 | Department of Economics, Boston College Verified email at bc.edu Cited by 1631 |
We develop a stochastic, general equilibrium, two-country model of trade and
macroeconomic dynamics. Productivity differs across individual, monopolistically
competitive firms in each country. Firms face a sunk entry cost in the domestic market and ...
This paper builds a framework for the analysis of macroeconomic fluctuations that
incorporates the endogenous determination of the number of producers over the business
cycle. Economic expansions induce higher entry rates by prospective entrants subject to ...
This paper studies the role of endogenous producer entry and product creation for monetary
policy analysis and business cycle dynamics in a general equilibrium model with imperfect
price adjustment. Optimal monetary policy stabilizes product prices, but lets the consumer ...
F Ghironi - Journal of International Economics, 2006 - Elsevier
This paper uses a two-country, flexible-price model with overlapping generations of infinitely
lived households to study the role of net foreign asset dynamics in the propagation of
productivity shocks. Absence of Ricardian equivalence ensures existence of a unique ...
Ongoing international financial integration has greatly increased foreign asset holdings
across countries, enhancing the scope for a" valuation channel" of external adjustment (ie,
the changes in a country's net foreign asset position due to exchange rate and asset price ...
B Eichengreen… - 2001 - eabcn.org
In this paper we consider how Europe's monetary union will evolve in the next five to ten
years. We concentrate on what is likely to be the most important change in that period,
namely, the increased number and heterogeneity of the participating states. While the ...
M Cavallo,
F Ghironi - Journal of Monetary Economics, 2002 - Elsevier
We revisit Obstfeld and Rogoff's (1995) results on exchange rate dynamics in a two-country,
monetary model with incomplete asset markets, stationary net foreign assets, and
endogenous monetary policy. The nominal exchange rate exhibits a unit root. Under ...
G Benigno, P Benigno… - Journal of Economic Dynamics and …, 2007 - Elsevier
This paper shows that properly designed interest rate rules can be consistent with
maintaining exchange rate stability. It sheds light on the relation between interest rate rules,
exchange rate regimes, and determinacy of the rational expectation equilibrium in a ...
B Eichengreen… - CEPR Discussion Papers, 1995 - ideas.repec.org
This paper reviews the problems that must be resolved at the Intergovernmental Conference
in 1996 to clear the way for European Monetary Union: locking in Germany's commitment to
the project, and reconciling EMU with variable geometry. It reviews what we know about ...
Abstract I develop a model that improves upon the recent literature in open economy
macroeconomics in that it lends itself more directly to empirical investigation. I solve the
stationarity problem that characterizes many existing models by adopting an overlapping ...
We compare the performance of a currency board, inflation targeting, and dollarization in a
small, open developing economy with a liberalized capital account. We focus on the
transmission of shocks to currency and country risk premia and on the role of fluctuations ...
F Ghironi… - The American economic review, 2007 - JSTOR
Recent work, both theoretical and empirical, has highlighted a fundamental property of
international trade patterns. When trade flows vary, either across countries or within a
country over time, so does the number of goods embodied in those trade flows (as well as ...
CT Carlstrom,
TS Fuerst… - Journal of Economic Theory, 2006 - Elsevier
What inflation rate should the central bank target? We address determinacy issues related to
this question in a two-sector model in which prices can differ in equilibrium. We assume that
the degree of nominal price stickiness can vary across the sectors and that labor is ...
We study the efficiency properties of a dynamic, stochastic, general equilibrium,
macroeconomic model with monopolistic competition and firm entry subject to sunk costs, a
time-to-build lag, and exogenous risk of firm destruction. Under inelastic labor supply and ...
B Eichengreen… - 1997 - escholarship.org
In this paper we describe some of the opportunities and perils for international monetary
cooperation associated with EMU. Our approach brings together two strands in the literature;
one concerned with institutions, the other focusing on policy consensus. Previous work on ...
F Ghironi - Boston College Econ. Dept. WP, 2000 - fmwww.bc.edu
Abstract I compare the performance of alternative monetary rules for Canada using an open
economy model under incomplete markets. Different rules generate different paths for the
markup and the terms of trade. A comparison of welfare levels suggests that flexible ...
Abstract We explore the role of relative prices in the dynamics of a two-sector, New
Keynesian model with heterogeneous nominal rigidity, immobile labor, and endogenous
interest rate setting. We show that labor immobility is necessary to generate endogenously ...
Abstract This paper develops a small open economy, sticky-price model with a role for
current account dynamics in the transmission of shocks. I solve the stationarity problem of
incomplete markets, open economy models by adopting an overlapping-generations ...
