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An equilibrium model of" global imbalances" and low interest rates

[PDF] from escholarship.org
RJ Caballero, E Farhi… - 2006 - nber.org
Three of the most important recent facts in global macroeconomics--the sustained rise in the
US current account deficit, the stubborn decline in long run real rates, and the rise in the
share of US assets in global portfolio--appear as anomalies from the perspective of ...
Cited by 579 - Related articles - Library Search - BL Direct - All 76 versions

Financial crash, commodity prices and global imbalances

[PDF] from harvard.edu
RJ Caballero, E Farhi… - 2008 - nber.org
The research activities of the NBER are funded by grants from federal research agencies, by
private foundations, and by generous donations from our corporate associates and from
private individuals. The NBER is a non-profit, 501 (c)(3) organization. For information on ...
Cited by 146 - Related articles - Library Search - All 40 versions

Collective moral hazard, maturity mismatch and systemic bailouts

[PDF] from univ-tlse1.fr
E Farhi… - 2009 - nber.org
The paper elicits a mechanism by which private leverage choices exhibit strategic
complementarities through the reaction of monetary policy. When everyone engages in
maturity transformation, authorities have little choice but facilitating refinancing. In turn, ...
Cited by 132 - Related articles - Library Search - All 99 versions

Rare disasters and exchange rates

[PDF] from umd.edu
E Farhi… - 2008 - nber.org
We propose a new model of exchange rates, which yields a theory of the forward premium
puzzle. Our explanation combines two ingredients: the possibility of rare economic disasters,
and an asset view of the exchange rate. Our model is frictionless, has complete markets, ...
Cited by 98 - Related articles - Library Search - BL Direct - All 44 versions

Speculative growth: hints from the US economy

[PDF] from harvard.edu
R Caballero, E Farhi… - 2004 - nber.org
We propose a framework for understanding recurrent historical episodes of vigorous
economic expansion accompanied by extreme asset valuations, as exhibited by the US in
the 1990s. We interpret this phenomenon as a high-valuation equilibrium with a low ...
Cited by 74 - Related articles - BL Direct - All 41 versions

Inequality and social discounting

[PDF] from harvard.edu
Full text - MIT Libraries
I Werning… - Journal of Political Economy, 2007 - dash.harvard.edu
We explore steady-state inequality in an intergenerational model with altruistically linked
individuals who experience privately observed taste shocks. When the welfare function
depends only on the initial generation, efficiency requires immiseration: inequality grows ...
Cited by 70 - Related articles - Library Search - BL Direct - All 27 versions

Saving and investing for early retirement: A theoretical analysis

Full text - MIT Libraries
E Farhi… - Journal of Financial Economics, 2007 - Elsevier
We study optimal consumption and portfolio choice in a framework where investors adjust
their labor supply through an irreversible choice of their retirement time. We show that
investing for early retirement tends to increase savings and reduce an agent's effective ...
Cited by 49 - Related articles - All 5 versions

Bubbly liquidity

[PDF] from scor.com
E Farhi… - 2011 - nber.org
This paper analyzes the possibility and the consequences of rational bubbles in a dy-namic
economy where financially constrained firms demand and supply liquidity. Bub-bles are
more likely to emerge, the scarcer the supply of outside liquidity and the more limited the ...
Cited by 50 - Related articles - Library Search - All 39 versions

[PDF] The political economy of nonlinear capital taxation

[PDF] from yale.edu
E Farhi… - 2008 - mailhost.econ.yale.edu
Abstract We study efficient nonlinear taxation of labor and capital in a dynamic Mirrleesian
model incorporating political economy constraints. Policies are chosen sequentially over
time, without commitment, as the outcome of democratic elections. We study the best ...
Cited by 30 - Related articles - View as HTML - All 26 versions

Inequality, social discounting and estate taxation

[PDF] from mit.edu
E Farhi… - 2005 - nber.org
To what degree should societies allow inequality to be inherited? What role should estate
taxation play in shaping the intergenerational transmission of welfare? We explore these
questions by modeling altruistically-linked individuals who experience privately observed ...
Cited by 29 - Related articles - Library Search - All 12 versions

A theory of liquidity and regulation of financial intermediation

[PDF] from harvard.edu
Full text - MIT Libraries
E Farhi, M Golosov… - Review of Economic Studies, 2009 - Wiley Online Library
This paper studies a Diamond–Dybvig model of providing insurance against unobservable
liquidity shocks in the presence of unobservable trades. We show that competitive equilibria
are inefficient. A social planner finds it beneficial to introduce a wedge between the ...
Cited by 30 - Related articles - All 30 versions

