M Aguiar… - 2004 - nber.org
Business Cycles in emerging markets are characterized by strongly counter-cyclical current
accounts, consumption volatility that exceeds income volatility and dramatic sudden stops' in
capital inflows. These features contrast with developed small open economies and ...
M Aguiar… - 2004 - nber.org
World capital markets have experienced large scale sovereign defaults on a number of
occasions, the most recent being Argentina's default in 2002. In this paper we develop a
quantitative model of debt and default in a small open economy. We use this model to ...
G Gopinath… - 2006 - nber.org
The stickiness and currency of pricing of traded goods play a central role in international
macroeconomics, however empirical evidence on these features is seriously limited. To
address this we use microdata on US import and export prices at-the-dock for the period ...
M Aguiar… - Review of Economics and Statistics, 2005 - MIT Press
In placing capital market imperfections at the center of emerging market crises, the
theoretical literature has associated a liquidity crisis with low foreign investment and the exit
of investors from the crisis economy. However, a liquidity crisis is equally consistent with ...
G Gopinath, O Itskhoki… - 2007 - nber.org
A central assumption of open economy macro models with nominal rigidities relates to the
currency in which goods are priced, whether there is so-called producer currency pricing or
local currency pricing. This has important implications for exchange rate pass-through and ...
G Gopinath - Journal of International Economics, 2004 - Elsevier
Emerging markets in the 1990s experienced periods of booms followed by collapses in
gross domestic product, consumption, traded and non-traded sector output and real
exchange rate movements alongside unprecedented movements in foreign investor ...
G Gopinath… - 2008 - nber.org
A common finding across empirical studies of price adjustment is that there is large
heterogeneity in the frequency of price adjustment. However, there is little evidence of how
distant prices are from the desired flexible price. Without this evidence, it is difficult to ...
M Aguiar, M Amador… - Review of Economic …, 2009 - Wiley Online Library
We characterize optimal taxation of foreign capital and optimal sovereign debt policy in a
small open economy where the government cannot commit to policy, seeks to insure a risk-
averse domestic constituency, and is more impatient than the market. Optimal policy ...
G Gopinath… - The Quarterly Journal of Economics, 2010 - qje.oxfordjournals.org
Abstract We empirically document, using US import prices, that on average goods with a
high frequency of price adjustment have a long-run pass-through that is at least twice as
high as that of low-frequency adjusters. We show theoretically that this relationship should ...
To what extent do national borders and national currencies impose costs that segment
markets across countries? To answer this question we use a dataset with product level retail
prices and wholesale costs for a large grocery chain with stores in the US and Canada. ...
M Aguiar… - Unpublished manuscript, University of …, 2002 - wesleyan.edu
Abstract In placing capital market imperfections at the center of emerging market crises, the
theoretical literature has associated a liquidity crisis with low foreign investment and the exit
of investors from the crisis economy. However, a liquidity crisis is equally consistent with ...
M Aguiar, G Gopinath - … Bank of Chile, 2007 - comisiondistorsionesdeprecios.cl
Abstract In this paper we use a quantitative model to explore the potential frictions that
distinguish emerging market business cycles from developed small open economies.
Following Aguiar and Gopinath (2007) we allow total factor productivity (TFP) to have a ...
N Li, G Gopinath,
PO Gourinchas… - American Economic …, 2010 - works.bepress.com
Abstract Relative cross-border retail prices, in a common currency, comoves closely with the
nominal exchange rate. Using a data set with product level retail prices and wholesale costs
for a large grocery chain operating in the US and Canada, we decompose this variation ...
G Gopinath… - 2011 - nber.org
We empirically characterize the mechanics of trade adjustment during the Argentine crisis
using detailed firm-level customs data covering the universe of import transactions during
1996-2008. Our main findings are as follows: First, the extensive margin defined as the ...
M Aguiar, M Amador… - 2005 - nber.org
We provide a rationale for the observed pro-cyclicality of tax policies in emerging markets
and present a novel mechanism through which tax policy amplifies the business cycle. Our
explanation relies on two features of emerging markets: limited access to financial markets ...
[CITATION] Pass-through at the Dock: Pricing to Currency and to Market
G Gopinath, O Itskhoki… - Unpublished paper, Harvard University, …, 2006
G Gopinath… - 2010 - nber.org
The closed and open economy literatures work on evaluating the role of real rigidities, but in
parallel. This paper brings the two literatures together. We use international price data and
exchange rate shocks to evaluate the importance of real rigidities in price setting. We ...
