen, Ha, 2016. "Consumption baskets and currency choice in international borrowing," Journal of International Money and Finance, Elsevier, vol. 67(C), pages 287-304.
    7. Nicolas Coeurdacier & Robert Kollmann & Philippe Martin, 2010. "International portfolios, capital accumulation and foreign assets dynamics," SciencePo Working papers Main hal-01052901, HAL.
    8. Rigobon, Roberto & Pavlova, Anna, 2011. "International Macro-Finance," CEPR Discussion Papers 8218, C.E.P.R. Discussion Papers.
    9. Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2019. "Investor experiences and international capital flows," Economics Working Papers 1710, Department of Economics and Business, Universitat Pompeu Fabra.
    10. Filippo Brutti & Philip Sauré, 2016. "Repatriation Of Debt In The Euro Crisis," Journal of the European Economic Association, European Economic Association, vol. 14(1), pages 145-174, February.
    11. Koralai Kirabaeva & Assaf Razin, 2009. "Composition of International Capital Flows: A Survey," NBER Working Papers 15599, National Bureau of Economic Research, Inc.
    12. Sven Blank & Mathias Hoffmann & Moritz A. Roth, 2020. "Foreign direct investment and the equity home bias puzzle," Working Papers 2008, Banco de España.
    13. Hünnekes, Franziska & Konradt, Maximilian & Schularick, Moritz & Trebesch, Christoph & Wingenbach, Julian, 2025. "Exportweltmeister: Germany’s foreign investment returns in international comparison," Open Access Publications from Kiel Institute for the World Economy 318206, Kiel Institute for the World Economy (IfW Kiel).
    14. Bergin, Paul R. & Pyun, Ju Hyun, 2016. "International portfolio diversification and multilateral effects of correlations," Journal of International Money and Finance, Elsevier, vol. 62(C), pages 52-71.
    15. Haoyuan Ding & Xiao Li & Jiezhou Ying, 2023. "Anti‐dumping Policies and International Portfolio Allocation: The View from the Global Funds," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(2), pages 58-83, March.
    16. Haakon Kavli & Nicola Viegi, 2017. "Are Determinants of Portfolio Flows Always the Same? - South African Results from a Time Varying Parameter Var Model," South African Journal of Economics, Economic Society of South Africa, vol. 85(1), pages 3-27, March.
    17. Marta Arespa, 2015. "Endogenous Home Bias in Portfolio Diversification and Firms’ Entry," Review of International Economics, Wiley Blackwell, vol. 23(1), pages 14-44, February.
    18. Rabitsch, Katrin & Stepanchuk, Serhiy & Tsyrennikov, Viktor, 2015. "International portfolios: A comparison of solution methods," Journal of International Economics, Elsevier, vol. 97(2), pages 404-422.
    19. Ried, Stefan, 2009. "Putting up a good fight: The Galí-Monacelli model versus "The six major puzzles in international macroeconomics"," SFB 649 Discussion Papers 2009-020, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    20. Almira Enders & Zeno Enders & Mathias Hoffmann, 2017. "International Financial Market Integration, Asset Compositions, and the Falling Exchange Rate Pass-Through," CESifo Working Paper Series 6483, CESifo.
    21. Pavlo Dziuba & Darya Glukhova & Kyryl Shtogrin, 2022. "Risk, Return And International Portfolio Diversification: K-Means Clustering Data," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 8(3).
    22. Zhang, Shaojun, 2016. "Limited Risk Sharing and International Equity Returns," Working Paper Series 2016-25, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    23. Nicolas Coeurdacier & Pierre-Olivier Gourinchas, 2008. "When bonds matter: home bias in goods and assets," Working Paper Series 2008-25, Federal Reserve Bank of San Francisco.
    24. Ke Pang, 2011. "Equity home bias, incomplete financial markets, and nominal rigidities," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 44(1), pages 340-363, February.
    25. Guillermo Hausmann-Guil, 2025. "Solving DSGE models with incomplete markets by perturbation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 57, July.
    26. Iván Arribas & Jesús Peiró-Palomino & Emili Tortosa-Ausina, 2015. "Is full banking integration desirable?," Working Papers 2015/05, Economics Department, Universitat Jaume I, Castellón (Spain).
    27. Curatola, Giuliano & Dergunov, Ilya, 2023. "International capital markets with interdependent preferences: Theory and empirical evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 403-421.
    28. Beck, Roland & Coppola, Antonio & Lewis, Angus & Maggiori, Matteo & Schmitz, Martin & Schreger, Jesse, 2023. "The Geography of Capital Allocation in the Euro Area," SocArXiv rzwd2, Center for Open Science.
    29. Nicolas Coeurdacier & Stéphane Guibaud, 2005. "A dynamic equilibrium model of imperfectly integrated financial markets," Working Papers halshs-00590775, HAL.
    30. Sergio Florez-Orrego & Matteo Maggiori & Jesse Schreger & Ziwen Sun & Serdil Tinda, 2023. "Global Capital Allocation," NBER Working Papers 31599, National Bureau of Economic Research, Inc.
    31. Tobias Broer, 2008. "The home bias of the poor: terms of trade effects and portfolios across the wealth distribution," Economics Working Papers ECO2008/28, European University Institute.
    32. Jonathan Heathcote & Fabrizio Perri, 2013. "Assessing International Efficiency," Working Papers 476, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    33. Graziano, Marco & Habib, Maurizio Michael, 2024. "Mutual funds and safe government bonds: do returns matter?," Working Paper Series 2931, European Central Bank.
    34. Nicolas Coeurdacier, 2009. "Theoretical perspectives on financial globalization: trade costs and equity home bias," SciencePo Working papers Main hal-01063456, HAL.
    35. Bianca De Paoli & Hande Küçük, 2015. "News shocks, monetary policy, and foreign currency positions," Staff Reports 750, Federal Reserve Bank of New York.
    36. Michael B. Devereux & Alan Sutherland, 2009. "Valuation Effects and the Dynamics of Net External Assets," NBER Working Papers 14794, National Bureau of Economic Research, Inc.
    37. van Wincoop, Eric & Tille, Cédric, 2008. "International Capital Flows," CEPR Discussion Papers 6705, C.E.P.R. Discussion Papers.
    38. Kubitza, Christian & Sigaux, Jean-David & Vandeweyer, Quentin, 2025. "The implications of CIP deviations for international capital flows," Working Paper Series 3017, European Central Bank.
    39. Cao, Dan & Evans, Martin & Lua, Wenlan, 2020. "Real Exchange Rate Dynamics Beyond Business Cycles," MPRA Paper 99054, University Library of Munich, Germany, revised 10 Mar 2020.
    40. Gianluca Benigno & Hande Küçük-Tuger, 2011. "Portfolio Allocation and International Risk Sharing," CEP Discussion Papers dp1048, Centre for Economic Performance, LSE.
    41. Guillermo Hausmann-Guil, 2025. "Online Appendix to "Solving DSGE models with incomplete markets by perturbation"," Online Appendices 24-34, Review of Economic Dynamics.
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  41. Jeanne, Olivier & Gourinchas, Pierre-Olivier, 2007. "Capital Flows to Developing Countries: The Allocation Puzzle," CEPR Discussion Papers 6561, C.E.P.R. Discussion Papers.

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    36. Jiandong Ju & Shang-Jin Wei, 2010. "Domestic Institutions and the Bypass Effect of Financial Globalization," American Economic Journal: Economic Policy, American Economic Association, vol. 2(4), pages 173-204, November.
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    51. Garita, Gus, 2009. "How Does Financial Openness Affect Economic Growth and its Components?," MPRA Paper 20099, University Library of Munich, Germany.
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    1. Nicola Gennaioli, 2012. "A Model of Shadow Banking," 2012 Meeting Papers 89, Society for Economic Dynamics.
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    3. Martin Schmitz, 2009. "Financial Reforms and Capital Flows to Emerging Europe," The Institute for International Integration Studies Discussion Paper Series iiisdp278, IIIS.
    4. Deng, Liuchun & Wang, Boqun, 2016. "Regional capital flows and economic regimes: Evidence from China," Economics Letters, Elsevier, vol. 141(C), pages 80-83.
    5. Joscha Beckmann & Ansgar Belke & Christian Dreger, 2015. "The relevance of international spillovers and asymmetric effects in the Taylor rule," FIW Working Paper series 140, FIW.
    6. Brian Hill & Tomasz Michalski, 2018. "Risk versus ambiguity and international security design," Post-Print hal-01966706, HAL.
    7. Bárány, Zsófia L. & Coeurdacier, Nicolas & Guibaud, Stéphane, 2023. "Capital flows in an aging world," Journal of International Economics, Elsevier, vol. 140(C).
    8. Angeletos, George-Marios & Panousi, Vasia, 2011. "Financial integration, entrepreneurial risk and global dynamics," Journal of Economic Theory, Elsevier, vol. 146(3), pages 863-896, May.
    9. Ahnert, Toni & Perotti, Enrico, 2021. "Cheap but flighty: A theory of safety-seeking capital flows," Journal of Banking & Finance, Elsevier, vol. 131(C).
    10. David Backus & Espen Henriksen & Frederic Lambert & Christopher Telmer, 2009. "Current Account Fact and Fiction," NBER Working Papers 15525, National Bureau of Economic Research, Inc.
    11. Corradin, Stefano & Heider, Florian & Hoerova, Marie, 2017. "On collateral: implications for financial stability and monetary policy," Working Paper Series 2107, European Central Bank.
    12. Bacchetta, Philippe & Benhima, Kenza, 2012. "The Demand for Liquid Assets, Corporate Saving, and Global Imbalances," CEPR Discussion Papers 9268, C.E.P.R. Discussion Papers.
    13. Cukierman, Alex, 2016. "Reflections on the natural rate of interest, its measurement, monetary policy and the zero lower bound," CEPR Discussion Papers 11467, C.E.P.R. Discussion Papers.
    14. Iryna Kaminska & Dimitri Vayanos & Gabriele Zinna, 2011. "Preferred-habitat investors and the US term structure of real rates," Bank of England working papers 435, Bank of England.
    15. Didier Brandao,Tatiana & Llovet Montanes,Ruth & Schmukler,Sergio L. & Didier Brandao,Tatiana & Llovet Montanes,Ruth & Schmukler,Sergio L., 2016. "International financial integration of East Asia and Pacific," Policy Research Working Paper Series 7772, The World Bank.
    16. Maria Socorro Gochoco-Bautista & Eli M. Remolona, 2012. "Going Regional: How to Deepen ASEAN's Financial Markets," ADB Economics Working Paper Series 300, Asian Development Bank.
    17. Madhusudan Mohanty & Kumar Rishabh, 2016. "Financial intermediation and monetary policy transmission in EMEs: What has changed post-2008 crisis?," BIS Working Papers 546, Bank for International Settlements.
    18. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2020. "International Currencies and Capital Allocation," Journal of Political Economy, University of Chicago Press, vol. 128(6), pages 2019-2066.
    19. Cian Allen, 2018. "Revisiting External Imbalances: Insights from Sectoral Accounts," 2018 Papers pal913, Job Market Papers.
    20. Tobias Adrian & Daniel Stackman & Erik Vogt, 2019. "Global Price of Risk and Stabilization Policies," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(1), pages 215-260, March.
    21. Matthias Fleckenstein & Francis A. Longstaff, 2018. "Floating Rate Money? The Stability Premium in Treasury Floating Rate Notes," NBER Working Papers 25216, National Bureau of Economic Research, Inc.
    22. Atif Mian & Ludwig Straub & Amir Sufi, 2021. "The Saving Glut of the Rich," Working Papers 2021-70, Princeton University. Economics Department..
    23. Mikael Juselius & Claudio Borio & Piti Disyatat & Mathias Drehmann, 2016. "Monetary policy, the financial cycle and ultra-low interest rates," BIS Working Papers 569, Bank for International Settlements.
    24. Sebastian Horn & Carmen M. Reinhart & Christoph Trebesch, 2019. "China’s Overseas Lending," NBER Working Papers 26050, National Bureau of Economic Research, Inc.
    25. Lim, G.C. & McNelis, Paul D., 2008. "Computational Macroeconomics for the Open Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262123061, December.
    26. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "Financial Crash, Commodity Prices and Global Imbalances," NBER Working Papers 14521, National Bureau of Economic Research, Inc.
    27. Horag Choi & George Alessandria, 2015. "The Dynamics of the Trade Balance and the Real Exchange Rate: The J Curve and Trade Costs?," 2015 Meeting Papers 1413, Society for Economic Dynamics.
    28. Maya Eden, 2019. "International Liquidity Rents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 147-159, January.
    29. Òscar Jordà & Moritz Schularick & Alan M. Taylor, 2016. "Macrofinancial History and the New Business Cycle Facts," Working Paper Series 2016-23, Federal Reserve Bank of San Francisco.
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    2. Galina Hale & Luciana Juvenal, 2021. "External Balance Sheets and the COVID-19 Crisis," NBER Working Papers 29277, National Bureau of Economic Research, Inc.
    3. Elias Papaioannou & Richard Portes & Gregorios Siourounis, 2006. "Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar," NBER Working Papers 12333, National Bureau of Economic Research, Inc.
    4. Antonio Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2018. "Assessing the sustainability of external imbalances in the European Union," Post-Print hal-01914597, HAL.
    5. Fabio Ghironi & Jaewoo Lee & Alessandro Rebucci, 2009. "The valuation channel of external adjustment," Working Papers 09-18, Federal Reserve Bank of Boston.
    6. David Backus & Espen Henriksen & Frederic Lambert & Christopher Telmer, 2009. "Current Account Fact and Fiction," NBER Working Papers 15525, National Bureau of Economic Research, Inc.
    7. Raddatz, Claudio & Schmukler, Sergio L., 2012. "On the international transmission of shocks: Micro-evidence from mutual fund portfolios," Journal of International Economics, Elsevier, vol. 88(2), pages 357-374.
    8. Hamid Faruqee & Douglas Laxton & Dirk Muir & Paolo A. Pesenti, 2007. "Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 377-456, National Bureau of Economic Research, Inc.
    9. Maurice Obstfeld & Kenneth Rogoff & Richard Clarida, "undated". "The Unsustainable U S Current Account Position Revisited," Working Paper 14901, Harvard University OpenScholar.
    10. Michael B. Devereux & Mr. Alan Sutherland, 2007. "Solving for Country Portfolios in Open Economy Macro Models," IMF Working Papers 2007/284, International Monetary Fund.
    11. Matteo Maggiori & Brent Neiman & Jesse Schreger, 2020. "International Currencies and Capital Allocation," Journal of Political Economy, University of Chicago Press, vol. 128(6), pages 2019-2066.
    12. Cian Allen, 2018. "Revisiting External Imbalances: Insights from Sectoral Accounts," 2018 Papers pal913, Job Market Papers.
    13. Agustin S. Benetrix & Beren Demirolmez & Martin Schmitz, 2021. "The shock absorbing role of cross-border investments: net positions versus currency composition," Trinity Economics Papers tep0421, Trinity College Dublin, Department of Economics.
    14. Andreas M. Fischer & Pinar Yesin, 2023. "The kindness of strangers: Brexit and bilateral financial linkages," Working Papers 2023-02, Swiss National Bank.
    15. Lucio Sarno & Giorgio Valente, 2009. "Exchange Rates and Fundamentals: Footloose or Evolving Relationship?," Journal of the European Economic Association, MIT Press, vol. 7(4), pages 786-830, June.
    16. Romei, Federica, 2015. "Need for (the Right) Speed: the Timing and Composition of Public Debt Deleveraging," Economics Working Papers MWP2015/11, European University Institute.
    17. John Williamson, 2007. "The Case For An Intermediate Exchange Rate Regime," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 52(03), pages 295-307.
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  45. Olivier Jeanne & Pierre-Olivier Gourinchas, 2004. "Capital Mobility, Property Rights and Economic Development," 2004 Meeting Papers 46, Society for Economic Dynamics.

    Cited by:

    1. Pierre-Olivier Gourinchas & Olivier Jeanne, 2006. "The Elusive Gains from International Financial Integration," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 73(3), pages 715-741.

  46. Jeanne, Olivier & Gourinchas, Pierre-Olivier, 2003. "The Elusive Gains from International Financial Integration," CEPR Discussion Papers 3902, C.E.P.R. Discussion Papers.