F Ghironi, TB Iscan… - Journal of International Money and …, 2008 - Elsevier
We examine the effect of non-zero, steady-state foreign assets on consumption dynamics in
response to productivity shocks in a two-country, dynamic, general equilibrium model. The
model generates non-zero steady-state net foreign assets by allowing for different ...
F Bilbiie,
F Ghironi… - 2005 Meeting Papers, 2005 - socionet.org
Abstract This paper builds a framework for the analysis of macroeconomic business cycles
that incorporates the endogenous determination of the number of producers over the
business cycle. Economic expansions induce higher entry rates by prospective entrants ...
FO Bilbiie,
F Ghironi… - manuscript, University of Oxford, …, 2006 - 149.132.120.83
Abstract We study the efficiency properties of a dynamic, stochastic, general equilibrium,
macroeconomic model with monopolistic competition and firm entry subject to sunk costs, a
time-to-build lag, and exogenous risk of firm destruction. Under inelastic labor supply and ...
F Ghironi… - Journal of International Economics, 1998 - Elsevier
We show that the employment–inflation tradeoff facing a central bank depends on the size of
the economy for which it sets monetary policy. For inflation-averse central banks, the tradeoff
improves the smaller the relevant economy. The tradeoff facing the region whose central ...
B Eichengreen… - 1997 - ideas.repec.org
This paper analyses US–European policy interactions under different assumptions about the
policy-making regime and the nature of the fiscal environment, contrasting the standard
Keynesian case with an anti-Keynesian case in which government spending cuts are ...
F Ghironi… - … currency areas: new analytical and policy …, 1997 - books.google.com
E ADDRESS THE ISSUE Or THE OPTIMAL SIZE of the European currency Wunion and intra-
European Union exchange rate regime, focusing on the interactions among fiscal and
monetary authorities in Europe, and between Europe and the rest of the world. Explicitly ...
SK Chugh… - 2011 - nber.org
We study Ramsey-optimal fiscal policy in an economy in which product varieties are the
result of forward-looking investment decisions by firms. There are two main results. First,
depending on the particular form of variety aggregation in preferences, firms' dividend ...
F Ghironi - Boston College Working Papers in Economics, 2000 - fmwww.bc.edu
Abstract This paper proposes a microfounded general equilibrium model of the US and
European economies suitable for analyzing the transmission of monetary and fiscal policy
shocks between the US and Europe. The focus is on understanding the determinants of ...
F Ghironi - Boston College Working Papers in Economics, 2002 - fmwww.bc.edu
Abstract I show that endogenously persistent output dynamics are not a puzzle for the
standard sticky price model once openness of the economy is taken into account. I make this
point using a two country, monetary model of macroeconomic interdependence under ...
F Ghironi - Journal of Economic Dynamics and Control, 2008 - Elsevier
This paper develops a small open economy, sticky-price model that determines a unique,
stable long-run asset position for households as function of their incentive to anticipate or
postpone consumption and labor effort across periods. This is accomplished by adopting ...
B Eichengreen… - Open economies review, 2002 - Springer
We develop a model of monetary and fiscal policies appropriate for considering US-
European policy interactions in an era of near-balanced budgets and European monetary
union. We study the determinants of policy trade-offs and incentives for central banks and ...
F Ghironi… - EMU and the International Monetary …, 1997 - books.google.com
As the date approaches when a decision will have to be made on which European states
will join the monetary union from the start, two separate camps are emerging in the countries
that are likely candidates to be admitted to the currency union. On the one side lie the ...
[CITATION] Alternative monetary policy rules: the case of Canada
F Ghironi - unpublished, University of California at Berkeley, 1998
This paper studies the domestic and international effects of the transition to an interstate
banking system implemented by the US since the late 1970s in a dynamic, stochastic,
general equilibrium model with endogenous producer entry. Interstate banking reduces ...
Abstract: This paper proposes a microfounded general equilibrium model of the US and
European economies suitable for analyzing monetary and fiscal policy interactions between
the US and Europe. The focus is on understanding the determinants of transatlantic ...
F Ghironi, TB Iscan… - H unpublished manuscript, Boston …, 2003 - fmwww.bc.edu
Abstract We develop a two-country, dynamic general equilibrium model that links cross-
country differences in net foreign asset and consumption dynamics to differences in discount
factors and steady-state levels of productivity. We compare the results of the model to ...
