Menzies, Gordon Douglas, Vines, David, Kirsanova, Tatiana
This paper develops a real model of financial crisis, and uses it to elucidate the controversy between Joe Stiglitz and the IMF concerning the Asian financial crisis. Borrowers of foreign capital are...
Inflation Bias with Dynamic Phillips Curves and Impatient Policy Makers (2009)
Kirsanova, Tatiana, Vines, David, Wren-Lewis, Simon
We generalize the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both...
Inflation Bias with Dynamic Phillips Curves and Impatient Policy Makers (2009)
Kirsanova, Tatiana, Vines, David, Wren-Lewis, Simon
We generalize the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both...
Inflation Bias with Dynamic Phillips Curves and Impatient Policy Makers (2009)
Kirsanova, Tatiana, Vines, David, Wren-Lewis, Simon
We generalize the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both...
Inflation Bias with Dynamic Phillips Curves and Impatient Policy Makers (2009)
Kirsanova, Tatiana, Vines, David, Wren-Lewis, Simon
We generalize the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both...
From Asian Miracle to Asian Crisis: Why Vulnerability, Why Collapse? (2008)
Jenny Corbett, Gregor Irwin, David Vines, Jenny Corbett, Gregor Irwin, David Vines
The east Asian financial crisis has been truly remarkable: suddenly the ‘Asian miracle ’ became the ‘Asian crisis’. Existing models of currency crisis were powerless to explain what happened....
Extending the concept of transaction compensation (2008)
Michael Butler, Carla Ferreira, Peter Henderson, Y Chessell, Catherine Griffin, David Vines, ...
The ability to compensate for previous activities, often in the case of failure or exceptional events, is an important feature of long-running business transactions. In this paper, we present several...
Parkinson, Gary N, Vines, David, Driscoll, Paul C, Djordjevic, Snezana
Abstract Background PX domains have specialized protein structures involved in binding of phosphoinositides (PIs). Through binding to the various PIs PX domains provide site-specific membrane signals...
Definition and Requirements (2007)
Thomas Mikalsen, Isabelle Rouvellou, Stanley Sutton, Stefan Tai, Y Chessell, Catherine Griffin, ...
{chessell, cgriffin, dvines}
Multilateral trade cooperation: what next? (2007)
Hoekman, Bernard, Vines, David
This paper first briefly describes the role of the WTO and its history. It then lays out a simple bargaining model of international negotiations, which can be used for understanding the Doha Round of...
Regional free-trade areas: sorting out the tangled spaghetti (2007)
As a result of the difficulties in negotiating the liberalization of trade globally, countries seek liberalization among smaller groups. We describe open regionalism as one such attempt to do this,...
The Macroeconomic Role of Fiscal Policy (2005)
Allsopp, Christopher, Vines, David
This article examines the new consensus that fiscal policy should have no macroeconomic role in ‘flexible inflation targeting’ regimes. There is little basis for this presumption. Fiscal policy...
The Interactions between Fiscal Policy and Monetary Policy (2005)
Kirsanova, Tatiana, Stehn, Sven Jari, Vines, David
This paper studies the interactions of fiscal policy and monetary policy when they stabilize a single economy against shocks in a dynamic setting. If both policy-makers are benevolent, then, in our...
Changes in equity risk perceptions: global consequences and policy responses (2003)
McKibbin, Warwick, Vines, David
The current weakness in the global economy has generated a debate on the likely outlook for the world economy and the appropriate response for monetary policies. The world economy is currently being...
Changes in equity risk perceptions: global consequences and policy responses (2003)
McKibbin, Warwick, Vines, David
The current weakness in the global economy has generated a debate on the likely outlook for the world economy and the appropriate response for monetary policies. The world economy is currently being...
Changes in equity risk perceptions: global consequences and policy responses (2003)
McKibbin, Warwick, Vines, David, Economics, RSPAS
The current weakness in the global economy has generated a debate on the likely outlook for the world economy and the appropriate response for monetary policies. The world economy is currently being...
Changes in equity risk perceptions: global consequences and policy responses (2003)
McKibbin, Warwick, Vines, David
The current weakness in the global economy has generated a debate on the likely outlook for the world economy and the appropriate response for monetary policies. The world economy is currently being...
