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Previous
Years Archives
March
2002
|
News
and editorials (daily) |
Analysis
and euro-related Documents |
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| Latest
papers added to the page: |
EUROPEAN
FORECASTING NETWORK
A Network of European Research Institutes for forecasting
and policy anylysis in the Monetary Union
Objectives
of the Network:
The first report March 2002 |
The
IMF on Sovereign Debt
Restructuring
New Approaches
to Sovereign Debt Restructuring: An Update on Our Thinking
by Anne Krueger
Transcript
of a Teleconference on Sovereign Debt Restructuring Mechanism
with Washington-based Journalists and First Deputy Managing
Director, Anne Krueger
(U.S. official rejects IMF crisis
plan IHT April 4)
IMF
WP Early
Ideas on Sovereign Bankruptcy Reorganization: A Survey by
K. Rogoff and J. Zettelmeyer (.pdf)
Argentina
and the Fund: From Triumph to Tragedy by Michael Mussa IIE
March 25, 2002
Fixed
exchange rates: The lessons from Argentina by E. Truman
IIE March 2002 (.pdf)
The
International Financial Architecture: What's New? What's Missing?
by Peter B. Kenen IIE March 2002
A
Strategy to Prevent Future Crises: Safely Shrink the Banking
Sector by Adam S. Posen June 2001
The Transmission
Mechanism of European Monetary Policy: Is There Heterogeneity?
Is it Changing over Time? IMF WP April 2002
Evi
Pappa : "Do the ECB and
the Fed really need to Cooperate? Optimal Monetary Policy in
a Two-Country World."
Otmar
Issing: The
role of monetary policy in managing economic risks
Sirkka
Hämäläinen: Implementing monetary policy
in the euro area
Christian
Noyer: France, Europe, the euro and the ECB, [EN], EN
Tommaso
Padoa-Schioppa Accession Countries on the
Way to the Euro: A Central Banker's View
Annual
accounts of the ECB for the year ending 31 December 2001
pdf
141 kB
Otmar
Issing Testimony before the Committee
on Economic and Monetary Affairs of the European Parliament
March 2002
Sirkka
Hämäläinen: Integrating Europe’s Financial
Markets March 2002
Wim
Duisenberg: The introduction of the euro: a (critical) retrospect
and a preview, EN
March 2002
IMF:
Global Financial Stability Report - A Quarterly Report by the
International Capital Markets Department on Market Developments
and Issues March
2002
Harmonized
indexes of consumer prices: their conceptual foundations, by
Erwin Diewert, March 2002, (ECB Working Paper No. 130)
pdf 856 kB
The
World Bank The
Role and Effectiveness of Development Assistance March 2002
From
the OECD
working papers
Overheating
in small euro area economies: Should fiscal policy react?
by Peter Hoeller, Claude Giorno and Christine de la Maisonneuve,
OECD WP no.323
From
ZEI working
papers:
The Euro System and
the Federal Reserve System Compared: Facts and Challenges
by Karlheinz Ruckriegel and Franz Seitz
From
ECB
Labour market mismatches in euro area countries, pdf 299 kB, March
2002.
Non-standard central bank loss functions, skewed risks, and
certainty equivalence, by Ali al-Nowaihi and Livio Stracca,
February 2002, (ECB Working Paper No. 129), pdf 509 kB
Openness, imperfect exchange rate pass-through and monetary
policy, by Frank Smets and Raf Wouters, February 2002, (ECB
Working Paper no. 128) pdf 541 kB
Eugenio Domingo Solans European
financial integration and the international role of the euro
March 9
The effective exchange rates of the euro, Luca Buldorini and
Stelios Makrydakis and Christian Thimann, February 2002 ,
(ECB Occasional Paper No. 2) pdf 532 kB
From
IMF
Monetary
Rules for Emerging Market Economies IMF WP
| New
from the European
Commission - Economic and Financial Affairs: Implementation
report of the 2001 Broad Economic Policy Guidelines |
The
Commission issued a report that occupies an important
place in the economic policy co-ordination process. The
“report on the implementation of the 2001 Broad
Economic Policy Guidelines” gives an account of how well
the 2001 and earlier Broad Economic Policy Guidelines
have been carried out. The report serves two purposes:
Firstly, it makes an assessment of the degree of implementation
of the 2001 Broad Economic Policy Guidelines. As
such it is part of the monitoring and surveillance process
that takes place to ascertain that the recommendation
are followed up. Secondly, it prepares the next Broad
Economic Policy Guidelines. By comprehensively identifying
which recommendations have been adopted and which
have not, and by re-evaluating the 15 economies, the process
of formulating the new recommendations is more meticulous.
Part
I and Part
II |
2002
Economic Report of the President by the Council of Economic
Advisers
|
EuroCOIN:
is a new coincident indicator of the euro area business
cycle. It has important advantages over alternative
indicators, which provide only a noisy signal of the
state of the business cycle. EuroCOIN uses an innovative
econometric methodology to distill information from
the real economy, the financial sector and surveys of
business and consumer sentiment, weighting each
source of information according to its correlation with
movements of the cycle, while filtering out measurement
error and very short run volatility. EuroCOIN has another
important advantage: timeliness. The new econometric
techniques provide forecasts of data which is not yet
available: this allows the indicator to be computed
in real time.
The
indicator will be published on the 28th of each month
by CEPR. You can subscribe to a monthly email alert
announcing the release of the indicator at
http://www.cepr.org/Data/eurocoin/alert/
The
indicator was constructed by a team of researchers associated
with CEPR, and researchers from the research department
at the Banca d'Italia. The team comprises Filippo
Altissimo (Banca d'Italia and CEPR); Antonio Bassanetti
(Banca d'Italia); Riccardo Christadoro (Banca d'Italia);
Mario Forni (Universita di Modena and CEPR); Marc Hallin
(ECARES, Universite Libre de Bruxelles); Marco Lippi
(Universita di Roma); Lucrezia Reichlin (ECARES, Universite
Libre de Bruxelles and CEPR); and Giovanni Veronese
(Banca d'Italia).
The
economist on the Eurocoin Euro
area business cycle |
| Academic
papers newly added to the Euro Homepage |
At
the origin of synchronized business cycle within a monetary union:
Self-validating
optimum currency areas a new paper by Giancarlo Corsetti
and Paolo Pesenti (presented in Atlanta 2002) A
revised (March) version of International Dimensions
of Optimal Monetary Policy by Giancarlo Corsetti and Paolo
Pesenti
Evi
Pappa : "Do the ECB and
the Fed really need to Cooperate? Optimal Monetary Policy in
a Two-Country World."
Dornbusch's
Overshooting Model After Twenty-Five Years
The Mundell-Fleming Lecture by Kenneth Rogoff
The
Fed and the New Economy by L. Ball and R. Tchaidze February
2002
Technology
Shocks and Monetary Policy: Assessing the Fed's Performance
by J. Gali, J. Lopez-Salido and J. Valles February 2002
New
Perspectives on Monetary Policy, Inflation, and the Business
Cycle by J.Gali February 2002
From:
Subramanian RANGAN
Insead
Search
and deliberation in international exchange: Microfoundations
to some macro patterns Journal of International Business
Studies, 31 (2): 205-222, 2000.
A prism on globalization:
Corporate responses to the dollar (with Robert Z. Lawrence),
Brookings Institution: Washington, D.C., 1999.
Seven myths to ponder
before going global November 29, 1999, Financial Times,
Mastering Strategy supplement, Part Ten.
Preliminary
Drafts presented at the latest Economic Policy Panel
Meeting:
The
Challenges Facing Currency Usage: Will the traditional transactions
medium be able to resist competition from the new technologies?
by Mathias Drehmann, Charles Goodhart and Malte Krueger;
Harald
Hau W. Killeen and M. Moore How has
the Euro changed the Foreign Exchange Market;
Can
Training and Financial Incentives Combat European Unemployment?
by Jochen Kluve and Christoph M. Schmidt;
Anatomy
of Employment Growth by Pietro Garibaldi and Paolo Mauro;
Public
Employment and Labour Market Performances by Yann Algan,
Pierre Cahuc and André Zylberberg.
Check
also the latest issue of Economic Policy
====
Ken Rogoff (From the "commentaries" of Economic Policy).
The
failure of empirical exchange rate models: no longer new, but
still true
Ugo
Marani and Carlo Altavilla
Is there
a deflationary bias in European Economic Policies?