Fear of rejection? Tiered certification and transparency

[PDF] from univ-tlse1.fr
E Farhi, J Lerner… - 2008 - nber.org
The sub-prime crisis has shown a harsh spotlight on the practices of securities underwriters,
which provided too many complex securities that proved to ultimately have little value. This
uproar calls attention to the fact that the literature on intermediaries has carefully analyzed ...
Cited by 27 - Related articles - Library Search - All 38 versions

Capital taxation: quantitative explorations of the Inverse Euler equation

[PDF] from mit.edu
E Farhi… - MIT Department of Economics Working Paper …, 2009 - papers.ssrn.com
Abstract: This paper studies the efficiency gains from distorting savings in dynamic
Mirrleesian private-information economies. We develop a method that pertubs the
consumption process optimally, while preserving incentive compatibility. The Inverse ...
Cited by 26 - Related articles - Library Search - All 8 versions

Insurance and taxation over the life cycle

[PDF] from tinbergen.nl
E Farhi… - 2011 - nber.org
We consider a dynamic Mirrlees economy in a life cycle context and study the op-timal
insurance arrangement. Individual productivity evolves as a Markov process and is private
information. We use a first order approach in discrete and continuous time and obtain ...
Cited by 29 - Related articles - Library Search - All 15 versions

Progressive estate taxation

[PDF] from bcrp.gob.pe
E Farhi… - 2006 - nber.org
For an economy with altruistic parents facing productivity shocks, the optimal estate taxation
is progressive: fortunate parents should face lower net returns on their inheritances. This
progressivity reflects optimal mean reversion in consumption, which ensures that a long- ...
Cited by 24 - Related articles - Library Search - BL Direct - All 28 versions

Capital taxation and ownership when markets are incomplete

[PDF] from bcrp.gob.pe
E Farhi - 2007 - nber.org
This paper analyzes the theoretical and quantitative implications of optimal capital taxation
in the neoclassical growth model with aggregate shocks and incomplete markets. The model
features a representative-agent economy with proportional taxes on labor and capital. I ...
Cited by 24 - Related articles - Library Search - BL Direct - All 27 versions

Leverage and the central banker's put

[PDF] from idei.fr
Full text - MIT Libraries
E Farhi… - The American Economic Review, 2009 - JSTOR
The expanding so-called" shadow banking sys tem"(conduits, hedge funds, investment
banks, monolines) has engaged in substantial transfor mation and, unlike commercial
banks, could not avail itself of stable insured deposits. Mutual funds are under the threat of ...
Cited by 22 - Related articles - All 15 versions

The real effects of stock market mispricing at the aggregate: Theory and Empirical Evidence

[PDF] from harvard.edu
E Farhi… - 2006 - papers.ssrn.com
Abstract: In this paper we investigate whether stock market overpricing leads to aggregate
(real) inefficiencies. We first investigate a standard dynamic contracting model of investment
subject to financing constraints. We show that stock market mispricing will have two robust ...
Cited by 13 - Related articles - All 6 versions

Crash risk in currency markets

[PDF] from bcrp.gob.pe
E Farhi, SP Fraiberger, X Gabaix, R Ranciere… - 2009 - nber.org
How much of carry trade excess returns can be explained by the presence of disaster risk?
To answer this question, we propose a simple structural model that includes both Gaussian
and disaster risk premia and can be estimated even in samples that do not contain ...
Cited by 51 - Related articles - Library Search - All 15 versions

[BOOK] Reforming the international monetary system

[PDF] from cepr.org
E Farhi, PO Gourinchas… - 2011 - books.google.com
This report presents a set of concrete proposals of increasing ambition for the reform of the
international monetary system. The proposals aim at improving the international provision of
liquidity in order to limit the effects of individual and systemic crises and decrease their ...
Cited by 13 - Related articles - Get it from MIT Libraries - All 19 versions

Unconventional Fiscal Policy at the Zero Bound

[PDF] from umontreal.ca
I Correia, E Farhi, JP Nicolini… - 2011 - nber.org
When the zero lower bound on nominal interest rates binds, monetary policy cannot provide
appropriate stimulus. We show that in the standard New Keynesian model, tax policy can
deliver such stimulus at no cost and in a time-consistent manner. There is no need to use ...
Cited by 11 - Related articles - Library Search - All 28 versions

