5 Works

Note from Special Issue Guest Editors and Invited Contributors

Amit Sharma, Bendegul Okumus & Seoki Lee

Globalization and the Prevention of Ethnic Wars at the Local Level: A Cross-Country Analysis

Demet Mousseau

Human Capital and Hotel Operating Performance

Should Monetary Policy Lean Against Housing Market Booms?

Sami Alpanda & Alexander Ueberfeldt
Should monetary policy lean against housing market booms? We approach this question using a small-scale, regime-switching New Keynesian model, where housing market crashes arrive with a logit probability that depends on the level of household debt. This crisis regime is characterized by an elevated risk premium on mortgage lending rates, and, occasionally, a binding zero lower bound on the policy rate, imposing large costs on the economy. Using our set-up, we examine the optimal level...

Foreign Exchange Interventions: The Long and the Short of It

Patrick Alexander, Sami Alpanda & Serdar Kabaca
This paper studies the effects of foreign exchange (FX) interventions in a two-region New Keynesian model where governments issue both short-term and long-term bonds. Imperfect substitutability between bonds gives rise to portfolio balance effects that make FX interventions effective. Empirically, foreign central banks intervene in both short-term and long-term US bond markets, and therefore modelling interventions in both is critical. We calibrate the model using data for the United States and a foreign region (its...

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