Thailand's investment-driven boom and crisis (2003)
Analyses of the Asian crisis of 1997 have focused excessively on the financial sector, especially the banks. The role of the real sector in exposing the financial system to stress has been...
Changes in equity risk perceptions: global consequences and policy responses (2003)
McKibbin, Warwick, Vines, David
The current weakness in the global economy has generated a debate on the likely outlook for the world economy and the appropriate response for monetary policies. The world economy is currently being...
Extending the Concept of Transaction Compensation (2002)
Butler, Michael, Ferreira, Carla, Henderson, Peter, Chessell, Mandy, Griffin, Catherine, Vines, David
Extending the Concept of Transaction Compensation (2002)
Butler, Michael, Ferreira, Carla, Henderson, Peter, Chessell, Mandy, Griffin, Catherine, Vines, David
Extending the Concept of Transaction Compensation (2002)
Butler, Michael, Ferreira, Carla, Henderson, Peter, Chessell, Mandy, Griffin, Catherine, Vines, David
Is the WTO's article XXIV a free trade barrier? (2000)
Why is further multilateral trade liberalisation proving so difficult to achieve? This paper shows that Article XXIV itself, the set of WTO rules governing trade block formation, undermines the...
Who gains and who loses from unilateral and concerted trade liberalisation? (2000)
Yang, Yongzheng, Duncan, Ron, Vines, David
This paper presents an empirical study of trade liberalisation. It focuses on the terms of trade deterioration which results from unilateral liberalisation, and on the extent to which the APEC...
Who gains and who loses from unilateral and concerted trade liberalisation? (2000)
Yang, Yongzheng, Duncan, Ron, Vines, David
This paper presents an empirical study of trade liberalisation. It focuses on the terms of trade deterioration which results from unilateral liberalisation, and on the extent to which the APEC...
Who gains and who loses from unilateral and concerted trade liberalisation? (2000)
Yang, Yongzheng, Duncan, Ron, Vines, David
This paper presents an empirical study of trade liberalisation. It focuses on the terms of trade deterioration which results from unilateral liberalisation, and on the extent to which the APEC...
Who gains and who loses from unilateral and concerted trade liberalisation? (2000)
Yang, Yongzheng, Duncan, Ron, Vines, David
This paper presents an empirical study of trade liberalisation. It focuses on the terms of trade deterioration which results from unilateral liberalisation, and on the extent to which the APEC...
Who gains and who loses from unilateral and concerted trade liberalisation? (2000)
Yang, Yongzheng, Duncan, Ron, Vines, David
This paper presents an empirical study of trade liberalisation. It focuses on the terms of trade deterioration which results from unilateral liberalisation, and on the extent to which the APEC...
East Asian currency and financial crises: lessons from vulnerability, crisis and collapse (1999)
This paper presents an analytical framework for understanding the East Asian crises. We argue that vulnerability was created by the boom and bust incurred under pegged exchange rates, and by...
East Asian currency and financial crises: lessons from vulnerability, crisis and collapse (1999)
This paper presents an analytical framework for understanding the East Asian crises. We argue that vulnerability was created by the boom and bust incurred under pegged exchange rates, and by...
East Asian currency and financial crises: lessons from vulnerability, crisis and collapse (1999)
This paper presents an analytical framework for understanding the East Asian crises. We argue that vulnerability was created by the boom and bust incurred under pegged exchange rates, and by...
East Asian currency and financial crises: lessons from vulnerability, crisis and collapse (1999)
This paper presents an analytical framework for understanding the East Asian crises. We argue that vulnerability was created by the boom and bust incurred under pegged exchange rates, and by...
A Krugman-Dooley-Sachs Third Generation Model of the Asian Financial Crisis (1999)
Adelaide Sa Australia, Gregor Irwin, Gregor Irwin, David Vines, David Vines
This paper presents a multiple-equilibrium model of the Asian financial crisis. The economy has Krugman-style over-investment caused by weak financial regulation and implicit government guarantees....
East Asian currency and financial crises: lessons from vulnerability, crisis and collapse (1999)
This paper presents an analytical framework for understanding the East Asian crises. We argue that vulnerability was created by the boom and bust incurred under pegged exchange rates, and by...
The Asian Crisis: Competing Explanations (1998)
are indebted to the participants in the Oxford seminar on Financial Crises April 1998 for helpful comments and to other members of the Ford project. We also thank Catherine Downward for excellent...
