This 1985 Journal of International Economics paper by Kenneth Rogoff shows that increased cooperation between central banks does not automatically raise welfare, because cooperation can exacerbate …
PublishedClassicJournal of International EconomicsPublished Feb 1986
This 1986 Journal of International Economics paper by Maurice Obstfeld re-examines the classic monetary-approach claim that devaluation under capital controls has no long-run real effects, by adding …
PublishedClassicJournal of International EconomicsPublished Nov 2012
Dating extreme capital-flow episodes from gross rather than net flows splits the picture in two -- "surges" and "stops" driven by foreign investors, "flight" and "retrenchment" driven by domestic …
PublishedClassicJournal of International EconomicsPublished Nov 1993
Nontraded goods had been invoked to explain several international puzzles at once -- persistent deviations from purchasing power parity, low cross-country consumption correlations, and real interest …
PublishedClassicJournal of International EconomicsPublished Aug 1985
Persson extends Diamond's (1965) overlapping-generations model of public debt to open economies, asking how a one-time, debt-financed tax cut to the currently young generation redistributes welfare …
PublishedClassicJournal of International EconomicsPublished Feb 1983
Across the dollar/mark, dollar/pound, dollar/yen and trade-weighted dollar rates over November 1976 to June 1981, no structural exchange rate model, univariate time series model, vector autoregression …
PublishedClassicJournal of International EconomicsPublished Nov 1989
This 1989 Journal of International Economics paper by Alberto Alesina and Guido Tabellini explains the simultaneous accumulation of public external debt and private capital flight observed in …
PublishedClassicJournal of International EconomicsPublished May 2020
This paper builds a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME), calibrated to Hungary's pre-2009 current account boom and sudden-stop reversal, and shows that when …
PublishedClassicJournal of International EconomicsOnline 13 Nov 2009Published Mar 2010
This paper develops a solution method for dynamic stochastic general-equilibrium open-economy models with portfolio choice -- extending standard first- and second-order perturbation techniques, which …
PublishedClassicJournal of International EconomicsPublished May 1992
This 1992 Journal of International Economics paper by Vittorio Grilli and Nouriel Roubini builds a two-country extension of Lucas's (1988) cash-in-advance model of asset-market liquidity, in which …
PublishedClassicJournal of International EconomicsPublished Feb 2000
This 2000 Journal of International Economics paper by Maurice Obstfeld and Kenneth Rogoff extends the "Redux" sticky-price approach to a genuinely stochastic setting with an exact closed-form solution …
PublishedClassicJournal of International EconomicsPublished May 2022
A country's macroprudential stance looks irrelevant to portfolio flows on average, but that average hides the tails. Countries with tighter ex-ante regulation see larger bond and equity outflows in …
PublishedClassicJournal of International EconomicsPublished Mar 2005
On a panel of bilateral gross cross-border equity transactions among 14 countries from 1989 to 1996, a gravity specification with market capitalisations, distance and a measure of market …
PublishedClassicJournal of International EconomicsPublished Dec 2001
Capital flows were tracked continuously, but the stocks of foreign assets and liabilities they accumulate into were largely unmeasured outside a handful of industrial countries. This paper builds …
PublishedClassicJournal of International EconomicsPublished Aug 2001
An interim survey of the dynamic general equilibrium open-economy literature that grew out of Obstfeld and Rogoff's 1995 Redux model, organised around the question of which of its assumptions its …
PublishedClassicJournal of International EconomicsPublished Sep 2017
Brazil's IOF tax on foreign portfolio inflows was announced overnight and without warning, which makes it readable in stock prices. Two-day cumulative abnormal returns for listed Brazilian firms fall …