[CITATION] US-Europe Policy Interactions from the Post-Bretton Woods Era to EMU
F Ghironi… - University of California, Berkeley, 1995
[CITATION] mMonopoly Power and Endogenous Variety in Dynamic Stochastic General Equilibrium: Distortions and Remedies, nmimeo
F Bilbiie, F Ghironi… - 2006
B Eichengreen… - 2001 - fmwww.bc.edu
Abstract This paper studies the impact of changes in the extent to which fiscal policy is
distortionary on the short-run macroeconomic tradeoffs facing fiscal policymakers in an era
of budget equilibrium. It does so in an open economy framework, that we use to interpret ...
F Ghironi… - Manuscript, Boston College, 2007 - nber.org
Abstract This paper studies the domestic and international effects of financial deregulation in
a dynamic, stochastic, general equilibrium model with endogenous producer entry. We
model deregulation as a decrease in the monopoly power of financial intermediaries. We ...
FO Bilbiie, I Fujiwara… - 2011 - nber.org
We show that deviations from long-run stability of product prices are optimal in the presence
of endogenous producer entry and product variety in a sticky-price model with monopolistic
competition in which price stability would be optimal in the absence of entry. Specifically, a ...
[CITATION] Endogenous Entry, Product Variety, and Business Cycles, manuscript
FO Bilbiie, F Ghironi… - 2005 - Oxford University, Boston College, …
Much of the debate on the importance of valuation effects in the literature has focused on
their role for net foreign asset dynamics, with comparatively less attention in academic
research to the role of valuation for macroeconomic dynamics. Nevertheless, ...
[CITATION] Macroeconomics Interdependence and Incomplete Markets
F Ghironi - Deparment of Economics, Boston College, Working …, 2000
[CITATION] nMonetary Policy and Business Cycles with Endogenous Entry and Product Variety. oNBER Macroeconomics Annual 2007
F Bilbiie, F Ghironi… - 2007 - Forthcoming
[CITATION] The New Phillips Curve: A Survey
M Kulish, ME Course… - 2003 - June
[CITATION] Monetary Policy and Business Cycles with Endogenous Entry and Product Variety, manuscript
FO Bilbiie, F Ghironi… - 2007 - Oxford University, Boston College …
[CITATION] Monetary Policy Rules for Emerging Market Economies
F Ghironi… - 2002 - Working Paper WP/02/34, …
This paper introduces a new methodology for the estimation of demand trade elasticities
based on an import intensity-adjusted measure of aggregate demand, with the foundation of
a stylized theoretical model. We compute the import intensity of demand components by ...
[CITATION] Monopoly Power and Endogenous Variety in Dynamic Stochastic General Equilibrium models
F Bilbiie, F Ghironi… - 2006 - Mimeo, Harvard University
[CITATION] European Monetary unification and International Monetary Cooperation University of California
B Eichengrean… - Berkeley Review, 1996
[CITATION] The Domestic and International Effects of Financial Integration
F Ghironi… - 2007 - Boston College Working Paper
F Ghironi… - Boston College Working Papers in …, 2011 - ideas.repec.org
We study Ramsey-optimal fiscal policy in an economy in which product varieties are the
result of forward-looking investment decisions by firms. There are two main results. First,
depending on the particular form of variety aggregation in preferences, firms' dividend ...
F Ghironi, B Talan… - Journal of International Money and Finance, 2008 - bc.edu
There is much interest in the literature in understanding the determinants and consequences
of large international asset positions in the short and in the long-run. 3 This paper
investigates the effect of non-zero, long-run net foreign asset positions on consumption ...
[CITATION] Essays on economic interdependence
FP Ghironi - 1999 - University of California, Berkeley
B Eichengreen… - 2001 - bc.edu
In this paper we speculate about how Europe's monetary union will evolve in the next five to
ten years. We concentrate on what is likely to be the most important change in that period,
namely, the increased number and heterogeneity of the participating states. While the ...
[CITATION] Macroeconomia: teoria e politica economica
RE Hall, F Ghironi… - 1995 - Hoepli
F Ghironi, F Mandelman - Econometrica, 2003 - fmwww.bc.edu
This part of the course will focus on the consequences of uncertainty and unexpected
shocks for the economy. We will first analyze the implications of various asset market
structures for asset pricing and consumption. The main purpose will be to understand how ...
F Ghironi… - 2010 - finance.wharton.upenn.edu
Abstract The importance of outside monitoring to mitigate managerial ineffi ciency due to
agency costs has had a long history in the literature. By contrast, the aggregate implications
of the decision to list on financial markets and establish the required monitoring has not ...