Fatas
and Mihov:
The Effects of
Fiscal Policy on Consumption and Employment: Theory and Evidence
Government
Size and Automatic Stabilizers: International and Intranational
Evidence
Fiscal
Policy and Business Cycles: An Empirical Investigation
Mihov:
Fiscal Policy
in the EMU: Challenges of the Early Years
Some
recent contributions by Richard Portes:
The
European Contribution to International Financial Stability
CEPR WP 2956
The Euro
and the Financial System CEPR WP 2955
A
Monetary Union in motion: the European Experience 2954
A
very useful reading
list
Canzoneri
Cumbi and Diba:
The
need for international policy coordination: What's old, what's
new, what's yet to come.
Monetary
policy rules, macroeconomic stability and inflation: a
view from the trenches, by Athanasios Orphanides, December
2001, (ECB Working Paper No. 115) pdf 578 kB
Making the
Most of the Euro - "Banking on the Euro: Leap of Faith or Act
of Folly?" Address by Anne Krueger, First Deputy Managing
Director of the IMF
Joint press
conference given by the EU Presidency, the European Central Bank,
and the European Commission on the introduction of the euro banknotes
and coins Duisenberg: Introductory statement to
the press conference on 3 January 2002
ECB Update on the euro cash changeover
FAQ on the euro banknotes and coins: EN
Duisenberg Keynote address at an awards
ceremony and press conference held on the eve of the introduction
of the euro banknotes and coins A
short piece by Giancarlo Corsetti for Tiaa-cref: Idea Exchange
with Barry Eichengreen (Dec 2001): Feeling the Impact
of the EuroCurrency
Originally published in Investment Forum, a newsletter published
by
TIAA-CREF. "Short-Term
Effects Already Felt" and "Open-Ended Questions
Remain"
were originally published in Investment Forum (December 2001),
Volume 5, No. 4.
Martin
Wolf: A catalyst for further change Read
FT
IMF:
Economic Forum The Euro:
Ready or Not
eurotrash
offers man-in-the-street perspectives on the currency switch.
| New
Books on Euro-related issues |
A
new Book edited by Marco Buti, Jürgen von Hagen, Carlos Martinez
Mongay
Palgrave:
Catalogue Page - The Behaviour of Fiscal Authorities: Stabilisation,
Growth and Institutions
A
new Book edited by Anne Brunila, Marco Buti, Daniele Franco
Palgrave:
Catalogue Page - The Stability and Growth Pact: he Architecture
of Fiscal Policy in EMU
| THE
EURO |
| The
effective exchange rates of the euro, Luca Buldorini and
Stelios Makrydakis and Christian Thimann, February 2002
, (ECB Occasional Paper No. 2) pdf 532 kB
Sirkka
Hämäläinen The euro as a monetary,
financial, economic and political innovation Feb
25 2002
Making
the Most of the Euro - "Banking on the Euro: Leap of
Faith or Act of Folly?" Address by Anne Krueger,
First Deputy Managing Director of the IMF Feb 28 2002
Wim
Duisenberg: The euro as a catalyst
for European integration speech held on the
occasion of the conference "One money, one Euregional
market" Feb 6 2002
Economic
Fundamentals and the exchange rate of the euro is a
chapter in the ECB Monthly Bulletin, January 2002
pdf 1093 kB
Eugenio
Domingo Solans: The "Psychology" of
the European Currency, as viewed by the European Central
Bank Dec 5
Alquist
and Chinn: The euro
and the productivity puzzle An alternative interpretation
A
VIEW FROM THE IMF: Why
has the euro been so weak? by Guy Meredith
Deutsche
bank research: Competing
currencies: the external value of the euro
Euro
pushed down by Eastern Europe?
See
also previous work by:
CLOSTERMANN, J. and B. SCHNATZ (2000) "The
determinants of the euro-dollar exchange rate Synthetic
fundamentals and a non-existing currency", Economic
Research Group of the Deustche Bundesbank, Discussion
Paper 2/00
MAESO-FERNANDEZ,
F., C. OSBAT and B. SCHNATZ (2001) "Determinants of the
euro real effective exchange rate: A BEER/PEER approach",
ECB Working
Paper No. 85.
|
| THE
EUROPEAN ECONOMY |
| The
EU Economy Review Economic
and Financial Affairs - Publications Chapter 1: Prospects
and policy challenges for the EU Economy Chapter 2 Macroeconomic
developments in the euro area Chapter 3: Determinants
and benefits of investment in the euro area Chapter 4:
Financial market integration in the EU Chapter 5: Reforms
of pension systems in the EU - an analysis of the policy
options Chapter 6: The microeconomic impact of Information
and communication technologies in Europe.
European
Union: Autumn 2001 economic forecasts for 2001-2003
Forecast
and economic forecasts for the Candidate Countries
more..
From
the NBER
NBER
Announces Recession Began March 2001
Business cycle dates |
| THE
NEW FINANCIAL ARCHITECTURE AND DOLLARIZATION |
The
IMF on Sovereign
Debt Restructuring
New
Approaches to Sovereign Debt Restructuring: An Update
on Our Thinking by Anne Krueger
Transcript
of a Teleconference on Sovereign Debt Restructuring Mechanism
with Washington-based Journalists and First Deputy
Managing Director, Anne Krueger
To make sovereign
debt restructuring smoother, not to dictate the terms
Interview with Anne Krueger, First Deputy Managing Director
of the IMF Feb 25 2002 IMF
WP Early
Ideas on Sovereign Bankruptcy Reorganization: A Survey
by K. Rogoff and J. Zettelmeyer (.pdf)
Argentina and the
Fund: From Triumph to Tragedy by Michael Mussa IIE
March 25, 2002
Fixed
exchange rates: The lessons from Argentina by E.
Truman IIE March 2002 (.pdf)
The International
Financial Architecture: What's New? What's Missing?
by Peter B. Kenen IIE March 2002
A
Contribution to an Online Discussion on Sovereign Debt
Restructuring A Letter by Thomas C. Dawson, Director,
External Relations Department, IMF
Should Countries
like Argentina be able to Declare Themselves Bankrupt?
A Commentary By Anne Krueger, First Deputy Managing
Director Feb 7
The
Evolution of Emerging Market Capital Flows: Why We Need
to Look Again at Sovereign Debt Restructuring by
Anne Krueger Feb 4
Nouriel
Roubini: Should Argentina Dollarize or Float? The Pros
and Cons of Alternative Exchange Rate Regimes and their
Implications for Domestic and Foreign Debt Restructuring/Reduction
Also,
by Nouriel Roubini: Bail-ins,
Bailouts, Burden Sharing and Private Sector Involvement
in Crisis Resolution: The G-7 Framework and Some Suggestions
on the Open Unresolved Issues
Solving
Sovereign Debt Overhang by Internationalising Chapter
9 Procedures
Kunibert Raffer Jan 2002
Anne
Krueger: International Financial Architecture for 2002:
A New Approach to Sovereign Debt Restructuring
From
UNCTAD:
FDI
DOWNTURN IN 2001 TOUCHES ALMOST ALL REGION |
| NEW
FROM THE ECB |
| Otmar
Issing: The role of monetary
policy in managing economic risks Otmar
Issing Testimony before the
Committee on Economic and Monetary Affairs of the European
Parliament March 2002
Sirkka
Hämäläinen: Integrating Europe’s
Financial Markets March 2002
Wim
Duisenberg: The introduction of the euro: a (critical)
retrospect and a preview, EN March 2002
Eugenio
Domingo Solans European financial integration
and the international role of the euro March 9
Sirkka Hämäläinen The euro as a monetary,
financial, economic and political innovation Feb
25 2002
Wim Duisenberg: China and the euro area
in a global perspective Feb 25 2002
Padoa Schioppa Remarks at the roundtable:
Mid-term review of progress towards European financial
integration Feb 22
Christian Noyer Success factors of the
euro and the ECB Feb 13
Feb 7, 2002:
Wim Duisenberg, the Dutch president of the European
Central Bank, is to resign next year.
Wim Duisenberg: Introductory statement to the press
conference on 7 February 2002 EN
Wim Duisenberg: The euro as a catalyst
for European integration speech held on the
occasion of the conference "One money, one Euregional
market" Feb 6 2002
Wim Duisenberg Testimony before the
Committee on Economic and Monetary Affairs of the European
Parliament Jan 23
Wim Duisenberg: Current fiscal and monetary policy issues
in the euro area, EN
Eugenio Domingo Solans: The "Psychology" of
the European Currency, as viewed by the European Central
Bank Dec 5
Eugenio Domingo Solans Some remarks on the
future of the euro |
| Working papers by ECB and other institutions |
The
Euro exchange rate
The effective exchange rates of the euro, Luca Buldorini
and Stelios Makrydakis and Christian Thimann, February
2002 , (ECB Occasional Paper No. 2) pdf
532 kB Financial
markets
Duration, volume and volatility impact of trades, by
Simone Manganelli, February 2002, pdf 526 kB
Analysing
and combining multiple credit assessments of financial
institutions, by Evangelos Tabakis and Anna Vinci, February
2002, (ECB Working Paper No. 123) pdf 635 kB
Productivity
and growth
New technologies and productivity growth in the euro
area, by Focco Vijselaar and Ronald Albers, February
2002, (ECB Working Paper No. 122) pdf 445 kB
Business
Cycle
Can confidence indicators be useful to predict short
term real GDP growth?, by Annabelle Mourougane and Moreno
Roma, March 2002, (ECB Working Paper No. 133) pdf 2252 kB
Some
stylised facts on the euro area business cycle, by Anna-Maria
Agresti and Benoît Mojon, December 2001, (ECB Working
Paper No. 95) pdf
710 kB
Monetary
policy
The
Transmission Mechanism of European Monetary Policy:
Is There Heterogeneity? Is it Changing over Time?
