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Report
The Impact of Brexit on Foreign Investment and Production
In this paper, we estimate the impact of increasing costs on foreign producers following a withdrawal of the United Kingdom from the European Union (popularly known as Brexit). Our predictions are based on simulations of a multicountry neoclassical growth model that includes multinational ?rms investing in research and development (R&D), brands, and organizational capital that are used nonrivalrously by their subsidiaries at home and abroad. For the main simulation, we assume that U.K. investments in the European Union face the same restrictions as Norway?s and that E.U. investments in the ...
Journal Article
An E.U. withholding tax?
Speech
The global economy and the european sovereign debt crisis
July 10, 2012. Speech. "The Global Economy and the European Sovereign Debt Crisis." Delivered at the OMFIF Golden Series Lecture, London. Related news articles.
Speech
What the euro crisis means for taxpayers and the U.S. economy
Testimony before the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, Committee on Oversight and Government Reform, U.S. House of Representatives.
Working Paper
Trade and the (dis)incentive to reform labor markets: the case of reform in the European Union.
In a closed economy general equilibrium model, Hopenhayn and Rogerson (1993) find large welfare gains to removing firing restrictions. We explore the extent to which international trade alters this result. When economies trade, labor market policies in one country spill over to other countries through a change in the terms of trade. This reduces the incentive to reform labor markets. In a policy game over firing taxes between countries, we find that countries optimally choose positive levels of firing taxes. A coordinated elimination of firing taxes yields considerable benefits. This insight ...
Journal Article
Interview with Tommaso Padoa-Schioppa
Journal Article
EU + Austria + Finland + Sweden + ?
Journal Article
Interview with Jean-Claude Trichet
The European Central Bank president and Minneapolis Fed President Gary Stern discuss ECB accomplishments and challenges, as well as issues of concern to both central banks.
Working Paper
Cross-border banking on the two sides of the Atlantic: does it have an impact on bank crisis management?
In the United States and the European Union (EU), political incentives to oppose cross-border banking have been strong in spite of the measurable benefits to the real economy from breaking down geographic barriers. Even a federal-level supervisor and safety net are not by themselves sufficient to incentivizing cross-border banking although differences in the institutional set-up are reflected in the way the two areas responded to the crisis. The U.S. response was a coordinated response, and the cost of resolving banks was borne at the national level. Moreover, the Federal Deposit Insurance ...