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International Economics
Academic year 2013 - 2014
Doctoral Seminar: Macroeconomics II
E527b - Spring - 6 ECTS
Course Description
PROFESSOR
The seminar is for thesis-writing PhD students focusing on
macroeconomic issues. It is the second course of a two-course
sequence. The course reviews review recent developments in
macroeconomics, with emphasis on open economy questions, in
order to provide support for the students’ research.
The first part of the course consists of lectures. The second part
consists of presentations and discussions of papers. The paper
are taken from the reading list, with the option to propose a
paper not on the list that you find worth presenting.
Each presentation lasts 30 minutes and goes over the main
points of the paper. The discussion lasts 10 minutes with a
critical review of the paper, pointing alternative arguments and
avenues for further research. Each student will make one
presentation and one discussion (depending on the number of
class attendees, the number of presentations can be adjusted).
Preferences should be indicated by the end of the third week,
and I will then put together the schedule ensuring an even
coverage of topics.
In addition, each student will write a short review at the end of
the course on a topic of her/his choice. The review should be a
concise (5-6 pages) discussion of the recent advances in a topic,
identifying what has been learnt and what are the remaining
challenges.
The final grade for the course will be calculated on the basis of
the presentations (50%: 35% presentation and 15% discussion),
the final review (25%) and class participation (25%).
You will need a working knowledge of macroeconomic at the
level of Blanchard and Fischer’s Lectures in Macroeconomics,
Romer’s Advanced Macroeconomics, Obstfeld and Rogoff’s
Foundations in International Economics (OR).
Cédric Tille
[email protected]
Office: MdP-P1-621
Office hourse: Tuesday 16:00-17:15
and Wednesday 16:00-17:15
Course page:
http://graduateinstitute.ch/home/study/
courses/courses-20132014/E527b.html
Syllabus
1) Policy in open economy stochastic general equilibrium models
We present the workhorse general equilibrium models of monetary policy in an open economy. We
consider what the aim of policy should be, and review the main theme identified by the literature: the
transmission of exchange rate movements to final prices (exchange rate pass-through), the
(in)efficiency of exchange rate movements, and the dominant role of some currencies.
Chemin Eugène-Rigot 2 | CP 136 - CH-1211 Genève 21 | +41 22 908 57 00 | graduateinstitute.ch
MAISON DE LA PAIX
Corsetti, Giancarlo, Luca Dedola, and Sylvain Leduc (2010). “Optimal monetary policy in open
economies”, in Handbook of Monetary Economics.
https://sites.google.com/site/giancarlocorsetti/main/handbook-codele.pdf?attredirects=0
Corsetti, Giancarlo and Paolo Pesenti (2007) “The simple geometry of transmission and
stabilization in closed and open economy”, NBER International Seminar on Macroeconomics
2007
http://ideas.repec.org/h/nbr/nberch/3000.html
Berka, Margin, Michael Devereux and Charles Engel (2013) “Real Exchange Rate Adjustment in
and out of the Eurozone”, American Economic Review, Papers and Proceedings 102, pp. 179185.
http://www.economics.ubc.ca/files/2013/05/pdf_paper_michael-devereux-real-exchange-rateadjustment.pdf
Cespedes, Luis Felipe, Roberto Chang and Andrés Velasco (2012) “Is Inflation Targeting still on
Target?” NBER Working Paper No. 18570.
http://www.nber.org/papers/w18570
Devereux, Michael, and Charles Engel (2007) “Expenditure Switching Versus Real Exchange
Rate Stabilization: Competing Objectives for Exchange Rate Policy”, Journal of Monetary
Economics, 54, pp. 2346-2374.
http://www.sciencedirect.com/science/article/B6VBW-4MNR0N42/2/8b7716dfa78d163fa9b3335f4cdc94fb
Goldberg, Linda, and Cédric Tille (2009). “Macroeconomic Interdependence and the International
Role of the Dollar”, Journal of Monetary Economics, 56, pp. 990-1003.
http://www.sciencedirect.com/science/article/B6VBW-4XBR4TM1/2/a2b87e55f94b17c1abee65bb2f1c5704
Obstfeld, Maurice and Kenneth Rogoff (1996) “Foundations of International Macroeconomics”
Chapter 10.
Senay, Ozge, and Alan Sutherland (2010) “Endogenous Price Flexibility and Optimal Monetary
Policy”, mimeo
http://www.st-andrews.ac.uk/~ajs10/papers/senay-sutherland-endog-price-flex2.pdf
2) Financial integration: patterns and impact
We briefly review the evidence of international financial integration (the rise of cross-border asset and
liabilities). We then review several themes falling under financial integration: the “exhorbitant privilege”
debate, the “allocation puzzle” for the direction of capital flows, the costs and benefits of financial
integration and financial sector size, the accumulation of foreign exchange reserves and their impact,
and the need for safe assets.
Pattern of integration
Lane, Philip, and Gian Maria Milesi-Ferretti (2007). “A global perspective on external positions”, in
R. Clarida ed. G7 Current Account Imbalances: Sustainability and Adjustment, University of
Chicago Press.
http://www.nber.org/papers/w11589
Lane, Philip, and Jay Shambaugh (2007). “Financial Exchange Rates and International Currency
Exposures”, IIIS Discussion Paper No. 229.
http://www.tcd.ie/iiis/pages/publications/discussionpapers/IIISDP229.php
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Lane, Philip, and Barbara Pels (2012). “Current Account Imbalances in Europe”, CEPR
discussion paper 8058
http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=8958.asp
Lane, Philip (2013). “Financial Globalisation and the Crisis”, Open Economies Review, 24(3),
555-580
https://www.bis.org/publ/work397.pdf
Exhorbitant priviledge, valuation effects and relevance of the current account
Backus, David, Thomas Cooley, and Espen Henriksen (2013). “(Demography and Low
Frequency Capital Flows”, NBER working paper 19465.
http://www.nber.org/papers/w19465
Blanchard, Olivier, and Gian Maria Milesi-Ferretti (2011). “(Why) Should Current Account
Balances Be Reduced?”, IMF Staff Discussion Notes No. 11/3
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24674.0
Curcuru, Stephanie, Tomas Dvorak, and Francis Warnock (2013). “On Returns Differentials”,
NBER working paper 18866.
http://www.nber.org/papers/w18866
Curcuru, Stephanie, Tomas Dvorak, and Francis Warnock (2008). “Cross-Border Returns
Differentials”, Quarterly Journal of Economics 123, pp.1495–1530
http://faculty.darden.virginia.edu/warnockf/papers/CrossBorderReturnsDifferentials_QJE_final.pdf
Gourinchas, Pierre-Olivier and Hélène Rey (2013). “External Adjustment, Global Imbalances and
Valuation Effects”, NBER working paper 19240.
http://www.nber.org/papers/w19240
Gourinchas, Pierre-Olivier, and Helene Rey (2007b) “International Financial Adjustment”, Journal
of Policital Economy 115, pp. 665-703.
http://www.journals.uchicago.edu/doi/pdf/10.1086/521966
Obstfeld, Maurice (2012). “Does the Current Account still Matter?”, NBER working paper 17877
http://www.nber.org/papers/w17877
The allocation puzzle
Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych (2011) “Sovereigns, Upstream
Capital Flows and Global Imbalances," NBER working paper 17396.
http://www.nber.org/papers/w17396
Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych (2008) “Why doesn't capital flow
from rich to poor countries? An empirical investigation," Review of Economics and Statistics
90(2), 347-368.
http://www.mitpressjournals.org/doi/pdf/10.1162/rest.90.2.347
Gourinchas, Pierre-Olivier, and Olivier Jeanne (2011) “Capital Flows to Developing Countries:
The Allocation Puzzle”, mimeo.
http://socrates.berkeley.edu/~pog/academic/allocation_october11.pdf
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Is financial integration useful ?
Arcand, Jean-Louis, Enrico Berkes, and Ugo Panizza, (2012). " Too Much Finance?" IMF
Working Paper WP/12/161
http://graduateinstitute.ch/files/live/sites/iheid/files/sites/international_economics/shared/international_eco
nomics/prof%20websites/arcand/Work_in_progress/WP12161.pdf
Cecchetti, Stephen, and Enisse Kharroubi (2012). “Reassessing the impact of finance on growth”,
BIS working paper 381.
http://www.bis.org/publ/work381.pdf
Cecchetti, Stephen, and Enisse Kharroubi (2013). “Why does financial sector growth crowd out
real economic growth?”, mimeo.
https://evbdn.eventbrite.com/s3-s3/eventlogos/67785745/cecchetti.pdf
Cihak, Martin, Asli Demirguc-Kunt, Erik Feyen, and Ross Levine (2013) “Financial Development
in 205 Economies, 1960 to 2010" NBER working paper 18946.
http://www.nber.org/papers/w18946
Forbes, Kristin, and Francis Warnock (2011). “Capital Flow Waves: Surges, Stops, Flight, and
Retrenchment”, NBER working paper 17351.
http://www.nber.org/papers/17351
Ghosh, Atish, Jun Il Kim, Mahvash Saeed Qureshi, and Juan Zalduendo (2012). “Surges”, IMF
working paper 12/22
http://www.imf.org/external/pubs/ft/wp/2012/wp1222.pdf
Greenwood, Robin, and David Scharfstein, (2013). "The Growth of Finance." Journal of
Economic Perspectives, 27(2): 3-28.
http://www.aeaweb.org/atypon.php?return_to=/doi/pdfplus/10.1257/jep.27.2.3
IMF (2013). “The Yin and Yang of Capital Flow Management: Balancing Capital Inflows with
Capital Outflows”, World Economic Outlook chapter 4.
http://www.imf.org/external/pubs/ft/weo/2013/02/pdf/c4.pdf
IMF (2012). “Changing Global Financial Structures: Can They Improve Economic Outcomes?”,
Global Financial Stability Report chapter 4,
http://www.imf.org/External/Pubs/FT/GFSR/2012/02/pdf/c4.pdf
Rajan, Raju (2005). “Has financial development made the world riskier?” Proceedings of the 2005
Jackson Hole Conference.
http://www.kc.frb.org/publicat/sympos/2005/pdf/Rajan2005.pdf
Rajan, Raju, and Luigi Zingales (1998). “Financial dependence and growth” American Economic
Review, 88, pp. 559-86.
http://www.jstor.org/stable/pdfplus/116849.pdf
Why do countries accumulate reserves ?
Bacchetta, Philippe, Kenza Benhima, and Yannick Kalantzis (2013). “Optimal Exchange Rate
Policy in a Growing Semi-Open Economy”, mimeo.
http://www.hec.unil.ch/pbacchetta/PDF/er-china-revision.pdf
Bacchetta, Philippe, and Kenza Benhima (2012). “The Demand for Liquid Assets, Corporate
Saving, and Global Imbalances”, CEPR discussion paper 9268.
http://www.hec.unil.ch/pbacchetta/PDF/LiquidityandCapitalFlows_10apr13.pdf
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Benigno, Gianluca, and Luca Fornaro (2012). “Reserve Accumulation, Growth and Financial
Crisis”, CEPR discussion paper 9224.
http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=9224.asp
Bussière, Matthieu, Gong Cheng, Menzie Chinn, and Noëmie Lisack (2014). “For a Few Dollars
More: Reserves and Growth in Times of Crises”, NBER working paper 19791.
http://www.nber.org/papers/19791
Jeanne, Olivier (2012). “Capital Account Policies and the Real Exchange Rate”, NBER working
paper 18404
http://www.nber.org/papers/w18404
Maggiori, Matteo (2012). “Financial Intermediation, International Risk Sharing, and Reserve
Currencies”, mimeo.
http://people.stern.nyu.edu/mmaggior/Maggiori_FinInt_IntRis_ResCur.pdf
Taylor, Alan (2013). “The Future of International Liquidity and the Role of China”, CEPR
discussion paper 9305.
http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=9305.asp
Safe assets
Caballero, Ricardo, and Emmanuel Farhi (2013). “A Model of the Safe Asset Mechanism (SAM):
Safety Traps and Economic Policy”, NBER working paper 18737.
http://www.nber.org/papers/18737
Caballero, Ricardo (2010). “The "Other" Imbalance and the Financial Crisis”, NBER working
paper 15636.
http://www.nber.org/papers/15636
Gorton, Gary, and Guillermo Ordonez (2013). “The Supply and Demand for Safe Assets”, NBER
working paper 18732.
http://www.nber.org/papers/18732
Gourinchas, Pierre-Olivier, and Olivier Jeanne (2013). “Global Safe Assets”, BIS Working Paper
399.
http://www.bis.org/publ/work399.htm
IMF (2012). “Safe Assets: Financial System Cornerstone?”, Global Financial Stability Report
chapter 3,
http://www.imf.org/External/Pubs/FT/GFSR/2012/01/pdf/c3.pdf
3) The 2007-? financial crisis
This section presents the main patterns of the complex financial crisis, stressing its international
transmission. We then focus on several issues: self-fulfilling panics equilibria, the role of banks and
leverage, and the impact of frictions in international financial markets and the possible policy
response. We conclude with a focus on the euro area crisis
The main features and international transmission
Bank for International Settlements Annual reports.
http://www.bis.org/publ/arpdf/ar2013e.htm
http://www.bis.org/publ/arpdf/ar2012e.htm
http://www.bis.org/publ/arpdf/ar2011e.htm
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http://www.bis.org/publ/arpdf/ar2010e.htm
Adrian, Tobias, Paolo Colla, and Hyun Song Shin (2012). “Which Financial Frictions? Parsing the
Evidence from the Financial Crisis of 2007-9”, NBER working paper 18335.
http://www.nber.org/papers/18335
Bernanke, Ben (2013). “The Crisis as a Classic Financial Panic”, remarks at the IMF research
conference.
http://www.imf.org/external/np/res/seminars/2013/arc/pdf/bb13.pdf
Brunnermeier, Markus (2009). “Deciphering the 2007 - 2008 Liquidity and Credit Crunch”, Journal
of Economic Perspectives.
http://www.princeton.edu/~markus/research/papers/liquidity_credit_crunch.pdf
Devereux, Michael, and James Yetman (2010) “Leverage Constraints and the International
Transmission of Shocks”, NBER working paper 16226.
http://www.nber.org/papers/16226
Goodhart, Charles, and D.J.Lee (2012). “Adjustment Mechanisms in a Currency Area”, CEPR
discussion paper 9226.
http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=9226.asp
Guerrieri, Luca, Matteo Iacoviello, and Raoul Minetti (2012). "Banks, Sovereign Debt and the
International Transmission of Business Cycles", NBER working paper 18303.
http://www.nber.org/papers/w18303
Lane, Philip, and Gian-Maria Milesi-Ferretti (2011). “External Adjustment and the Global Crisis ",
IIIS Discussion Paper No. 369,
http://www.tcd.ie/iiis/documents/discussion/pdfs/iiisdp369.pdf
Milesi-Ferretti, Gian-Maria, and Cédric Tille (2011). “The great retrenchment: international capital
flows during the global financial crisis”, Economic Policy 66, pp. 287-342.
http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0327.2011.00263.x/abstract
van Wincoop, Eric (2013). " International Contagion Through Leveraged Financial Institutions “,
AEJ Macroeconomics 5(3), 152-189.
http://pubs.aeaweb.org/doi/pdfplus/10.1257/mac.5.3.152
Multiplicity
Bacchetta, Philippe, Cédric Tille, and Eric van Wincoop (2012). "Self-Fulfilling Risk Panics",
American Economic Review, vol. 102(7), pp. 3674-3700.
http://people.virginia.edu/~ev4n/papers/risk_sunspot_December_12b.pdf
Bacchetta, Philippe, and Eric van Wincoop (2013a). "The Great Recession: A Self-Fulfilling
Global Panic “, mimeo.
http://www.people.virginia.edu/~ev4n/papers/panic_Nov_4_2013.pdf
Bacchetta, Philippe, and Eric van Wincoop (2013b). "Explaining Sudden Spikes in Global Risk",
Journal of International Economics, forthcoming.
http://www.hec.unil.ch/pbacchetta/PDF/open_risk_panics_final.pdf
Bullard, James (2013). "Seven Faces of "The Peril” ", Federal Reserve Bank of St. Louis Review,
Vol. 95, No. 6
http://research.stlouisfed.org/publications/review/13/11/bullard.pdf
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Perri, Fabrizio, and Vincenzo Quadrini (2011). "International Recession", NBER working paper
17201.
http://www.nber.org/papers/w17201
Banking integration and leverage
Barth, James, Gerard Caprio, and Ross Levine (2013). “Bank Regulation and Supervision in 180
Countries from 1999 to 2011”, NBER working paper 18733.
http://www.nber.org/papers/w18733
Benigno, Pierpaolo, and Federa Romei (2012). “Debt Deleveraging and The Exchange Rate”,
NBER working paper 17944.
http://www.nber.org/papers/w17944
Brown, Martin, and Ralph De Haas (2012). “Foreign Banks and Foreign Currency Lending in
Emerging Europe”, Economic Policy 69, pp. 57-98
http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0327.2011.00277.x/full
Bruno, Valentina, and Hyun Song Shin (2013b). “Capital Flows, Cross-Border Banking and
Global Liquidity”, NBER working paper 19038.
http://www.nber.org/papers/w19038
Bruno, Valentina, and Hyun Song Shin (2013a). “Capital Flows and the Risk-Taking Channel of
Monetary Policy”, NBER working paper 18942.
http://www.nber.org/papers/w18942
Cetorelli, Nicolas, and Linda Goldberg (2012). “Follow the Money: Quantifying Domestic Effects
of Foreign Bank Shocks in the Great Recession”, NBER working paper 17873.
http://www.nber.org/papers/w17873
Cetorelli, Nicolas, and Linda Goldberg (2010). “Global Banks and International Shock
Transmission: Evidence from the Crisis”, NBER working paper 15974.
http://www.nber.org/papers/w15974
Goldberg, Linda (2013). “Banking Globalization, Transmission, and Monetary Policy Autonomy”,
NBER working paper 19497.
http://www.nber.org/papers/w19497
Jorda, Oscar, Moritz Schularick, and Alan Taylor (2011). “When Credit bites back: Leverage,
Business Cycles, and Crises”, NBER working paper 17621.
http://www.nber.org/papers/w17621
Taylor, Alan (2012). “The Great Leveraging”, NBER working paper 18290.
http://www.nber.org/papers/w18290
Frictions in financial markets, overborrowing and macroprudential policy
Benigno, Gianluca, Huigang Chen, Christopher Otrok, Alessandro Rebucci, and Eric Young
(2013). “Capital Controls or Real Exchange Rate Policy? A Pecuniary Externality Perspective”,
mimeo.
http://www.nber.org/confer//2013/IFMs13/Benigno_Chen_Otrok_Rebucci_Young.pdf
Bianchi, Javier, and Enrique Mendoza (2013). "Optimal Time-Consistent Macroprudential Policy",
NBER working paper 19704
http://www.nber.org/papers/w19704
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Bianchi, Javier, Emine Boz, and Enrique Mendoza (2013). "Macroprudential Policy in a Fisherian
Model of Financial Innovation", IMF Economic Review 60, pp 223-269.