M Aguiar, M Amador… - 2006 - papers.ssrn.com
Abstract: We study a small open economy characterized by two empirically important
frictions-incomplete financial markets and an inability of the government to commit to policy.
We characterize the best sustainable fiscal policy and show that it can amplify and prolong ...
[CITATION] 006.“Defaultable Debt, Interest Rates and the Current Account.”
M Aguiar… - Journal of International Economics
[CITATION] Defaultable Debt
M Aguiar… - Interest Rates and the Current, 2006
[CITATION] Emerging Market Business Cycles7 The Cycle
M Aguiar… - The Global Crisis and Capital Flows to Emerging …, 2004
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 ...
Abstract We use data on retail prices and wholesale costs for detailed products at the
barcode level from 325 stores of a large grocery chain to measure the effect of the US-
Canadian border on market segmentation. Theoretically, we use a model of pricing and ...
M Aguiar, G Gopinath - Current …, 2006 - comisiondistorsionesdeprecios.cl
Business cycles in emerging markets are characterized by high levels of volatility in income,
investment, and net exports. Consumption is more volatile than income, and net exports are
highly countercyclical (see Aguiar and Gopinath, 2007). Furthermore, the interest rates ...
[CITATION] 2oo7. Emerging Market Business Cycles: The Cycle Is the Trend
M Aguiar… - The Journal of Political Economy
[CITATION] The Value of Foreign Ownership
M Aguiar, G Gopinath… - Federal Reserve Bank of Boston and University of …, 2004
G Gopinath, O Itskhoki… - 2011 - nber.org
We document the behavior of trade prices during the Great Trade Collapse of 2008-2009
using transaction-level data from the US Bureau of Labor Statistics. First, we find that
differentiated manufactures exhibited marked stability in their trade prices during the large ...
[CITATION] Comment on VWhen It Rains, It Pours: Procyclical Capital Flows and Macroeconomic PoliciesV
G Gopinath - NBER Macroeconomics Annual, 2004
[CITATION] Emerging Market Business Cycles: The Cycle is the Trend” photocopy (Chicago: University of Chicago)
M Aguiar… - 2004
[CITATION] Sovereign Debt Cycles
M Aguiar, M Amador… - NBER Working Paper, 2007
[CITATION] Trade Adjustments in Large Crises
G Gopinath… - Harvard University and University of Chicago, 2010
G Gopinath - 2000 - papers.ssrn.com
Abstract: Foreign Investment is modeled as the outcome of a search process that
emphasizes the distinction between investment creation and investment destruction
processes which underlie net flows. The optimal q is shown to equal the difference ...
[CITATION] Fire sale and liquidity crises
M Aguiar… - Univ. of Chicago, GSB, Aug, 2002
[CITATION] Currency-choice and exchange passthrough
G Gopinath, O Itskhoski… - 2007 - Harvard University, mimeo
[CITATION] Trade Balance and Consumption Dynamics in Emerging Markets
M Aguiar, G Gopinath… - 2003 - Working paper
[CITATION] The Value of Foreign Ownership
G Gopinath… - 2005 - mimeo University of Chicago
[CITATION] Lending Booms, Sharp Reversals and the Real Exchange Dynamics,"(unpublished; Chicago: University of Chicago, Graduate School of Business).
G Gopinath - 2001
F Garip, F Garip, A Berger, H Cox, HC Kelman… - 1998 - wcfia.harvard.edu
Abstract This paper studies the impact of internal migration and remittance flows on wealth
accumulation and distribution in 22 rural villages in Nang Rong, Thailand. Using data from
943 households, the study constructs indices of household productive and consumer ...
A Mark… - Review of Economics and …, 2005 - bachman.hul.harvard.edu
In placing capital market imperfections at the center of emerg-ing market crises, the
theoretical literature has associated a liquidity crisis with low foreign investment and the exit
of investors from the crisis economy. However, a liquidity crisis is equally consistent with ...
M Aguiar, M Amador… - 2005 - emlab.berkeley.edu
Abstract Emerging markets are characterized by high levels of income volatility. These
cycles are accompanied by procyclical fiscal policies: governments tend to increase
spending and reduce taxes during expansions; and the reverse during contractions. What ...