IMF WP April 2002
Otmar
Issing: The role of monetary
policy in managing economic risks
Inflation
dynamics and dual inflation in accession countries:
a "New Keynesian" perspective, by Olga Arratibel,
Diego Rodríguez-Palenzuela and Christian Thimann,
March 2002, (ECB Working Paper No. 132) pdf
1081 kB
Harmonized
indexes of consumer prices: their conceptual foundations,
by Erwin Diewert, March 2002, (ECB Working Paper
No. 130) pdf
856 kB
From
ZEI
working papers:
The Euro System
and the Federal Reserve System Compared: Facts
and Challenges by Karlheinz Ruckriegel and
Franz Seitz
Testimony
of Chairman Alan Greenspan Before the Committee on Financial
Services and Monetary
Policy Report to the Congress Feb 2002
Non-standard
central bank loss functions, skewed risks, and certainty
equivalence, by Ali al-Nowaihi and Livio Stracca, February
2002, (ECB Working Paper No. 129), pdf 509 kB
Openness,
imperfect exchange rate pass-through and monetary
policy, by Frank Smets and Raf Wouters, February 2002,
(ECB Working Paper no. 128) pdf
541 kB
Performance
of monetary policy with internal central bank forecasting,
by Seppo Honkapohja and Kaushik Mitra, February 2002,
(ECB Working Paper No. 127) pdf 991 kB
Monetary
policy, expectations and commitment, by George W.
Evans and Seppo Honkapohja, February 2002, (ECB Working
Paper No. 124) pdf
654 kB
Natural
rate doubts, by Andreas Beyer and Roger E. A. Farmer,
February 2002, (ECB Working Paper No. 121) pdf 619 kB
Learning
stability in economics with heterogenous agents, by
Seppo Honkapohja and Kaushik Mitra, January 2002, (ECB
Working Paper No. 120 pdf 828 kB
Monetary
policy and the stock market in the euro area, by Nuno
Cassola and Claudio Morana, January 2002, (ECB Working
Paper No. 119), pdf
883 kB
Financial
frictions and the monetary transmission mechanism:
theory, evidence and policy implications, by Charles
Bean and Jens Larsen and Kalin Nikolov, January 2002,
(ECB Working Paper No. 113), pdf 550 kB
Housing
prices
Hedonic
house prices without characteristics: the case of new
multiunit housing, by O. Bover, P. Velilla, January
2002, (ECB Working Paper No. 117) pdf 588 kB
Rent
indices for housing in West Germany 1985 to 1998, by
J. Hoffmann, C. Kurz, January 2002, pdf 648 kB
Monetary
Transmission
Firm investment and monetary transmission in the euro
area, by J. B. Chatelain, A. Generale, I. Hernando,
U. von Kalckreuth and P. Vermeulen, December 2001, (ECB
Working Paper No. 112), pdf 1527 kB
Monetary
transmission: empirical evidence from Luxembourg
firm level data, by Patrick Lünnemann and Thomas Mathä,
December 2001, (ECB Working Paper No. 111), pdf 567 kB
Does
monetary policy have asymmetric effects? A look at the
investment decisions of Italian firms, by Eugenio Gaiotti
and Andrea Generale, December 2001, (ECB Working
Paper No. 110), pdf 557 kB
...
chech the ECB site for a number of paper on the effect
of monetary policy country by country!
Monetary
policy transmission in the euro area: What do aggregate
and national structural models tell us?, by Peter van
Els, Alberto Locarno, Julian Morgan, Jean-Pierre Villetelle,
December 2001, (ECB Working Paper No. 94), pdf 982 kB
The
monetary transmission mechanism at the euro-area level:
issues and results using structural macroeconomic models,
by Peter McAdam and Julian Morgan, December 2001, (ECB
Working Paper No. 93), pdf
673 kB
Fiscal
policy
Overheating
in small euro area economies: Should fiscal policy react?
by Peter Hoeller, Claude Giorno and Christine de la
Maisonneuve, OECD WP no.323
Public
pensions and growth, by Stéphane Lambrecht, Philippe
Michel and Jean-Pierre Vidal, November 2001, (ECB Working
Paper No. 90)pdf
894 kB
More
paper from the ECB
Working Papers series... |
Global
Financial Stability Report - A Quarterly Report by the International
Capital Markets Department on Market Developments and Issues March
2002
Making the
Most of the Euro - "Banking on the Euro: Leap of Faith or Act
of Folly?" Address by Anne Krueger, First Deputy Managing
Director of the IMF
To make sovereign
debt restructuring smoother, not to dictate the terms Interview
with Anne Krueger, First Deputy Managing Director of the IMF,
Feb 25 2002
Lesson
Of Sept. 11 Is Need For International Cooperation: E.U.'S Patten
World Bank
A
Contribution to an Online Discussion on Sovereign Debt Restructuring
A Letter by Thomas C. Dawson, Director, External Relations Department,
IMF
Should
Countries like Argentina be able to Declare Themselves Bankrupt?
A Commentary By Anne Krueger, First Deputy Managing Director Feb
7
A New Approach
to Sovereign Debt Restructuring by A. Krueger
The Evolution
of Emerging Market Capital Flows: Why We Need to Look Again at
Sovereign Debt Restructuring by
Anne Krueger Feb 4
IMF, World
Bank Conclude Joint Poverty Reduction Strategy Conference
Economic Forum The Euro:
Ready or Not
IMF Survey
includes an article on the global economy after Sept 11
IMF
Staff Papers Conferences
Conference
on Macroeconomic Policies and Poverty Reduction March 2002
Recent
Working Papers
Currency and financial crises
Systemic
Risk and Financial Consolidation: Are they Related?
International
Capital Crunches: The Time-Varying Role of Informational Asymmetries
Purchasing
Power Parity and New Trade Theory
Commodity
Currencies and Empirical Exchange Rate Puzzles
The Forward
Premium Puzzle Revisited
The Output
Decline in Asian Crisis Countries: Investment Aspects
Exchange
Market Pressure, Currency Crises, and Monetary Policy: Additional
Evidence from Emerging Markets
Structural
Vulnerability and Currency Crises
Fiscal
Sustainability and Monetary versus Fiscal Dominance: Evidence
from Brazil, 1991-2000
Currency
Crises and Uncertainty About Fundamentals
Convertibility
Risk: The Precautionary Demand for Foreign Currency in a Crisis
A Model
of the Joint Distribution of Banking and Exchange-Rate Crises
Financial
Stability and Fiscal Crises in a Monetary Union
Uncovered
Interest Parity in Crisis: The Interest Rate Defense in the
1990s
The Impact
of Corporate Governance Structures on the Agency Cost of Debt
The Treatment
of Nonperforming Loans in Macroeconomic Statistics
Soverign Bankruptcy and financial stability
Early
Ideas on Sovereign Bankruptcy Reorganization: A Survey
Regulatory
and Supervisory Independence and Financial Stability
Growth and business cycle
Foreign
Direct Investment in Emerging Markets: Income, Repatriations
and Financial Vulnerabillities
The Impact
of Cyclical Factors on the U.S. Balance of Payments
The Rule
of Law and the Pattern of Environment Protection
Impact
of Structural Reforms on Productivity Growth in Industrial Countries
IMF working paper Jan 30: "The impact of structural reforms
may be weak or negative in the short run, but positive in the
long run".
The Impact
of Changes in Stock Prices and House Prices on Consumption in
OECD Countries
Globalization,
Growth and Poverty: Building an Inclusive World Economy
World Bank
Stabilization Policy
Optimal
Central Bank Conservatism and Monopoly Trade Unions
Monetary
Rules for Emerging Market Economies IMF WP
Inflation
Targeting Remarks by IMF Managing Director Horst Köhler
March 2002
Nominal
Exchange Rate Anchoring Under Inflation Inertia
An Investigation
of Output Variance Before and During Inflation Targeting
Sources
of Inflation in Developing Countries
Exchange
Rate Pass-Through to Domestic Prices: Does the Inflationary
Environment Matter?