Saving and investing for early retirement: A theoretical analysis

[PDF] from aueb.gr
E Farhi… - 2005 - papers.ssrn.com
Abstract: We study optimal consumption and portfolio choice in a framework where investors
save for early retirement and assume that agents can adjust their labor supply only through
an irreversible choice of their retirement time. We obtain closed form solutions and ...
Cited by 12 - Related articles - BL Direct - All 7 versions

A Theory of Liquidity and Regulation of Financial Intermediation

[PDF] from atl-res.com
E Farhi, M Golosov… - 2007 - nber.org
This paper studies a mechanism design model of financial intermediation. There are two
informational frictions: agents receive unobservable shocks and can participate in markets
by engaging in trades unobservable to intermediaries. Without regulations, intermediaries ...
Cited by 10 - Related articles - Library Search - BL Direct - All 26 versions

Progressive estate taxation

[PDF] from oxfordjournals.org
Full text - MIT Libraries
E Farhi… - The Quarterly Journal of Economics, 2010 - qje.oxfordjournals.org
Abstract We present a model with altruistic parents and heterogeneous productivity. We
derive two key properties for optimal estate taxation. First, the estate tax should be
progressive, so that parents leaving a higher bequest face a lower net return on bequests. ...
Cited by 14 - Related articles - All 9 versions

Certifying new technologies

Full text - MIT Libraries
E Farhi, J Lerner… - Journal of the European Economic …, 2005 - Wiley Online Library
Abstract We study the role of Standard Setting Organization (SSOs) in the adoption of
standards. The way the SSO balances the interests of sponsor and users is key to its ability
to certify the technology. Proximity to users builds trust in the endorsement, but may be ...
Cited by 10 - Related articles - All 7 versions

[BOOK] Strategic interactions in two-sided market oligopolies

[PDF] from hbs.edu
E Farhi, A Hagiu… - 2008 - papers.ssrn.com
Abstract: Strategic interactions between two-sided platforms depend not only on whether
their decision variables are strategic complements or substitutes as for one-sided firms, but
also-and crucially so-on whether or not the platforms subsidize one side of the market in ...
Cited by 10 - Related articles - Get it from MIT Libraries - Library Search - All 4 versions

Optimal savings distortions with recursive preferences

[PDF] from harvard.edu
Full text - MIT Libraries
E Farhi… - Journal of Monetary Economics, 2008 - Elsevier
This paper derives an intertemporal optimality condition for economies with private
information, focusing on a class of recursive preferences. By comparing it to the situation
where agents can freely save in a risk-free asset market, we derive the optimal savings ...
Cited by 9 - Related articles - Library Search - BL Direct - All 16 versions

[CITATION] Pierre% Olivier Gourinchas, 2008b, An equilibrium model of kglobal imbalancesland low interest rates

RJ Caballero… - American Economic Review
Cited by 7 - Related articles - Get it from MIT Libraries

Competing Liquidities: Corporate Securities, Real Bonds and Bubbles

[PDF] from univ-tlse1.fr
E Farhi… - 2008 - nber.org
We explore the link between liquidity and investment in a an overlapping generation model
with a standard asynchronicity between firms' access to and need for cash. Imperfect
pledgeability hinders the capacity of capital markets to resolve this asynchronicity, ...
Cited by 7 - Related articles - Library Search - BL Direct - All 31 versions

The Phillips curves across the Atlantic: It is the price curves that differ

[PDF] from ens.fr
D Cohen… - 2002 - papers.ssrn.com
Abstract: The Paper highlights one critical difference between Europe and the US regarding
the Phillips curve: the behaviour of prices. While they are quickly restored to an equilibrium
level in the US, European prices are driven by highly counter-cyclical mark-ups. In bad ...
Cited by 6 - Related articles - BL Direct - All 8 versions

[CITATION] An Equilibrium Model of “Global Imbalances” and Low Interest Rate

CJ Ricardo, E Farhi… - NBER Working Paper Series, 2006
Cited by 5 - Related articles

[CITATION] Forthcoming.“Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts.”

