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Displaying results 1 to 13 of 13.

  1. Sovereign default
    the role of expectations
    Author: Ayres, João; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro
    Published: 22 February 2018
    Publisher:  Centre for Economic Policy Research, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 32 (12750)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Array ; DP 12750
    Subjects: Schuldenkrise; Öffentliche Anleihe; Zinsstruktur; Erwartungsbildung
    Scope: 13 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  2. Foreign effects of higher U.S. interest rates
    Author: Iacoviello, Matteo; Navarro, Gaston
    Published: April 23, 2018
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

    This paper analyzes the spillovers of higher U.S. interest rates on economic activity in a large panel of 50 advanced and emerging economies. We allow the response of GDP in each country to vary according to its exchange rate regime, trade openness,... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 201 (1227)
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    This paper analyzes the spillovers of higher U.S. interest rates on economic activity in a large panel of 50 advanced and emerging economies. We allow the response of GDP in each country to vary according to its exchange rate regime, trade openness, and a vulnerability index that includes current account, foreign reserves, inflation, and external debt. We document large heterogeneity in the response of advanced and emerging economies to U.S. interest rate surprises. In response to a U.S. monetary tightening, GDP in foreign economies drops about as much as it does in the United States, with a larger decline in emerging economies than in advanced economies. In advanced economies, trade openness with the United States and the exchange rate regime account for a large portion of the contraction in activity. In emerging economies, the responses do not depend on the exchange rate regime or trade openness, but are larger when vulnerability is high

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: International finance discussion papers ; number1227 (May 2018)
    FRB International Finance Discussion Paper ; No. 1227
    Subjects: U.S. Monetary Policy; Foreign Spillovers; Local Projection; Macroeconomic Transmission; Panel Data
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  3. Self-fulfilling debt crises with long stagnations
    Author: Ayres, João; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro
    Published: March 27, 2019
    Publisher:  Federal Reserve Bank of Minneapolis, Minneapolis, MN

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 409
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    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working paper / Research Division, Federal Reserve Bank of Minneapolis ; 757 (April 2019)
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  4. Self-Fulfilling debt crises with long stagnations
    Author: Ayres, João; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro
    Published: [2023]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 201
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: International finance discussion papers ; number 1370 (February 2023)
    Subjects: Self-fulfilling debt crises; sovereign default; multiplicity; stagnations
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  5. The unemployment accelerator
    Author: Blanco, Andrés; Navarro, Gaston
    Published: December 2016
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich

    This paper studies the unemployment accelerator, a mechanism where workers directly affect the firms' financial conditions, and, in turn, firms' financial conditions feedback again to the real economy. The unemployment accelerator builds on two key... more

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    Staats- und Universitätsbibliothek Bremen
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    This paper studies the unemployment accelerator, a mechanism where workers directly affect the firms' financial conditions, and, in turn, firms' financial conditions feedback again to the real economy. The unemployment accelerator builds on two key assumptions: search frictions in the labor market and firms' default risk. The former assumption implies a positive relation between the firm's value and its number of workers; the latter assumption entails a tight connection between the value of the workers and the firm's incentives to default. We develop and estimate a model with these two frictions together with firm-level heterogeneity; and show the model matches firm-level statistics as well as business cycle fluctuations in labor and financial markets. We provide compelling micro-evidence of the unemployment accelerator: a 10% increase in a firm's number of workers is associated with a 4% increase in its market value and a 6% decline in its probability of default. We show that our model can account for these facts, and that the two key assumptions we make are essential for this.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/149335
    Series: Array ; no. 6248
    Scope: 1 Online-Ressource (circa 90 Seiten), Illustrationen
  6. Self-fulfilling debt crises with long stagnations
    Author: Ayres, João; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro
    Published: February 2023
    Publisher:  Inter-American Development Bank, Department of Research and Chief Economist, [Washington, DC]