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    1. Aaron Tornell & Frank Westermann & Lorenza Martinez, 2004. "The Positive Link Between Financial Liberalization, Growth and Crises," NBER Working Papers 10293, National Bureau of Economic Research, Inc.
    2. Angeletos, George-Marios & Panousi, Vasia, 2011. "Financial integration, entrepreneurial risk and global dynamics," Journal of Economic Theory, Elsevier, vol. 146(3), pages 863-896, May.
    3. Caselli, Francesco, 2004. "Accounting for Cross-Country Income Differences," CEPR Discussion Papers 4703, C.E.P.R. Discussion Papers.
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    5. Temple, Jonathan & Carter, Patrick, 2015. "Virtuous Circles and the Case for Aid," CEPR Discussion Papers 10880, C.E.P.R. Discussion Papers.
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    7. Inoue, Atsushi & Jin, Lu & Rossi, Barbara, 2017. "Rolling window selection for out-of-sample forecasting with time-varying parameters," Journal of Econometrics, Elsevier, vol. 196(1), pages 55-67.
    8. Maria Socorro Gochoco-Bautista & Eli M. Remolona, 2012. "Going Regional: How to Deepen ASEAN's Financial Markets," ADB Economics Working Paper Series 300, Asian Development Bank.
    9. Sarah Lynne Salvador Daway-Ducanes & Maria Socorro Gochoco-Bautista, 2019. "Manufacturing and Services Growth in Developing Economies: ‘Too Little’ Finance?," Progress in Development Studies, , vol. 19(1), pages 55-82, January.
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    12. Mr. Eswar S Prasad & Mr. Marco Terrones & Mr. Ayhan Kose, 2008. "Does Openness to International Financial Flows Raise Productivity Growth?," IMF Working Papers 2008/242, International Monetary Fund.
    13. Dewandaru, Ginanjar & Rizvi, Syed Aun R. & Masih, Rumi & Masih, Mansur & Alhabshi, Syed Othman, 2014. "Stock market co-movements: Islamic versus conventional equity indices with multi-timescales analysis," Economic Systems, Elsevier, vol. 38(4), pages 553-571.
    14. Marwân-Al‐qays Bousmah & Daria Onori, 2016. "Financial Openness, Aggregate Consumption and Threshold Effects," Post-Print hal-01477194, HAL.
    15. Rogoff, Kenneth & Wei, Shang-Jin & Prasad, Eswar & Kose, M. Ayhan, 2009. "Financial Globalization and Economic Policies," CEPR Discussion Papers 7117, C.E.P.R. Discussion Papers.
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    18. Souaré, Ismaila & Wane, Abdrahmane & Sène, Babacar & Ndoye, Marème, 2024. "Sustainability of lending diversification of sub-Saharan African low-income countries," International Review of Economics & Finance, Elsevier, vol. 96(PB).
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    20. Evgenia Passari & Hélène Rey, 2015. "Financial Flows and the International Monetary System," NBER Working Papers 21172, National Bureau of Economic Research, Inc.
    21. Kose, M. Ayhan & Prasad, Eswar S. & Terrones, Marco E., 2006. "How do trade and financial integration affect the relationship between growth and volatility?," Journal of International Economics, Elsevier, vol. 69(1), pages 176-202, June.
    22. Patrick Carter & Fabien Postel-Vinay & Jonathan Temple, 2015. "Dynamic aid allocation," SciencePo Working papers Main hal-03392988, HAL.
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    24. Schnabel, Isabel & Seckinger, Christian, 2015. "Financial Fragmentation and Economic Growth in Europe," CEPR Discussion Papers 10805, C.E.P.R. Discussion Papers.
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    32. Ellen McGrattan, 2012. "Online Appendix to "Transition to FDI Openness: Reconciling Theory and Evidence"," Online Appendices 12-94, Review of Economic Dynamics.
    33. Joshua Aizenman, 2011. "Trilemma and Financial Stability Configurations in Asia," Finance Working Papers 23219, East Asian Bureau of Economic Research.
    34. Cavallo, Eduardo A. & Galindo, Arturo & Izquierdo, Alejandro & Leon-Diaz, John, 2010. "The Role of Relative Price Volatility in the Efficiency of Investment Allocation," IDB Publications (Working Papers) 1975, Inter-American Development Bank.
    35. Anne Épaulard & Aude Pommeret, 2016. "Financial Integration, Growth and Volatility," Post-Print hal-01591446, HAL.
    36. Philip R. Lane IIIS, Trinity College Dublin and CEPR, 2009. "Innovation and Financial Globalisation," The Institute for International Integration Studies Discussion Paper Series iiisdp299, IIIS.
    37. Aaron Tornell & Frank Westermann & Lorenza Martinez, 2003. "Liberalization, Growth, and Financial Crises: Lessons from Mexico and the Developing World," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 1-112.
    38. De Nicolò, Gianni & Juvenal, Luciana, 2014. "Financial integration, globalization, and real activity," Journal of Financial Stability, Elsevier, vol. 10(C), pages 65-75.
    39. Jonathan A. Batten & Peter Morgan & Peter G. Szilagyi, 2015. "Time Varying Asian Stock Market Integration," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 60(01), pages 1-24.
    40. Peter Henry, 2007. "Capital Account Liberalization: Theory, Evidence, and Speculation," Discussion Papers 07-004, Stanford Institute for Economic Policy Research.
    41. Reuven Glick & Xueyan Guo & Michael M. Hutchison, 2005. "Currency crises, capital account liberalization, and selection bias," Working Paper Series 2004-15, Federal Reserve Bank of San Francisco.
    42. Kanda Naknoi & Sirsha Chatterjee, 2008. "The Marginal Product of Capital, Capital Flows and Convergence," 2008 Meeting Papers 57, Society for Economic Dynamics.
    43. Nicolas Coeurdacier & Hélène Rey & Pablo Winant, 2020. "Financial Integration and Growth in a Risky World," SciencePo Working papers Main hal-03799686, HAL.
    44. Klaus Desmet & Felipe Meza & Juan A. Rojas, 2008. "Foreign direct investment and spillovers: gradualism may be better," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 41(3), pages 926-953, August.
    45. Philippe Darreau & François Pigalle, 2016. "Converge or integrate? A note on Gourinchas and Jeanne : The elusive gains from international ​financial integration," Post-Print hal-01324727, HAL.
    46. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2011. "Financial Openness and Productivity," World Development, Elsevier, vol. 39(1), pages 1-19, January.
    47. Yuliya Demyanyk & Vadym Volosovych, 2007. "Gains from financial integration in the European union: evidence for new and old members," Supervisory Policy Analysis Working Papers 2007-01, Federal Reserve Bank of St. Louis.
    48. Karl Farmer, 2016. "The Intertemporal Equilibrium Modeling of Intra-EMU and Global Trade Imbalances," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(4), pages 377-395, November.
    49. Dierk Herzer & Julian Donaubauer, 2018. "The long-run effect of foreign direct investment on total factor productivity in developing countries: a panel cointegration analysis," Empirical Economics, Springer, vol. 54(2), pages 309-342, March.
    50. Andreas Stathopoulos & Adrien Verdelhan & Hanno Lustig, 2014. "The Term Structure of Currency Carry Trade Risk Premia," 2014 Meeting Papers 837, Society for Economic Dynamics.
    51. Michel Normandin & Martin Boileau, 2005. "Closing International Real Business Cycle Models with Restricted Financial Markets," Cahiers de recherche 05-03, HEC Montréal, Institut d'économie appliquée.
    52. Istvan Konya, 2023. "Catching up or getting stuck: convergence in Eastern European economies," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 237-258, June.
    53. Yuan, Li & Rao, Siqi & Yang, Shenggang & Dai, Pengyi, 2023. "Does equity market openness increase productivity? the dual effects of Shanghai-Hong Kong stock Connect program in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    54. Xiuping Hua & Anders C. Johansson & Xun Wang, 2017. "National and regional financial openness in China," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 15(2), pages 127-140, April.
    55. Raouf Boucekkine & Giorgio Fabbri & Patrick A. Pintus, 2018. "Short-run pain, long-run gain: the conditional welfare gains from international financial integration," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 65(2), pages 329-360, March.
    56. Romain Ranciere & Aaron Tornell & Frank Westermann, 2004. "Crises and Growth: A Re-evaluation," UCLA Economics Working Papers 832, UCLA Department of Economics.
    57. Gaies, Brahim & Nakhli, Mohamed Sahbi & Sahut, Jean-Michel, 2024. "Unravelling the complex interactions between sentiment of uncertainty and foreign capital flows: Evidence from Brazil and South Korea," Economic Modelling, Elsevier, vol. 141(C).
    58. LaGarda, Guillermo & Gallagher, Kevin & Linares, Jennifer, 2016. "Capital Openness and Income Inequality: A Cross-Country Study and The Role of CCT in Latin America," MPRA Paper 74181, University Library of Munich, Germany.
    59. Felipe Saffie & Liliana Varela & Kei-Mu Yi, 2021. "The Micro and Macro Dynamics of Capital Flows," Discussion Papers 2121, Centre for Macroeconomics (CFM).
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    61. Mark Aguiar & Gita Gopinath, 2004. "Defaultable debt, interest rates and the current account," Working Paper Series 2004-31, Federal Reserve Bank of San Francisco.
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    64. Eugenia Andreasen & Sofía Bauducco & Evangelina Dardati, 2019. "Capital Controls and Firm Performance," Working Papers Central Bank of Chile 852, Central Bank of Chile.
    65. Robert S. Chirinko & Debdulal Mallick, 2022. "The Return on Private Capital: Rising and Diverging," IMES Discussion Paper Series 22-E-02, Institute for Monetary and Economic Studies, Bank of Japan.
    66. Arezki, Arezki, 2010. "Demography, credit and institutions: A global perspective," MPRA Paper 27682, University Library of Munich, Germany.
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    217. Michael D Bordo & Christopher M Meissner & Marc D Weidenmier, 2006. "Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism," WEF Working Papers 0010, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
    218. Nelson Souza-Sobrinho, 2010. "Macroeconomics of bank interest spreads: evidence from Brazil," Annals of Finance, Springer, vol. 6(1), pages 1-32, January.
    219. Eng, Yoke-Kee & Wong, Chin-Yoong, 2016. "Asymmetric growth effect of capital flows: Evidence and quantitative theory," Economic Systems, Elsevier, vol. 40(1), pages 64-81.
    220. Guven, Cahit, 2016. "Financial integration: The role of tradable and non-tradable goods," Economic Modelling, Elsevier, vol. 53(C), pages 345-353.
    221. Gianni De Nicolo & Luciana Juvenal, 2010. "Financial integration and risk-adjusted growth opportunities: a global perspective," Working Papers 2010-012, Federal Reserve Bank of St. Louis.
    222. Samitas, Aristeidis & Polyzos, Stathis & Siriopoulos, Costas, 2018. "Brexit and financial stability: An agent-based simulation," Economic Modelling, Elsevier, vol. 69(C), pages 181-192.
    223. Richard Kozul-Wright & Paul Rayment, 2004. "Globalization Reloaded: An Unctad Perspective," UNCTAD Discussion Papers 167, United Nations Conference on Trade and Development.
    224. Gehringer, Agnieszka, 2013. "Financial liberalization, financial development and productivity growth: An overview," Economics Discussion Papers 2013-46, Kiel Institute for the World Economy (IfW Kiel).
    225. Alexander Monge‐Naranjo, 2019. "Markets, Externalities, And The Dynamic Gains Of Openness," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(3), pages 1131-1170, August.
    226. Gehringer, Agnieszka, 2015. "Uneven effects of financial liberalization on productivity growth in the EU: Evidence from a dynamic panel investigation," International Journal of Production Economics, Elsevier, vol. 159(C), pages 334-346.
    227. Joshua Aizenman & Vladyslav Sushko, 2011. "Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007," NBER Working Papers 17228, National Bureau of Economic Research, Inc.
    228. George-Marios Angeletos & Vasia Panousi, 2011. "Financial Integration, Entrepreneurial Risk and Global Imbalances," NBER Working Papers 16761, National Bureau of Economic Research, Inc.
    229. Alexander Monge-Naranjo, 2016. "Openness and the Optimal Taxation of Foreign Know-How," Working Papers 2016-20, Federal Reserve Bank of St. Louis.
    230. Wai‐Hong Ho, 2022. "Financial Market Globalization, Deglobalization Policies and Growth," Economica, London School of Economics and Political Science, vol. 89(356), pages 1024-1049, October.
    231. Philippe Darreau & Francois Pigalle, 2017. "International financial integration: Ramsey vs Solow," Economics Bulletin, AccessEcon, vol. 37(2), pages 1381-1392.
    232. Markus Brunnermeier & Oleg Itskhoki & Pierre-Olivier Gourinchas, 2018. "Consumption-led Growth," 2018 Meeting Papers 198, Society for Economic Dynamics.
    233. Genevieve Verdier, 2005. "The (Much Understated) Quantitative Role of Capital Accumulation and Saving," Macroeconomics 0507015, University Library of Munich, Germany.
    234. Chin-Yoong Wong & Yoke-Kee Eng, 2015. "Surviving Asymmetry in Capital Flows and the Business Cycles: The Role of Prudential Capital Controls," Review of Development Economics, Wiley Blackwell, vol. 19(3), pages 545-563, August.
    235. Malgorzata Sulimierska, 2014. "Effectiveness of capital control, economic growth and animal spirit: A cross-country analysis," Working Paper Series 7014, Department of Economics, University of Sussex Business School.
    236. Chari, Anusha & Henry, Peter Blair & Moussa, Racha, 2022. "Do finite horizons matter? The welfare consequences of capital account liberalization," Economic Modelling, Elsevier, vol. 114(C).
    237. Penn State University & Alexander Monge-Naranjo, 2011. "Foreign Firms and the Diffusion of Know-How," 2011 Meeting Papers 1324, Society for Economic Dynamics.
    238. Li, Xiang & Su, Dan, 2022. "Total factor productivity growth at the firm-level: The effects of capital account liberalization," Journal of International Economics, Elsevier, vol. 139(C).
    239. Aidi Tang, 2023. "Financial Integration and International Dynamics: The Role of Volatility Shocks," Mathematics, MDPI, vol. 11(23), pages 1-27, November.
    240. Kris James Mitchener & Mari Ohnuki, 2007. "Capital Market Integration In Japan," IMES Discussion Paper Series 07-E-17, Institute for Monetary and Economic Studies, Bank of Japan.
    241. Hu, Xiaoxue & Li, Dongxu, 2025. "Foreign business exposure, policy uncertainty, and investment allocation decisions of Chinese multinational corporations," Pacific-Basin Finance Journal, Elsevier, vol. 89(C).
    242. Giancarlo Corsetti & Anna Lipínska & Giovanni Lombardo, 2021. "Sharing asymmetric tail risk smoothing, asset pricing and terms of trade," BIS Working Papers 958, Bank for International Settlements.
    243. Flavia Corneli, 2017. "Medium and long term implications of financial integration without financial development," Temi di discussione (Economic working papers) 1120, Bank of Italy, Economic Research and International Relations Area.
    244. Bai, Min & Qin, Yafeng & Zhang, Huiping, 2021. "Stock price crashes in emerging markets," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 466-482.
    245. Dewandaru, Ginanjar & Alaoui, Abdelkader & Masih, A. Mansur M. & Alhabshi, Syed Othman, 2013. "Comovement and resiliency of Islamic equity market: Evidence from GCC Islamic equity index based on wavelet analysis," MPRA Paper 56980, University Library of Munich, Germany.

  47. Tornell, Aaron & Gourinchas, Pierre-Olivier, 2003. "Exchange Rate Dynamics, Learning and Misperception," CEPR Discussion Papers 3725, C.E.P.R. Discussion Papers.

    Cited by:

    1. Juan José Echavarría & Luis Fernando Melo velandia & Santiago Téllez & Mauricio Villamizar Villegas, 2013. "The Impact of Pre-announced Day-to-day Interventions on the Colombian Exchange Rate," Borradores de Economia 767, Banco de la Republica de Colombia.
    2. Kenneth D. West, 2004. "Monetary Policy and the Volatility of Real Exchange Rates in New Zealand," NBER Working Papers 10280, National Bureau of Economic Research, Inc.
    3. Pierre-Olivier Gourinchas & Hélène Rey, 2007. "International Financial Adjustment," Journal of Political Economy, University of Chicago Press, vol. 115(4), pages 665-703, August.
    4. Ms. Emine Boz, 2007. "Can Miracles Lead to Crises? the Role of Optimism in Emerging Markets Crises," IMF Working Papers 2007/223, International Monetary Fund.
    5. Emine Boz, 2006. "Can Miracles Lead to Crises? An Informational Frictions Explanation of Emerging Markets Crises," Computing in Economics and Finance 2006 19, Society for Computational Economics.
    6. Philippe Bacchetta & Eric Van Wincoop, 2006. "Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?," American Economic Review, American Economic Association, vol. 96(3), pages 552-576, June.
    7. Mr. Jacques A Miniane, 2004. "Productivity Shocks, Learning, and Open Economy Dynamics," IMF Working Papers 2004/088, International Monetary Fund.
    8. Divino, Jose Angelo, 2009. "Optimal monetary policy for a small open economy," Economic Modelling, Elsevier, vol. 26(2), pages 352-358, March.
    9. Jonathan Kearns, 2007. "Commodity Currencies: Why Are Exchange Rate Futures Biased if Commodity Futures Are Not?," The Economic Record, The Economic Society of Australia, vol. 83(260), pages 60-73, March.
    10. Martin Schneider & Monika Piazzesi, 2008. "Bond Positions, Expectations, and the Yield Curve," 2008 Meeting Papers 268, Society for Economic Dynamics.
    11. Guerrazzi, Marco, 2012. "On involuntary unemployment: notes on efficiency-wage competition," MPRA Paper 38140, University Library of Munich, Germany.
    12. Rehim Kılıç, 2023. "Uncovered interest rate, overshooting, and predictability reversal puzzles in an emerging economy," Finance and Economics Discussion Series 2023-074, Board of Governors of the Federal Reserve System (U.S.).
    13. Scholl, Almuth & Uhlig, Harald, 2005. "New evidence on the puzzles: Results from agnostic identification on monetary policy and exchange rates," SFB 649 Discussion Papers 2005-037, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    14. Jan Brùha & Alexis Derviz, 2006. "Macroeconomic Factors and the Balanced Value of the Czech Koruna/Euro Exchange Rate (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(7-8), pages 318-343, July.
    15. Derviz, Alexis, 2004. "Asset return dynamics and the FX risk premium in a decentralized dealer market," European Economic Review, Elsevier, vol. 48(4), pages 747-784, August.
    16. Aaron Tornell, 2003. "Exchange Rate Puzzles and Distorted Beleifs (June 2003), with Pierre-Olivier Gourinchas," UCLA Economics Online Papers 265, UCLA Department of Economics.
    17. Aaron Tornell, 2000. "Robust-H-infinity Forecasting and Asset Pricing Anomalies," NBER Working Papers 7753, National Bureau of Economic Research, Inc.
    18. Andersen, Torben M. & Beier, Niels C., 2005. "International transmission of transitory and persistent monetary shocks under imperfect information," Journal of International Economics, Elsevier, vol. 66(2), pages 485-507, July.
    19. Pierre-Olivier Gourinchas & Helene Rey, 2005. "International financial adjustment," Proceedings, Federal Reserve Bank of San Francisco.
    20. Gourinchas, Pierre-Olivier & Tornell, Aaron, 2004. "Exchange rate puzzles and distorted beliefs," Journal of International Economics, Elsevier, vol. 64(2), pages 303-333, December.
    21. Mikael Bask, 2003. "Technical Trading at the Currency Market Increases the Overshooting Effect," Finnish Economic Papers, Finnish Economic Association, vol. 16(2), pages 72-80, Autumn.

  48. Gourinchas, Pierre-Olivier & Parker, Jonathan A, 2001. "The Empirical Importance of Precautionary Saving," CEPR Discussion Papers 2737, C.E.P.R. Discussion Papers.

    Cited by:

    1. Chris Elbers & Jan Willem Gunning & Bill Kinsey, 2003. "Growth and Risk: Methodology and Micro Evidence," Tinbergen Institute Discussion Papers 03-068/2, Tinbergen Institute, revised 19 Sep 2006.
    2. Audrey Desbonnet & Jean-Olivier Hairault, 2010. "Inégalité de patrimoine et progressivité de l'impôt," Post-Print hal-00519050, HAL.
    3. Richard M. H. Suen, 2011. "Concave Consumption Function and Precautionary Wealth Accumulation," Working papers 2011-23, University of Connecticut, Department of Economics.
    4. Sung Jin Kang & Yasuyuki Sawada, 2008. "Credit Crunch And Household Welfare, The Case Of The Korean Financial Crisis," The Japanese Economic Review, Japanese Economic Association, vol. 59(4), pages 438-458, December.
    5. Edouard Challe & Xavier Ragot, 2016. "Precautionary Saving Over the Business Cycle," Economic Journal, Royal Economic Society, vol. 126(590), pages 135-164, February.
    6. Scott L. Fulford, 2020. "Demand for emergency savings is higher for low-income households, but so is the cost of shocks," Empirical Economics, Springer, vol. 58(6), pages 3007-3033, June.
    7. Butler, Monika & Teppa, Federica, 2005. "Should You Take a Lump-Sum or Annuitize? Results from Swiss Pension Funds," CEPR Discussion Papers 5316, C.E.P.R. Discussion Papers.
    8. Giavazzi, Francesco & McMahon, Michael, 2008. "Policy uncertainty and precautionary savings," LSE Research Online Documents on Economics 19608, London School of Economics and Political Science, LSE Library.
    9. Pierre Chaigneau, 2012. "Explaining the Structure of CEO Incentive Pay with Decreasing Relative Risk Aversion," Cahiers de recherche 1208, CIRPEE.
    10. Mauro Mastrogiacomo & Rob Alessie, 2011. "Did you really save so little for your retirement? An analysis of retirement savings and unconventional retirement accounts," CPB Discussion Paper 200, CPB Netherlands Bureau for Economic Policy Analysis.
    11. Gomes, Fábio Augusto Reis, 2008. "The effect of future income uncertainty in savings decision," Economics Letters, Elsevier, vol. 98(3), pages 269-274, March.
    12. Dana P. Goldman & Nicole Maestas, 2007. "Medical Expenditure Risk and Household Portfolio Choice," Working Papers WR-325-1, RAND Corporation.
    13. Du, Houyang & Guo, Ye & Liu, Xuan, 2018. "How does the timing of markets affect optimal monetary and fiscal policy in sticky price models?," Economic Modelling, Elsevier, vol. 72(C), pages 237-248.
    14. Bagus Arya Wirapati & Niken Astria Sakina Kusumawardhani, 2010. "Is ACFTA A Proper Strategy Of Sustainable Poverty Alleviation?: Proof From The Depletion Of Saving Rate," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 13(1), pages 75-102, July.
    15. Giorgio Primiceri & Thijs van Rens, 2002. "Inequality over the business cycle: Estimating income risk using micro-data on consumption," Economics Working Papers 943, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2004.
    16. Giannitsarou, Chryssi & CHALLE, Edouard, 2011. "Stock Prices and Monetary Policy Shocks: A General Equilibrium Approach," CEPR Discussion Papers 8387, C.E.P.R. Discussion Papers.
    17. Gomes, F. A. R., 2007. "The Effect of Future Income Uncertainty in Savings Decision," Insper Working Papers wpe_74, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
    18. Hannah Zillessen, 2022. "Uncertainty, Citizenship & Migrant Saving Choices," Economics Series Working Papers 1008, University of Oxford, Department of Economics.
    19. Naohito Abe & Noriko Inakura & Tomoaki Yamada, 2007. "Consumption, Working Hours, and Wealth Determination in a Life Cycle Model," Bank of Japan Working Paper Series 07-E-14, Bank of Japan.
    20. Pozzi, Lorenzo, 2010. "Idiosyncratic labour income risk and aggregate consumption: An unobserved component approach," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 169-184, March.
    21. Jeong-Joon Lee & Yasuyuki Sawada, 2005. "Precautionary Saving under LiquidityConstraints: Evidence from Rural Pakistan," CIRJE F-Series CIRJE-F-377, CIRJE, Faculty of Economics, University of Tokyo.
    22. Taiji Harashima, 2004. "A More Realistic Endogenous Time Preference Model and the Slump in Japan," Macroeconomics 0402015, University Library of Munich, Germany, revised 09 Feb 2004.
    23. Primiceri, Giorgio E. & van Rens, Thijs, 2009. "Heterogeneous life-cycle profiles, income risk and consumption inequality," Journal of Monetary Economics, Elsevier, vol. 56(1), pages 20-39, January.
    24. Bagus Arya Wirapati & Niken Astria Sakina Kusumawardhani, 2010. "Apakah ACFTA Merupakan Strategi yang Tepat untuk Penuntasan Kemiskinan yang Berkesinambungan?: Bukti dari Penurunan Tingkat Simpanan," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 13(1), pages 75-102, July.
    25. Kim, Seewon, 2013. "Prudent consumers: New evidence from the Consumer Expenditure Survey," Economic Modelling, Elsevier, vol. 33(C), pages 77-85.
    26. Zhongyuan Geng & Xuan Liu, 2019. "Optimal input trade policy under economic uncertainties in a small open economy," Applied Economics, Taylor & Francis Journals, vol. 51(20), pages 2155-2171, April.
    27. AJ A. Bostian & Christoph Heinzel, 2018. "Comparative precautionary saving under higher-order risk and recursive utility," The Geneva Papers on Risk and Insurance Theory, Springer;International Association for the Study of Insurance Economics (The Geneva Association), vol. 43(1), pages 95-114, May.
    28. Xiaoqin Sun & Yuhai Su & Honglei Liu & Chengyou Li, 2022. "The Impact of House Price on Urban Household Consumption: Micro Evidence from China," Sustainability, MDPI, vol. 14(19), pages 1-20, October.
    29. Jeong-Joon Lee & Yasuyuki Sawada, 2005. "Precautionary Saving under Liquidity Constraints: Evidence from Rural Pakistan (Published in "Journal of Development Economics". )," CARF F-Series CARF-F-051, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    30. M. Peiris & Alexandros Vardoulakis, 2013. "Savings and default," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 54(1), pages 153-180, September.
    31. Lorenzo Pozzi, 2007. "Idiosyncratic Labour Income Risk and Aggregate Consumption: an Unobserved Component Approach," Tinbergen Institute Discussion Papers 07-069/2, Tinbergen Institute.
    32. Sebastian Barnes & Garry Young, 2003. "The rise in US household debt: assessing its causes and sustainability," Bank of England working papers 206, Bank of England.
    33. Pierre Chaigneau, 2012. "The Effect of Risk Preferences on the Valuation and Incentives of Compensation Contracts," Cahiers de recherche 1209, CIRPEE.
    34. Lorenzo Pozzi, 2011. "The Time-Varying Volatility of Earnings and Aggregate Precautionary Savings," Tinbergen Institute Discussion Papers 11-144/2, Tinbergen Institute.
    35. Fulford, Scott L., 2015. "The surprisingly low importance of income uncertainty for precaution," European Economic Review, Elsevier, vol. 79(C), pages 151-171.
    36. Hemmi, Noriyoshi & Tabata, Ken & Futagami, Koichi, 2007. "The long-term care problem, precautionary saving, and economic growth," Journal of Macroeconomics, Elsevier, vol. 29(1), pages 60-74, March.
    37. Chaigneau, Pierre, 2012. "The effect of risk preferences on the valuation and incentives of compensation contracts," LSE Research Online Documents on Economics 119055, London School of Economics and Political Science, LSE Library.
    38. M. Deidda, 2009. "Precautionary savings under liquidity constraints: evidence from Italy," Working Paper CRENoS 200918, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
    39. Liviu Voinea & Prakash Loungani, 2022. "Excess Savings Are Recession-Specific and Compensatory: Evidence From the US," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 57(4), pages 233-237, July.
    40. L. Pozzi, 2005. "Income uncertainty and aggregate consumption," Working Paper Research 77, National Bank of Belgium.
    41. Dong-Hyeon Kim & Peiyao Liu & Shu-Chin Lin, 2024. "The moderating role of financial development in the nexus between population aging and saving," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-32, April.
    42. H. Youn Kim & José Alberto Molina & Ka Kei Gary Wong, 2022. "Durable Goods and Consumer Behavior with Liquidity Constraints: Evidence from Norway," Boston College Working Papers in Economics 1047, Boston College Department of Economics.
    43. Ершов Эмиль Борисович & Кадрева Ольга Николаевна, 2015. "Моделирование Организованных Сбережений Населения России: Макроподход, Учет Кредита," Higher School of Economics Economic Journal Экономический журнал Высшей школы экономики, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», vol. 19(3), pages 349-385.
    44. James Feigenbaum, 2005. "Heterogeneity vs Uncertainty in Anticipation of a Borrowing Constraint," Working Paper 230, Department of Economics, University of Pittsburgh, revised Jan 2005.
    45. Maude Toussaint‐Comeau, 2021. "Liquidity constraints and debts: Implications for the saving behavior of the middle class," Contemporary Economic Policy, Western Economic Association International, vol. 39(3), pages 479-493, July.
    46. Chaikal Nuryakin & Lovina Aisha & Natanael Waraney Gerald Massie, 2019. "Financial Technology in Indonesia: A Fragmented Instrument for Financial Inclusion?," LPEM FEBUI Working Papers 201936, LPEM, Faculty of Economics and Business, University of Indonesia.
    47. Adema, Yvonne & Pozzi, Lorenzo, 2015. "Business cycle fluctuations and household saving in OECD countries: A panel data analysis," European Economic Review, Elsevier, vol. 79(C), pages 214-233.
    48. Muellbauer, John & Murata, Keiko, 2009. "Consumption, Land Prices and the Monetary Transmission Mechanism in Japan," CEPR Discussion Papers 7269, C.E.P.R. Discussion Papers.
    49. AJ A. Bostian & Christoph Heinzel, 2018. "Comparative precautionary saving under higher-order risk and recursive utility," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 43(1), pages 95-114, May.
    50. James Feigenbaum & Geng Li, 2008. "Lifecycle dynamics of income uncertainty and consumption," Finance and Economics Discussion Series 2008-27, Board of Governors of the Federal Reserve System (U.S.).
    51. H. Youn Kim & José Alberto Molina & K. K. Gary Wong, 2024. "Durable goods and consumer behavior with liquidity constraints," Scandinavian Journal of Economics, Wiley Blackwell, vol. 126(1), pages 155-193, January.
    52. Wang, Neng, 2006. "Generalizing the permanent-income hypothesis: Revisiting Friedman's conjecture on consumption," Journal of Monetary Economics, Elsevier, vol. 53(4), pages 737-752, May.
    53. Wilson, Bonnie, 2003. "Diversification of risk and saving," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(4), pages 697-712.
    54. Kim, H．Youn & Wong, K．K．Gary, 2025. "Food demand and intertemporal allocation of food expenditure," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 656-674.
    55. Mairead Roiste & Apostolos Fasianos & Robert Kirkby & Fang Yao, 2021. "Are Housing Wealth Effects Asymmetric in Booms and Busts?," The Journal of Real Estate Finance and Economics, Springer, vol. 62(4), pages 578-628, May.
    56. Gomes, Fábio Augusto Reis, 2013. "Gasto do governo e consumo privado: Substitutos ou complementares?," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 67(2), June.
    57. Tae-young Pak & Swarnankur Chatterjee, 2016. "Savings Decisions of American Households: The Roles of Financial Literacy and Financial Practice," Economics Bulletin, AccessEcon, vol. 36(3), pages 1486-1496.

  49. Gourinchas, Pierre-Olivier & Landerretche, Oscar & Valdés, Rodrigo, 2001. "Lending Booms: Latin America and the World," CEPR Discussion Papers 2811, C.E.P.R. Discussion Papers.

    Cited by:

    1. Gary B. Gorton, 2012. "Some Reflections on the Recent Financial Crisis," NBER Working Papers 18397, National Bureau of Economic Research, Inc.
    2. Aykut Kibritcioglu, 2002. "Monitoring Banking Sector Fragility," Macroeconomics 0206004, University Library of Munich, Germany, revised 17 Mar 2006.
    3. Aaron Tornell & Frank Westermann & Lorenza Martinez, 2004. "The Positive Link Between Financial Liberalization, Growth and Crises," NBER Working Papers 10293, National Bureau of Economic Research, Inc.
    4. Loayza, Norman V. & Ranciere, Romain, 2006. "Financial Development, Financial Fragility, and Growth," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(4), pages 1051-1076, June.
    5. Ivanna Vladkova Hollar & Mr. Giovanni Dell'Ariccia & Mr. Carlo Cottarelli, 2003. "Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans," IMF Working Papers 2003/213, International Monetary Fund.
    6. Ms. Deniz O Igan & Marcelo Pinheiro, 2011. "Credit Growth and Bank Soundness: Fast and Furious?," IMF Working Papers 2011/278, International Monetary Fund.
    7. Shen, Chung-Hua & Lee, Yen Hsien & Wu, Meng-Wen & Guo, Na, 2016. "Does housing boom lead to credit boom or is it the other way around? The case of China," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 349-367.
    8. Jean-Charles Bricongne & Leonor Coutinho & Alessandro Turrini & Stefan Zeugner, 2020. "Is Private Debt Excessive?," Open Economies Review, Springer, vol. 31(2), pages 471-512, April.
    9. Zdzienicka, Aleksandra, 2010. "A Re-assessment of Credit Development in European Transition Economies," MPRA Paper 22692, University Library of Munich, Germany.
    10. Coricelli, Fabrizio & Driffield, Nigel & Pal, Sarmistha & Roland, Isabelle, 2012. "When does leverage hurt productivity growth? A firm-level analysis," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1674-1694.
    11. Cerutti, Eugenio & Dagher, Jihad & Dell'Ariccia, Giovanni, 2017. "Housing finance and real-estate booms: A cross-country perspective," Journal of Housing Economics, Elsevier, vol. 38(C), pages 1-13.
    12. Mr. Marco Terrones & Mr. Enrique G. Mendoza, 2008. "An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data," IMF Working Papers 2008/226, International Monetary Fund.
    13. Kibritcioglu, Aykut, 2002. "Excessive Risk-Taking, Banking Sector Fragility, and Banking Crises," Working Papers 02-0114, University of Illinois at Urbana-Champaign, College of Business.
    14. Égert, Balázs & Backé, Peter & Zumer, Tina, 2006. "Credit growth in Central and Eastern Europe: new (over)shooting stars?," Working Paper Series 687, European Central Bank.
    15. Michele Cavallo & Kate Kisselev & Fabrizio Perri & Nouriel Roubini, 2005. "Exchange rate overshooting and the costs of floating," Working Paper Series 2005-07, Federal Reserve Bank of San Francisco.
    16. Björn Richter & Moritz Schularick & Paul Wachtel, 2021. "When to Lean against the Wind," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(1), pages 5-39, February.
    17. Talvi, Ernesto & Banerjee, Abhijit V., 2001. "Comments," LSE Research Online Documents on Economics 123255, London School of Economics and Political Science, LSE Library.
    18. Esteban G�mez & sandra Rozo, 2007. "Beyond Bubbles:The role of asset prices in early-warning indicators," Borradores de Economia 4050, Banco de la Republica.
    19. Mr. Sebastian Sosa & Gustavo Adler, 2011. "Commodity Price Cycles: The Perils of Mismanaging the Boom," IMF Working Papers 2011/283, International Monetary Fund.
    20. Daniela Marchettini & Mr. Rodolfo Maino, 2015. "Systemic Risk Assessment in Low Income Countries: Balancing Financial Stability and Development," IMF Working Papers 2015/190, International Monetary Fund.
    21. Pierre-Olivier Gourinchas & Thomas Philippon & Dimitri Vayanos, 2017. "The Analytics of the Greek Crisis," NBER Macroeconomics Annual, University of Chicago Press, vol. 31(1), pages 1-81.
    22. Coudert, V. & Pouvelle, C., 2008. "Is credit growth in central and eastern European countries excessive?," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 13, pages 63-102, Autumn.
    23. Andrew J Filardo & Pierre L Siklos, 2015. "Prolonged reserves accumulation, credit booms, asset prices and monetary policy in Asia," BIS Working Papers 500, Bank for International Settlements.
    24. Fulvio Corsi & Stefano Marmi & Fabrizio Lillo, 2016. "When Micro Prudence Increases Macro Risk: The Destabilizing Effects of Financial Innovation, Leverage, and Diversification," Operations Research, INFORMS, vol. 64(5), pages 1073-1088, October.
    25. Jean-Louis Combes & Samuel Guérineau & Pascale Combes Motel, 2011. "Deforestation and credit cycles in Latin American countries," CERDI Working papers halshs-00556809, HAL.
    26. Daniel Buncic & Martin Melecky & Martin Melecky, 2013. "Equilibrium Credit : The Reference Point for Macroprudential Supervisors," World Bank Publications - Reports 13151, The World Bank Group.
    27. Shawn Cole & Martin Kanz & Leora Klapper, 2015. "Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers," Journal of Finance, American Finance Association, vol. 70(2), pages 537-575, April.
    28. Maciej Albinowski, 2017. "The role of fractional-reserve banking in amplifying credit booms: evidence from panel data," KAE Working Papers 2017-024, Warsaw School of Economics, Collegium of Economic Analysis.
    29. Enrique G. Mendoza & Marco E. Terrones, 2012. "An Anatomy of Credits Booms and their Demise," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 15(2), pages 04-32, August.
    30. Man-Keung Tang, 2007. "Private-Sector Financial Liabilities in Advanced Economies: Is More Better?," IMF Working Papers 2007/118, International Monetary Fund.
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    216. Gründler, Klaus & Weitzel, Jan, 2013. "The financial sector and economic growth in a panel of countries," Discussion Paper Series 123, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
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    218. Mr. Luis M. Cubeddu & Signe Krogstrup & Gustavo Adler & Mr. Pau Rabanal & Mai Dao & Mrs. Swarnali A Hannan & Luciana Juvenal & Ms. Carolina Osorio-Buitron & Cyril Rebillard & Mr. Daniel Garcia-Macia &, 2019. "The External Balance Assessment Methodology: 2018 Update," IMF Working Papers 2019/065, International Monetary Fund.
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    232. Shekhar Aiyar & Charles W. Calomiris & Tomasz Wieladek, 2015. "How to Strengthen the Regulation of Bank Capital: Theory, Evidence, and A Proposal," Journal of Applied Corporate Finance, Morgan Stanley, vol. 27(1), pages 27-36, March.
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  50. Pierre-Olivier Gourinchas, 2000. "Precautionary Savings, LifeCycle and Macroeconomics," Econometric Society World Congress 2000 Contributed Papers 0793, Econometric Society.

    Cited by:

    1. Marcelo Bianconi, 2004. "The Welfare Gains from Stabilization in a Stochastically Growing Economy with Idiosyncratic Shocks and Flexible Labor Supply," Discussion Papers Series, Department of Economics, Tufts University 0413, Department of Economics, Tufts University.
    2. Jianjun Miao, 2004. "Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks," CEMA Working Papers 460, China Economics and Management Academy, Central University of Finance and Economics.
    3. Aoki, Kosuke & James Proudman & Gertjan Vlieghe, 2003. "House prices, consumption, and monetary policy: a financial accelerator approach," Royal Economic Society Annual Conference 2003 7, Royal Economic Society.
    4. Bruce Preston & Mauro Roca, 2007. "Incomplete Markets, Heterogeneity and Macroeconomic Dynamics," NBER Working Papers 13260, National Bureau of Economic Research, Inc.
    5. Jonathan A. Parker & Bruce Preston, 2004. "Precautionary Saving and Consumption Fluctuations," Working Papers 140, Princeton University, School of Public and International Affairs, Discussion Papers in Economics.
    6. Ricardo M. Sousa, 2007. "Expectations, Shocks, and Asset Returns," NIPE Working Papers 29/2007, NIPE - Universidade do Minho.
    7. Gourinchas, Pierre-Olivier & Parker, Jonathan A, 2001. "The Empirical Importance of Precautionary Saving," CEPR Discussion Papers 2737, C.E.P.R. Discussion Papers.
    8. Krueger, Dirk & Kubler, Felix, 2004. "Computing equilibrium in OLG models with stochastic production," Journal of Economic Dynamics and Control, Elsevier, vol. 28(7), pages 1411-1436, April.
    9. Kosuke Aoki & James Proudman & Gertjan Vlieghe, 2002. "Houses as collateral: has the link between house prices and consumption in the U.K. changed?," Economic Policy Review, Federal Reserve Bank of New York, vol. 8(May), pages 163-177.
    10. Silos, Pedro, 2007. "Housing, portfolio choice and the macroeconomy," Journal of Economic Dynamics and Control, Elsevier, vol. 31(8), pages 2774-2801, August.

  51. Angus Deaton & Pierre-Olivier Gourinchas & Christina Paxson, 2000. "Social Security and Inequality over the Life Cycle," NBER Working Papers 7570, National Bureau of Economic Research, Inc.

    Cited by:

    1. Jacques Le Cacheux & Vincent Touzé, 2002. "Les modèles d'équilibre général calculable à générations imbriquées : enjeux, méthodes et résultats," Post-Print hal-01017728, HAL.
    2. Ferreira, Sergio Guimarães, 2006. "Pension Reform in Brazil: Transitional Issues in a Model with Endogenous Labor Supply," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 26(1), May.
    3. Huggett, Mark & Ventura, Gustavo & Yaron, Amir, 2006. "Human capital and earnings distribution dynamics," Journal of Monetary Economics, Elsevier, vol. 53(2), pages 265-290, March.
    4. Jess Benhabib & Alberto Bisin, 2006. "The distribution of wealth and redistributive policies," Levine's Working Paper Archive 122247000000001162, David K. Levine.
    5. Stefania Basiglio & Maria Cristina Rossi & Arthur van Soest, 2023. "Subjective Inheritance Expectations and Economic Outcomes," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 69(4), pages 1088-1113, December.
    6. Falilou Fall, 2007. "Pension Reforms, Assets Returns and Wealth Distribution," Annals of Economics and Statistics, GENES, issue 85, pages 81-96.
    7. Hanewald, Katja & Jia, Ruo & Liu, Zining, 2021. "Why is inequality higher among the old? Evidence from China," China Economic Review, Elsevier, vol. 66(C).
    8. Jorge Tovar & B. Urdinola, 2014. "Inequality in National Inter-Generational Transfers: Evidence from Colombia," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(2), pages 167-187, May.
    9. Juan F. Jimeno & Juan A. Rojas & Sergio Puente, 2006. "Modeling the impact of aging on social security expenditures," Occasional Papers 0601, Banco de España.
    10. Kjetil Storesletten & Chris Telmer & Amir Yaron, 1997. "Consumption and risk sharing over the life cycle," GSIA Working Papers 228, Carnegie Mellon University, Tepper School of Business.
    11. Storesletten, Kjetil & Violante, Giovanni & Heathcote, Jonathan, 2004. "The Cross-Sectional Implications of Rising Wage Inequality in the United States," CEPR Discussion Papers 4296, C.E.P.R. Discussion Papers.
    12. Ferreira, Sergio Guimarães, 2004. "Social Security Reforms under an Open Economy: The Brazilian Case," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 58(3), July.
    13. Fan, Simon & Pang, Yu & Pestieau, Pierre, 2021. "Investment in children, social security, and intragenerational risk sharing," LIDAM Reprints CORE 3163, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    14. Juan F. Jimeno, "undated". "Incentivos y desigualdad en el sistema español de pensiones contributivas de jubilación," Working Papers 2002-13, FEDEA.
    15. Peter Arno & Kyle Moore, 2016. "The "Natural" Interest Rate and Secular Stagnation," SCEPA working paper series. 2016-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    16. Thomas L. Hungerford, 2006. "The role of earnings and financial risk in distributional analyses of Social Security reform measures," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 25(2), pages 417-438.
    17. Kaymak, Barış & Poschke, Markus, 2016. "The evolution of wealth inequality over half a century: The role of taxes, transfers and technology," Journal of Monetary Economics, Elsevier, vol. 77(C), pages 1-25.
    18. Michael M. Batty & Jesse Bricker & Joseph S. Briggs & Alice Henriques Volz & Elizabeth Ball Holmquist & Susan Hume McIntosh & Kevin B. Moore & Eric R. Nielsen & Sarah Reber & Molly Shatto & Kamila Som, 2019. "Introducing the Distributional Financial Accounts of the United States," Finance and Economics Discussion Series 2019-017, Board of Governors of the Federal Reserve System (U.S.).
    19. Michael Batty & Jesse Bricker & Joseph Briggs & Sarah Friedman & Danielle Nemschoff & Eric Nielsen & Kamila Sommer & Alice Henriques Volz, 2021. "The Distributional Financial Accounts of the United States," NBER Chapters, in: Measuring Distribution and Mobility of Income and Wealth, pages 641-677, National Bureau of Economic Research, Inc.
    20. Basiglio, Stefania, 2018. "Essays on financial behaviour of households and firms," Other publications TiSEM c13423c5-8bf2-44a7-baa7-3, Tilburg University, School of Economics and Management.