B Eichengreen… - 1997 - cepr.org
This paper analyses US–European policy interactions under different assumptions about the
policy-making regime and the nature of the fiscal environment, contrasting the standard
Keynesian case with an anti-Keynesian case in which government spending cuts are ...
M Cacciatore, HEC Montréal, G Fiori… - 2011 - economie.uqam.ca
Abstract The global crisis that began in 2008 reheated the debate on market deregulation as
a tool to spur economic performance. This paper addresses the consequences of increased
flexibility in goods and labor markets for the conduct of monetary policy in a monetary ...
B Eichengreen… - Economic and Monetary Union and …, 2002 - books.google.com
In this chapter we consider how Europe's monetary union will evolve in the next five to ten
years. We concentrate on what is likely to be the most important change in that period,
namely, the increased number and heterogeneity of the participating states. While the ...
This is a very interesting paper. It sets out to explain three stylized facts of international
portfolios for industrial economies:(i) Portfolios are biased toward local equity.(ii) They are
long in foreign currency, short in domestic currency.(iii) Valuation effects caused by ...
We develop a stochastic, general equilibrium, two-country model of trade and
macroeconomic dynamics. Productivity differs across individual, monopolistically
competitive firms in each country. Firms face a sunk entry cost in the domestic market and ...
This paper builds a framework for the analysis of macroeconomic fluctuations that
incorporates the endogenous determination of the number of producers and products over
the business cycle. Economic expansions induce higher entry rates by prospective ...
Abstract This paper builds a framework for the analysis of macroeconomic fluctuations that
incorpo $ rates the endogenous determination of the number of producers over the business
cycle. Eco $ nomic expansions induce higher entry rates by prospective entrants subject ...
F Ghironi… - Journal of Macroeconomics, 2004 - bc.edu
This very nice paper clearly fits in Devereux's agenda of promoting exchange rate stability
and international monetary cooperation as a better alternative to floating exchange rates
and independent, uncoordinated policies. Our first comment has to do with whether or not ...
What would be the optimal size of the European currency union and what would be the
optimal form for the intra-EU exchange rate regime? According to Fabio Ghironi and
Francesco Giavazzi, the answer depends on the interactions both among the fiscal and ...
B Eichengreen… - 1995 - cepr.org
This paper reviews the problems that must be resolved at the Intergovernmental Conference
in 1996 to clear the way for European Monetary Union: locking in Germany's commitment to
the project, and reconciling EMU with variable geometry. It reviews what we know about ...
F Ghironi - NBER International Seminar on Macroeconomics 2007, 2009 - nber.org
This is a very interesting paper. It sets out to explain three stylized facts of international
portfolios for industrial economies:(a) Portfolios are biased toward local equity,(b) They are
long in foreign currency, short in domestic currency,(c) Valuation effects caused by ...
The paper analyses monetary and fiscal policy interactions in a three-country world,
interpreted to represent two EU economies and the rest of the world. The analysis extends
well-known results in the literature on international policy spillovers by investigating the ...
F Ghironi… - IMES Discussion Paper Series, 2011 - ideas.repec.org
Smaller firms sell more equity in response to expansions than do larger firms. Also,
consumption is more pro-cyclical for high income groups than others. In this paper, we
present a model that captures key features of both of these patterns found in recent ...
Abstract We develop a general equilibrium, macroeconomic model in which endogenous
stock market listing decisions by entrepreneurs and portfolio decisions by households jointly
determine the composition of the equity portfolio, stock market prices, and aggregate ...
FO Bilbiie, I Fujiwara… - 2011 - cepr.org
We show that deviations from long-run stability of product prices are optimal in the presence
of endogenous producer entry and product variety in a sticky-price model with monopolistic
competition in which price stability would be optimal in the absence of entry. Specifically, a ...
FG Fatás, G Gopinath, A Kraay, M Mestieri… - freit.org
Abstract Business cycle fluctuations in developed economies (N) tend to have large and
persistent effects on developing countries (S). We study the transmission of business cycle
fluctuations for developed to developing economies with a two) country asymmetric DSGE ...
B Eichengreen,
F Ghironi… - Politique étrangère, 1997 - persee.fr
Cet article décrit les chances et les difficultés que présente l'UEM pour la coopération
monétaire internationale. Alors que le soutien institutionnel et intellectuel à la coordination
de la politique monétaire en Europe sera renforcé avec l'UEM, une des lacunes du traité ...
[CITATION] US-EC Policy Interactions in a Post-EMU Setting: A Positive Approach
F Ghironi… - 1994 - Università Commerciale" L. Bocconi" …
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