G Gopinath - Journal of International Economics, 2007 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
M Aguiar, M Amador… - 2006 - economics.harvard.edu
Abstract We study a small open economy characterized by two empirically important frictions–
incomplete financial markets and an inability of the government to commit to policy. We
characterize the best sustainable fiscal policy and show that it can amplify and prolong ...
G Gopinath - Macroeconomics Annual 2004, 2005 - books.google.com
The classical literature points to countercyclical policy responses as means to moderate the
cost of business cycles. While the prescription of the theory is clear, this behavior is rarely
observed in practice. Kaminsky, Reinhart, and Vegh's (KRV) paper documents, quite ...
G Gopinath - cdi.mecon.gov.ar
The classical literature points out to counter cyclical policy responses as means to moderate
the cost of business cycles. While the prescription of the theory is clear, rarely this behavior
is observed in practice. Kaminsky Reinhart and Vegh's paper (KRV) documents, quite ...
G Gopinath… - 2009 - economics.harvard.edu
Abstract We empirically document using US import prices that on average goods with a high
frequency of price adjustment have a long-run pass-through that is at least twice as high as
that of low-frequency adjusters. We show theoretically that this relationship should follow ...
G Gopinath - EconomicDynamics Newsletter, 2011 - econpapers.repec.org
By Gita Gopinath; Abstract: Gita Gopinath is Professor of Economics at Harvard
University. She has worked on debt issues, emerging markets and. ...
[CITATION] Optimal Fiscal Policy and Amplification in a Small Open Economy
M Aguiar, M Amador… - 2005
G Gopinath… - 2010 - federation.ens.fr
Abstract We use detailed transactions-level customs data covering the universe of Argentine
imports from 1996-2008 to characterize trade adjustment during crises and explore the
resulting impact on domestic productivity. This period includes a dramatic nominal ...
M Aguiar, M Amador… - The American Economic Review, 2009 - JSTOR
2 The correlation between the inverse measure of expro priation risk and GDP is 0.68, and
the political risk and GDP is 0.71. reversals and the associated economic volatili ty. 3 In
particular, we explore the joint dynamics of sovereign debt, investment, and expropriation ...
G Gopinath - NBER Macroeconomics Annual, 2004 - JSTOR
This paper is an extremely nice effort at documenting and contrasting certain features of the
business cycle for a large set of countries. The authors focus on the cyclical properties of
capital flows, fiscal policy, and monetary policy. They contrast the behavior of these ...
[CITATION] Three Essays on International Capital Flows: A Search Theoretic Approach
G Gopinath - 2001 - Princeton University
G Gopinath, M Aguiar… - 2005 Meeting Papers, 2005 - econpapers.repec.org
By Gita Gopinath, Mark Aguiar and Manuel Amador; Fiscal
Policy Amplified Shocks in Emerging Markets.
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 ...
G Gopinath… - NBER Book Chapter, 2011 - papers.ssrn.com
Abstract The closed and open economy literatures work on evaluating the role of real
rigidities, but in parallel. This paper brings the two literatures together. We use international
price data and exchange rate shocks to evaluate the importance of real rigidities in price ...
M Aguiar, M Amador… - 2005 - 209.197.108.139
Abstract We study a small open economy characterized by two main frictions–incomplete
financial markets and an inability of the government to commit to policy. We characterize the
best sustainable fiscal policy and show that it can prolong shocks to output. In particular, ...
To what extent do national borders and national currencies impose costs that segment
markets across countries? To answer this question we use a dataset with product level retail
prices and wholesale costs for a large grocery chain with stores in the US and Canada. ...
R Clifford, J Stavins, PPB No, R Bubb… - New England Public …, 2011 - bos.frb.org
... Classroom Peer Effects and Student Achievement by Mary A. Burke and Tim R. Sass
Public Policy Discussion Paper 11-5; Trade Adjustment and Productivity in Large Crises
by Gita Gopinath and Brent Neiman Working Paper 11-9; ...
M Aguiar, M Amador… - bostonfed.org
We study a small open economy characterized by two empirically important frictions—
incomplete financial markets and an inability of the government to commit to policy. We
characterize the best sustainable fiscal policy and show that it can amplify and prolong ...
[CITATION] Comment: South Korea's Experience with International Capital Flows
G Gopinath
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 ...
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