Download Economic Policy in the International Economy: Essays in by Elhanan Helpman, Efraim Sadka PDF

By Elhanan Helpman, Efraim Sadka

Fifteen significant essays on overseas economics examine 5 relevant topics: conception, and empirics, of monetary concerns in open economies; fiscal progress; public economies; and political economic system. Written to honor Assaf Razin of Tel Aviv and Cornell Universities at the get together of his 60th birthday, the essays pay shut awareness to coverage concerns and formal research. The participants contain well known experts in overseas economics established in North the USA, Europe, Israel, and China.

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40 Chi-Wa Yuen proportional to ε, so as to keep Lfix = Lflex . The lump-sum component W0 can be freely set, though, at any finite level. , under this incentive scheme, the central banker will willingly stick to the peg even though she/he has the option to shift to the float. 4. An Assessment of the Practicality of the Three Solutions (and Their Equivalents) All three solutions considered above hinge upon an independent central bank and the negative correlation between inflation (exchange rate devaluation) and central bank independence.

Appointing a Conservative Central Banker ( a` la Rogoff (1985)) An alternative way to prevent the government from shifting to a float is to assign the duty of maintaining the peg to a “conservative” central banker, that is, one with a higher weight (say, β + δ) attached to the exchange rate objective than the society at large. As a result, the central banker’s loss function becomes: L = E{[α(ε − ε e ) − (u + d)]2 + (β + δ)ε2 | ε e , u}, (7) β α ](αεe + u + d), y = y˜ − [ α2 +(β+δ) ](αεe + u + d), which implies ε = [ α2 +(β+δ) and Lflex = α2 β +δ (αεe + u + d)2 .

The general point is that intellectually consistent solutions to a domestic financial crisis of this type, like solutions to a third-generation currency crisis, are likely to seem too radical to be implemented in practice. And partial measures are likely to fail. So that is my proposal for a fourth-generation crisis approach – one that could certainly be refined and made far more rigorous. Have I succeeded in the goal of getting ahead of the curve, of sketching out a model of crisis before the events actually occur?

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