    We assess the quantitative relevance of expectations-driven sovereign debt crises, focusing on the Southern European crisis of the early 2010s and the Argentine default of 2001. The source of multiplicity is the one in Calvo (1988). Key for... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 144
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    We assess the quantitative relevance of expectations-driven sovereign debt crises, focusing on the Southern European crisis of the early 2010s and the Argentine default of 2001. The source of multiplicity is the one in Calvo (1988). Key for multiplicity is an output process featuring long periods of either high growth or stagnation that we estimate using data for those countries. We find that expectations-driven debt crises are quantitatively relevant but state dependent, as they only occur during stagnations. Expectations are a major driver explaining default rates and credit spread differences between Spain and Argentina.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/289962
    Series: IDB working paper series ; no IDB-WP-1447
    Subjects: Self-fulfilling debt crises; Sovereign default; Multiplicity; Stagnations
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  7. The heterogeneous effects of government spending
    it's all about taxes
    Author: Ferriere, Axelle; Navarro, Gaston
    Published: May 2018
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

    This paper investigates how government spending multipliers depend on the distribution of taxes across households. We exploit historical variations in the financing of spending in the U.S. since 1913 to show that multipliers are positive only when... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    This paper investigates how government spending multipliers depend on the distribution of taxes across households. We exploit historical variations in the financing of spending in the U.S. since 1913 to show that multipliers are positive only when financed with more progressive taxes, and zero otherwise. We rationalize this finding within a heterogeneous-household model with indivisible labor supply. The model results in a lower labor responsiveness to tax changes for higher-income earners. In turn, spending financed with more progressive taxes induces a smaller crowding-out, and thus larger multipliers. Finally, we provide evidence in support of the model’s cross-sectional implications

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: International finance discussion papers ; number1237 (August 2018)
    FRB International Finance Discussion Paper ; No. 1237
    Subjects: Fiscal Stimulus; Government Spending; Transfers; Heterogeneous Agents
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  8. Sectoral shocks, reallocation, and labor market policies
    Author: Garcia-Cabo, Joaquin; Lipinska, Anna; Navarro, Gaston
    Published: [2022]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 201
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: International finance discussion papers ; number 1361 (December 2022)
    Subjects: Labor Market Policies; Search and Matching Frictions; Reallocation
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  9. The heterogeneous effects of government spending
    it's all about taxes
    Author: Ferriere, Axelle; Navarro, Gaston
    Published: 2014
    Publisher:  Leonard N. Stern School of Business, Department of Economics, New York, NY

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Nicht speichern
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / New York University, Leonard N. Stern School of Business, Department of Economics ; EC-13-18
    Scope: Online-Ressource (36 S.), graph. Darst.
  10. Larger transfers financed with more progressive taxes?
    on the optimal design of taxes and transfers
    Author: Ferriere, Axelle; Gruebener, Philipp; Navarro, Gaston; Vardishvili, Oliko
    Published: 06 December 2021
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16781
    Subjects: Heterogeneous Agents; Fiscal policy; optimal taxation; redistribution
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  11. On the optimal design of transfers and income-tax progressivity
    Author: Ferriere, Axelle; Grubene, Philipp; Navarro, Gaston; Vardishvili, Oliko
    Published: [2022]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 201
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: International finance discussion papers ; number 1350 (July 2022)
    Subjects: Heterogeneous Agents; Fiscal Policy; Optimal Taxation; Redistribution
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  12. Larger transfers financed with more progressive taxes?
    on the optimal design of taxes and transfers
    Author: Ferriere, Axelle; Grubener, Philipp; Navarro, Gaston; Vardishvili, Oliko
    Published: [2021]
    Publisher:  Paris School of Economics, Paris

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 331
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Paris School of Economics ; no 2021, 66
    Subjects: Heterogeneous Agents; Fiscal Policy; Optimal Taxation; Redistribution
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  13. Essays on financial markets and macroeconomics
    Author: Navarro, Gaston
    Published: May 2015

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    B 426228
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Print
    Scope: xv, 146 Seiten, Illustrationen
    Notes:

    Dissertation, New York University, 2015