As most people know, the general trend in the dollar’s role as an international currency has been slowly downward since 1976.
The latest on the dollar’s international currency status
Jeffrey Frankel, 6 December 2013
Moving closer? Changing patterns of labour mobility in Europe and the US
Mai Dao, Davide Furceri, Prakash Loungani, 1 December 2013
On 21 September 1992, four famous professors – Olivier Blanchard, Rudi Dornbusch, Stan Fischer, and Paul Krugman – took part in a panel discussion at MIT on the merits of the proposed European currency union.
The euro and price convergence: You wanted it … you got it!
Alberto Cavallo, Brent Neiman, Roberto Rigobon, 29 November 2013
Remember some of the objectives of the creation of the euro? A single currency area within Europe would carry with it:
- Enhanced factor mobility
- Greater productivity growth
- Acceleration of financial development; and
- Improved macroeconomic policies.
Or, at least, that was the hope (Wyplosz 1997).
Currency wars and the euro
Jens Nordvig, 25 November 2013
A new battle for the ECB to fight
Last year, the ECB entered an existential battle for the euro. By promising to do ‘whatever it takes’ to safeguard the euro, the ECB managed to calm sovereign debt markets and engineer a much-needed easing of overall credit conditions in the Eurozone.
Did the euro kill governance in the periphery?
Jesús Fernández-Villaverde, Luis Garicano, Tano Santos, 30 April 2013
The conventional wisdom before the creation of the euro was that the monetary union would force its least productive members to undertake the structural reforms needed to modernise their economies. In the past, the peripheral European countries had used devaluations to recover from adverse business-cycle shocks, but without correcting the underlying imbalances of their economies.
Why do large movements in exchange rates have small effects on international prices?
Mary Amiti, Oleg Itskhoki, Jozef Konings, 19 February 2013
Exchange rate moves have surprisingly small effects on prices. This apparent ‘disconnect’ is one of the central puzzles in international macroeconomics. It is also a continual headache for policymakers who rely on exchange rates to accommodate the adjustment of global (current account) imbalances.
Eurozone crisis: It ain’t over yet
Paolo Manasse, 17 January 2013
Despite apparent calm on the financial markets, no illusions that the storm is ending soon should be entertained. Indeed, we may well be in the eye of the hurricane.
Crisis and public support for the euro
Felix Roth, Lars Jonung, Felicitas Nowak-Lehmann, 5 November 2012
The euro is a unique currency in at least two ways. It is the first time that a group of democratic countries have abolished their national currencies and replaced them with a single currency that is managed by a common central bank, the ECB. The euro is also unique in that data on public attitudes towards the euro have been collected for more than 20 years (Eurobarometer 2012).
Can Italy survive the financial storm?
Daniel Gros, 19 December 2011
Fiscal rules for the Eurosystem: From “free talk” to effective incentive schemes
Britta Kuhn, 24 September 2011
In a bid to save the euro, political leaders together with the European Central Bank have applied new fiscal instruments and have heavily intervened in financial markets since early 2010. To calm their critics, they have praised existing monitoring arrangements and proposed new fiscal schemes.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Adelman, 28 October 2013
Reichlin, Giugliano, 7 November 2013
Holmes, McGrattan, Prescott
Beck, De Haas, Ongena
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche