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Political and monetary institutions and public financial policies in the industrial countries
Institutions and policies Vittorio Grilli, Donato Masciandaro and Guido Tabellini Why do countries as similar as the industrialized OECD countries go through such different experience in terms ofExpand
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The Benefits of Crises for Economic Reforms
This paper presents a model in which economic crises have positive effects on welfare. Periods of very high inflation create the incentive for the resolution of social conflict and thus facilitateExpand
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Liquidity and Exchange Rates: Puzzling Evidence from the G-7 Countries
This paper considers the empirical evidence on liquidity effects in open economies; we study the effects of monetary policy shocks (identified by innovations in interest rates) on exchange rates.Expand
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Liquidity Models in Open Economies: Theory and Empirical Evidence
This paper presents an overview of recent theoretical and empirical research on 'liquidity models' in open economies; this is a class of optimizing models where money has effects on real asset pricesExpand
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The European Central Bank: Reshaping Monetary Politics in Europe
This paper studies how the creation of a European Central Bank (ECB) will change the political economy of monetary policy in Europe. The twelve governors of the national Central Banks of the EEC haveExpand
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On the Feasibility of a One or Multi-Speed European Monetary Union
This paper addresses two questions: (1) Is a twelve country monetary union in Europe feasible; (2) Can monetary union be achieved at multi-speed, i.e., with a rust group of countries going first, andExpand
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Nominal exchange rate regimes and the real exchange rate: Evidence from the United States and Great Britain, 1885-1986
Abstract Two assumptions about the real exchange rate are common in the literature on international finance: (1) the real exchange rate is a random walk, (2) the time series properties of the realExpand
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The Political Economy of Capital Controls
This paper calculates international income transfers which implement a Pareto optimal trade equilibrium in a world where many countries trade many goods.
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Establishing a central bank : issues in Europe and lessons from the US
List of figures List of tables Preface List of conference participants 1. Introduction Part I. The Design of a Central Bank: 2. Designing a central bank for Europe: a cautionary tale from the earlyExpand
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Fiscal Policies and the Choice of Exchange Rate Regime
A common argument against either a monetary union or a regime or a fixed exchange rates is that they preclude flexible use of the inflation tax. The authors address this point of view by comparingExpand
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