  52. Pierre-Olivier Gourinchas, 1998. "Exchange Rates and Jobs: What Do We Learn from Job Flows?," NBER Working Papers 6864, National Bureau of Economic Research, Inc.

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    1. Matthias Hoffman, 2004. "Compensating Wages Under Different Exchange Rate Regimes," Royal Economic Society Annual Conference 2004 46, Royal Economic Society.
    2. Laura Alfaro & Alejandro Cuñat & Harald Fadinger & Yanping Liu, 2018. "The Real Exchange Rate, Innovation and Productivity: Heterogeneity, Asymmetries and Hysteresis," NBER Working Papers 24633, National Bureau of Economic Research, Inc.
    3. Moser, Christoph & Urban, Dieter & di Mauro, Beatrice Weder, 2010. "International competitiveness, job creation and job destruction--An establishment-level study of German job flows," Journal of International Economics, Elsevier, vol. 80(2), pages 302-317, March.
    4. Giacomo Domini & Marco Grazzi & Daniele Moschella & Tania Treibich, 2019. "Threats and opportunities in the digital era: automation spikes and employment dynamics," LEM Papers Series 2019/22, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    5. Ansgar Belke & Ulrich Volz, 2019. "The Yen Exchange Rate and the Hollowing Out of the Japanese Industry," ROME Working Papers 201908, ROME Network.
    6. Emmanouil Gkiourkas, Theodore Panagiotidis, Gianluigi Pelloni, 2017. "Revisiting the Macroeconomic Effects of Labor Reallocation," LCERPA Working Papers 0102, Laurier Centre for Economic Research and Policy Analysis, revised 01 Jun 2017.
    7. Liu, De-Chih, 2013. "The evolution of excess job reallocation in the U.S," Journal of Macroeconomics, Elsevier, vol. 36(C), pages 188-206.
    8. Carmen Pagés-Serra & Alejandro Micco, 2008. "Efectos económicos de la protección del empleo: Elementos de juicio a partir de datos internacionales a nivel de actividad económica," Research Department Publications 4497, Inter-American Development Bank, Research Department.
    9. Ligia Melo & Carlos Ballesteros, 2014. "The impact of external factors on job creation and destruction in the Colombian manufacturing sector," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 81, pages 155-186, Julio - D.
    10. Tille, Cedric, 2006. "On the distributional effects of exchange rate fluctuations," Journal of International Money and Finance, Elsevier, vol. 25(8), pages 1207-1225, December.
    11. Micco, Alejandro & Pagés, Carmen, 2006. "The Economic Effects of Employment Protection: Evidence from International Industry-Level Data," IZA Discussion Papers 2433, Institute of Labor Economics (IZA).
    12. Francisco Gallego & José Tessada, 2010. "Sudden Stops, Financial Frictions, and Labor Market Flows: Evidence from Latin America," Working Papers ClioLab 10, EH Clio Lab. Instituto de Economía. Pontificia Universidad Católica de Chile.
    13. Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2009. "Employment and exchange rates: the role of openness and technology," GEMF Working Papers 2009-08, GEMF, Faculty of Economics, University of Coimbra.
    14. Hoekman & Bernard & Winters, L. Alan, 2005. "Trade and employment : stylized facts and research findings," Policy Research Working Paper Series 3676, The World Bank.
    15. Suah, Jing Lian, 2020. "Veiled Expectations: The Heterogeneous Impact of Exchange Rate Shocks at the Sectoral-Level," MPRA Paper 109086, University Library of Munich, Germany.
    16. Douglas L. Campbell, 2017. "Relative Prices and Hysteresis: Evidence from US Manufacturing," Working Papers w0212, Center for Economic and Financial Research (CEFIR).
    17. Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2010. "Manufacturing employment and exchange rates in the Portuguese economy: the role of openness, technology and labour market rigidity," GEMF Working Papers 2010-23, GEMF, Faculty of Economics, University of Coimbra.
    18. Galindo, Arturo & Izquierdo, Alejandro & Montero, José Manuel, 2006. "Real Exchange Rates, Dollarization and Industrial Employment in Latin America," IDB Publications (Working Papers) 1943, Inter-American Development Bank.
    19. Novella Bottini & Michael Gasiorek, 2009. "Trade and Job Reallocation: Evidence for Morocco," Working Papers 492, Economic Research Forum, revised Jun 2009.
    20. Charles Engel, 2002. "Expenditure Switching and Exchange Rate Policy," NBER Working Papers 9016, National Bureau of Economic Research, Inc.
    21. Veeramani, Choorikkad & Banerjee, Purna, 2022. "Exchange rate fluctuations, labour laws, and gender differences in job flows: Analysis of manufacturing industries across Indian states," World Development, Elsevier, vol. 152(C).
    22. Campbell, Douglas L. & Lusher, Lester, 2019. "The impact of real exchange rate shocks on manufacturing workers: An autopsy from the MORG," Journal of International Money and Finance, Elsevier, vol. 91(C), pages 12-28.
    23. Vergara, Sebastián, 2005. "The dynamic of employment in Chilean industry," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    24. Michael W. Klein & Scott Schuh & Robert K. Triest, 2000. "Job Creation, Job Destruction, and the Real Exchange Rate," NBER Working Papers 7466, National Bureau of Economic Research, Inc.
    25. Claire Giordano, 2023. "Revisiting the real exchange rate misalignment‐economic growth nexus via the across‐sector misallocation channel," Review of International Economics, Wiley Blackwell, vol. 31(4), pages 1329-1384, September.
    26. Francesco Nucci & Alberto Franco Pozzolo, "undated". "The Exchange Rate, Employment and Hours: What Firm-Level Data Say," Working Papers 9, Department of the Treasury, Ministry of the Economy and of Finance.
    27. Izumi YOKOYAMA & Kazuhito HIGA & Daiji KAWAGUCHI, 2015. "The Effect of Exchange Rate Fluctuations on Employment in a Segmented Labor Market," Discussion papers 15139, Research Institute of Economy, Trade and Industry (RIETI).
    28. Carranza, Luis J. & Cayo, Juan M. & Galdon-Sanchez, Jose E., 2003. "Exchange rate volatility and economic performance in Peru: a firm level analysis," Emerging Markets Review, Elsevier, vol. 4(4), pages 472-496, December.
    29. Linda S. Goldberg & Joseph Tracy, 2001. "Exchange rates and wages," Staff Reports 116, Federal Reserve Bank of New York.
    30. Nyoni, Thabani, 2018. "Modeling and Forecasting Naira / USD Exchange Rate In Nigeria: a Box - Jenkins ARIMA approach," MPRA Paper 88622, University Library of Munich, Germany, revised 19 Aug 2018.
    31. Chipeta Chama & Meyer Daniel Francois & Muzindutsi Paul-Francois, 2017. "The Effect of Exchange Rate Movements and Economic Growth on Job Creation," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 62(2), pages 20-41, August.
    32. Arni, Patrick & Egger, Peter & Erhardt, Katharina & Gubler, Matthias & Sauré, Philip, 2024. "Heterogeneous Impacts of Trade Shocks on Workers," IZA Discussion Papers 16895, Institute of Labor Economics (IZA).
    33. Ligia Alba Melo & Carlos Andrés Ballesteros, 2013. "Creación, destrucción y reasignación del empleo en el sector manufacturero colombiano," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 15(28), pages 281-311, January-J.
    34. Eduardo Pontual Ribeiro & Carlos H. Corseuil & Daniel Santos & Paulo Furtado & Brunu Amorim & Luciana Servo & André Souza, 2004. "Trade Liberalization, The Exchange Rate And Job And Worker Flows In Brazil," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 153, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    35. Lurweg, Maren, 2010. "Perceived job insecurity, unemployment risk and international trade: A micro-level analysis of employees in German service industries," CAWM Discussion Papers 32, University of Münster, Münster Center for Economic Policy (MEP).
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    1. Jon Faust & John H. Rogers, 1999. "Monetary policy's role in exchange rate behavior," International Finance Discussion Papers 652, Board of Governors of the Federal Reserve System (U.S.).
    2. Aaron Tornell, 2003. "Robust-H_infinity Forecasting and Asset Pricing Anomalies (December 2001)," UCLA Economics Online Papers 237, UCLA Department of Economics.
    3. Sylvain Leduc, 2000. "Incomplete markets, borrowing constraints, and the foreign exchange risk premium," Working Papers 00-3, Federal Reserve Bank of Philadelphia.
    4. Scholl, Almuth & Uhlig, Harald, 2005. "New evidence on the puzzles: Results from agnostic identification on monetary policy and exchange rates," SFB 649 Discussion Papers 2005-037, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    5. Øyvind Eitrheim & Jan Fredrik Qvigstad, 2024. "Norway’s Road to Inflation Targeting: Overcoming the Fear of Floating," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 66(3), pages 482-534, September.
    6. Rodríguez Arnulfo & Rodríguez Pedro N., 2007. "Recursive Thick Modeling and the Choice of Monetary Policy in Mexico," Working Papers 2007-04, Banco de México.
    7. Lutz Kilian, 1998. "Confidence intervals for impulse responses under departures from normality," Econometric Reviews, Taylor & Francis Journals, vol. 17(1), pages 1-29.
    8. Arnulfo Rodriguez & Pedro N. Rodriguez, 2006. "Recursive Thick Modeling and the Choice of Monetary Policy in Mexico," Computing in Economics and Finance 2006 30, Society for Computational Economics.

  55. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, "undated". "Rents, Technical Change, and Risk Premia: Accounting for Secular Changes in Interest Rates, Returns to Capital, Earnings Yields, and Factor Shares," Working Paper 488731, Harvard University OpenScholar.

    Cited by:

    1. R. Dixon & G.C. Lim, 2017. "Labor's Share, the Firm's Market Power and TFP," Melbourne Institute Working Paper Series wp2017n22, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.

Articles

  1. Gita Gopinath & Pierre-Olivier Gourinchas & Andrea F. Presbitero & Petia Topalova, 2025. "Changing Global Linkages: Bridging Geopolitical Fragments," AEA Papers and Proceedings, American Economic Association, vol. 115, pages 605-610, May.

    Cited by:

    1. Fernando Broner & Alberto Martin & Josefin Meyer & Christoph Trebesch & Jiaxian Zhou Wu, 2025. "Hegemony and international alignment," Economics Working Papers 1902, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Tianyu Fan & Mai Wo & Wei Xiang, 2025. "Geopolitical Barriers to Globalization," Papers 2509.12084, arXiv.org, revised Sep 2025.
    3. Tianyu Fan, 2025. "The Geopolitical Determinants of Economic Growth, 1960-2019," Papers 2507.04833, arXiv.org, revised Jul 2025.
    4. Florencia Airaudo & Francois de Soyres & Alexandre Gaillard & Ana Maria Santacreu, 2025. "Recent Evolutions in the Global Trade System: From Integration to Strategic Realignment," Working Papers 2025-027, Federal Reserve Bank of St. Louis.

  2. Pierre-Olivier Gourinchas & Şebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2025. "SME Failures Under Large Liquidity Shocks: an Application to the Covid-19 Crisis," Journal of the European Economic Association, European Economic Association, vol. 23(2), pages 431-480.
    See citations under working paper version above.
  3. Gopinath, Gita & Gourinchas, Pierre-Olivier & Presbitero, Andrea F. & Topalova, Petia, 2025. "Changing global linkages: A new Cold War?," Journal of International Economics, Elsevier, vol. 153(C).
    See citations under working paper version above.
  4. Dao, Mai Chi & Gourinchas, Pierre-Olivier & Leigh, Daniel & Mishra, Prachi, 2024. "Understanding the international rise and fall of inflation since 2020," Journal of Monetary Economics, Elsevier, vol. 148(S).

    Cited by:

    1. Hack, Lukas & Rostam-Afschar, Davud, 2025. "Understanding Firm Dynamics with Daily Data," IZA Discussion Papers 17882, Institute of Labor Economics (IZA).
    2. Piergiorgio Alessandri & Andrea Gazzani, 2023. "Natural gas and the macroeconomy: not all energy shocks are alike," Temi di discussione (Economic working papers) 1428, Bank of Italy, Economic Research and International Relations Area.
    3. Morão, Hugo, 2025. "Fuel price surges and rising inflation expectations in the Euro Area," International Economics, Elsevier, vol. 181(C).
    4. Weber, Isabella & Wasner, Evan & Lang, Markus & Braun, Benjamin & Klooster, Jens van’t, 2025. "Implicit coordination in sellers’ inflation: how cost shocks facilitate price hikes," LSE Research Online Documents on Economics 128231, London School of Economics and Political Science, LSE Library.
    5. Li, Mengheng & Mendieta-Munoz, Ivan, 2025. "Unpacking trend inflation: Evidence from a factor correlated unobserved components model of sticky and flexible prices," EconStor Preprints 320299, ZBW - Leibniz Information Centre for Economics.
    6. Georgakas, Ioannis, 2025. "Support Policies and Inflationary Pressures: A Critical Review of 2020-2022 in the Light of the 2008 Experience," MPRA Paper 124405, University Library of Munich, Germany.

  5. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.

    Cited by:

    1. Goldberg, Linda S., 2023. "Global Liquidity: Drivers, Volatility and Toolkits," CEPR Discussion Papers 18231, C.E.P.R. Discussion Papers.
    2. Nsirimovu, Okwuwada, 2023. "Reflecting on the appetite for borrowing and the volatility of crude prices for rapid post-COVID economic recovery initiatives in Nigeria: Implications for Per capita income using a Dynamic ARDL simul," MPRA Paper 119532, University Library of Munich, Germany, revised 20 Dec 2023.
    3. Abdelkader Aguir, 2025. "Post-COVID Monetary Policy Challenges in Emerging Economies: Revisiting the Effectiveness of Inflation Targeting [Les défis de la politique monétaire post-COVID dans les économies émergentes : revi," Post-Print hal-05136089, HAL.
    4. Ravindra N. Shukla & Vishal Vyas & Animesh Chaturvedi, 2024. "Leverage adjustment analytics: effect of Covid-19 crisis on financial adjustments of Indian firms," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 48(2), pages 513-543, June.
    5. Suman Basu & Emine Boz & Gita Gopinath & Francisco Roch & Filiz Unsal, "undated". "Integrated Monetary and Financial Policies for Small Open Economies," Department of Economics Working Papers 2025-10, Universidad Torcuato Di Tella.

  6. Pierre-Olivier Gourinchas & Şebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2021. "COVID-19 and Small- and Medium-Sized Enterprises: A 2021 "Time Bomb"?," AEA Papers and Proceedings, American Economic Association, vol. 111, pages 282-286, May.

    Cited by:

    1. Mattia Guerini & Lionel Nesta & Xavier Ragot & Stefano Schiavo, 2022. "The Zombification of the Economy? Assessing the Effectiveness of French Government Support during Covid-19 Lockdown," CESifo Working Paper Series 9850, CESifo.
    2. Ambrocio, Gene & Hasan, Iftekhar, 2022. "Belief polarization and Covid-19," Bank of Finland Research Discussion Papers 10/2022, Bank of Finland.
    3. Coad, Alexander & Amaral-Garcia, Sofia & Bauer, Peter & Domnick, Clemens & Harasztosi, Péter & Pál, Rozália & Teruel, Mercedes, 2022. "Investment expectations by vulnerable European firms: A difference-in-difference approach," EIB Working Papers 2022/04, European Investment Bank (EIB).
    4. Pierre-Olivier Gourinchas & Şebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2025. "SME Failures Under Large Liquidity Shocks: an Application to the Covid-19 Crisis," Journal of the European Economic Association, European Economic Association, vol. 23(2), pages 431-480.
    5. Kame Babilla, Thierry U., 2023. "Digital innovation and financial access for small and medium-sized enterprises in a currency union," Economic Modelling, Elsevier, vol. 120(C).
    6. Archanskaia, Elizaveta & Canton, Erik & Hobza, Alexandr & Nikolov, Plamen & Simons, Wouter, 2023. "The asymmetric impact of COVID-19: A novel approach to quantifying financial distress across industries," European Economic Review, Elsevier, vol. 158(C).
    7. Arturo J. Galindo & Jorge Tovar, 2022. "Policy support and firm performance during the COVID-19 pandemic: Evidence from Colombia," Documentos CEDE 20330, Universidad de los Andes, Facultad de Economía, CEDE.
    8. Thibaut Duprey & Daniel E. Rigobon & Philip Schnattinger & Artur Kotlicki & Soheil Baharian & T. R. Hurd, 2022. "Business Closures and (Re)Openings in Real Time Using Google Places," Staff Working Papers 22-1, Bank of Canada.
    9. Alex Coad & Sofia Amaral-Garcia & Peter Bauer & Clemens Domnick & Peter Harasztosi & Rozália Pál & Mercedes Teruel, 2023. "Investment expectations by vulnerable European firms in times of COVID," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(1), pages 193-220, March.
    10. Bonfim, Diana & Custódio, Cláudia & Raposo, Clara, 2023. "Supporting small firms through recessions and recoveries," Journal of Financial Economics, Elsevier, vol. 147(3), pages 658-688.
    11. Zhou, Ye & Huang, Difang & Chen, Muzi & Wang, Yunlong & Yang, Xiaoguang, 2024. "How did small business respond to unexpected shocks? Evidence from a natural experiment in China," Journal of Corporate Finance, Elsevier, vol. 84(C).

  7. Ricardo J Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2021. "Global Imbalances and Policy Wars at the Zero Lower Bound [“Safe Assets”]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(6), pages 2570-2621.
    See citations under working paper version above.
  8. Gita Gopinath & Emine Boz & Camila Casas & Federico J. Díez & Pierre-Olivier Gourinchas & Mikkel Plagborg-Møller, 2020. "Dominant Currency Paradigm," American Economic Review, American Economic Association, vol. 110(3), pages 677-719, March.
    See citations under working paper version above.
  9. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    See citations under working paper version above.
  10. Pierre-Olivier Gourinchas & Galina Hale, 2017. "Brexit: Whither the Pound?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.

    Cited by:

    1. Arthur Korus & Kaan Celebi, 2019. "The impact of Brexit news on British pound exchange rates," International Economics and Economic Policy, Springer, vol. 16(1), pages 161-192, March.
    2. Dhingra, Swati & Sampson, Thomas, 2022. "Expecting Brexit," LSE Research Online Documents on Economics 121886, London School of Economics and Political Science, LSE Library.
    3. Fernandes, Ana P. & Winters, L. Alan, 2021. "Exporters and shocks: The impact of the Brexit vote shock on bilateral exports to the UK," Journal of International Economics, Elsevier, vol. 131(C).

  11. Pierre-Olivier Gourinchas & Thomas Philippon & Dimitri Vayanos, 2017. "The Analytics of the Greek Crisis," NBER Macroeconomics Annual, University of Chicago Press, vol. 31(1), pages 1-81.
    See citations under working paper version above.
  12. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares," American Economic Review, American Economic Association, vol. 107(5), pages 614-620, May.
    See citations under working paper version above.
  13. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2017. "The Safe Assets Shortage Conundrum," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 29-46, Summer.