http://www.palgrave-journals.com/imfer/journal/v60/n2/pdf/imfer20129a.pdf
Bianchi, Javier, and Enrique Mendoza (2010). "Overborrowing, Financial Crises and MacroPrudential Taxes", NBER working paper 16091
http://www.nber.org/papers/w16091
Brunnermier, Markus (2012). “Leverage, Business Cycles, and Monetary”, paper presented at the
2012 Jackson Hole Symposium.
http://www.kc.frb.org/publicat/sympos/2012/mb-ys.pdf
Fahri, Emmanuel, and Ivan Werning (2013). "A Theory of Macroprudential Policies in the
Presence of Nominal Rigidities," NBER working paper 19313
http://www.nber.org/papers/w19313
Korinek, Anton, and Jonathan Kreamer (2013). "The Redistributive Effects of Financial
Deregulation," NBER working paper 19572
http://www.nber.org/papers/w19572
Korinek, Anton, and Olivier Jeanne (2012). "Macroprudential Regulation Versus Mopping Up
After the Crash," NBER working paper 18675
http://www.nber.org/papers/w18675
Korinek, Anton (2010). "Regulating capital flows to emerging markets: An externality view,"
mimeo.
http://www.korinek.com/
Lorenzoni, Guido (2008). "Inefficient Credit Booms," Review of Economic Studies, 75(3), pp 809833.
http://econ-www.mit.edu/files/4138
Mendoza, Enrique, and Marco Terrones (2012). "An Anatomy of Credit Booms and their Demise",
NBER working paper 18379
http://www.nber.org/papers/w18379
Mendoza, Enrique (2010). "Sudden Stops, Financial Crises and Leverage," American Economic
Review.
http://econweb.umd.edu/~mendoza/pp/CompletePaperRevforDistribution.pdf
Reinhart, Carmen and Vincent Reinhart (2008). "Capital Flow Bonanzas: An Encompassing View
of the Past and Present", NBER International Seminar in Macroeconomics
http://www.nber.org/papers/w14321
The euro crisis
Estrada, Angel, Jordi Gali, and David Lopez-Salido (2013). "Patterns of Convergence and
Divergence in the Euro Area", NBER working paper 19561
http://www.nber.org/papers/w19561
Fernandez-Villaverde, Jesus, Luis Garicano, and Tano Santos (2013). "Political Credit Cycles:
The Case of the Euro Zone", Journal of Economic Perspectives 27(3), pp 145-166.
http://www.aeaweb.org/atypon.php?return_to=/doi/pdfplus/10.1257/jep.27.3.145
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Huo, Zhen, and José Victor Rios-Rull (2013). "Paradox of Thrift Recessions", NBER working
paper 19443
http://www.nber.org/papers/w19443
Krugman, Paul (2012). "Revenge of the Optimum Currency Area", remarks at the NBER macro
annual conference.
http://www.economics.cornell.edu/arazin/Paul%20Krugman2012.pdf
Lane, Philip (2012 " The European Sovereign Debt Crisis," Journal of Economic Perspectives.
http://www.aeaweb.org/atypon.php?return_to=/doi/pdfplus/10.1257/jep.26.3.49
O’Rourke, Kevin, and Alan Taylor (2013). "Cross of Euros", Journal of Economic Perspectives
27(3), pp 167-192.
http://www.aeaweb.org/atypon.php?return_to=/doi/pdfplus/10.1257/jep.27.3.167
Schmitt-Grohé, Stéphanie, and Martin Uribe (2013). "Downward Nominal Wage Rigidity and the
Case for Temporary Inflation in the Eurozone", Journal of Economic Perspectives 27(3), pp 193212.
http://www.aeaweb.org/atypon.php?return_to=/doi/pdfplus/10.1257/jep.27.3.193
Shambaugh, Jay (2012). “The Euro’s Three Crises”, Brookings Papers on Economic Activity, pp.