Financial Markets
Financial
Reforms and Interest Rate Spreads in the Commercial Banking
System in Malawi
Fiscal Policy
Candidate
Entry, Screening, and the Political Budget Cycle
A Fiscal
Theory of the Currency Risk Premium and of Sterilized Intervention
A New
Rule: "The Swiss Debt Brake"
Pension
Reform and the Fiscal Policy Stance
Central
Bank Independence and the Design of Fiscal Institutions
Population
Aging and Its Macroeconomic Implications: A Framework for Analysis
Labor market
Wage
Inequality in the United Kingdom, 1975-99
On-the-Job
Search and the Beveridge Curve
Paul Krugman: Bush's
Aggressive Accounting PKArchive Feb 5 Ronald
McKinnon, Stanford University Spend now, pay later ReadFT
Feb 5
Paul
Krugman: The Great Divide PKArchive Jan 29
Martin
Wolf: Global economy When shoppers become savers Read
FT Jan 21
A
Fiscal Fantasy Paul Krugman Jan 21
American
fiscal policy: Stalemate Economist Jan 21
PAUL
KRUGMAN The Enron debacle is not just the story of a company
that failed; it is the story of a system that failed.
A System Corrupted
NYTImes Jan 18
Paul
Krugman We May Be Raising the Lid on
Crony Capitalism in America IHT Jan 16
| ON
ARGENTINA |
ANALYSIS
Caballero and Dornbusch Argentina cannot be trusted
Read
FT March 8
Should Countries
like Argentina be able to Declare Themselves Bankrupt?
A Commentary By Anne Krueger, First Deputy Managing Director
Feb 7
Adam Lerrick and Allan Meltzer A solution for Argentina
ReadFT
Jan 24
Currency
regimes: Lessons from Argentina Economist Jan 21
Sebastian Edwards: This Argentine scheme Read
FT Jan 21
Robert Samuelson IHT: Cry for Argentina
- and Hope Its Disease Isn't Contagious Jan 19
Martin Wolf The mess Duhalde is making Read
FT Jan 16
Martin
Feldstein: Lessons from Argentina Jan 24
Jeff
Sachs: Duhalde's wrong turn FT
Argentina's
route to salvation: A competitive exchange rate, a more
open economy and sound banks should be the priorities,
says Ricardo Hausman FT
Paul
Krugman: Crying With Argentina NYTimes
After
Argentina by Martin Wolf
Nouriel
Roubini: Should Argentina Dollarize or Float? The Pros
and Cons of Alternative Exchange Rate Regimes and their
Implications for Domestic and Foreign Debt Restructuring/Reduction
Raquel Fernández and Jonathan Portes(FT): Argentina's
senseless sacrifice Read
Dec 19
Nouriel
Roubini: Why should the foreign creditors of Argentina
take a greater hit/haircut than the domestic ones: On
the economic logic, efficiency, fairness and legality
of "discriminating" between domestic and foreign debt
in sovereign debt restructurings Dec 14
Paul Krugman:
Argentina's Money Monomania December
Barry
Eichengreen: An End to Argentina's Misery December
Barry
Eichengreen: Crisis Prevention and Management: Any New
Lessons for Argentina and Turkey October
Martin Wolf: Global economy Argentina's agonising
options ReadFT
Dec 5
International
Financial Integration and Developing Countries, Chapter
4 of World Economic Outlook
Edwin M. Truman: Perspectives
on External Financial Crises IIE December
CHRONOLOGY
In
Argentina, I.M.F. Impasse Heightens Fear on Economy...
NYTimes Feb 23
Argentines'
love of dollar is key to economic fortune FT Feb
21
IMF
urged to help Argentina... BBC Feb 19
Argentine
peso down as queues for dollars swell FT Feb 11
Argentinas
peso under pressure... BBC Feb 11
G-7 puts Buenos Aires
on notice IHT Feb 11
Argentina
prepares to defend peso... BBC Feb 10
Argentines
warned off buying US dollar at any price... ABC
Feb 10
IMF's
Köhler Welcomes Remes Visit, says IMF Working Closely
with Argentina Feb 8
Floating
or sinking? Economist Feb 8
Argentina
impatient for aid as IMF urges reform FT Feb 7
2/6/02
- Argentina economy: Budget plan likely to be endorsed...
Economist Intelligence Unit Feb 7
Argentina
halts currency trading... BBC Feb 6
Argentine Banks Shut
After Exchange Ban IHT Feb 6
Argentine
delays floating peso... BBC Feb 6
Argentina Close to anarchy Read
FT Feb 5
Argentina
set for currency turmoil... The Times Feb 5
Argentina
Forced to Revise Economy Plan... Washington Post
Feb 2
Press
attacks supreme court decision BBC Feb 2
Argentine
Leader Asks for Patience After Protests Yahoo Jan
26
Argentina
Boosts Security as Mass Protest Planned Yahoo Jan
25
Thousands
of Argentines Protest Over Cash Crisis Yahoo 25
Argentine
Gov't Split on End to Bank Savings Freeze Yahoo
Jan 24
1/22/02
- Spain economy: Argentina losses uncertain... Economist
Intelligence Jan 23
Argentina casts wide net for help on bank crisis
Read
FT Jan 22
Argentina
Set To Convert All Dollar Deposits... IHT Jan 22
Argentina
undermines profits at Spain's SCH FT Jan 22
BBC
News Argentines angry at peso conversion Jan 21
Argentina
Rushes to Contain Ire Over Bank Deposits Yahoo Jan
21
Dreams
of Normality Washington Post Jan 21
U.S. and IMF Fumble for
Argentina Strategy International Herald Tribune
Jan 19
Argentina's
bank chief forced to quit (on Jan 17) FT Jan 18
Argentine
Peso Sinks to New Lows as Crisis Continues... NYTimes
Jan 18
Argentina's
imploding banks: Should I stay or should I go? Economist
Jan 18
Argentina Clouds U.S.
Trade Hopes IHT Jan 16
Argentina
Scolds IMF... IHT Jan 14
Argentina
sends IMF back to the drawing board... Guardian
Jan 14
Argentina
lashes out at IMF... BBC Jan 13
IMF
waits for coherent policy from Argentina... ABC
Jan 12
After
a night of protests at a government freeze on bank deposits,
Argentina’s peso currency devalued 41 perce... MSNBC
Jan 12
Argentine
Peso Drops Sharply After Link to the Dollar Ends...