    Cited by:

    1. Christian Pfister & Jean-Guillaume Sahuc, 2020. "Unconventional Monetary Policies: A Stock-Taking Exercise," Post-Print hal-02911648, HAL.
    2. Marcin Kacperczyk & Christophe Pérignon & Guillaume Vuillemey, 2021. "The Private Production of Safe Assets," Journal of Finance, American Finance Association, vol. 76(2), pages 495-535, April.
    3. Massimo Amato & Francesco Saraceno, 2022. "Squaring the circle: How to guarantee fiscal space and debt sustainability with a European Debt Agency," BAFFI CAREFIN Working Papers 22172, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    4. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    5. Donato Masciandaro, 2018. "Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 540-550, December.
    6. Jean-Marc Natal & Nicolas Stoffels, 2019. "Globalization, Market Power, and the Natural Interest Rate," IMF Working Papers 2019/095, International Monetary Fund.
    7. Martin F. Hellwig, 2021. "Safe Assets, Risky Assets, and Dynamic Inefficiency in Overlapping-Generations Economies," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2021_10, Max Planck Institute for Research on Collective Goods.
    8. Olivier J Blanchard, 2019. "Public Debt and Low Interest Rates," Working Paper Series WP19-4, Peterson Institute for International Economics.
    9. Hüther, Michael, 2019. "10 Jahre Schuldenbremse: Ein Konzept mit Zukunft?," IW policy papers 3/2019, Institut der deutschen Wirtschaft (IW) / German Economic Institute.
    10. Justus Inhoffen & Iman van Lelyveld, 2024. "Safe Asset Scarcity and Re-use in the European Repo Market," Tinbergen Institute Discussion Papers 24-018/IV, Tinbergen Institute.
    11. Federico Favaretto, 2023. "Exchange Rates and Government Debt," BAFFI CAREFIN Working Papers 23198, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    12. Olivier Blanchard & Lawrence H. Summers, 2019. "Ripensare le politiche macroeconomiche: evoluzione o rivoluzione? (Evolution or Revolution? Rethinking Macroeconomic Policy after the Great Recession)," Moneta e Credito, Economia civile, vol. 72(287), pages 171-195.
    13. Darvas, Zsolt & Schepp, Zoltán, 2024. "Exchange rates and fundamentals: Forecasting with long maturity forward rates," Journal of International Money and Finance, Elsevier, vol. 143(C).
    14. Lukas Altermatt, 2019. "Inside Money, Investment, and Unconventional Monetary Policy," 2019 Meeting Papers 470, Society for Economic Dynamics.
    15. Gopalakrishnan, Balagopal & Mohapatra, Sanket, 2017. "Turning Over a Golden Leaf? Global Liquidity and Emerging Market Central Banks’ Demand for Gold after the Financial Crisis," IIMA Working Papers WP 2017-04-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
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    17. Michael Pfarrhofer, 2019. "Measuring international uncertainty using global vector autoregressions with drifting parameters," Papers 1908.06325, arXiv.org, revised Dec 2019.
    18. Filiani, Pasquale, 2021. "Optimal monetary–fiscal policy in the euro area liquidity crisis," Journal of Macroeconomics, Elsevier, vol. 70(C).
    19. Dávila, Eduardo & Walther, Ansgar, 2021. "Prudential policy with distorted beliefs," ESRB Working Paper Series 130, European Systemic Risk Board.
    20. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    21. Sam Langfield, 2020. "Bridge over Troubled Monetary Union: A Reply to De Grauwe & Ji," Journal of Common Market Studies, Wiley Blackwell, vol. 58(S1), pages 1-10, September.
    22. Lannoo, Karel & Thomadakis, Apostolos, 2019. "Rebranding Capital Markets Union: A market finance action plan," ECMI Papers 500, Centre for European Policy Studies.
    23. Eren, Egemen & Malamud, Semyon, 2022. "Dominant currency debt," Journal of Financial Economics, Elsevier, vol. 144(2), pages 571-589.
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    26. Zhengyang Jiang & Arvind Krishnamurthy & Hanno Lustig, 2024. "The Rest of the World’s Dollar-Weighted Return on U.S. Treasurys," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(4), pages 1320-1346, December.
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    51. Madalen Castells Jauregui & Björn Richter & Dmitry Kuvshinov & Victoria Vanasco, 2024. "Sectoral Dynamics of Safe Assets in Advanced Economies," Working Papers 1438, Barcelona School of Economics.
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    125. Kitamura, Kazuhito, 2025. "Modern Economy and Reconsideration of the Equilibrium Assumption : Is it possible to reconstruct "effective" economics?," MPRA Paper 125537, University Library of Munich, Germany.
    126. Schmeling, Maik, 2019. "What is Libra? Understanding Facebook's currency," SAFE Policy Letters 76, Leibniz Institute for Financial Research SAFE.
    127. Höfler, Markus & Schertler, Andrea, 2024. "Financial integration and hedging and safe haven properties of metals for sovereign bonds," Journal of International Money and Finance, Elsevier, vol. 149(C).
    128. Bruno Bonizzi & Annina Kaltenbrunner, 2019. "Liability-driven investment and pension fund exposure to emerging markets: A Minskyan analysis," Environment and Planning A, , vol. 51(2), pages 420-439, March.
    129. Massimo Amato & Everardo Belloni & Paolo Falbo & Lucio Gobbi, 2021. "Europe, public debts, and safe assets: the scope for a European Debt Agency," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 38(3), pages 823-861, October.
    130. Nicolaus Grochola & Mark J. Browne & Helmut Gründl & Sebastian Schlütter, 2023. "Exploring the market risk profiles of US and European stock insurers," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 26(3), pages 287-341, October.
    131. Becker, Christoph, 2021. "The liquidity mechanics of dealer banks in the market-based credit system," Economic Modelling, Elsevier, vol. 105(C).
    132. Rizvi, Syed Kumail Abbas & Naqvi, Bushra & Mirza, Nawazish & Umar, Muhammad, 2022. "Safe haven properties of green, Islamic, and crypto assets and investor's proclivity towards treasury and gold," Energy Economics, Elsevier, vol. 115(C).
    133. Ly Dai Hung, 2020. "International Public Capital Flows," Working Papers hal-03090656, HAL.
    134. Altermatt, Lukas, 2018. "Savings, asset scarcity, and monetary policy," Working papers 2018/13, Faculty of Business and Economics - University of Basel.
    135. Simon Schairer, 2024. "The contradictions of unconventional monetary policy as a post-2008 thwarting mechanism: financial dominance, shadow banking, and inequality," Review of Evolutionary Political Economy, Springer, vol. 5(1), pages 1-29, June.
    136. Giuseppe Gurrado & Donato Masciandaro, 2025. "Stablecoins vs CBDCs: the Digital Money Race in the Scientific and Social Networks," BAFFI CAREFIN Working Papers 25254, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    137. Guter-Sandu, Andrei & Murau, Steffen, 2022. "The Eurozone’s evolving fiscal ecosystem: mitigating fiscal discipline by governing through off-balance-sheet fiscal agencies," LSE Research Online Documents on Economics 109790, London School of Economics and Political Science, LSE Library.
    138. Yutaka Harada, 2021. "Non-traditional monetary policies and their effects on the economy," International Journal of Economic Policy Studies, Springer, vol. 15(1), pages 23-40, February.
    139. Ly Dai Hung, 2022. "Safe Assets at Financial Globalization," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 13(03), pages 1-21, October.
    140. Sakuragawa, Masaya & Sakuragawa, Yukie, 2020. "Government fiscal projection and debt sustainability," Japan and the World Economy, Elsevier, vol. 54(C).
    141. Liu, Yang & Wang, Aihua & Tan, Rong, 2025. "The intersection of security attributes of national debt and socially responsible investment objectives," Journal of International Money and Finance, Elsevier, vol. 152(C).
    142. Nicolas Caramp, 2021. "Sowing the Seeds of Financial Crises: Endogenous Asset Creation and Adverse Selection," Working Papers 342, University of California, Davis, Department of Economics.

  14. Pierre-Olivier Gourinchas & Richard Portes & Pau Rabanal, 2016. "Secular Stagnation, Growth, and Real Interest Rates," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(4), pages 575-580, November.

    Cited by:

    1. Leon Podkaminer, 2019. "The decline in investment shares is not caused by falling relative prices of capital: a note," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 46(2), pages 369-380, May.
    2. Hanna Armelius & Martin Solberger & Erik Spånberg & Pär Österholm, 2024. "The evolution of the natural rate of interest: evidence from the Scandinavian countries," Empirical Economics, Springer, vol. 66(4), pages 1633-1659, April.
    3. Magali Marx & Benoit Mojon & François Velde, 2017. "Why Have Interest Rates Fallen far Below the Return on Capital," Working papers 630, Banque de France.

  15. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2016. "Safe Asset Scarcity and Aggregate Demand," American Economic Review, American Economic Association, vol. 106(5), pages 513-518, May.
    See citations under working paper version above.
  16. Coeurdacier, Nicolas & Gourinchas, Pierre-Olivier, 2016. "When bonds matter: Home bias in goods and assets," Journal of Monetary Economics, Elsevier, vol. 82(C), pages 119-137.
    See citations under working paper version above.
  17. Pierre-Olivier Gourinchas & Olivier Jeanne, 2013. "Capital Flows to Developing Countries: The Allocation Puzzle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(4), pages 1484-1515.
    See citations under working paper version above.
  18. Pierre-Olivier Gourinchas & Maurice Obstfeld, 2012. "Stories of the Twentieth Century for the Twenty-First," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 226-265, January.
    See citations under working paper version above.
  19. Gourinchas, Pierre-Olivier & Rey, Hélène & Truempler, Kai, 2012. "The financial crisis and the geography of wealth transfers," Journal of International Economics, Elsevier, vol. 88(2), pages 266-283.
    See citations under working paper version above.
  20. Pierre-Olivier Gourinchas & M Ayhan Kose, 2011. "Economic Linkages, Spillovers, and the Financial Crisis—2," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(1), pages 1-5, April.

    Cited by:

    1. Barbara Jankowska & Katarzyna Mroczek-Dąbrowska & Marian Gorynia & Marlena Dzikowska, 2016. "Are Firms in Corporate Groups More Resilient During an Economic Crisis? Evidence from the Manufacturing Sector in Poland," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 12(4), pages 5-28.

  21. Gita Gopinath & Pierre-Olivier Gourinchas & Chang-Tai Hsieh & Nicholas Li, 2011. "International Prices, Costs, and Markup Differences," American Economic Review, American Economic Association, vol. 101(6), pages 2450-2486, October.
    See citations under working paper version above.
  22. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "Financial Crash, Commody Prices, and Global Inbalances," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 1-68.

    Cited by:

    1. Ing-Haw Cheng & Wei Xiong, 2014. "Financialization of Commodity Markets," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 419-441, December.
    2. Christophe Blot & Jérôme Creel & Christine Rifflart & Danielle Schweisguth, 2009. "Petit manuel de stratégies de sortie de crise," Post-Print hal-01023657, HAL.
    3. Jean-Pierre Allegret & Valérie Mignon & Audrey Allegret-Sallenave, 2015. "Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies," Post-Print hal-01385980, HAL.
    4. Li, Jian & Chavas, Jean-Paul & Etienne, Xiaoli & Li, Chongguang, 2016. "Commodity Price Bubbles and Macroeconomics: Evidence from Chinese Agricultural Markets," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235068, Agricultural and Applied Economics Association.
    5. Presbitero, Andrea & Eberhardt, Markus, 2021. "Commodity Prices and Banking Crises," CEPR Discussion Papers 15959, C.E.P.R. Discussion Papers.
    6. Astill, Sam & Taylor, A.M. Robert & Kellard, Neil & Korkos, Ioannis, 2023. "Using covariates to improve the efficacy of univariate bubble detection methods," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 342-366.
    7. John Baffes & Cristina Savescu, 2014. "Monetary conditions and metal prices," Applied Economics Letters, Taylor & Francis Journals, vol. 21(7), pages 447-452, May.
    8. Ma, Yan-Ran & Ji, Qiang & Wu, Fei & Pan, Jiaofeng, 2021. "Financialization, idiosyncratic information and commodity co-movements," Energy Economics, Elsevier, vol. 94(C).
    9. Tarek Chebbi, 2021. "The response of precious metal futures markets to unconventional monetary surprises in the presence of uncertainty," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 1897-1916, April.
    10. Abdul Rashid & Fazal Husain, 2013. "Capital Inflows, Inflation, and the Exchange Rate Volatility- An Investigation for Linear and Nonlinear Causal Linkages," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 52(3), pages 183-206.
    11. Marc Lammerding & Patrick Stephan & Mark Trede & Bernd Wilfling, 2012. "Speculative bubbles in recent oil price dynamics: Evidence from a Bayesian Markov-switching state-space approach," CQE Working Papers 2312, Center for Quantitative Economics (CQE), University of Muenster.
    12. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    13. Tsvetanov, Daniel & Coakley, Jerry & Kellard, Neil, 2016. "Bubbling over! The behaviour of oil futures along the yield curve," Journal of Empirical Finance, Elsevier, vol. 38(PB), pages 516-533.
    14. Jozef Barunk & Evzen KoÄ enda & Lukáš Váchaa, 2015. "Volatility Spillovers Across Petroleum Markets," The Energy Journal, , vol. 36(3), pages 309-330, July.
    15. Nady Rapelanoro, 2017. "Hoarding international reserves and global liquidity expansion, what are the links and do they matter?," EconomiX Working Papers 2017-13, University of Paris Nanterre, EconomiX.
    16. Kanjilal, Kakali & Ghosh, Sajal, 2017. "Dynamics of crude oil and gold price post 2008 global financial crisis – New evidence from threshold vector error-correction model," Resources Policy, Elsevier, vol. 52(C), pages 358-365.
    17. Jozef Barunik & Evzen Kocenda & Lukas Vacha, 2014. "How does bad and good volatility spill over across petroleum markets?," Papers 1405.2445, arXiv.org.
    18. Herkenhoff, Philipp & Sauré, Philip, 2021. "How expected inflation distorts the current account and the valuation effect," European Economic Review, Elsevier, vol. 135(C).
    19. Vedenov, Dmitry & Power, Gabriel J., 2022. "We don't need no fancy hedges! Or do we?," International Review of Financial Analysis, Elsevier, vol. 81(C).
    20. Agnello, Luca & Castro, Vitor & Hammoudeh, Shawkat & Sousa, Ricardo M., 2017. "Spillovers from the oil sector to the housing market cycle," Energy Economics, Elsevier, vol. 61(C), pages 209-220.
    21. Sharma, Aarzoo, 2022. "A comparative analysis of the financialization of commodities during COVID-19 and the global financial crisis using a quantile regression approach," Resources Policy, Elsevier, vol. 78(C).
    22. Adams, Zeno & Glück, Thorsten, 2015. "Financialization in commodity markets: A passing trend or the new normal?," Journal of Banking & Finance, Elsevier, vol. 60(C), pages 93-111.
    23. Kyrtsou, Catherine & Mikropoulou, Christina & Papana, Angeliki, 2016. "Does the S&P500 index lead the crude oil dynamics? A complexity-based approach," Energy Economics, Elsevier, vol. 56(C), pages 239-246.
    24. Socaciu, Erzsébet-Mirjám & Nagy, Bálint-Zsolt & Benedek, Botond, 2023. "No place like home: Home bias and flight-to-quality in Group of Seven countries," Economic Modelling, Elsevier, vol. 129(C).
    25. Wegener, Christoph & Kruse, Robinson & Basse, Tobias, 2019. "The walking debt crisis," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 382-402.
    26. Sauré, Philip, 2017. "Time-intensive R&D and unbalanced trade," European Economic Review, Elsevier, vol. 91(C), pages 229-244.
    27. Khorrami, Paymon & Zentefis, Alexander K., 2025. "Segmentation and beliefs: A theory of self-fulfilling idiosyncratic risk," Journal of Economic Theory, Elsevier, vol. 223(C).
    28. Bonato, Matteo & Gupta, Rangan & Lau, Chi Keung Marco & Wang, Shixuan, 2020. "Moments-based spillovers across gold and oil markets," Energy Economics, Elsevier, vol. 89(C).
    29. Georgios Bampinas & Theodore Panagiotidis & Christina Rouska, 2019. "Volatility persistence and asymmetry under the microscope: the role of information demand for gold and oil," Scottish Journal of Political Economy, Scottish Economic Society, vol. 66(1), pages 180-197, February.
    30. Cozzi, Guido & Davenport, Margaret, 2017. "Extrapolative Expectations and Capital Flows during Convergence," MPRA Paper 78016, University Library of Munich, Germany.
    31. Jørgensen, Peter Lihn, 2023. "The global savings glut and the housing boom," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
    32. Lin , Justin Yifu & Martin, Will, 2010. "The financial crisis and its impacts on global agriculture," Policy Research Working Paper Series 5431, The World Bank.
    33. Kallis, Giorgos & Sager, Jalel, 2017. "Oil and the economy: A systematic review of the literature for ecological economists," Ecological Economics, Elsevier, vol. 131(C), pages 561-571.
    34. Koch, Nicolas, 2014. "Tail events: A new approach to understanding extreme energy commodity prices," Energy Economics, Elsevier, vol. 43(C), pages 195-205.
    35. Stijn Claessens & M. Ayhan Kose, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CAMA Working Papers 2017-76, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    36. Helena Chuliá & Montserrat Guillén & Jorge M. Uribe, 2015. "“Spillovers From the United States to Latin American and G7 Stock Markets: a VAR Quantile Analysis”," IREA Working Papers 201525, University of Barcelona, Research Institute of Applied Economics, revised Oct 2015.
    37. Julien Chevallier, 2011. "Time-varying correlations in oil, gas and CO2 prices: an application using BEKK, CCC, and DCC-MGARCH models," Post-Print hal-00716634, HAL.
    38. Angélica Domínguez-Cardoza & Adelina Garamow & Josefin Meyer, 2022. "Global Commodity Markets and Sovereign Risk across 150 Years," Discussion Papers of DIW Berlin 2020, DIW Berlin, German Institute for Economic Research.
    39. Ju, Jiandong & Shi, Kang & Wei, Shang-Jin, 2021. "Trade reforms and current account imbalances," Journal of International Economics, Elsevier, vol. 131(C).
    40. Thomas Goda & �zlem Onaran & Engelbert Stockhammer, 2014. "A case for redistribution? Income inequality and wealth concentration in the recent crisis," Documentos de Trabajo de Valor Público 12186, Universidad EAFIT.
    41. Duncan, Roberto, 2015. "A threshold model of the US current account," Economic Modelling, Elsevier, vol. 48(C), pages 270-280.
    42. Algieri, Bernardina & Kalkuhl, Matthias & Koch, Nicolas, 2017. "A tale of two tails: Explaining extreme events in financialized agricultural markets," Food Policy, Elsevier, vol. 69(C), pages 256-269.
    43. Gourinchas, Pierre-Olivier & Rey, Hélène, 2014. "External Adjustment, Global Imbalances, Valuation Effects," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 585-645, Elsevier.
    44. Chuku Chuku & Paul Middleditch, 2016. "Characterizing monetary and fiscal policy rules and interactions when commodity prices matter," Centre for Growth and Business Cycle Research Discussion Paper Series 222, Economics, The University of Manchester.
    45. Luo, Yuwei & Mei, Dongzhou, 2023. "The shortage of safe assets and China's housing boom," Economic Modelling, Elsevier, vol. 119(C).
    46. D'Ecclesia, Rita L. & Magrini, Emiliano & Montalbano, Pierluigi & Triulzi, Umberto, 2014. "Understanding recent oil price dynamics: A novel empirical approach," Energy Economics, Elsevier, vol. 46(S1), pages 11-17.
    47. Andrés Fernández & Andres Gonzalez & Diego Rodriguez, 2015. "Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies," IMF Working Papers 2015/280, International Monetary Fund.
    48. Miron, Jeffrey A., 2009. "Bailout or Bankruptcy?," Scholarly Articles 11380185, Harvard University Department of Economics.
    49. Zinna, Gabriele, 2014. "Identifying risks in emerging market sovereign and corporate bond spreads," Emerging Markets Review, Elsevier, vol. 20(C), pages 1-22.
    50. Shalini, Velappan & Prasanna, Krishna, 2016. "Impact of the financial crisis on Indian commodity markets: Structural breaks and volatility dynamics," Energy Economics, Elsevier, vol. 53(C), pages 40-57.
    51. Nguyen, Quynh Nga & Aboura, Sofiane & Chevallier, Julien & Zhang, Lyuyuan & Zhu, Bangzhu, 2020. "Local Gaussian correlations in financial and commodity markets," European Journal of Operational Research, Elsevier, vol. 285(1), pages 306-323.
    52. Kevin Daly, 2016. "A Secular Increase in the Equity Risk Premium," International Finance, Wiley Blackwell, vol. 19(2), pages 179-200, June.
    53. DJIGBENOU-KRE, Marie-Louise & Park, Hail, 2016. "The effects of global liquidity on global imbalances," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 1-12.
    54. Nadal, Raquel & Szklo, Alexandre & Lucena, André, 2017. "Time-varying impacts of demand and supply oil shocks on correlations between crude oil prices and stock markets indices," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1011-1020.
    55. Razek, Noha H.A. & Michieka, Nyakundi M., 2019. "OPEC and non-OPEC production, global demand, and the financialization of oil," Research in International Business and Finance, Elsevier, vol. 50(C), pages 201-225.
    56. Andreas Breitenfellner & Jesús Crespo Cuaresma & Philipp Mayer, 2012. "Energy Inflation and House Price Corrections," European Economy - Economic Papers 2008 - 2015 471, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    57. Georgios Bampinas & Theodore Panagiotidis, 2017. "Oil and stock markets before and after financial crises : a local Gaussian correlation approach," Bank of Estonia Working Papers wp2016-11, Bank of Estonia, revised 06 Feb 2017.
    58. G. Bampinas & T. Panagiotidis, 2015. "On the relationship between oil and gold before and after financial crisis: Linear, nonlinear and time-varying causality testing," Working Paper series 15-04, Rimini Centre for Economic Analysis.
    59. Moser, Philipp & Isaksson, Olov H.D. & Seifert, Ralf W., 2017. "Inventory dynamics in process industries: An empirical investigation," International Journal of Production Economics, Elsevier, vol. 191(C), pages 253-266.
    60. Marcus Miller & Ishita Mohanty & Lei Zhang, 2009. "The Illusion Of Stability—Low Inflation In A Bubble Economy," Manchester School, University of Manchester, vol. 77(s1), pages 126-149, September.
    61. Chuliá, Helena & Fernández, Julián & Uribe, Jorge M., 2018. "Currency downside risk, liquidity, and financial stability," Journal of International Money and Finance, Elsevier, vol. 89(C), pages 83-102.
    62. Banerjee, Ameet Kumar & Sensoy, Ahmet & Goodell, John W. & Mahapatra, Biplab, 2024. "Impact of media hype and fake news on commodity futures prices: A deep learning approach over the COVID-19 period," Finance Research Letters, Elsevier, vol. 59(C).
    63. José-Francisco Vergara-Perucich, 2023. "A Systematic Bibliometric Analysis of the Real Estate Bubble Phenomenon: A Comprehensive Review of the Literature from 2007 to 2022," IJFS, MDPI, vol. 11(3), pages 1-16, August.
    64. Waluyo, 2018. "Do Efficiency of Taxes, Profitability and Size of Companies affect Debt? A Study of Companies Listed in the Indonesian Stock Exchange," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 331-339.
    65. Jozef Baruník & Evžen KoÄ enda b,a & Lukáš Vácha, 2016. "Volatility Spillovers Across Petroleum Markets," The Energy Journal, , vol. 37(1), pages 136-158, January.
    66. Algieri, Bernardina & Leccadito, Arturo, 2019. "Price volatility and speculative activities in futures commodity markets: A combination of combinations of p-values test," Journal of Commodity Markets, Elsevier, vol. 13(C), pages 40-54.
    67. Nicolas Koch, 2014. "Dynamic linkages among carbon, energy and financial markets: a smooth transition approach," Applied Economics, Taylor & Francis Journals, vol. 46(7), pages 715-729, March.
    68. Semeyutin, Artur & Downing, Gareth, 2022. "Co-jumps in the U.S. interest rates and precious metals markets and their implications for investors," International Review of Financial Analysis, Elsevier, vol. 81(C).