E Farhi… - American Economic Review
Cited by 5 - Related articles - Get it from MIT Libraries

Fiscal devaluations

[PDF] from harvard.edu
E Farhi, G Gopinath… - 2011 - nber.org
We show that even when the exchange rate cannot be devalued, a small set of conventional
fiscal instruments can robustly replicate the real allocations attained under a nominal
exchange rate devaluation in a standard New Keynesian open economy environment. We ...
Cited by 6 - Related articles - All 17 versions

[PDF] Financial “Whac-a-Mole”: Bubbles, Commodity Prices and Global Imbalances

[PDF] from worldbank.org
RJ Caballero, E Farhi… - Brookings Papers …, 2008 - siteresources.worldbank.org
This paper provides theoretical and empirical evidence to support the proposition that three
of the major global macroeconomic phenomena of recent years–the persistent global
imbalances, the subprime crisis, and the volatile oil prices that followed it–are tightly ...
Cited by 4 - Related articles - View as HTML - Get it from MIT Libraries - All 8 versions

[CITATION] Bubbly Liquidity, forthcoming in Review of Economic Studies

E Farhi… - 2010
Cited by 4 - Related articles

[CITATION] Pierre $ Olivier Gourinchas (2006), nAn Equilibrium Model of lGlobal Imbalancesmand Low Interest Rates

R Caballero… - o MIT Working Paper
Cited by 3 - Related articles - Get it from MIT Libraries

[CITATION] JL, and J. Tirole (2008):“Fear of Rejection: Tiered Certification and Transparency,”

E Farhi - NBER working paper
Cited by 2 - Related articles

[CITATION] Rare disasters and exchange rates, un& published paper

E Farhi… - Harvard University and New York University, 2008
Cited by 2 - Related articles

Non-linear Capital Taxation Without Commitment

[PDF] from cmu.edu
E Farhi, C Sleet, I Werning… - The Review of …, 2012 - restud.oxfordjournals.org
Abstract We study efficient non-linear taxation of labour and capital in a dynamic Mirrleesian
model incorporating political economy constraints. Policies are chosen sequentially over
time, without commitment. Our main result is that the marginal tax on capital income is ...
Cited by 2 - Related articles - Get it from MIT Libraries - All 11 versions

[CITATION] An equilibrium model of “global imbalances” and low interest rates. January 2006

R Caballero, E Farhi… - MIT working paper 06-02
Cited by 2 - Related articles

[CITATION] Rare disasters and exchange rates

X Gabaix… - March 2009. Working Paper NYU …
Cited by 2 - Related articles

[CITATION] Pierre-Olivier, 2008, Financial crash, commodity prices and global imbalances

RJ Caballero… - NBER Working Paper
Cited by 2 - Related articles

[CITATION] mAn Equilibrium Model of mGlobal Imbalancesnn

R Caballero, E Farhi… - 2006 - mimeo, University of Cali& fornia, …
Cited by 2 - Related articles

Financial Globalisation

B Eichengreen, D Leblang, BC Kho, RM Stulz… - 2000 - bis.org
On 19–20 June 2006, the BIS held its fifth Annual Conference, on Financial Globalisation, in
Brunnen, Switzerland. The event brought together some 60 senior representatives of central
banks, academic institutions and the private sector to exchange views on this topic. This ...
Cited by 2 - Related articles - Cached

[CITATION] An Equilibrium Model of “Global Imbalances” and Low Interest Rates

RJCEF Pierre, O Gourinchas - NBER working paper, 2006
Cited by 2 - Related articles

[CITATION] kAn equilibrium model of iglobal imbal# ancesjand low interest ratesl

R Caballero, E Farhi… - American Economic Review, 2008
Cited by 6 - Related articles - Get it from MIT Libraries

DP7064 Financial Crash, Commodity Prices and Global Imbalances

R Caballero, E Farhi… - 2008 - cepr.org
In this paper we argue that the persistent global imbalances, the subprime crisis, and the
volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a
global environment where sound and liquid financial assets are in scarce supply. Our ...
Cached - All 3 versions

DP8193 Unconventional Fiscal Policy at the Zero Bound

I Correia, E Farhi, JP Nicolini… - 2011 - cepr.org
When the zero lower bound on nominal interest rates binds, monetary policy cannot provide
appropriate stimulus. We show that in the standard New Keynesian model, tax policy can
deliver such stimulus at no cost and in a time-consistent manner. There is no need to use ...
Cached - All 3 versions

[CITATION] Saving and Investing for Early Retirement: A Theoretical Analysis (Digest Summary)

E Farhi… - CFA Digest, 2007 - CFA Institute

[CITATION] INSTITUTIONS AND MARKETS Series

E Farhi
Related articles - All 2 versions

[PDF] Capital Taxation

[PDF] from 18.7.29.232
E Farhi… - 2006 Meeting Papers, 2006 - 18.7.29.232
Abstract This paper studies the efficiency gains from distorting savings in dynamic
Mirrleesian private-information economies. We develop a method that pertubs the
consumption process optimally while preserving incentive compatibility. The Inverse Euler ...
Related articles - View as HTML - All 5 versions