NYTimes Jan 12
Argentina to freeze dollar accounts for a year
Read
FT Jan 11
Argentinas
peso falls... CNN Jan 11
Argentina
to resume currency trading... BBC Jan 11
Argentina
Is Still Shaky Despite Currency Measures... NYTimes
Jan 11
Argentina
asks oil companies for $1.2bn in aid FT Jan 10
Argentinas
foreign exchange markets remain closed... Guardian
Jan 9
Argentine
banks stare bankruptcy in the face FT Jan 9
Argentina
Devalues, Adopts Dual Exchange Rate World Bank Jan
7
Cautious
reaction to peso devaluation... BBC Jan 7
Argentina
devalues peso by 30%... CNN Jan 7
Argentina:
Fixing the rate, not the problem Economist Jan 7
IMF
sees more pain for Argentina... BBC Jan 7
Argentina:
What difference will devaluation make?... BBC Jan
7
Argentina's
crisis brings sharp fall in Spanish equities FT
Jan 7
White
House denies falling into the bailout trap FT Jan
7
For
IMF, Argentina Was an Unsolvable Puzzle Washington
Post Jan 3
Argentina's
route to salvation FT Jan 3
Editorial
comment: Argentina and the markets FT Jan 3
Paul
Krugman: Crying With Argentina NYTimes Jan 2
Argentina
tries to stem crisis FT Jan 2
Argentina's
new president set to scrap dollar peg FT Jan 2
Thomas Catán: Argentina Divided they fall
Read
FT Jan 2
Argentina:
Accepting default, avoiding disaster Economist Jan
2
Bush
urges Argentine leader to work with IMF... iWon
Dec 29
IMF
talks raise hopes in Argentina... BBC Dec 29
Once
Burned, Argentines Fear New Currency... IHT Dec
29
Argentina
poised for default and devaluation FT
Buenos
Aires in chaos as president steps down FT Dec 21
Argentine
economy minister resigns... BBC Dec 20
Should
the IMF bail out Argentina?... BBC DEC 19
IMF
Blasts Argentina Economic Policy... Washington Post
Dec 18
IMF
proposes Chapter 11 plan for nations _ an idea that
comes too late for Argentina AP Dec 18
Argentine
budget dispute imperils loans FT Dec 17
Argentines
back dollar-peso parity in poll... Nando Times Dec
17
Argentina narrowly avoids debt default
Read
FT Dec 15
Argentina
Meets Debt Expiry, Fends Default for Now Reuters
Dec 14
Argentina's
Finance Secretary Daniel Marx Resigns Bloomberg
Dec 14
Argentina
hit by protests over austerity measures Dec 14
Argentina
Delays Pension Payments, Lacks Funds, Clarin Reports
Bloomberg Dec 12
Argentina
Delays $700 Mln Treasury Bill Payment, Ambito Reports
Bloomberg Dec 12
Capital
flight keeps Argentine stock above water FT DEc
11
A
Question From Argentina Washington Post Dec 11
Argentina
Scrambles for I.M.F. Loans... NYTimes
Argentina
prepares new budget... BBC Dec 10
IMF
Gives Budget-Cut Order to Argentina World Bank
Argentina
Retrenches After IMF Blocks Aid... International
Herald Tribune Dec 10
Argentina's economy chief faces calls to
resign Read
FT Dec 10
Argentina's
Cavallo upbeat on IMF meetings FT Dec 9
Argentina
holds make-or-break talks with IMF... The Times
Dec 8
Cavallo plea to IMF as Argentine crisis deepens
Read
FT Dec 8
Argentina
faces debt default as IMF stops loan... The Times
Dec 7
IMF denies loan to Argentina Read
FT Dec 6
Argentines
Ready for Dollarization Wolrd Bank
Argentines
ponder life with empty wallets FT Dec 5
Cavallo
Blames Speculators for Argentina's Woes: David DeRosa
Bloomberg
Argentina
bank curbs to staunch cash exodus FT Dec 3
Argentina
Limits Withdrawals as Banks Near Collapse... NYTimes
Dec 3
Argentina
Limits Bank Withdrawals, Convert to Dollars Bloomberg
Dec 1
Argentina's
Tumble Fails to Push U.S. Into Action Bloomberg
Nov 30
Argentina's
Peso Futures Drop, Depositors Pull Cash Bloomberg
Nov 30
Brazil's
Fraga: History of Central Bank and Policies Bloomberg
Nov 30
IMF
Proposes Bankruptcy System for Indebted Nations
Bloomberg Nov 27
Argentina
Bonds Fall on Report IMF Wants Devaluation Bloomberg
Nov 27
IMF
spotlight on Argentina... BBC Nov 25
Lima summit offers support for Argentine debt
actions Read
FT Nov 25
Common
currency plan advances for Argentina and Brazil...
CNN Europs Nov 24
ARGENTINA:
President defends currency alignment... Chicago
Tribune Nov 24
Argentina's
Menem to Seek Presidency in 2003 Election Bloomberg
Nov 22
Menem’s
return set to worsen Argentina’s political disarray
FT Nov 22
FOXNews.comWorkers
Decry Argentina Economy Plan Nov 21
Argentina
begins vital debt revamp... BBC Nov 20
IMF
hints at further lending help for Turkey FT Nov
16
Argentina:
Back from the brink? The Economist Nov 15
Argentina
gives details on refinancing province debt FT Nov
15
Brazil
rally reinvigorates investor confidence FT NOv 14
Bush
backs debt restructuring plan FT Nov 13
U.S.
official: Bush supports IMF plan for Argentina...
CNN Nov 11
Michael
Mussa: Argentina needs effective not unthinking support
FT Nov 11
Argentina:
On the brink? The Economist Nov 9
Argentina
inches closer to debt deal... BBC Nov 7
Paul
Krugman: A Cross of Dollars NYTimes Nov 7
Argentina
may seek more relief on interest payments FT Nov
5
Market
Is Skeptical of Argentinas Plan... International
Herald T UK
and eurozone rates cut as global gloom worsens ribune
Nov 2
Investors shun Argentina's escape plan Read
FT
Argentina's
debt proposal underlines fears of default FT Nov
2
The
winding path to an economic crisis FT Nov 1
The Economist Dollar
mad?... (Nov 1)
Argentina
finance: Debt restructuring or default?... Economist
Intelligence Unit (Oct 31)
Martin Wolf Time
for Plan B in Argentina (FT Oct 31)
Ricardo Hausman A
way out for Argentina (FT Oct 29)
IMF: Transcript
of an Economic Forum Anticipating Crises: Model Behavior
or Stampeding Herds Nov 1
IIF: Special Committe
on Crisis Prevention and Resolution in Emerging Markets:
Policy Statement Nov 7 |
|
February
2002
|
News
and editorials (daily) |
Analysis
and euro-related Documents |
| January
20 |
| Philip
Coggan: Passing the devaluation parcel Read
FT |
|
The
effective exchange rates of the euro, Luca Buldorini and
Stelios Makrydakis and Christian Thimann, February 2002 ,
(ECB Occasional Paper No. 2) pdf 532 kB
Making the
Most of the Euro - "Banking on the Euro: Leap of Faith or Act
of Folly?" Address by Anne Krueger, First Deputy Managing
Director of the IMF
| New
from the European
Commission - Economic and Financial Affairs: Implementation
report of the 2001 Broad Economic Policy Guidelines |
The
Commission issued a report that occupies an important
place in the economic policy co-ordination process. The
“report on the implementation of the 2001 Broad
Economic Policy Guidelines” gives an account of how well
the 2001 and earlier Broad Economic Policy Guidelines
have been carried out. The report serves two purposes:
Firstly, it makes an assessment of the degree of implementation
of the 2001 Broad Economic Policy Guidelines. As
such it is part of the monitoring and surveillance process
that takes place to ascertain that the recommendation
are followed up. Secondly, it prepares the next Broad
Economic Policy Guidelines. By comprehensively identifying
which recommendations have been adopted and which
have not, and by re-evaluating the 15 economies, the process
of formulating the new recommendations is more meticulous.
Part
I and Part
II |
2002
Economic Report of the President by the Council of Economic
Advisers
|
EuroCOIN:
is a new coincident indicator of the euro area business
cycle. It has important advantages over alternative
indicators, which provide only a noisy signal of the
state of the business cycle. EuroCOIN uses an innovative
econometric methodology to distill information from
the real economy, the financial sector and surveys of
business and consumer sentiment, weighting each
source of information according to its correlation with
movements of the cycle, while filtering out measurement
error and very short run volatility. EuroCOIN has another
important advantage: timeliness. The new econometric
techniques provide forecasts of data which is not yet
available: this allows the indicator to be computed
in real time.
The
indicator will be published on the 28th of each month
by CEPR. You can subscribe to a monthly email alert
announcing the release of the indicator at
http://www.cepr.org/Data/eurocoin/alert/
The
indicator was constructed by a team of researchers associated
with CEPR, and researchers from the research department
at the Banca d'Italia. The team comprises Filippo
Altissimo (Banca d'Italia and CEPR); Antonio Bassanetti
(Banca d'Italia); Riccardo Christadoro (Banca d'Italia);
Mario Forni (Universita di Modena and CEPR); Marc Hallin
(ECARES, Universite Libre de Bruxelles); Marco Lippi
(Universita di Roma); Lucrezia Reichlin (ECARES, Universite
Libre de Bruxelles and CEPR); and Giovanni Veronese
(Banca d'Italia).
The
economist on the Eurocoin Euro
area business cycle |
| New
academic papers and papers newly added to the Euro Homepage |
At
the origin of synchronized business cycle within a monetary union:
Self-validating
optimum currency areas a new paper by Giancarlo Corsetti
and Paolo Pesenti (presented in Atlanta 2002) A
revised (February 2002) version of International Dimensions
of Optimal Monetary Policy by Giancarlo Corsetti and Paolo
Pesenti
Dornbusch's
Overshooting Model After Twenty-Five Years
The Mundell-Fleming Lecture by Kenneth Rogoff
From:
Subramanian RANGAN
Insead
Search
and deliberation in international exchange: Microfoundations
to some macro patterns Journal of International Business
Studies, 31 (2): 205-222, 2000.
A prism on globalization:
Corporate responses to the dollar (with Robert Z. Lawrence),
Brookings Institution: Washington, D.C., 1999.
Seven myths to ponder
before going global November 29, 1999, Financial Times,
Mastering Strategy supplement, Part Ten.
Preliminary
Drafts presented at the latest Economic Policy Panel
Meeting:
The
Challenges Facing Currency Usage: Will the traditional transactions
medium be able to resist competition from the new technologies?
by Mathias Drehmann, Charles Goodhart and Malte Krueger;
Harald
Hau W. Killeen and M. Moore How has
the Euro changed the Foreign Exchange Market;
Can
Training and Financial Incentives Combat European Unemployment?
by Jochen Kluve and Christoph M. Schmidt;
Anatomy
of Employment Growth by Pietro Garibaldi and Paolo Mauro;
Public
Employment and Labour Market Performances by Yann Algan,
Pierre Cahuc and André Zylberberg.