  23. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," American Economic Review, American Economic Association, vol. 98(1), pages 358-393, March.
    See citations under working paper version above.
  24. Pierre-Olivier Gourinchas & Hélène Rey, 2007. "International Financial Adjustment," Journal of Political Economy, University of Chicago Press, vol. 115(4), pages 665-703, August.
    See citations under working paper version above.
  25. Pierre-Olivier Gourinchas, 2006. "The Research Agenda: Pierre-Olivier Gourinchas on Global Imbalances and Financial Factors," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 7(2), April.

    Cited by:

    1. van Wincoop, Eric & Tille, Cédric, 2008. "International Capital Flows," CEPR Discussion Papers 6705, C.E.P.R. Discussion Papers.
    2. Martin D. D. Evans (Georgetown University) and Viktoria Hnatkovska (Georgetown University), 2005. "Solving General Equilibrium Models with Incomplete Markets and Many Assets," Working Papers gueconwpa~05-05-18, Georgetown University, Department of Economics.
    3. Tille, Cédric, 2008. "Financial integration and the wealth effect of exchange rate fluctuations," Journal of International Economics, Elsevier, vol. 75(2), pages 283-294, July.
    4. Stijn Van Nieuwerburgh, 2012. "The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macroeconomy," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 13(2), April.
    5. Evans, Martin D.D. & Hnatkovska, Viktoria, 2012. "A method for solving general equilibrium models with incomplete markets and many financial assets," Journal of Economic Dynamics and Control, Elsevier, vol. 36(12), pages 1909-1930.
    6. Bacchetta, Philippe & Davenport, Margaret & van Wincoop, Eric, 2021. "Can Sticky Portfolios Explain International Capital Flows and Asset Prices?," CEPR Discussion Papers 16772, C.E.P.R. Discussion Papers.
    7. Dong, Baomin & Gu, Xinhua & Song, Huasheng, 2017. "Capital market liberalization: Optimal tradeoff and bargaining delay," The North American Journal of Economics and Finance, Elsevier, vol. 39(C), pages 78-88.
    8. Enrique Mendoza, 2006. "EconomicDynamics Interviews Enrique Mendoza on Financial Frictions, Sudden Stops and Global Imbalances," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 8(1), November.

  26. Pierre-Olivier Gourinchas & Olivier Jeanne, 2006. "The Elusive Gains from International Financial Integration," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 73(3), pages 715-741.
    See citations under working paper version above.
  27. Pierre-Olivier Gourinchas & Helene Rey, 2005. "International financial adjustment," Proceedings, Federal Reserve Bank of San Francisco.

    Cited by:

    1. Juan José Echavarría & Mauricio Villamizar, 2012. "Great expectations? Evidence from Colombia’s exchange rate survey," Borradores de Economia 735, Banco de la Republica de Colombia.
    2. Elias Papaioannou & Richard Portes & Gregorios Siourounis, 2006. "Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar," NBER Working Papers 12333, National Bureau of Economic Research, Inc.
    3. Fabio Ghironi & Jaewoo Lee & Alessandro Rebucci, 2009. "The valuation channel of external adjustment," Working Papers 09-18, Federal Reserve Bank of Boston.
    4. David Backus & Espen Henriksen & Frederic Lambert & Christopher Telmer, 2009. "Current Account Fact and Fiction," NBER Working Papers 15525, National Bureau of Economic Research, Inc.
    5. Hamid Faruqee & Douglas Laxton & Dirk Muir & Paolo A. Pesenti, 2007. "Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 377-456, National Bureau of Economic Research, Inc.
    6. Maurice Obstfeld & Kenneth Rogoff & Richard Clarida, "undated". "The Unsustainable U S Current Account Position Revisited," Working Paper 14901, Harvard University OpenScholar.
    7. Michael B. Devereux & Mr. Alan Sutherland, 2007. "Solving for Country Portfolios in Open Economy Macro Models," IMF Working Papers 2007/284, International Monetary Fund.
    8. Michael D. Bordo, 2006. "Globalization and imbalances in historical perspective," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Jan.
    9. Michele Cavallo & Cédric Tille, 2006. "Could capital gains smooth a current account rebalancing?," Working Paper Series 2006-03, Federal Reserve Bank of San Francisco.
    10. Tarlok Singh, 2007. "Intertemporal Optimizing Models Of Trade And Current Account Balance: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(1), pages 25-64, February.
    11. Robert Kollmann & Nicolas Coeurdacier, 2008. "International Portfolios, Current Account Dynamics and Capital Accumulation," 2008 Meeting Papers 817, Society for Economic Dynamics.
    12. Philip R. Lane & Sébastien Wälti, 2007. "The Euro and Financial Integration," Palgrave Macmillan Books, in: David Cobham (ed.), The Travails of the Eurozone, chapter 9, pages 208-232, Palgrave Macmillan.
    13. Nicolas Coeurdacier & Robert Kollmann & Philippe Martin, 2007. "International portfolios with supply, demand and redistributive shocks," SciencePo Working papers Main hal-01053624, HAL.
    14. Buch, Claudia M. & Carstensen, Kai & Schertler, Andrea, 2005. "Macroeconomic Shocks and Foreign Bank Assets," Kiel Working Papers 1254, Kiel Institute for the World Economy (IfW Kiel).
    15. Haselmann, Rainer & Herwartz, Helmut, 2010. "The introduction of the Euro and its effects on portfolio decisions," Journal of International Money and Finance, Elsevier, vol. 29(1), pages 94-110, February.
    16. Karel Brůna, 2013. "Koncept udržitelnosti negativní čisté investiční pozice a jeho aplikace na příkladu České republiky v letech 1999-2011 [A Concept of Sustainability of Negative Net International Investment Position," Politická ekonomie, Prague University of Economics and Business, vol. 2013(1), pages 67-90.
    17. Alves, C. & Toporowski, J., 2019. "Growth of international finance and emerging economies: Elements for alternative approach," Cambridge Working Papers in Economics 1930, Faculty of Economics, University of Cambridge.
    18. Michael D. Bordo, 2005. "Historical Perspective on Global Imbalances," NBER Working Papers 11383, National Bureau of Economic Research, Inc.
    19. Romain Ranciere & Aaron Tornell & Frank Westermann, 2004. "Crises and Growth: A Re-evaluation," UCLA Economics Working Papers 832, UCLA Department of Economics.
    20. Pierre-Olivier Gourinchas, 2006. "The Research Agenda: Pierre-Olivier Gourinchas on Global Imbalances and Financial Factors," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 7(2), April.
    21. Sutherland, Alan & Devereux, Michael B, 2007. "Country Portfolio Dynamics," CEPR Discussion Papers 6208, C.E.P.R. Discussion Papers.
    22. Philip Lane & Gian Maria Milesi-Ferretti, 2005. "A Global Perspective on External Positions," The Institute for International Integration Studies Discussion Paper Series iiisdp079, IIIS.
    23. Philippe Bacchetta & Eric Van Wincoop, 2006. "Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?," American Economic Review, American Economic Association, vol. 96(3), pages 552-576, June.
    24. Michele Cavallo & Cédric Tille, 2006. "Current account adjustment with high financial integration: a scenario analysis," Economic Review, Federal Reserve Bank of San Francisco, pages 31-45.
    25. Haselmann, Rainer & Helmut, Herwartz, 2005. "The Introduction of the Euro and its Effects on Investment Decisions," Economics Working Papers 2005-15, Christian-Albrechts-University of Kiel, Department of Economics.
    26. Katheryn N. Russ & Thomas A. Lubik, 2006. "Entry, Multinational Firms, and Exchange Rate Volatility," Working Papers 157, University of California, Davis, Department of Economics.
    27. Marcel Fratzscher & Luciana Juvenal & Lucio Sarno, 2008. "Asset prices, exchange rates and the current account," Working Papers 2008-031, Federal Reserve Bank of St. Louis.
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    97. Sorge Marco M., 2020. "Computing sunspot solutions to rational expectations models with timing restrictions," The B.E. Journal of Macroeconomics, De Gruyter, vol. 20(2), pages 1-10, June.
    98. Chen, Qianying, 2011. "Exchange rate dynamics, expectations, and monetary policy," Discussion Paper Series 1: Economic Studies 2011,18, Deutsche Bundesbank.
    99. Agnieszka Markiewicz, 2012. "Model Uncertainty And Exchange Rate Volatility," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(3), pages 815-844, August.
    100. Kerstin Bernoth & Helmut Herwartz & Lasse Trienens, 2023. "The Impacts of Global Risk and US Monetary Policy on US Dollar Exchange Rates and Excess Currency Returns," Discussion Papers of DIW Berlin 2037, DIW Berlin, German Institute for Economic Research.
    101. Philippe Bacchetta & Eric van Wincoop, 2011. "Modeling Exchange Rates with Incomplete Information," Cahiers de Recherches Economiques du Département d'économie 11.03, Université de Lausanne, Faculté des HEC, Département d’économie.
    102. Hyunjoo Ryou & Cristina Terra, 2015. "Exchange Rate Dynamics under Financial Market Frictions," THEMA Working Papers 2015-03, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    103. Matti Suominen & Petri Jylhä, 2009. "Arbitrage Capital and Currency Carry Trade Returns," 2009 Meeting Papers 84, Society for Economic Dynamics.
    104. Saskia ter Ellen & Willem F.C. Verschoor & Remco C.J. Zwinkels, 2016. "Agreeing on disagreement: heterogeneity or uncertainty?," Working Paper 2016/4, Norges Bank.
    105. Brzoza-Brzezina, Michał & Galiński, Paweł R. & Makarski, Krzysztof, 2025. "Monetary and fiscal policy in a two-country model with behavioral expectations," Journal of International Money and Finance, Elsevier, vol. 155(C).
    106. John H. Rogers & Chiara Scotti & Jonathan H. Wright, 2016. "Unconventional Monetary Policy and International Risk Premia," International Finance Discussion Papers 1172, Board of Governors of the Federal Reserve System (U.S.).
    107. Nevin Cavusoglu & Michael D. Goldberg & Joshua Stillwagon, 2019. "New Evidence on the Portfolio Balance Approach to Currency Returns," Working Papers Series 89, Institute for New Economic Thinking.
    108. Han, Bing & Hirshleifer, David & Wang, Tracy Yue, 2005. "Investor Overconfidence and the Forward Discount Puzzle," Working Paper Series 2005-21, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    109. Reinhold Heinlein & Hans-Martin Krolzig, 2013. "Monetary Policy and Exchange Rates: A Balanced Two-Country Cointegrated VAR Model Approach," Studies in Economics 1321, School of Economics, University of Kent.
    110. Ali TFAILY, 2018. "Economic Fundamentals Over Long and Short Horizons," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 19(2), pages 167-174, May.
    111. Grossmann, Axel & Simpson, Marc W., 2010. "Forecasting the Yen/U.S. Dollar exchange rate: Empirical evidence from a capital enhanced relative PPP-based model," Journal of Asian Economics, Elsevier, vol. 21(5), pages 476-484, October.
    112. Reinhold Heinlein & Hans-Martin Krolzig, 2011. "Effects of monetary policy on the $/£ exchange rate. Is there a 'delayed overshooting puzzle'?," Studies in Economics 1124, School of Economics, University of Kent.
    113. Bianca De Paoli & Jens Sondergaard, 2009. "Foreign exchange rate risk in a small open economy," Bank of England working papers 365, Bank of England.
    114. Christophe Chamley, 2006. "Complementarities in information acquisition with short-term trades," Boston University - Department of Economics - Working Papers Series WP2006-042, Boston University - Department of Economics.
    115. Steve Furnagiev & Josh Stillwagon, 2015. "Subjective Currency Risk Premia and Deviations from Moving Averages," Working Papers 1506, Trinity College, Department of Economics.
    116. Haskamp, Ulrich, 2017. "Forecasting exchange rates: The time-varying relationship between exchange rates and Taylor rule fundamentals," Ruhr Economic Papers 704, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    117. Hoffmann, Mathias & Søndergaard, Jens & Westelius, Niklas J., 2007. "The timing and magnitude of exchange rate overshooting," Discussion Paper Series 1: Economic Studies 2007,28, Deutsche Bundesbank.
    118. Li, Jing & Miller, Norman C., 2015. "Foreign exchange market inefficiency and exchange rate anomalies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 34(C), pages 311-320.
    119. Giuseppe Ferrero & Andrea Nobili, 2008. "Short-term interest rate futures as monetary policy forecasts," Temi di discussione (Economic working papers) 681, Bank of Italy, Economic Research and International Relations Area.
    120. Ur Rehman, Mobeen & Al Rababa'a, Abdel Razzaq & El-Nader, Ghaith & Alkhataybeh, Ahmad & Vo, Xuan Vinh, 2022. "Modelling the quantile cross-coherence between exchange rates: Does the COVID-19 pandemic change the interlinkage structure?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    121. Thomas Lubik & Frank Schorfheide, 2006. "A Bayesian Look at New Open Economy Macroeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2005, Volume 20, pages 313-382, National Bureau of Economic Research, Inc.
    122. Lansing, Kevin J. & LeRoy, Stephen F., 2014. "Risk aversion, investor information and stock market volatility," European Economic Review, Elsevier, vol. 70(C), pages 88-107.
    123. Moran, Kevin & Nono, Simplice Aimé, 2018. "Gradual learning about shocks and the forward premium puzzle," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 79-100.
    124. Charles Engel, 2016. "Exchange Rates, Interest Rates, and the Risk Premium," American Economic Review, American Economic Association, vol. 106(2), pages 436-474, February.
    125. Karlygash Kurlbayeva & Samuel Malone, 2012. "The determinants of extreme commodity prices," OxCarre Working Papers 096, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    126. Thesmar, David & Landier, Augustin & Ma, Yueran, 2017. "New Experimental Evidence on Expectations Formation," CEPR Discussion Papers 12527, C.E.P.R. Discussion Papers.
    127. Maurice J. Roche & Michael J. Moore, 2010. "For Rich or for Poor: When does Uncovered Interest Parity Hold?," Working Papers 015, Toronto Metropolitan University, Department of Economics.
    128. Charles Engel, 2011. "The Real Exchange Rate, Real Interest Rates, and the Risk Premium," Working Papers 272011, Hong Kong Institute for Monetary Research.
    129. Rui Albuquerque, 2004. "The Forward Premium Puzzle in a Model of Imperfect Information: Theory and Evidence," International Finance 0405007, University Library of Munich, Germany.
    130. Oleg Itskhoki & Dmitry Mukhin, 2025. "Mussa Puzzle Redux," Econometrica, Econometric Society, vol. 93(1), pages 1-39, January.
    131. Kumar, Satish, 2019. "Does risk premium help uncover the uncovered interest parity failure?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 63(C).
    132. Karnaukh, Nina & Vokata, Petra, 2022. "Growth forecasts and news about monetary policy," Journal of Financial Economics, Elsevier, vol. 146(1), pages 55-70.
    133. Philippe Bacchetta & Eric van Wincoop, 2010. "Infrequent Portfolio Decisions: A Solution to the Forward Discount Puzzle," American Economic Review, American Economic Association, vol. 100(3), pages 870-904, June.
    134. Jylhä, Petri & Suominen, Matti, 2011. "Speculative capital and currency carry trades," Journal of Financial Economics, Elsevier, vol. 99(1), pages 60-75, January.
    135. Christian Pierdzioch, 2007. "Households' Preferences and Exchange Rate Overshooting," International Economic Journal, Taylor & Francis Journals, vol. 21(2), pages 297-316.
    136. Hanno Lustig & Adrien Verdelhan, 2009. "Comment on "Carry Trades and Currency Crashes"," NBER Chapters, in: NBER Macroeconomics Annual 2008, Volume 23, pages 361-384, National Bureau of Economic Research, Inc.
    137. Alfred V Guender, 2015. "International Evidence on the Role of Monetary Policy in the Uncovered Interest Rate Parity Puzzle," Working Papers in Economics 15/15, University of Canterbury, Department of Economics and Finance.
    138. Zaremba, Adam & Cakici, Nusret & Bianchi, Robert J. & Long, Huaigang, 2023. "Interest rate changes and the cross-section of global equity returns," Journal of Economic Dynamics and Control, Elsevier, vol. 147(C).
    139. Juselius, Katarina & Stillwagon, Josh R., 2018. "Are outcomes driving expectations or the other way around? An I(2) CVAR analysis of interest rate expectations in the dollar/pound market," Journal of International Money and Finance, Elsevier, vol. 83(C), pages 93-105.

