 | Why Are Canadian Banks More Resilient? Author/Editor: Rocco Huang, Lev Ratnovski. Release Date:July, 2009 This paper explores factors behind Canadian banks' relative resilience in the ongoing credit turmoil. We identify two main causes: a higher share of depository funding (vs. wholesale funding) in more...
| Price: $18.00
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| Balance of Payments Anti-Crises Author/Editor: Isabel K. Yan, Michael Kumhof. Release Date:June, 2009 Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange more...
| Price: $18.00
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| Simple, Implementable Fiscal Policy Rules Author/Editor: Michael Kumhof, Douglas Laxton. Release Date:April, 2009 This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize more...
| Price: $18.00
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| Chile’s Structural Fiscal Surplus Rule : A Model-Based Evaluation Author/Editor: Michael Kumhof, Douglas Laxton. Release Date:April, 2009 The paper analyzes Chile's structural balance fiscal rule in the face of copper price shocks originating in foreign copper demand. It uses a version of the IMF's Global Integrated Monetary and Fiscal more...
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 | The Case for Global Fiscal Stimulus Author/Editor: Jaewoo Lee, Douglas Laxton, Michael Kumhof, Charles Freedman. Release Date:March, 2009
| Price: $10.00
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| International Currency Portfolios Author/Editor: Michael Kumhof. Release Date:March, 2009 This paper develops a theory of international currency portfolios that holds in general equilibrium, and that is therefore not subject to the criticisms directed at the portfolio balance literature more...
| Price: $18.00
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| Simple Monetary Rules Under Fiscal Dominance Author/Editor: Michael Kumhof, Ricardo Nunes, Irina Yakadina. Release Date:December, 2007 Is aggressive monetary policy response to inflation feasible in countries that suffer from fiscal dominance? We find that if nominal interest rates are allowed to respond to government debt, even more...
| Price: $18.00
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| A Party without a Hangover? On the Effects of U.S. Government Deficits Author/Editor: Douglas Laxton, Michael Kumhof. Release Date:August, 2007 This paper develops a 2-country New Keynesian overlapping generations model suitable for the joint evaluation of monetary and fiscal policies. We show that a permanent increase in U.S. government more...
| Price: $18.00
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| Balance of Payments Crises Under Inflation Targeting Author/Editor: Shujing Li, Isabel K Yan, Michael Kumhof. Release Date:April, 2007 This paper analyzes a small open economy model under inflation targeting. It shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than more...
| Price: $18.00
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| Politically Optimal Fiscal Policy Author/Editor: Irina Yakadina, Michael Kumhof. Release Date:March, 2007 Why do governments issue large amounts of debt? In what sense and for whom is such a policy optimal? We show that twisting the optimal taxation paradigm produces very reasonable predictions for debt more...
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