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Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Title

Browsing Working Papers CREI (Centre de Recerca en Economia Internacional) by Title

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  • Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2022-03)
    We present a model that reproduces two salient facts characterizing the international monetary system: Fast growing emerging countries i) run current account surpluses, ii) accumulate international reserves and receive net ...
  • Castells Jauregui, Madalen; Kuvshinov, Dmitry; Richter, Björn; Vanasco, Victoria (2024-04-10)
    What is the sectoral composition of the market for safety, and does it matter for economic stability? To address these questions, we construct a novel dataset of sectoral safe asset positions in 24 advanced economies since ...
  • Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2021-04-13)
    We address this question using an estimated New Keynesian DSGE model of the Euro Area with trend inflation, imperfect indexation, and a lower bound on the nominal interest rate. In this setup, a decrease in the steady-state ...
  • Ponzetto, Giacomo A. M.; Troiano, Ugo (2024-01)
    This paper shows that social capital increases economic growth by raising government investment in human capital through better political incentives and selection. We provide empirical evidence that a greater share of ...
  • Broner, Fernando; Bustos, Paula; Carvalho, Vasco M. (2019-12)
    We study the determinants of comparative advantage in polluting industries. We combine data on environmental policy at the country level with data on pollution intensity at the industry level to show that countries with ...
  • Ghassibe, Mishel; Zanetti, Francesco (2022-07)
    We develop a general theory of state-dependent fiscal multipliers in a framework featuring two empirically relevant frictions: idle capacity and unsatisfied demand. Our key novel finding is that the source of fluctuations ...
  • Heblich, Stephan; Nagy, David Krisztián; Trew, Alex; Zylberberg, Yanos (2023-07-03)
    This paper studies how cities’ industrial structure shapes their life and death. Our analysis exploits the large heterogeneity in the early composition of English and Welsh cities. We extract built-up clusters from early ...
  • Ponzetto, Giacomo A. M.; Petrova, Maria; Enikolopov, Ruben (2020-10-07)
    Trade barriers cause substantial deadweight losses, yet they enjoy surprising voter support. We develop an electoral model that accounts for this puzzling popularity of protectionism. Producers have incentives to acquire ...
  • Benigno, Gianluca; Fornaro, Luca; Wolf, Martin (2023-10)
    Since the late 1990s, the United States has received large capital flows from developing countries - a phenomenon known as the global saving glut - and experienced a productivity growth slowdown. Motivated by these facts, ...
  • Andrade, Philippe; Galí, Jordi, 1961-; Le Bihan, Hervé; Matheron, Julien (2019-10-07)
    We study how changes in the steady-state real interest rate (henceforth, r*) affect the optimal inflation target in a New Keynesian DSGE model with trend inflation and a lower bound on the nominal interest rate. In this ...
  • Fornaro, Luca; Wolf, Martin (2021-04)
    We study the effects of supply disruptions - for instance caused by the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By negatively affecting investment, even ...
  • Fornaro, Luca; Wolf, Martin (2023-03)
    We study the effects of supply disruptions - for instance due to energy price shocks or the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By temporarily disrupting ...
  • Schaal, Edouard (2017-05)
    This paper studies the impact of time-varying idiosyncratic risk at the establishment level on aggregate unemployment fluctuations and on the labor market over the period 1972-2009. I build a tractable search-and-matching ...
  • Fajgelbaum, Pablo; Schaal, Edouard; Taschereau-Dumouchel, Mathieu (2019)
    We develop a theory of endogenous uncertainty and business cycles in which short-lived shocks can generate long-lasting recessions. In the model, higher uncertainty about fundamentals discourages investment. Since agents ...

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