  29. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2002. "Consumption Over the Life Cycle," Econometrica, Econometric Society, vol. 70(1), pages 47-89, January.
    See citations under working paper version above.
  30. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2001. "The Empirical Importance of Precautionary Saving," American Economic Review, American Economic Association, vol. 91(2), pages 406-412, May.
    See citations under working paper version above.
  31. Pierre-Olivier Gourinchas & Rodrigo Valdes & Oscar Landerretche, 2001. "Lending Booms: Latin America and the World," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 47-100.
    See citations under working paper version above.
  32. Gourinchas, Pierre-Olivier, 1999. "Exchange rates do matter: French job reallocation and exchange rate turbulence, 1984-1992," European Economic Review, Elsevier, vol. 43(7), pages 1279-1316, June.

    Cited by:

    1. Mi Dai & Jianwei Xu, 2013. "Industry-specific Real Effective Exchange Rate for China: 2000–2009," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 21(5), pages 100-120, September.
    2. Moser, Christoph & Urban, Dieter & di Mauro, Beatrice Weder, 2010. "International competitiveness, job creation and job destruction--An establishment-level study of German job flows," Journal of International Economics, Elsevier, vol. 80(2), pages 302-317, March.
    3. Anubha Dhasmana, 2021. "Employment growth in the face of exchange rate uncertainty: The role of trade and foreign equity finance," Southern Economic Journal, John Wiley & Sons, vol. 88(1), pages 79-117, July.
    4. Dai, Mi & Xu, Jianwei, 2017. "Firm-specific exchange rate shocks and employment adjustment: Evidence from China," Journal of International Economics, Elsevier, vol. 108(C), pages 54-66.
    5. Wang, Feicheng & Milner, Chris & Scheffel, Juliane, 2021. "Labour market reform and firm-level employment adjustment: Evidence from the hukou reform in China," Journal of Development Economics, Elsevier, vol. 149(C).
    6. Alejandro Micco & Carmen Pagés-Serra, 2004. "Employment Protection and Gross Job Flows: A Differences-in-Differences Approach," Research Department Publications 4365, Inter-American Development Bank, Research Department.
    7. Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2010. "Employment, exchange rates and labour market rigidity," NIPE Working Papers 2/2010, NIPE - Universidade do Minho.
    8. Ligia Melo & Carlos Ballesteros, 2014. "The impact of external factors on job creation and destruction in the Colombian manufacturing sector," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 81, pages 155-186, Julio - D.
    9. Francisco Gallego & José Tessada, 2010. "Sudden Stops, Financial Frictions, and Labor Market Flows: Evidence from Latin America," Working Papers ClioLab 10, EH Clio Lab. Instituto de Economía. Pontificia Universidad Católica de Chile.
    10. Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2009. "Employment and exchange rates: the role of openness and technology," GEMF Working Papers 2009-08, GEMF, Faculty of Economics, University of Coimbra.
    11. Demir, Firat & Caglayan, Mustafa, 2012. "Firm Productivity, Exchange Rate Movements, Sources of Finance and Export Orientation," MPRA Paper 37397, University Library of Munich, Germany.
    12. Hoekman & Bernard & Winters, L. Alan, 2005. "Trade and employment : stylized facts and research findings," Policy Research Working Paper Series 3676, The World Bank.
    13. Stewart Ngandu, 2008. "Exchange Rates And Employment," South African Journal of Economics, Economic Society of South Africa, vol. 76(s2), pages 205-221, August.
    14. Novella Bottini & Michael Gasiorek, 2009. "Trade and Job Reallocation: Evidence for Morocco," Working Papers 492, Economic Research Forum, revised Jun 2009.
    15. Veeramani, Choorikkad & Banerjee, Purna, 2022. "Exchange rate fluctuations, labour laws, and gender differences in job flows: Analysis of manufacturing industries across Indian states," World Development, Elsevier, vol. 152(C).
    16. Boris Kaiser & Michael Siegenthaler, 2016. "The Skill‐biased Effects of Exchange Rate Fluctuations," Economic Journal, Royal Economic Society, vol. 0(592), pages 756-780, May.
    17. Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," SciencePo Working papers Main hal-00973027, HAL.
    18. Zhang, Teng & Ouyang, Puman, 2018. "Is RMB appreciation a nightmare for the Chinese firms? An analysis on firm profitability and exchange rate," International Review of Economics & Finance, Elsevier, vol. 54(C), pages 27-43.
    19. Claire Giordano, 2023. "Revisiting the real exchange rate misalignment‐economic growth nexus via the across‐sector misallocation channel," Review of International Economics, Wiley Blackwell, vol. 31(4), pages 1329-1384, September.
    20. Francesco Nucci & Alberto Franco Pozzolo, "undated". "The Exchange Rate, Employment and Hours: What Firm-Level Data Say," Working Papers 9, Department of the Treasury, Ministry of the Economy and of Finance.
    21. Demir, Firat, 2013. "Growth under exchange rate volatility: Does access to foreign or domestic equity markets matter?," Journal of Development Economics, Elsevier, vol. 100(1), pages 74-88.
    22. Hideki Nishigaki, 2020. "Coping with Structural Weakness and EMU Citizen Support for the Euro: Opportunities for Change," Economics Bulletin, AccessEcon, vol. 40(4), pages 2755-2768.
    23. Riccardo Magnani & Luca Piccoli & Martine Carré & Amedeo Spadaro, 2013. "Would a real depreciation of the euro improve the French economy?," DEA Working Papers 60, Universitat de les Illes Balears, Departament d'Economía Aplicada.
    24. Maliranta, Mika, 2001. "Productivity Growth and Micro-level Restructuring. Finnish experiences during the turbulent decades," Discussion Papers 757, The Research Institute of the Finnish Economy.
    25. Wacziarg, Romain & Wallack, Jessica Seddon, 2004. "Trade liberalization and intersectoral labor movements," Journal of International Economics, Elsevier, vol. 64(2), pages 411-439, December.
    26. Mustafa Caglayan & Firat Demir, 2011. "Firm productivity, exchange rate movements, sources of finance and export orientationInventories and sales uncertainty," Working Papers 2011004, The University of Sheffield, Department of Economics, revised Feb 2011.
    27. Dekle, Robert & Ryoo, Heajin H., 2007. "Exchange rate fluctuations, financing constraints, hedging, and exports: Evidence from firm level data," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 17(5), pages 437-451, December.
    28. Ligia Alba Melo & Carlos Andrés Ballesteros, 2013. "Creación, destrucción y reasignación del empleo en el sector manufacturero colombiano," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 15(28), pages 281-311, January-J.
    29. Claudia M. Buch & Martin Schlotter, 2008. "Regional Origins of Employment Volatility: Evidence from German States," CESifo Working Paper Series 2296, CESifo.
    30. Zeng, Xiangquan & Yuxue, Cui & Shisong, Qing & Yumei, Yang, 2011. "Real Exchange Rate, Foreign Trade and Employment: Evidence from China," IZA Discussion Papers 5931, Institute of Labor Economics (IZA).
    31. Purna Banerjee & C. Veeramani, 2019. "Export competitiveness, labour laws, and gender differences in job dynamics: Analysis of manufacturing industries across Indian States," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2019-035, Indira Gandhi Institute of Development Research, Mumbai, India.
    32. A. Christev & O. Kupets & H. Lehmann, 2005. "Trade Liberalization and Employment Effects in Ukraine," Working Papers 552, Dipartimento Scienze Economiche, Universita' di Bologna.
    33. Demir, Firat, 2010. "Exchange Rate Volatility and Employment Growth in Developing Countries: Evidence from Turkey," MPRA Paper 24477, University Library of Munich, Germany.
    34. Paulo Bastos & Peter Wright, 2010. "Exchange rates and wages in unionised labour markets," Discussion Papers 10/15, University of Nottingham, GEP.
    35. Szapáry, György, 2000. "Az árfolyamrendszer kiválasztása az átmenet országaiban az EMU-csatlakozás előtt [Choice of exchange-rate regime in transition countries before joining the EMU]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 951-961.
    36. Darvas, Zsolt & Szapáry, György, 1999. "A nemzetközi pénzügyi válságok tovaterjedése különböző árfolyamrendszerekben [The spread of international financial crises under various exchange-rate systems]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 945-968.
    37. Baumgarten, Daniel, 2010. "International Trade and Worker Turnover – Empirical Evidence for Germany," Ruhr Economic Papers 228, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    38. Riccardo Magnani & Luca Piccoli & Martine Carré & Amedeo Spadaro, 2013. "Would a euro's depreciation improve the French economy?," Working Papers hal-01515823, HAL.
    39. Ulltveit-Moe, Karen Helene & Moxnes, Andreas, 2010. "Product adjustments: A firm-level analysis of the impact of a real exchange rate shock," CEPR Discussion Papers 7923, C.E.P.R. Discussion Papers.
    40. Palazzo, Gabriel, 2024. "Real exchange rate and import substitution episodes: Evidence from a developing economy," World Development, Elsevier, vol. 184(C).
    41. Faria, Joao Ricardo & Leon-Ledesma, Miguel A., 2005. "Real exchange rate and employment performance in an open economy," Research in Economics, Elsevier, vol. 59(1), pages 67-80, March.
    42. Ligia Melo & Carlos Ballesteros, 2014. "Impacto de los factores externos sobre la creación y destrucción de empleo en el sector manufacturero colombiano," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue 81, pages 155-186.
    43. Luigi Bonatti & Andrea Fracasso, 2012. "The costs of rebalancing the China-US co-dependency," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 120(1), pages 59-106.
    44. William D. Craighead & David R. Hineline, 2013. "As the Current Account Turns: Disaggregating the Effects of Current Account Reversals in Industrial Countries," The World Economy, Wiley Blackwell, vol. 36(12), pages 1516-1541, December.
    45. Alejandro Micco & Carmen Pagés-Serra, 2004. "Protección del empleo y flujo bruto de puestos de trabajo: un enfoque de diferencias en diferencias," Research Department Publications 4366, Inter-American Development Bank, Research Department.
    46. Eiichi Tomiura, 2004. "Import Competition and Employment in Japan: Plant Startup, Shutdown and Product Changes," The Japanese Economic Review, Japanese Economic Association, vol. 55(2), pages 141-152, June.
    47. Italo Colantone, 2012. "Trade openness, real exchange rates and job reallocation: evidence from Belgium," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 148(4), pages 669-706, December.
    48. Ligia Alba Melo B & Carlos Andr�s Ballesteros R, 2012. "Creaci�n, destrucci�n y reasignaci�n del empleo en el sector manufacturero colombiano," Borradores de Economia 9407, Banco de la Republica.
    49. Ping HUA, 2005. "Real exchange rate and employment in the manufacturing sector in China," Working Papers 200528, CERDI.
    50. Lindenthal, Volker, 2018. "The Volatility and Cyclicality of Job Flows in German Exporters and Non-Exporters," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181637, Verein für Socialpolitik / German Economic Association.
    51. Murat Ungor, 2011. "De-industrialization of the Riches and the Rise of China," 2011 Meeting Papers 740, Society for Economic Dynamics.
    52. Daniel Baumgarten, 2015. "International trade and worker flows: empirical evidence for Germany," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 151(3), pages 589-608, August.
    53. Hua, Ping, 2007. "Real exchange rate and manufacturing employment in China," China Economic Review, Elsevier, vol. 18(3), pages 335-353.
    54. Ekholm, Karolina & Moxnes, Andreas & Ulltveit-Moe, Karen Helene, 2012. "Manufacturing restructuring and the role of real exchange rate shocks," Journal of International Economics, Elsevier, vol. 86(1), pages 101-117.
    55. Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2017. "Exchange Rates, Employment and Labour Market Rigidity," The World Economy, Wiley Blackwell, vol. 40(5), pages 993-1011, May.
    56. Marc-Andreas Muendler, 2008. "Trade and Workforce Changeover in Brazil," NBER Chapters, in: The Analysis of Firms and Employees: Quantitative and Qualitative Approaches, pages 269-308, National Bureau of Economic Research, Inc.
    57. Ma, Hong & Qiao, Xue & Xu, Yuan, 2015. "Job creation and job destruction in China during 1998–2007," Journal of Comparative Economics, Elsevier, vol. 43(4), pages 1085-1100.
    58. Ergun Dogan & M. Qamarul Islam & Mehmet Yazici, 2018. "Real exchange rates and job flows: evidence from Turkey," Applied Economics, Taylor & Francis Journals, vol. 50(42), pages 4489-4499, September.
    59. Martin-Barroso, David & Nuñez-Serrano, Juan Andres & Turrion, Jaime & Velazquez, Francisco J., 2011. "The European Map of Job Flows," MPRA Paper 33602, University Library of Munich, Germany, revised 2011.

  33. Pierre-Olivier Gourinchas, . "Global imbalances and global liquidity," Proceedings, Federal Reserve Bank of San Francisco.

    Cited by:

    1. Obstfeld, Maurice, 2012. "Does the Current Account Still Matter?," CEPR Discussion Papers 8888, C.E.P.R. Discussion Papers.
    2. Calderón, César & Kubota, Megumi, 2019. "Ride the Wild Surf: An investigation of the drivers of surges in capital inflows," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 112-136.
    3. Carmela D'Avino, 2015. "Net Interoffice Accounts of Global Banks: The Role of Domestic Funding," IJFS, MDPI, vol. 3(3), pages 1-17, June.
    4. Luis Catão & Ana Fostel & Romain Ranciere, 2014. "Fiscal Discoveries and Yield Decouplings," Working Papers 2014-21, The George Washington University, Institute for International Economic Policy.

Chapters

  1. Mai Chi Dao & Pierre-Olivier Gourinchas & Daniel Leigh & Prachi Mishra, 2024. "Understanding the International Rise and Fall of Inflation since 2020," NBER Chapters, in: Inflation in the COVID Era and Beyond, National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  2. Pierre-Olivier Gourinchas, 2021. "The Dollar Hegemon? Evidence and Implications for Policymakers," World Scientific Book Chapters, in: Steven J Davis & Edward S Robinson & Bernard Yeung (ed.), THE ASIAN MONETARY POLICY FORUM Insights for Central Banking, chapter 7, pages 264-300, World Scientific Publishing Co. Pte. Ltd..

    Cited by:

    1. Luca Fantacci & Lucio Gobbi & Dario Luciani, 2022. "Bene pubblico globale o arma finanziaria? L'egemonia del dollaro alla prova delle sanzioni (Global public good or financial weapon? Dollar hegemony to the test of sanctions)," Moneta e Credito, Economia civile, vol. 75(298), pages 123-147.
    2. Nicolas Groshenny & Naveed Javed, 2023. "Dornbusch s overshooting and the systematic component of monetary policy in SOE-SVARs," TEPP Working Paper 2023-08, TEPP.
    3. Arslanalp, Serkan & Eichengreen, Barry & Simpson-Bell, Chima, 2022. "The stealth erosion of dollar dominance and the rise of nontraditional reserve currencies," Journal of International Economics, Elsevier, vol. 138(C).
    4. Anna Burova & Konstantin Egorov & Dmitry Mukhin, 2022. "Foreign Currency Debt and Exchange Rate Pass-Through," Bank of Russia Working Paper Series wps93, Bank of Russia.
    5. Roger Vicquéry, 2022. "The Rise and Fall of Global Currencies over Two Centuries," Working papers 882, Banque de France.
    6. Mukhin, Dmitry, 2022. "An equilibrium model of the international price system," LSE Research Online Documents on Economics 112500, London School of Economics and Political Science, LSE Library.

  3. Patrick Bolton & Lee Buchheit & Pierre-Olivier Gourinchas & Mitu Gulati & Chang-Tai Hsieh & Ugo Panizza & Beatrice Weder di Mauro, 2020. "A debt standstill for developing and emerging market countries," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 317-328, Centre for Economic Policy Research.

    Cited by:

    1. Paul Corral & Roberta Gatti, 2020. "Accumulation interrupted: COVID-19 and human capital among the young," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 286-302, Centre for Economic Policy Research.
    2. Gianluca Benigno & Andrew T. Foerster & Christopher Otrok & Alessandro Rebucci, 2020. "COVID-19: A double whammy of financial and economic sudden stops for emerging economies," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 329-341, Centre for Economic Policy Research.
    3. Simeon Djankov & Ugo Panizza, 2020. "Developing economies after COVID-19: An introduction," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 8-23, Centre for Economic Policy Research.
    4. Giovanni Valensisi, 2020. "COVID-19 and global poverty: A preliminary assessment," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 188-199, Centre for Economic Policy Research.
    5. Boris Hofmann & Ilhyock Shim & Hyun Song Shin, 2020. "Original sin redux and policy responses in emerging market economies during the COVID-19 pandemic," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 353-361, Centre for Economic Policy Research.
    6. Ilan Noy & Nguyen Doan & Benno Ferrarini & Donghyun Park, 2020. "The economic risk of COVID-19 in developing countries: Where is it highest?," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 38-52, Centre for Economic Policy Research.
    7. Abdul Abiad & Mia Arao & Editha Lavina & Reizle Platitas & Jesson Pagaduan & Christian Jabagat, 2020. "The impact of COVID-19 on developing Asian economies: The role of outbreak severity, containment stringency, and mobility declines," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 86-99, Centre for Economic Policy Research.
    8. Henry Mooney & MariÌ a Alejandra Zegarra, 2020. "Extreme outlier: The pandemic’s unprecedented shock to tourism in Latin America and the Caribbean," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 112-126, Centre for Economic Policy Research.
    9. Nicolas Berman & Mathieu Couttenier & Nathalie Monnet & Rohit Ticku, 2020. "Conflict in times of COVID-19," Post-Print hal-02877564, HAL.
    10. Çagatay Bircan & Zsoka Koczan & Alexander Plekhanov, 2020. "Jobs at risk: Early policy responses to COVID-19 in emerging markets," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 230-241, Centre for Economic Policy Research.
    11. Cynthia Balloch & Simeon Djankov & Juanita Gonzalez-Uribe & Dimitri Vayanos, 2020. "A restart procedure to deal with COVID-19," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 266-276, Centre for Economic Policy Research.
    12. Rui Esteves & Nathan Sussman, 2020. "Corona spreads to emerging markets," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 362-373, Centre for Economic Policy Research.
    13. Gbêtondji Melaine Armel Nonvide, 2020. "Policy for limiting the poverty impact of COVID-19 in Africa," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 214-219, Centre for Economic Policy Research.
    14. Charles Gottlieb & Jan GrobovsÌŒek & Markus Poschke & Fernando Saltiel, 2020. "Working from home: Implications for developing countries," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 242-256, Centre for Economic Policy Research.
    15. Davide Furceri & Prakash Loungani & Jonathan D. Ostry & Pietro Pizzuto, 2020. "Pandemics and inequality: Assessing the impact of COVID†19," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 200-213, Centre for Economic Policy Research.
    16. Caroline Freund & Aaditya Mattoo & Alen Mulabdic & Michele Ruta, 2020. "The supply chain shock from COVID-19: Risks and opportunities," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 303-315, Centre for Economic Policy Research.
    17. Constantino Hevia & Andy Neumeyer, 2020. "A perfect storm: COVID-19 in emerging economies," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 25-37, Centre for Economic Policy Research.
    18. Simeon Djankov & Anne-Laure Kiechel, 2020. "The IMF and the World Bank can do more," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 374-385, Centre for Economic Policy Research.
    19. Luis Felipe CeÌ spedes & Roberto Chang & AndreÌ s Velasco, 2020. "Macroeconomic policy responses to a pandemic," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 175-186, Centre for Economic Policy Research.
    20. Calvin Z. Djiofack & Hasan Dudu & Albert G. Zeufack, 2020. "Assessing COVID-19’s economic impact in sub-Saharan Africa: Insights from a CGE model," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 53-68, Centre for Economic Policy Research.
    21. Giancarlo Corsetti & Simon Lloyd & Emile Marin, 2020. "Emerging market currency risk around ‘global disasters’: Evidence from the Global Financial Crisis and the COVID-19 crisis," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 342-352, Centre for Economic Policy Research.
    22. Eduardo Levy Yetati & Rodrigo Valdés, 2025. "COVID-19 in Latin America: How is it different than in advanced economies?," School of Government Working Papers 20250323, Universidad Torcuato Di Tella.
    23. Simeon Djankov & Dorina Georgieva & Hibret Maemir, 2020. "Regulatory reforms after COVID†19," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 277-285, Centre for Economic Policy Research.
    24. Christopher Woodruff, 2020. "The importance of protecting export-oriented firms," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 257-265, Centre for Economic Policy Research.
    25. Rabah Arezki & Rachel Yuting Fan & Ha Nguyen, 2020. "Coping with a dual shock: A perspective from the Middle East and North Africa," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 69-85, Centre for Economic Policy Research.
    26. Swati Dhingra, 2020. "Policy for limiting the poverty impact of COVID-19 in Africa," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 220-228, Centre for Economic Policy Research.
    27. Djankov, Simeon & Panizza, Ugo (ed.), 2020. "COVID-19 in Developing Economies," Vox eBooks, Centre for Economic Policy Research, number p330.
    28. Margarita GoÌ mez & Andriy Ivchenko & Elena Reutskaja & Pablo Soto-Mota, 2020. "Behaviours, perceptions and mental wellbeing in high- income and low/middle-income countries at the beginning of COVID-19 pandemic," Vox eBook Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 128-146, Centre for Economic Policy Research.