Thesis (P.R.)--University of Toledo.
Kirsanova, Tatiana, Stehn, Sven Jari, Vines, David
This paper studies the interactions of fiscal and monetary policy when they stabilise a single economy against shocks in a dynamic setting. We assume that fiscal and monetary policies both stabilise...
Optimal Fiscal Policy Rules in a Monetary Union
Tatiana Kirsanova, David Vines, Mathan Satchi, Simon Wren-Lewis
North-South Interaction and Commod Control
A simple model of North-South interaction is presented with a Keynesian North producing industrial goods and a Classical South producing corn. If the terms of trade clear the corn market then...
A North-South Growth Model along Kaldorian Lines
A North-South growth model is presented which focuses on i) the complementarity of Southern output (consumption goods) and Northern output (capital goods) and ii) the terms of trade as a mechanism...
Nicos M Christodoulakis, David Vines, Martin Weale
An investigation of the problems of policy formation has to take account of the way in which expectations may be formed. The assumption of rationality is often made on the grounds that there is no...
This paper considers fiscal and monetary policy in a short-run static macroeconomic model. There are two objectives, control of inflation and control over the growth of national wealth, and a third...
Wealth Targets, Exchange Rate Targets and Macroeconomic Policy
Andrew Blake, David Vines, Martin Weale
This paper argues that a wealth target is an important feature of an economic policy package. A real exchange rate target can be used as an intermediate target to steer national wealth towards its...
North-South Growth and the Terms of Trade
This paper examines equilibrium growth and stability in the world economy using a North-South model in which there is assumed to be surplus labour in both North and South at an exogenously determined...
Technical Progress, Global Imbalances and World Economic Recovery Without Inflation
This paper reviews three problems of the world economy since the collapse of the Bretton Woods system; an unreliable price mechanism, spending imbalances between countries, and increased...
Output, Inflation and Commodity Prices
The purpose of this paper is to provide a simple model which illuminates the interdependence between primary commodity prices and the rest of the economy. We study the role of commodity prices in a...
Commodity Prices, Financial Markets and World Income: A Structural Rational Expectations Model
Prathap Ramanujam, David Vines
In this we specify and jointly estimate supply, demand and price equations for four aggregate commodity groups: food, beverages, agricultural raw materials and metals. This simple structural model...
Thailand’s Investment-Driven Boom and Crisis
Analyses of the Asian crisis have focused excessively on the financial sector, especially the banks. The role of the real sector in exposing the financial system to stress has been under-emphasized....
Debt Overhang and Real Exchange Rate Overshooting in the Asian Crisis
David Vines, Gordon Douglas Menzies
We develop a stylized real model of the Asian crisis where an adverse extenal shock can lead to real exchange rate overshooting. Domestic borrowers of foreign capital are bound by debt contracts even...
The Macroeconomic Role of Fiscal Policy
Christopher Allsopp, David Vines
This article examines the new consensus that fiscal policy should have no macroeconomic role in 'flexible inflation targeting' regimes. There is little basis for this presumption. Fiscal policy...
The Interactions between Fiscal Policy and Monetary Policy
Tatiana Kirsanova, Sven Jari Stehn, David Vines
This paper studies the interactions of fiscal policy and monetary policy when they stabilize a single economy against shocks in a dynamic setting. If both policy-makers are benevolent, then, in our...
Kuralbayeva, Karlygash, Vines, David
This paper analyzes the impact of terms of trade and risk-premium shocks on a small open economy in an intertemporal, Dutch disease model, with international capital mobility. It is shown that when...
This paper models Chinese inflation using an output gap Phillips curve. Inflation modelling for the world's sixth largest economy is a still under-researched topic. We estimate a partially...
The efficient resolution of capital account crises: how to avoid moral hazard
This paper presents a model of capital account crises and uses it to study resolution mechanisms for both liquidity and solvency crises. It shows that liquidity crises should be dealt with by a...
The Empirical Modelling of NIE Exports: An Evaluation of Different Approaches
Muscatelli, Vito Antonio, Srinivasan, T G, Vines, David
This paper investigates the current debate regarding the robustness of estimates of export demand and supply elasticities for LDCs and NIEs obtained by recent empirical studies. The empirical...
This paper models Chinese inflation using an output gap Phillips curve. Inflation modelling for the world's sixth largest economy is a still under-researched topic. We estimate a partially...
