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Labor Market Institutions and the Cost of Recessions

Labor Market Institutions and the Cost of Recessions »

Source: Labor Market Institutions and the Cost of Recessions

Volume/Issue: 2017/87

Series: IMF Working Papers

Author(s): Tom Krebs , and Martin Scheffel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2017

ISBN: 9781475592245

Keywords: Incomplete markets, Europe, Germany, Labor market institutions, cost of Recessions, German Labor Market Reform

This paper studies the effect of two labor market institutions, unemployment insurance (UI) and job search assistance (JSA), on the output cost and welfare cost of recessions. The paper develops a tractable incompl...

Habit Formation and Persistence in Individual Asset Portfolio Holdings

Habit Formation and Persistence in Individual Asset Portfolio Holdings »

Source: Habit Formation and Persistence in Individual Asset Portfolio Holdings : The Case of Italy

Volume/Issue: 2006/29

Series: IMF Working Papers

Author(s): Sònia Muñoz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862898

Keywords: Portfolio Allocations, Incomplete Markets, Habits, Multiperiod Multinomial Probit, bonds, financial assets, correlation, probability, probabilities, Personal Income

This paper uses six waves of the Bank of Italy Survey of Households Income and Wealth to explore the dynamics of asset portfolio ownership. The household asset portfolio decision is a choice among discrete alternat...

Accounting for Global Dispersion of Current Accounts*

Accounting for Global Dispersion of Current Accounts* »

Source: Accounting for Global Dispersion of Current Accounts

Volume/Issue: 2009/276

Series: IMF Working Papers

Author(s): Jaewoo Lee , Yongsung Chang , and Sun-Bin Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874211

Keywords: Distribution of Current Account, Incomplete Markets, Frictions, current accounts, current account imbalances, current account balances, current account deficit,

We undertake a quantitative analysis of the dispersion of current accounts in an open economy version of incomplete insurance model, incorporating important market frictions in trade and financial flows. Calibrated...

Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments*

Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments* »

Source: Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments

Volume/Issue: 2017/154

Series: IMF Working Papers

Author(s): Tara Iyer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

ISBN: 9781484305980

Keywords: Open Economy Macroeconomics, International Trade and Labor Market Interactions, Commodity Exporters, Incomplete Financial Markets, Trade and Labor Market Interactions, Agriculture in International Trade, General

This paper analyzes the appropriate choice of an exchange rate regime in agricultural commodity-exporting economies. In an open economy model that incorporates key structural characteristics of agricultural commodi...

Financial Globalization, Portfolio Diversification, and the Pattern of International Trade

Financial Globalization, Portfolio Diversification, and the Pattern of International Trade »

Source: Financial Globalization, Portfolio Diversification, and the Pattern of International Trade

Volume/Issue: 2003/233

Series: IMF Working Papers

Author(s): Miklós Koren

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2003

ISBN: 9781451875614

Keywords: financial globalization, trade volume, trade structure, incomplete markets, portfolio choice, financial markets, international financial, Neoclassical Models of Trade, Financial Aspects of Economic Integration,

The paper provides a general-equilibrium model where incomplete international financial markets lead to insufficient industrial specialization and low international trade. As international portfolio diversification...

International Risk Sharing During the Globalization Era

International Risk Sharing During the Globalization Era »

Source: International Risk Sharing During the Globalization Era

Volume/Issue: 2009/209

Series: IMF Working Papers

Author(s): Akito Matsumoto , Robert Flood , and Nancy Marion

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

ISBN: 9781451873566

Keywords: International risk sharing, incomplete market, risk sharing, emerging markets, private consumption, income growth, Macroeconomic Aspects Of International Trade And Finance, Saving, Production, Employment

Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the i...

Exchange-Rate Dark Matter

Exchange-Rate Dark Matter »

Source: Exchange-Rate Dark Matter

Volume/Issue: 2012/66

Series: IMF Working Papers

Author(s): Martin Evans

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781463938437

Keywords: Exchange Rate Dynamics, Open-Economy Macro Models, Habits, Incomplete Markets, risk, consumption, exchange-rate, exchange rates, depreciation, Macroeconomic Aspects Of International Trade And Finance

Dark matter accounts for 83 percent of the matter in the universe and plays a central role in cosmology modeling. This paper argues that an analogous form of dark matter plays a similarly important role in internat...

The Macroeconomic Effects of Trade Tariffs

The Macroeconomic Effects of Trade Tariffs »

Source: The Macroeconomic Effects of Trade Tariffs : Revisiting the Lerner Symmetry Result

Volume/Issue: 2017/151

Series: IMF Working Papers

Author(s): Jesper Lindé , and Andrea Pescatori

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2017

ISBN: 9781484306116

Keywords: Central banks and their policies, Import Tariffs; Export Subsidies; Lerner Condition, Incomplete Markets; Complete Markets, Border Adjustment Tax, Trade War, New Keynesian open-economy model, Import Tariffs, Export Subsidies, Lerner Condition, Incomplete Markets

We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy...

Macroprudential Policy, Incomplete Information and Inequality

Macroprudential Policy, Incomplete Information and Inequality »

Source: Macroprudential Policy, Incomplete Information and Inequality : The case of Low-Income and Developing Countries

Volume/Issue: 2017/59

Series: IMF Working Papers

Author(s): Margarita Rubio , and Filiz Unsal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 March 2017

ISBN: 9781475588057

Keywords: Credit, Low-income developing countries, Macroprudential Policy, incomplete information, collateral requirements, inequality, Financial Markets and the Macroeconomy, Government Policy and Regulation

In this paper, we use a DSGE model to study the passive and time-varying implementation of macroprudential policy when policymakers have noisy and lagged data, as commonly observed in lowincome and developing count...

Institutional Quality and International Trade

Institutional Quality and International Trade »

Source: Institutional Quality and International Trade

Volume/Issue: 2004/231

Series: IMF Working Papers

Author(s): Andrei Levchenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2004

ISBN: 9781451875560

Keywords: institutions, incomplete contracts, institutional quality, factor endowments, factor price, trade opening, Neoclassical Models of Trade, Country and Industry Studies of Trade, Trade and Labor Market Interactions,

The quality of institutions-meaning the quality of contract enforcement, property rights, shareholder protection, and the like-has received a great deal of attention in recent years. The purposes of this paper are...