157-231.
http://www.brookings.edu/about/projects/bpea/papers/2012/euros-three-crises-shambaugh
4) Issues in international macroeconomic policy
This section reviews several topics that are at the core of current research in international
macroeconomics. We first consider the impact of financial frictions and the financial accelerator, and
the distributional consequences of policy. We then turn to an assessment of policy, with the impact of
fiscal stimulus and fiscal consolidation, the use and effectiveness unorthodox monetary policy
measures, and the recent debate on the proper role of central banks. We conclude with a succinct
review of financial reform and its challenges.
Financial frictions and the financial accelerator
Brunnermeier, Markus, Thomas Eisenbach, and Yuliy Sannikov (2012). “Macroeconomics with
Financial Frictions: A Survey “, NBER working paper 18102
http://www.nber.org/papers/w18102
Cespedes, Luis Felipe, Roberto Chang, and Andres Velasco (2012). "Financial Intermediation,
Exchange Rates, and Unconventional Policy in an Open Economy", NBER working paper
18431
http://www.nber.org/papers/w18431
Dedola, Luca, and Giovanni Lombardo (2012). “Financial frictions, financial integration and the
international propagation of shocks”, Economic Policy 27(70), pp. 319-359..
http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0327.2012.00286.x/pdf
Fornari, Fabio, and Livio Stracca (2012). “What does a financial shock do? First international
evidence”, Economic Policy 71, pp. 407-445.
http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0327.2011.00277.x/full
Jermann, Urban, and Vincenzo Quadrini (2009). “Macroeconomic Effects of Financial Shocks“,
NBER working paper 15338
http://www.nber.org/papers/w15338
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Kollmann, Robert, Zeno Enders, and Gernot Müller (2011). "Global Banking and International
Business Cycles," European Economic Review 55, pp. 407-426
http://robertkollmann.com/KOLLMANN_PUBL_ENDERS_MUELLER_Global_Bank_EER_2011.pdf
Distribution and inequality
Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty, and Emmanuel Saez (2013). "The Top
1 Percent in International and Historical Perspective", Journal of Economic Perspectives 27(3),
pp 3-20.
http://www.aeaweb.org/atypon.php?return_to=/doi/pdfplus/10.1257/jep.27.3.3
Brunnermeier, Markus, and Yuliy Sannikov (2012). "Redistributive Monetary Policy", Jackson
Hole Symposium.
http://www.kc.frb.org/publicat/sympos/2012/Brun_Sannikov_final.pdf
Karabarbounis, Loukas, and Brent Neiman (2013). "The Global Decline of the Labor Share",
NBER working paper 19136
http://www.nber.org/papers/w19136
Piketty, Thomas, and Emmanuel Saez (2013). "Top Incomes and the Great Recession: Recent
Evolutions and Policy Implications", IMF Economic Review 61, pp. 465-478.
http://www.palgrave-journals.com/imfer/journal/v61/n3/full/imfer201314a.html
Prasad, Eswar (2013). "Distributional Effects of Macroeconomic Policy Choices in Emerging
Market Economies", NBER working paper 19668
http://www.nber.org/papers/w19668
Fiscal policy
Alesina, Alberto, Carlo Favero, and Francesco Giavazzi (2012), “The Output Effect of Fiscal
Consolidation”, NBER Working Paper 18336.
http://www.nber.org/papers/18336
Auerbach, Alan, and Yuriy Gorodnichenko (2010), “Measuring the Output Responses to Fiscal
Policy,” NBER Working Paper 16311.
http://www.nber.org/papers/w16311
Baldacci, Emanuele, Sanjeev Gupta, and Carlos Mulas-Granados (2012), “Reassessing the fiscal
mix for successful debt reduction”, Economic Policy 71, pp. 365–406
http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0327.2012.00295.x/full
Blanchard, Olivier, and Roberto Perotti (2002), “An Empirical Characterization of the Dynamic
Effects of Changes in Government Spending and Taxes on Output”, Quarterly Journal of
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Unorthodox monetary policy
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Glick, Reuven, and Sylvain Leduc (2011). “Central Bank Announcements of Asset Purchases and
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What should central banks do?
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Borio, Claudio (2014). “Monetary policy and financial stability: what role in prevention and
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