  4. Pierre-Olivier Gourinchas, 2018. "Monetary Policy Transmission in Emerging Markets: An Application to Chile," Central Banking, Analysis, and Economic Policies Book Series, in: Enrique G. Mendoza & Ernesto Pastén & Diego Saravia (ed.),Monetary Policy and Global Spillovers: Mechanisms, Effects and Policy Measures, edition 1, volume 25, chapter 8, pages 279-324, Central Bank of Chile.

    Cited by:

    1. Ha, Jongrim & Kose, M. Ayhan & Ohnsorge, Franziska, 2021. "Inflation During the Pandemic: What Happened? What is Next?," MPRA Paper 108677, University Library of Munich, Germany.
    2. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    3. Xing Guo & Pablo Ottonello & Diego J. Perez, 2023. "Monetary Policy and Redistribution in Open Economies," Journal of Political Economy Macroeconomics, University of Chicago Press, vol. 1(1), pages 191-241.
    4. Nick Sander, 2023. "The Macroeconomic Effects of Portfolio Equity Inflows," Staff Working Papers 23-31, Bank of Canada.
    5. Kozlovtceva, Irina & Ponomarenko, Alexey & Sinyakov, Andrey & Tatarintsev, Stas, 2020. "A case for leaning against the wind in a commodity-exporting economy," International Economics, Elsevier, vol. 164(C), pages 86-114.
    6. Rebucci, Alessandro & Acalin, Julien, 2020. "Global Business and Financial Cycles: A Tale of Two Capital Account Regimes," CEPR Discussion Papers 15190, C.E.P.R. Discussion Papers.
    7. Andrey Sinyakov & Alexey Porshakov, 2019. "Estimates of the Natural Rate of Interest for Russia: Is 'Navigating by the Stars' Useful?," Russian Journal of Money and Finance, Bank of Russia, vol. 78(4), pages 3-47, December.
    8. de Ferra, Sergio & Mitman, Kurt & Romei, Federica, 2020. "Household heterogeneity and the transmission of foreign shocks," Journal of International Economics, Elsevier, vol. 124(C).
    9. Marco Flaccadoro, 2022. "Exchange rate pass-through in small, open, commodity-exporting economies: lessons from Canada," Temi di discussione (Economic working papers) 1368, Bank of Italy, Economic Research and International Relations Area.
    10. Cavallino, Paolo & Sandri, Damiano, 2023. "The open-economy ELB: Contractionary monetary easing and the trilemma," Journal of International Economics, Elsevier, vol. 140(C).
    11. Irina Kozlovtceva & Alexey Ponomarenko & Andrey Sinyakov & Stas Tatarintsev, 2019. "Financial Stability Implications of Policy Mix in a Small Open Commodity-Exporting Economy," Bank of Russia Working Paper Series wps42, Bank of Russia.
    12. Yildirim, Zekeriya, 2022. "Global financial risk, the risk-taking channel, and monetary policy in emerging markets," Economic Modelling, Elsevier, vol. 116(C).
    13. Degasperi,Riccardo & Hong, Seokki Simon & Ricco, Giovanni, 2020. "The Global Transmission of U.S. Monetary Policy," The Warwick Economics Research Paper Series (TWERPS) 1257, University of Warwick, Department of Economics.
    14. C. Bora Durdu & Alex Martin & Ilknur Zer, 2020. "The Role of US Monetary Policy in Banking Crises Across the World," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(1), pages 66-107, March.
    15. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    16. Alexander Rodnyansky & Yannick Timmer & Naoki Yago, 2023. "Intervening against the Fed," CESifo Working Paper Series 10575, CESifo.
    17. Òscar Jordà & Sanjay R. Singh & Alan M. Taylor, 2020. "The Long-Run Effects of Monetary Policy," Working Paper Series 2020-01, Federal Reserve Bank of San Francisco.
    18. Boris Hofmann & Nikhil Patel & Steve Pak Yeung Wu, 2022. "Original sin redux: a model-based evaluation," BIS Working Papers 1004, Bank for International Settlements.
    19. Karsten Kohler & Engelbert Stockhammer, 2022. "Flexible exchange rates in emerging markets: shock absorbers or drivers of endogenous cycles?," Working Papers PKWP2205, Post Keynesian Economics Society (PKES).
    20. Nadezhda Ivanova & Mikhail Andreev & Andrey Sinyakov & Ivan Shevchuk, 2019. "Review of Bank of Russia Conference on 'Macroprudential Policy Effectiveness: Theory and Practice'," Russian Journal of Money and Finance, Bank of Russia, vol. 78(3), pages 89-121, September.
    21. Longaric, Pablo Anaya, 2022. "Foreign currency exposure and the financial channel of exchange rates," Working Paper Series 2739, European Central Bank.
    22. Villamizar-Villegas, Mauricio & Arango-Lozano, Lucía & Castelblanco, Geraldine & Fajardo-Baquero, Nicolás & Ruiz-Sanchez, Maria A., 2024. "The Effects of Monetary Policy on Capital Flows: An Emerging Market Survey," Emerging Markets Review, Elsevier, vol. 62(C).
    23. Javier Bianchi & Louphou Coulibaly, 2023. "A Theory of Fear of Floating," Working Papers 796, Federal Reserve Bank of Minneapolis.
    24. Paolo Cavallino & Boris Hofmann, 2022. "Capital flows and monetary policy trade-offs in emerging market economies," BIS Working Papers 1032, Bank for International Settlements.

  5. Pierre-Olivier Gourinchas & Thomas Philippon & Dimitri Vayanos, 2016. "The Analytics of the Greek Crisis," NBER Chapters, in: NBER Macroeconomics Annual 2016, Volume 31, pages 1-81, National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  6. Gourinchas, Pierre-Olivier & Rey, Hélène, 2014. "External Adjustment, Global Imbalances, Valuation Effects," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 585-645, Elsevier.

    Cited by:

    1. Galina Hale & Luciana Juvenal, 2021. "External Balance Sheets and the COVID-19 Crisis," NBER Working Papers 29277, National Bureau of Economic Research, Inc.
    2. Bárány, Zsófia L. & Coeurdacier, Nicolas & Guibaud, Stéphane, 2023. "Capital flows in an aging world," Journal of International Economics, Elsevier, vol. 140(C).
    3. Valerio Della Corte & Claire Giordano, 2021. "Methodological issues in the estimation of current account imbalances," Questioni di Economia e Finanza (Occasional Papers) 617, Bank of Italy, Economic Research and International Relations Area.
    4. Fabio Ghironi & Jaewoo Lee & Alessandro Rebucci, 2009. "The valuation channel of external adjustment," Working Papers 09-18, Federal Reserve Bank of Boston.
    5. Marco Del Negro & Domenico Giannone & Marc Giannoni & Andrea Tambalotti, 2018. "Global trends in interest rates," Staff Reports 866, Federal Reserve Bank of New York.
    6. Sebastian Horn & Carmen M. Reinhart & Christoph Trebesch, 2019. "China’s Overseas Lending," NBER Working Papers 26050, National Bureau of Economic Research, Inc.
    7. Joshua Aizenman & Mahir Binici, "undated". "Exchange Market Pressure in OECD and Emerging Economies: Domestic vs. External Factors and Capital Flows in the Old and New Normal," GRU Working Paper Series GRU_2016_005, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    8. Philip R. Lane & Gian Maria Milesi-Ferretti, 2018. "The External Wealth of Nations Revisited: International Financial Integration in the Aftermath of the Global Financial Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(1), pages 189-222, March.
    9. Maryam Farboodi & Péter Kondor, 2022. "Heterogeneous Global Booms and Busts," American Economic Review, American Economic Association, vol. 112(7), pages 2178-2212, July.
    10. Rey, Hélène, 2015. "International Channels of Transmission of Monetary Policy and the Mundellian Trilemma," CEPR Discussion Papers 11027, C.E.P.R. Discussion Papers.
    11. Piotr Adamczyk & Mateusz Pipień, 2022. "On the Role of Portfolio Indicators of the Capital Flows in the Convergence Processes – An Application of Systems of Regression Equations in the Case of Selected CEE Countries," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 14(3), pages 303-333, September.
    12. Rafael Dix-Carneiro & João Paulo Pessoa & Ricardo Reyes-Heroles & Sharon Traiberman, 2021. "Globalization, Trade Imbalances, and Labor Market Adjustment," Upjohn Working Papers 21-345, W.E. Upjohn Institute for Employment Research.
    13. Fiedler, Salomon & Görg, Holger & Hornok, Cecília & Jannsen, Nils & Kooths, Stefan & Marchal, Léa & Potjagailo, Galina, 2018. "Direktinvestitionen im Ausland - Effekte auf die deutsche Leistungsbilanz und Spillovers in den Empfängerländern," Kieler Beiträge zur Wirtschaftspolitik 16, Kiel Institute for the World Economy (IfW Kiel).
    14. Evgenia Passari & Hélène Rey, 2015. "Financial Flows and the International Monetary System," NBER Working Papers 21172, National Bureau of Economic Research, Inc.
    15. Mariam Camarero & Josep Lluís Carrión-i-Silvestre & Cecilio Tamarit, 2020. "External imbalances from a GVAR perspective," Working Papers 2005, Department of Applied Economics II, Universidad de Valencia.
    16. Itskhoki, Oleg & Mukhin, Dmitry, 2022. "Sanctions and the exchange rate," LSE Research Online Documents on Economics 115564, London School of Economics and Political Science, LSE Library.
    17. Phuong V. Nguyen, 2020. "The Vietnamese business cycle in an estimated small open economy New Keynesian DSGE model," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 48(5), pages 1035-1063, October.
    18. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    19. Hünnekes, Franziska & Konradt, Maximilian & Schularick, Moritz & Trebesch, Christoph & Wingenbach, Julian, 2025. "Exportweltmeister: Germany’s foreign investment returns in international comparison," Open Access Publications from Kiel Institute for the World Economy 318206, Kiel Institute for the World Economy (IfW Kiel).
    20. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    21. Michael D. Bordo & Robert N. McCauley, 2018. "Triffin: dilemma or myth?," NBER Working Papers 24195, National Bureau of Economic Research, Inc.
    22. Corsetti, Giancarlo & Dedola, Luca & Leduc, Sylvain, 2023. "Exchange rate misalignment and external imbalances: What is the optimal monetary policy response?," Journal of International Economics, Elsevier, vol. 144(C).
    23. Hung Ly-Dai, 2019. "Non-linear pattern of international capital flows," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 155(3), pages 575-600, August.
    24. Ly Dai Hung & Hai Anh Bui Thi & Thanh Vo Tri, 2021. "International Debts Flows," Working Papers hal-03129122, HAL.
    25. Karl Farmer, 2016. "The Intertemporal Equilibrium Modeling of Intra-EMU and Global Trade Imbalances," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(4), pages 377-395, November.
    26. Mariam Camarero & Jesús Peiró-Palomino & Cecilio Tamarit, 2018. "External imbalances and growth," Working Papers 1808, Department of Applied Economics II, Universidad de Valencia.
    27. Kenneth S. ROGOFF & Takeshi TASHIRO, 2014. "Japan's Exorbitant Privilege," Discussion papers 14047, Research Institute of Economy, Trade and Industry (RIETI).
    28. Herkenhoff, Philipp & Sauré, Philip, 2021. "How expected inflation distorts the current account and the valuation effect," European Economic Review, Elsevier, vol. 135(C).
    29. Cova, Pietro & Natoli, Filippo, 2020. "The risk-taking channel of international financial flows," Journal of International Money and Finance, Elsevier, vol. 102(C).
    30. Guillermo Hausmann-Guil, 2025. "Solving DSGE models with incomplete markets by perturbation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 57, July.
    31. Robert N. McCauley, 2020. "The Global Domain of the Dollar: Eight Questions," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 48(4), pages 421-429, December.
    32. Farboodi, Maryam & Kondor, Peter, 2018. "Heterogeneous global cycles," LSE Research Online Documents on Economics 118911, London School of Economics and Political Science, LSE Library.
    33. Ursula Schipper, 2017. "Transaction and valuation effects on Germany's international investment position (IIP) - new statistical approaches and IIP trends," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Assessing international capital flows after the crisis, volume 42, Bank for International Settlements.
    34. Philip R. Lane & Gian Maria Milesi-Ferretti, 2015. "Global Imbalances and External Adjustment After the Crisis," Central Banking, Analysis, and Economic Policies Book Series, in: Claudio Raddatz & Diego Saravia & Jaume Ventura (ed.),Global Liquidity, Spillovers to Emerging Markets and Policy Responses, edition 1, volume 20, chapter 4, pages 105-142, Central Bank of Chile.
    35. Liugang Sheng & Hongyan Zhao, 2024. "Oil Shocks, External Adjustment, and Country Portfolio," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(7), pages 1705-1736, October.
    36. David Moreno, 2018. "Institutional Quality and Sovereign Flows," Working Papers Central Bank of Chile 816, Central Bank of Chile.
    37. Mariam Camarero & María Dolores Gadea-Rivas & Ana Gómez-Loscos & Cecilio Tamarit, 2019. "External imbalances and recoveries," Working Papers 1912, Department of Applied Economics II, Universidad de Valencia.
    38. Bathia, Deven & Bouras, Christos & Demirer, Riza & Gupta, Rangan, 2020. "Cross-border capital flows and return dynamics in emerging stock markets: Relative roles of equity and debt flows," Journal of International Money and Finance, Elsevier, vol. 109(C).
    39. Guido Baldi & Björn Bremer & Thore Schlaak, 2017. "International Investments and Current Account Imbalances: The Importance of Valuation Changes," DIW Roundup: Politik im Fokus 117, DIW Berlin, German Institute for Economic Research.
    40. Raddatz, Claudio & Schmukler, Sergio L. & Williams, Tomás, 2017. "International asset allocations and capital flows: The benchmark effect," Journal of International Economics, Elsevier, vol. 108(C), pages 413-430.
    41. Marçal, Emerson Fernandes & Simões, Oscar Rodrigues, 2024. "Current account and real effective exchange rate dynamics: the role of non-linear dynamics in Brazil," Textos para discussão 571, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    42. Stijn Claessens & M. Ayhan Kose, 2017. "Asset Prices and Macroeconomic Outcomes: A Survey," CAMA Working Papers 2017-76, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    43. Andrea Papetti, 2021. "Population aging, relative prices and capital flows across the globe," Temi di discussione (Economic working papers) 1333, Bank of Italy, Economic Research and International Relations Area.
    44. Nguyen Hong Son & Ly Dai Hung, 2019. "Foreign Direct Investment Absorption Capacity," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 10(01), pages 1-16, February.
    45. Van Nguyen, Phuong, 2020. "The Vietnamese business cycle in an estimated small open economy New Keynesian DSGE model," Dynare Working Papers 56, CEPREMAP.
    46. Li, Wei & Nie, Guangyu & Wang, Zi, 2020. "Trade, FDI, and Global Imbalances," Journal of International Money and Finance, Elsevier, vol. 105(C).
    47. McCauley, Robert N., 2015. "Does the US dollar confer an exorbitant privilege?," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 1-14.
    48. Laura Alfaro & Fabio Kanczuk, 2013. "Debt Redemption and Reserve Accumulation," NBER Working Papers 19098, National Bureau of Economic Research, Inc.
    49. Phelan, Gregory & Toda, Alexis Akira, 2019. "Securitized markets, international capital flows, and global welfare," Journal of Financial Economics, Elsevier, vol. 131(3), pages 571-592.
    50. Yildirim, Zekeriya, 2022. "Global financial risk, the risk-taking channel, and monetary policy in emerging markets," Economic Modelling, Elsevier, vol. 116(C).
    51. Zhengyang Jiang & Robert J. Richmond & Tony Zhang, 2024. "A Portfolio Approach to Global Imbalances," Journal of Finance, American Finance Association, vol. 79(3), pages 2025-2076, June.
    52. Guido Baldi & Björn Bremer & Thore Schlaak, 2017. "Internationale Investitionen und Leistungsbilanzungleichgewichte: Die Bedeutung von Wertschwankungen," DIW Roundup: Politik im Fokus 117, DIW Berlin, German Institute for Economic Research.
    53. Filippo Gori & Etienne Lepers & Caroline Mehigan, 2020. "Capital flow deflection under the magnifying glass," OECD Economics Department Working Papers 1613, OECD Publishing.
    54. Yilmazkuday, Hakan, 2021. "Accounting for trade deficits," Journal of International Money and Finance, Elsevier, vol. 115(C).
    55. Ly Dai Hung & Nguyen Thi Thuy Hoan, 2018. "International Capital Flows in Club of Convergence," Working Papers hal-01935173, HAL.
    56. Jonathan J. Adams & Mr. Philip Barrett, 2017. "Why are Countries’ Asset Portfolios Exposed to Nominal Exchange Rates?," IMF Working Papers 2017/291, International Monetary Fund.
    57. Pástor, Luboš & Veronesi, Pietro, 2018. "Inequality Aversion, Populism, and the Backlash Against Globalization," CEPR Discussion Papers 13107, C.E.P.R. Discussion Papers.
    58. Keefe, Helena Glebocki, 2021. "The transmission of global monetary and credit shocks on exchange market pressure in emerging markets and developing economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
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    60. Oyeyinka S. Omoshoro-Jones & Lumengo Bonga-Bonga, 2021. "Global imbalances, external adjustment and propagated shocks: An African perspective from a global VAR model," International Economics, CEPII research center, issue 165, pages 186-203.
    61. Leonor Coutinho & Alessandro Turrini & Stefan Zeugner, 2018. "Methodologies for the Assessment of Current Account Benchmarks," European Economy - Discussion Papers 086, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    62. Ly-Dai, Hung, 2016. "Non-Linear Pattern of International Capital Flows," MPRA Paper 90236, University Library of Munich, Germany, revised 08 Oct 2018.
    63. Benedetta Bianchi & Giovanna Bua, 2020. "Foreign exchange derivatives and currency mismatch in Irish investment funds," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Bridging measurement challenges and analytical needs of external statistics: evolution or revolution?, volume 52, Bank for International Settlements.
    64. Michael D. Bordo & Robert N. McCauley, 2016. "The Current Account Version of the Triffin Dilemma," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 44(2), pages 171-182, June.
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  7. Pierre-Olivier Gourinchas & Hélène Rey & Kai Truempler, 2011. "The Financial Crisis and the Geography of Wealth Transfers," NBER Chapters, in: Global Financial Crisis, National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  8. Pierre-Olivier Gourinchas, 2008. "Valuation Effects and External Adjustment: A Review," Central Banking, Analysis, and Economic Policies Book Series, in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmidt- (ed.),Current Account and External Financing, edition 1, volume 12, chapter 6, pages 195-236, Central Bank of Chile.
    See citations under working paper version above.
  9. Pierre-Olivier Gourinchas & Hélène Rey, 2007. "From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 11-66, National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  10. Angus S. Deaton & Pierre-Olivier Gourinchas & Christina Paxson, 2002. "Social Security and Inequality over the Life Cycle," NBER Chapters, in: The Distributional Aspects of Social Security and Social Security Reform, pages 115-148, National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  11. Pierre-Olivier Gourinchas, 1999. "Exchange Rates and Jobs: What Do We Learn from Job Flows?," NBER Chapters, in: NBER Macroeconomics Annual 1998, volume 13, pages 153-222, National Bureau of Economic Research, Inc.
    See citations under working paper version above.

Books

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