作者：Chakraborty, Indraneel; Hai, Rong; Holter, Hans A.; Stepanchuk, Serhiy
作者单位：University of Miami; University of Miami; University of Oslo; University of Southampton
摘要：Using data from 15 European Union economies, we quantify the real effects of supply-side frictions due to the financial disintegration of European countries since the 2008 financial crisis. We develop a multi-country general equilibrium model with heterogeneous countries and destination-specific financial frictions. Financial institutions allocate capital endogenously across countries, determining the cost of capital to firms and the wealth of nations. The cost of financial disintegration is r...
作者：Davis, J. Scott; Presno, Ignacio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Is there a link between capital controls and monetary policy autonomy in a country with a floating currency? Shocks to capital flows into a small open economy lead to volatility in asset prices and credit supply. To lessen the impact of capital flows on financial instability, a central bank finds it optimal to use the domestic interest rate to manage the capital account. Capital account restrictions affect the behavior of optimal monetary policy following shocks to the foreign interest rate. C...