Check
also the latest issue of Economic Policy
====
Ken Rogoff (From the "commentaries" of Economic Policy).
The
failure of empirical exchange rate models: no longer new, but
still true
Ugo
Marani and Carlo Altavilla
Is there
a deflationary bias in European Economic Policies?
Fatas
and Mihov:
The Effects of
Fiscal Policy on Consumption and Employment: Theory and Evidence
Government
Size and Automatic Stabilizers: International and Intranational
Evidence
Fiscal
Policy and Business Cycles: An Empirical Investigation
Mihov:
Fiscal Policy
in the EMU: Challenges of the Early Years
Some
recent contributions by Richard Portes:
The
European Contribution to International Financial Stability
CEPR WP 2956
The Euro
and the Financial System CEPR WP 2955
A
Monetary Union in motion: the European Experience 2954
A
very useful reading
list
Canzoneri
Cumbi and Diba:
The
need for international policy coordination: What's old, what's
new, what's yet to come.
Monetary
policy rules, macroeconomic stability and inflation: a
view from the trenches, by Athanasios Orphanides, December
2001, (ECB Working Paper No. 115) pdf 578 kB
Making the
Most of the Euro - "Banking on the Euro: Leap of Faith or Act
of Folly?" Address by Anne Krueger, First Deputy Managing
Director of the IMF
Joint press
conference given by the EU Presidency, the European Central Bank,
and the European Commission on the introduction of the euro banknotes
and coins Duisenberg: Introductory statement to
the press conference on 3 January 2002
ECB Update on the euro cash changeover
FAQ on the euro banknotes and coins: EN
Duisenberg Keynote address at an awards
ceremony and press conference held on the eve of the introduction
of the euro banknotes and coins A
short piece by Giancarlo Corsetti for Tiaa-cref: Idea Exchange
with Barry Eichengreen (Dec 2001): Feeling the Impact
of the EuroCurrency
Originally published in Investment Forum, a newsletter published
by
TIAA-CREF. "Short-Term
Effects Already Felt" and "Open-Ended Questions
Remain"
were originally published in Investment Forum (December 2001),
Volume 5, No. 4.
Martin
Wolf: A catalyst for further change Read
FT
IMF:
Economic Forum The Euro:
Ready or Not
eurotrash
offers man-in-the-street perspectives on the currency switch.
| New
Books on Euro-related issues |
A
new Book edited by Marco Buti, Jürgen von Hagen, Carlos Martinez
Mongay
Palgrave:
Catalogue Page - The Behaviour of Fiscal Authorities: Stabilisation,
Growth and Institutions
A
new Book edited by Anne Brunila, Marco Buti, Daniele Franco
Palgrave:
Catalogue Page - The Stability and Growth Pact: he Architecture
of Fiscal Policy in EMU
| THE
EURO |
| The
effective exchange rates of the euro, Luca Buldorini and
Stelios Makrydakis and Christian Thimann, February 2002
, (ECB Occasional Paper No. 2) pdf 532 kB
Sirkka
Hämäläinen The euro as a monetary,
financial, economic and political innovation Feb
25 2002
Making
the Most of the Euro - "Banking on the Euro: Leap of
Faith or Act of Folly?" Address by Anne Krueger,
First Deputy Managing Director of the IMF Feb 28 2002
Wim
Duisenberg: The euro as a catalyst
for European integration speech held on the
occasion of the conference "One money, one Euregional
market" Feb 6 2002
Economic
Fundamentals and the exchange rate of the euro is a
chapter in the ECB Monthly Bulletin, January 2002
pdf 1093 kB
Eugenio
Domingo Solans: The "Psychology" of
the European Currency, as viewed by the European Central
Bank Dec 5
Alquist
and Chinn: The euro
and the productivity puzzle An alternative interpretation
A
VIEW FROM THE IMF: Why
has the euro been so weak? by Guy Meredith
Deutsche
bank research: Competing
currencies: the external value of the euro
Euro
pushed down by Eastern Europe?
See
also previous work by:
CLOSTERMANN, J. and B. SCHNATZ (2000) "The
determinants of the euro-dollar exchange rate Synthetic
fundamentals and a non-existing currency", Economic
Research Group of the Deustche Bundesbank, Discussion
Paper 2/00
MAESO-FERNANDEZ,
F., C. OSBAT and B. SCHNATZ (2001) "Determinants of the
euro real effective exchange rate: A BEER/PEER approach",
ECB Working
Paper No. 85.
|
| THE
EUROPEAN ECONOMY |
| The
EU Economy Review Economic
and Financial Affairs - Publications Chapter 1: Prospects
and policy challenges for the EU Economy Chapter 2 Macroeconomic
developments in the euro area Chapter 3: Determinants
and benefits of investment in the euro area Chapter 4:
Financial market integration in the EU Chapter 5: Reforms
of pension systems in the EU - an analysis of the policy
options Chapter 6: The microeconomic impact of Information
and communication technologies in Europe.
European
Union: Autumn 2001 economic forecasts for 2001-2003
Forecast
and economic forecasts for the Candidate Countries
more..
From
the NBER
NBER
Announces Recession Began March 2001
Business cycle dates |
| NEW
FROM THE ECB |
Sirkka
Hämäläinen The euro as a monetary,
financial, economic and political innovation Feb 25
2002
Wim Duisenberg: China and the euro area
in a global perspective Feb 25 2002
Padoa Schioppa Remarks at the roundtable:
Mid-term review of progress towards European financial
integration Feb 22
Christian Noyer Success factors of the
euro and the ECB Feb 13
Feb 7, 2002:
Wim Duisenberg, the Dutch president of the European Central
Bank, is to resign next year.
Wim Duisenberg: Introductory statement to the press conference
on 7 February 2002 EN
Wim Duisenberg: The euro as a catalyst
for European integration speech held on the
occasion of the conference "One money, one Euregional
market" Feb 6 2002
Wim Duisenberg Testimony before the
Committee on Economic and Monetary Affairs of the European
Parliament Jan 23
Wim Duisenberg: Current fiscal and monetary policy issues
in the euro area, EN
Eugenio Domingo Solans: The "Psychology" of
the European Currency, as viewed by the European Central
Bank Dec 5
Eugenio Domingo Solans Some remarks on the
future of the euro |
| ECB working papers |
The
Euro exchange rate
The effective exchange rates of the euro, Luca Buldorini
and Stelios Makrydakis and Christian Thimann, February
2002 , (ECB Occasional Paper No. 2) pdf
532 kB Financial
markets
Duration, volume and volatility impact of trades, by
Simone Manganelli, February 2002, pdf 526 kB
Analysing
and combining multiple credit assessments of financial
institutions, by Evangelos Tabakis and Anna Vinci, February
2002, (ECB Working Paper No. 123) pdf 635 kB
Productivity
and growth
New technologies and productivity growth in the euro
area, by Focco Vijselaar and Ronald Albers, February
2002, (ECB Working Paper No. 122) pdf 445 kB
Business
Cycle
Some stylised facts on the euro area business cycle,
by Anna-Maria Agresti and Benoît Mojon, December 2001,
(ECB Working Paper No. 95) pdf 710 kB
Monetary
policy
Performance of monetary policy with internal central
bank forecasting, by Seppo Honkapohja and Kaushik Mitra,
February 2002, (ECB Working Paper No. 127) pdf 991 kB
Monetary
policy, expectations and commitment, by George W.
Evans and Seppo Honkapohja, February 2002, (ECB Working
Paper No. 124) pdf
654 kB
Natural
rate doubts, by Andreas Beyer and Roger E. A. Farmer,
February 2002, (ECB Working Paper No. 121) pdf 619 kB
Learning
stability in economics with heterogenous agents, by
Seppo Honkapohja and Kaushik Mitra, January 2002, (ECB
Working Paper No. 120 pdf 828 kB
Monetary
policy and the stock market in the euro area, by Nuno
Cassola and Claudio Morana, January 2002, (ECB Working
Paper No. 119), pdf
883 kB
Financial
frictions and the monetary transmission mechanism:
theory, evidence and policy implications, by Charles
Bean and Jens Larsen and Kalin Nikolov, January 2002,
(ECB Working Paper No. 113), pdf 550 kB
House
prices
Hedonic
house prices without characteristics: the case of new
multiunit housing, by O. Bover, P. Velilla, January
2002, (ECB Working Paper No. 117) pdf 588 kB
Rent
indices for housing in West Germany 1985 to 1998, by
J. Hoffmann, C. Kurz, January 2002, pdf 648 kB
Monetary
Transmission
Firm investment and monetary transmission in the euro
area, by J. B. Chatelain, A. Generale, I. Hernando,
U. von Kalckreuth and P. Vermeulen, December 2001, (ECB
Working Paper No. 112), pdf 1527 kB
Monetary
transmission: empirical evidence from Luxembourg
firm level data, by Patrick Lünnemann and Thomas Mathä,
December 2001, (ECB Working Paper No. 111), pdf 567 kB
Does
monetary policy have asymmetric effects? A look at the
investment decisions of Italian firms, by Eugenio Gaiotti
and Andrea Generale, December 2001, (ECB Working
Paper No. 110), pdf 557 kB
...
chech the ECB site for a number of paper on the effect
of monetary policy country by country!