Inequality, Social Discounting and Estate Taxation

I Werning… - 2005 Meeting Papers, 2005 - en.scientificcommons.org
Abstract Inequality Social Discounting and Progressive Estate Taxation Emmanuel Farhi MIT
efarhi mit edu Werning MIT NBER and UTDT iwerning mit edu First Draft June This Version
January Abstract what degree should societies allow inequality inherited What role should ...
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Three essays in macroeconomics

[PDF] from mit.edu
R Caballero, I Werning, E Farhi - 2006 - dspace.mit.edu
Chapter 1 analyzes the theoretical and quantitative implications of optimal fiscal policy in a
business cycle model with incomplete markets. I first consider the problem of a government
facing expenditure shocks in an economy where the only asset is a real risk-free bond. ...
Related articles - All 2 versions

[PDF] Progressive Estate Taxation Taxation

[PDF] from stanford.edu
E Farhi… - economics.stanford.edu
Abstract We study efficient allocations in a Mirrleesian model with altruistic parents and
focus on the implications for estate taxation. We show that optimal estate taxes have two
important features. First, taxation should be progressive, so that more productive parents ...
Related articles - View as HTML - All 4 versions

DP3100 The Phillips Curves Across the Atlantic: It is the Price Curves that Differ

D Cohen… - 2001 - cepr.org
The Paper highlights one critical difference between Europe and the US regarding the
Phillips curve: the behaviour of prices. While they are quickly restored to an equilibrium level
in the US, European prices are driven by highly counter-cyclical mark-ups. In bad times, ...
Cached - All 3 versions

DP5573 An Equilibrium Model of'Global Imbalances' and Low Interest Rates

R Caballero, E Farhi… - 2006 - cepr.org
Three of the most important recent facts in global macroeconomics-the sustained rise in the
US current account deficit, the stubborn decline in long run real rates, and the rise in the
share of US assets in global portfolio-appear as anomalies from the perspective of ...
Cached - All 3 versions

DP8721 Fiscal Devaluations

E Farhi, G Gopinath… - 2011 - cepr.org
We show that even when the exchange rate cannot be devalued, a small set of conventional
fiscal instruments can robustly replicate the real allocations attained under a nominal
exchange rate devaluation in a standard New Keynesian open economy environment. We ...
Cached - All 3 versions

DP7322 Crash Risk in Currency Markets

E Farhi, SP Fraiberger, X Gabaix, R Rancičre… - 2009 - cepr.org
How much of carry trade excess returns can be explained by the presence of disaster risk?
To answer this question, we propose a simple structural model that includes both Gaussian
and disaster risk premia and can be estimated even in samples that do not contain ...
Cached - All 4 versions

[PDF] Monetary Policy, Liquidity, and Growth

[PDF] from snb.ch
P Aghion, E Farhi… - 2011 - snb.ch
Abstract In this paper, we use cross% industry, cross% country panel data to test whether
industry growth is positively affected by the interaction between the reactivity of real short
term interest rates to the business cycle and industry% level measures of financial ...
Related articles - View as HTML - All 2 versions

Three Essays in Macroeconomics

E Farhi - 2006 - en.scientificcommons.org
Abstract Chapter 1 analyzes the theoretical and quantitative implications of optimal fiscal
policy in a business cycle model with incomplete markets. I first consider the problem of a
government facing expenditure shocks in an economy where the only asset is a real risk- ...
Cached - Library Search

[PDF] QUELLE REFORME POUR LE SYSTEME MONETAIRE INTERNATIONAL?

[PDF] from london.edu
E Farhi, PO Gourinchas… - faculty.london.edu
«Executive Summary» Liquidité internationale. Nos propositions de réforme du système
monétaire international se concentrent sur la provision liquidité. Elles contribueront à limiter
les effets des crises individuelles ou systémiques, et à en diminuer la fréquence. Nous ...
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[BOOK] Les entreprises face à la politique européenne de la concurrence

[HTML] from google.com
E Farhi… - 2006 - books.google.com
Le droit de la concurrence est au cœur de la construction européenne depuis ses origines.
Le double objectif qui lui est assigné-veiller à préserver une concurrence libre et non
faussée, et promouvoir l'intégration du marché commun-lui confère une importance ...
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