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Essays in international macroeconomics.

Ferrero, Andrea.

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Essays in international macroeconomics.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Essays in international macroeconomics./
Author:	Ferrero, Andrea.
Description:	308 p.
Notes:	Adviser: Mark Gertler.
Contained By:	Dissertation Abstracts International67-09A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3234132
ISBN:	9780542877520

Essays in international macroeconomics.
Ferrero, Andrea.

Essays in international macroeconomics. - 308 p.

Adviser: Mark Gertler.

Thesis (Ph.D.)--New York University, 2006.

My dissertation consists of three essays in international macroeconomics.

ISBN: 9780542877520Subjects--Topical Terms:

1017424
Economics, General.

Essays in international macroeconomics.
LDR:03005nam 2200301 a 45 001 971663
005 20110927
008 110927s2006 eng d
020 $a 9780542877520
035 $a (UMI)AAI3234132
035 $a AAI3234132
040 $a UMI $c UMI
100 1 $a Ferrero, Andrea. $3 1295696
245 1 0 $a Essays in international macroeconomics.
300 $a 308 p.
500 $a Adviser: Mark Gertler.
500 $a Source: Dissertation Abstracts International, Volume: 67-09, Section: A, page: 3500.
502 $a Thesis (Ph.D.)--New York University, 2006.
520 $a My dissertation consists of three essays in international macroeconomics.
520 $a In the first essay, I analyze the joint determination of fiscal and monetary policy in a currency union. This study first provides a benchmark result for the optimal conduct of fiscal and monetary policy by characterizing the allocation that a benevolent planner would implement to maximize welfare at the union level. It then shows how the optimal policy could be well approximated by a mix of simple fiscal and monetary rules that guarantee (i) price stability at the union level and (ii) fiscal flexibility at the national level. The main quantitative result is that, conditional on price stability, the welfare gains from fiscal flexibility can amount up to 80%.
520 $a In the second essay, I argue that demographic factors play a central role in accounting for the low frequency movements of the U.S. trade balance. The main idea is that persistent cross-country differentials in life expectancy and population growth lead to adjustments of saving and investment rates which are associated with international capital flows towards relatively young economies. Notably, the explicit consideration of the demographic transition also helps to reconcile the dynamics of the trade balance with the evolution of the U.S. fiscal deficits and generates a declining pattern for the real interest rate broadly consistent with the data.
520 $a In the third essay, I study the optimal design of monetary policy in a small open economy subject to inefficient exchange rate volatility. I show that both the real exchange rate and the price of tradable goods relative to the price of non-tradable goods should be part of the set of targeting variables for an optimizing monetary authority, together with the output gap and the inflation rate of each sector. I describe one case in which full stabilization of CPI inflation is optimal. More generally, I find that there exists a short run tradeoff between CPI inflation stabilization and the optimal adjustment of the output gap and the exchange rate but that the welfare costs of complete stabilization of CPI inflation are quantitatively small.
590 $a School code: 0146.
650 4 $a Economics, General. $3 1017424
690 $a 0501
710 2 0 $a New York University. $3 515735
773 0 $t Dissertation Abstracts International $g 67-09A.
790 $a 0146
790 1 0 $a Gertler, Mark, $e advisor
791 $a Ph.D.
792 $a 2006
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3234132