Monetary
policy transmission in the euro area: What do aggregate
and national structural models tell us?, by Peter van
Els, Alberto Locarno, Julian Morgan, Jean-Pierre Villetelle,
December 2001, (ECB Working Paper No. 94), pdf 982 kB
The
monetary transmission mechanism at the euro-area level:
issues and results using structural macroeconomic models,
by Peter McAdam and Julian Morgan, December 2001, (ECB
Working Paper No. 93), pdf
673 kB
Fiscal
policy
Public pensions and growth, by Stéphane Lambrecht, Philippe
Michel and Jean-Pierre Vidal, November 2001, (ECB Working
Paper No. 90)pdf 894 kB
More
paper from the ECB
Working Papers series... |
Making the
Most of the Euro - "Banking on the Euro: Leap of Faith or Act
of Folly?" Address by Anne Krueger, First Deputy Managing
Director of the IMF
To make sovereign
debt restructuring smoother, not to dictate the terms Interview
with Anne Krueger, First Deputy Managing Director of the IMF,
Feb 25 2002
Lesson
Of Sept. 11 Is Need For International Cooperation: E.U.'S Patten
World Bank
A
Contribution to an Online Discussion on Sovereign Debt Restructuring
A Letter by Thomas C. Dawson, Director, External Relations Department,
IMF
Should
Countries like Argentina be able to Declare Themselves Bankrupt?
A Commentary By Anne Krueger, First Deputy Managing Director Feb
7
A New Approach
to Sovereign Debt Restructuring by A. Krueger
The Evolution
of Emerging Market Capital Flows: Why We Need to Look Again at
Sovereign Debt Restructuring by
Anne Krueger Feb 4
IMF, World
Bank Conclude Joint Poverty Reduction Strategy Conference
Economic Forum The Euro:
Ready or Not
IMF Survey
includes an article on the global economy after Sept 11
IMF
Staff Papers Conferences
Conference
on Macroeconomic Policies and Poverty Reduction March 2002
Recent
Working Papers
Currency and financial crises
Purchasing
Power Parity and New Trade Theory
Commodity
Currencies and Empirical Exchange Rate Puzzles
The Forward
Premium Puzzle Revisited
The Output
Decline in Asian Crisis Countries: Investment Aspects
Exchange
Market Pressure, Currency Crises, and Monetary Policy: Additional
Evidence from Emerging Markets
Structural
Vulnerability and Currency Crises
Fiscal
Sustainability and Monetary versus Fiscal Dominance: Evidence
from Brazil, 1991-2000
Currency
Crises and Uncertainty About Fundamentals
Convertibility
Risk: The Precautionary Demand for Foreign Currency in a Crisis
A Model
of the Joint Distribution of Banking and Exchange-Rate Crises
Financial
Stability and Fiscal Crises in a Monetary Union
Uncovered
Interest Parity in Crisis: The Interest Rate Defense in the
1990s
The Impact
of Corporate Governance Structures on the Agency Cost of Debt
The Treatment
of Nonperforming Loans in Macroeconomic Statistics
Growth and business cycle
Impact
of Structural Reforms on Productivity Growth in Industrial Countries
IMF working paper Jan 30: "The impact of structural reforms
may be weak or negative in the short run, but positive in the
long run".
The Impact
of Changes in Stock Prices and House Prices on Consumption in
OECD Countries
Globalization,
Growth and Poverty: Building an Inclusive World Economy
World Bank
Stabilization Policy
Nominal
Exchange Rate Anchoring Under Inflation Inertia
An Investigation
of Output Variance Before and During Inflation Targeting
Sources
of Inflation in Developing Countries
Exchange
Rate Pass-Through to Domestic Prices: Does the Inflationary
Environment Matter?
Financial Markets
Financial
Reforms and Interest Rate Spreads in the Commercial Banking
System in Malawi
Fiscal Policy
A Fiscal
Theory of the Currency Risk Premium and of Sterilized Intervention
A New
Rule: "The Swiss Debt Brake"
Pension
Reform and the Fiscal Policy Stance
Central
Bank Independence and the Design of Fiscal Institutions
Population
Aging and Its Macroeconomic Implications: A Framework for Analysis
Paul Krugman: Bush's
Aggressive Accounting PKArchive Feb 5 Ronald
McKinnon, Stanford University Spend now, pay later Read
FT Feb 5
Paul
Krugman: The Great Divide PKArchive Jan 29
Martin
Wolf: Global economy When shoppers become savers Read
FT Jan 21
A
Fiscal Fantasy Paul Krugman Jan 21
American
fiscal policy: Stalemate Economist Jan 21
PAUL
KRUGMAN The Enron debacle is not just the story of a company
that failed; it is the story of a system that failed.
A System Corrupted
NYTImes Jan 18
Paul
Krugman We May Be Raising the Lid on
Crony Capitalism in America IHT Jan 16
| ON
ARGENTINA |
ANALYSIS
Should Countries
like Argentina be able to Declare Themselves Bankrupt?
A Commentary By Anne Krueger, First Deputy Managing Director
Feb 7
Adam Lerrick and Allan Meltzer A solution for Argentina
Read
FT Jan 24
Currency
regimes: Lessons from Argentina Economist Jan 21
Sebastian Edwards: This Argentine scheme Read
FT Jan 21
Robert Samuelson IHT: Cry for Argentina
- and Hope Its Disease Isn't Contagious Jan 19
Martin Wolf The mess Duhalde is making Read
FT Jan 16
Martin
Feldstein: Lessons from Argentina Jan 24
Jeff
Sachs: Duhalde's wrong turn FT
Argentina's
route to salvation: A competitive exchange rate, a more
open economy and sound banks should be the priorities,
says Ricardo Hausman FT
Paul
Krugman: Crying With Argentina NYTimes
After
Argentina by Martin Wolf
Nouriel
Roubini: Should Argentina Dollarize or Float? The Pros
and Cons of Alternative Exchange Rate Regimes and their
Implications for Domestic and Foreign Debt Restructuring/Reduction
Raquel Fernández and Jonathan Portes(FT): Argentina's
senseless sacrifice Read
Dec 19
Nouriel
Roubini: Why should the foreign creditors of Argentina
take a greater hit/haircut than the domestic ones: On
the economic logic, efficiency, fairness and legality
of "discriminating" between domestic and foreign debt
in sovereign debt restructurings Dec 14
Paul Krugman:
Argentina's Money Monomania December
Barry
Eichengreen: An End to Argentina's Misery December
Barry
Eichengreen: Crisis Prevention and Management: Any New
Lessons for Argentina and Turkey October
Martin Wolf: Global economy Argentina's agonising
options Read
FT Dec 5
International
Financial Integration and Developing Countries, Chapter
4 of World Economic Outlook
Edwin M. Truman: Perspectives
on External Financial Crises IIE December
CHRONOLOGY
In
Argentina, I.M.F. Impasse Heightens Fear on Economy...
NYTimes Feb 23
Argentines'
love of dollar is key to economic fortune FT Feb
21
IMF
urged to help Argentina... BBC Feb 19
Argentine
peso down as queues for dollars swell FT Feb 11
Argentinas
peso under pressure... BBC Feb 11
G-7 puts Buenos Aires
on notice IHT Feb 11
Argentina
prepares to defend peso... BBC Feb 10
Argentines
warned off buying US dollar at any price... ABC
Feb 10
IMF's
Köhler Welcomes Remes Visit, says IMF Working Closely
with Argentina Feb 8
Floating
or sinking? Economist Feb 8
Argentina
impatient for aid as IMF urges reform FT Feb 7
2/6/02
- Argentina economy: Budget plan likely to be endorsed...
Economist Intelligence Unit Feb 7
Argentina
halts currency trading... BBC Feb 6
Argentine Banks Shut
After Exchange Ban IHT Feb 6
Argentine
delays floating peso... BBC Feb 6
Argentina Close to anarchy Read
FT Feb 5
Argentina
set for currency turmoil... The Times Feb 5
Argentina
Forced to Revise Economy Plan... Washington Post
Feb 2
Press
attacks supreme court decision BBC Feb 2
Argentine
Leader Asks for Patience After Protests Yahoo Jan
26
Argentina
Boosts Security as Mass Protest Planned Yahoo Jan
25
Thousands
of Argentines Protest Over Cash Crisis Yahoo 25
Argentine
Gov't Split on End to Bank Savings Freeze Yahoo
Jan 24
1/22/02
- Spain economy: Argentina losses uncertain... Economist
Intelligence Jan 23
Argentina casts wide net for help on bank crisis
Read
FT Jan 22
Argentina
Set To Convert All Dollar Deposits... IHT Jan 22
Argentina
undermines profits at Spain's SCH FT Jan 22
BBC
News Argentines angry at peso conversion Jan 21
Argentina
Rushes to Contain Ire Over Bank Deposits Yahoo Jan
21
Dreams
of Normality Washington Post Jan 21
U.S. and IMF Fumble for
Argentina Strategy International Herald Tribune
Jan 19
Argentina's
bank chief forced to quit (on Jan 17) FT Jan 18
Argentine
Peso Sinks to New Lows as Crisis Continues... NYTimes
Jan 18
Argentina's
imploding banks: Should I stay or should I go? Economist
Jan 18
Argentina Clouds U.S.
Trade Hopes IHT Jan 16
Argentina
Scolds IMF... IHT Jan 14
Argentina
sends IMF back to the drawing board... Guardian
Jan 14
Argentina
lashes out at IMF... BBC Jan 13
IMF
waits for coherent policy from Argentina... ABC
Jan 12
After
a night of protests at a government freeze on bank deposits,
Argentina’s peso currency devalued 41 perce... MSNBC
Jan 12
Argentine
Peso Drops Sharply After Link to the Dollar Ends...
NYTimes Jan 12
Argentina to freeze dollar accounts for a year
Read
FT Jan 11
Argentinas
peso falls... CNN Jan 11
Argentina
to resume currency trading... BBC Jan 11
Argentina
Is Still Shaky Despite Currency Measures... NYTimes
Jan 11
Argentina
asks oil companies for $1.2bn in aid FT Jan 10
Argentinas
foreign exchange markets remain closed... Guardian
Jan 9
Argentine
banks stare bankruptcy in the face FT Jan 9
Argentina
Devalues, Adopts Dual Exchange Rate World Bank Jan
7
Cautious
reaction to peso devaluation... BBC Jan 7
Argentina
devalues peso by 30%... CNN Jan 7
Argentina:
Fixing the rate, not the problem Economist Jan 7
IMF
sees more pain for Argentina... BBC Jan 7
Argentina:
What difference will devaluation make?... BBC Jan
7
Argentina's
crisis brings sharp fall in Spanish equities FT
Jan 7
White
House denies falling into the bailout trap FT Jan
7
For
IMF, Argentina Was an Unsolvable Puzzle Washington
Post Jan 3
Argentina's
route to salvation FT Jan 3
Editorial
comment: Argentina and the markets FT Jan 3
Paul
Krugman: Crying With Argentina NYTimes Jan 2
Argentina
tries to stem crisis FT Jan 2
Argentina's
new president set to scrap dollar peg FT Jan 2
Thomas Catán: Argentina Divided they fall
Read
FT Jan 2
Argentina:
Accepting default, avoiding disaster Economist Jan
2
Bush
urges Argentine leader to work with IMF... iWon
Dec 29
IMF
talks raise hopes in Argentina... BBC Dec 29
Once
Burned, Argentines Fear New Currency... IHT Dec
29
Argentina
poised for default and devaluation FT
Buenos
Aires in chaos as president steps down FT Dec 21
Argentine
economy minister resigns... BBC Dec 20
Should
the IMF bail out Argentina?... BBC DEC 19
IMF
Blasts Argentina Economic Policy... Washington Post
Dec 18
IMF
proposes Chapter 11 plan for nations _ an idea that
comes too late for Argentina AP Dec 18
Argentine
budget dispute imperils loans FT Dec 17
Argentines
back dollar-peso parity in poll... Nando Times Dec
17
Argentina narrowly avoids debt default
Read
FT Dec 15
Argentina
Meets Debt Expiry, Fends Default for Now Reuters
Dec 14
Argentina's
Finance Secretary Daniel Marx Resigns Bloomberg
Dec 14
Argentina
hit by protests over austerity measures Dec 14
Argentina
Delays Pension Payments, Lacks Funds, Clarin Reports
Bloomberg Dec 12
Argentina
Delays $700 Mln Treasury Bill Payment, Ambito Reports
Bloomberg Dec 12
Capital
flight keeps Argentine stock above water FT DEc
11
A
Question From Argentina Washington Post Dec 11
Argentina
Scrambles for I.M.F. Loans... NYTimes
Argentina
prepares new budget... BBC Dec 10
IMF
Gives Budget-Cut Order to Argentina World Bank
Argentina
Retrenches After IMF Blocks Aid... International
Herald Tribune Dec 10
Argentina's economy chief faces calls to
resign Read
FT Dec 10
Argentina's
Cavallo upbeat on IMF meetings FT Dec 9
Argentina
holds make-or-break talks with IMF... The Times
Dec 8
Cavallo plea to IMF as Argentine crisis deepens
Read
FT Dec 8
Argentina
faces debt default as IMF stops loan... The Times
Dec 7
IMF denies loan to Argentina Read
FT Dec 6
Argentines
Ready for Dollarization Wolrd Bank
Argentines
ponder life with empty wallets FT Dec 5
Cavallo
Blames Speculators for Argentina's Woes: David DeRosa
Bloomberg
Argentina
bank curbs to staunch cash exodus FT Dec 3
Argentina
Limits Withdrawals as Banks Near Collapse... NYTimes
Dec 3
Argentina
Limits Bank Withdrawals, Convert to Dollars Bloomberg
Dec 1
Argentina's
Tumble Fails to Push U.S. Into Action Bloomberg
Nov 30
Argentina's
Peso Futures Drop, Depositors Pull Cash Bloomberg
Nov 30
Brazil's
Fraga: History of Central Bank and Policies Bloomberg
Nov 30
IMF
Proposes Bankruptcy System for Indebted Nations
Bloomberg Nov 27
Argentina
Bonds Fall on Report IMF Wants Devaluation Bloomberg
Nov 27
IMF
spotlight on Argentina... BBC Nov 25
Lima summit offers support for Argentine debt
actions Read
FT Nov 25
Common
currency plan advances for Argentina and Brazil...
CNN Europs Nov 24
ARGENTINA:
President defends currency alignment... Chicago
Tribune Nov 24
Argentina's
Menem to Seek Presidency in 2003 Election Bloomberg
Nov 22
Menem’s
return set to worsen Argentina’s political disarray
FT Nov 22
FOXNews.comWorkers
Decry Argentina Economy Plan Nov 21
Argentina
begins vital debt revamp... BBC Nov 20
IMF
hints at further lending help for Turkey FT Nov
16
Argentina:
Back from the brink? The Economist Nov 15
Argentina
gives details on refinancing province debt FT Nov
15
Brazil
rally reinvigorates investor confidence FT NOv 14
Bush
backs debt restructuring plan FT Nov 13
U.S.
official: Bush supports IMF plan for Argentina...
CNN Nov 11
Michael
Mussa: Argentina needs effective not unthinking support
FT Nov 11
Argentina:
On the brink? The Economist Nov 9
Argentina
inches closer to debt deal... BBC Nov 7
Paul
Krugman: A Cross of Dollars NYTimes Nov 7
Argentina
may seek more relief on interest payments FT Nov
5
Market
Is Skeptical of Argentinas Plan... International
Herald T UK
and eurozone rates cut as global gloom worsens ribune
Nov 2
Investors shun Argentina's escape plan Read
FT
Argentina's
debt proposal underlines fears of default FT Nov
2
The
winding path to an economic crisis FT Nov 1
The Economist Dollar
mad?... (Nov 1)
Argentina
finance: Debt restructuring or default?... Economist
Intelligence Unit (Oct 31)
Martin Wolf Time
for Plan B in Argentina (FT Oct 31)
Ricardo Hausman A
way out for Argentina (FT Oct 29)
IMF: Transcript
of an Economic Forum Anticipating Crises: Model Behavior
or Stampeding Herds Nov 1
IIF: Special Committe
on Crisis Prevention and Resolution in Emerging Markets:
Policy Statement Nov 7 |
|
January
2002
|
News
and editorials (daily) |
Analysis
and euro-related Documents |
| January
20 |
| Philip
Coggan: Passing the devaluation parcel Read
FT |
| |