The efficient resolution of capital account crises: how to avoid moral hazard
This paper presents a model of capital account crises and uses it to study resolution mechanisms for both liquidity and solvency crises. It shows that liquidity crises should be dealt with by a...
This article explains the part that Meade played in the creation of Keynes`s General Theory, describes his work with Keynes during the Second World War in the creation of the IMF and the GATT, and...
When Inflation Persistence Really Matters: Two examples
Tatiana Kirsanova, David Vines, Simon Wren-Lewis
In this paper we present two examples where the presence of inflation persistence could influence the qualitative nature of monetary policy. In the first case the desirability of a monetary policy...
Multilateral Trade Cooperation: What Next?
Hoekman, Bernard, Vines, David
This paper first briefly describes the role of the WTO and its history. It then lays out a simple bargaining model of international negotiations, which can be used for understanding the Doha round of...
Optimal Fiscal Policy Rules in a Monetary Union
TATIANA KIRSANOVA, MATHAN SATCHI, DAVID VINES, SIMON WREN-LEWIS
This paper investigates the importance of fiscal policy in providing macroeconomic stabilization in a monetary union. We use a microfounded New Keynesian model of a monetary union, which incorporates...
Optimal Fiscal Policy Rules in a Monetary Union
Kirsanova, Tatiana, Satchi, Mathan, Vines, David, Wren-Lewis, Simon
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. We use a microfounded New Keynesian model of a monetary union which incorporates...
Inflation Bias with Dynamic Phillips Curves
Kirsanova, Tatiana, Vines, David, Wren-Lewis, Simon
We generalise the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both...
Fiscal Policy and Macroeconomic Stability Within a Currency Union
Kirsanova, Tatiana, Vines, David, Wren-Lewis, Simon
We analyse the stability of countries within a monetary union in the face of asymmetric shocks, using a simple but widely applicable model. We show that members of the union may be subject to severe,...
Changes in Equity Risk Perceptions: Global Consequences and Policy Responses
Warwick J. McKibbin, David Vines
The current weakness in the global economy has generated a debate on the likely outlook for the world economy and the appropriate response for monetary policies. The world economy is currently being...
How OECD policies affected Latin America in the 1980s
Allen, Chris, Currie, David, Srinivasan, T. G., Vines, David
The authors assess the effects of OECD monetary and fiscal policies on Latin America by means of simulation studies using the LBS/NIESR Global Econometric Model and a new empirical model of Latin...
The Effect of Discounting on Policy Choices in Inflation Targeting Regimes
SGB Henry, Mathan Satchi, David Vines
This article assesses the implications of discounting on a result derived by Bean (1998): that in a model of monetary policy where policy acts with a lag, the outcomes of monetary policy are very...
Gilbert, Christopher, Powell, Andrew, Vines, David
This article examines the rationale for the World Bank and explores whether its objective is best served by its current mix of activities. We are critical of the Bank's reliance on conditionality,...
Leith and Wren-Lewis (2007) have shown that government debt is returned to its pre-shock level in a New Keynesian model under optimal discretionary policy. This has two important implications for...
This paper analyses the effects of inflation shocks, demands shocks, and aid shocks on low-income, quasi-emerging-market economies, and discusses how monetary policy can be used to manage these...
Kirsanova, Tatiana, Menzies, Gordon, Vines, David
This paper develops a real model of financial crisis, and uses it to elucidate the controversy between Joe Stiglitz and the IMF concerning the Asian financial crisis. Borrowers of foreign capital are...
Stehn, Sven Jari, Vines, David
Leith and Wren-Lewis (2007) have shown that government debt is returned to its pre-shock level in a New Keynesian model under optimal discretionary policy. This has two important implications for...
Government Guarantees, Investment, and Vulnerability to Financial Crises
The paper presents a new model of the East Asian crisis which combines three elements-moral hazard, investment collapse, and multiple equilibria-in a single account. The study locates the causes of...
Output, Inflation and Commodity Prices
The purpose of this paper is to provide a simple model which illuminates the interdependence between primary commodity prices and the rest of the economy. We study the role of commodity prices in a...
Commodity Prices, Financial Markets and World Income: A Structural Rational Expectations Model
Ramanujam, Prathap, Vines, David
In this we specify and jointly estimate supply, demand and price equations for four aggregate commodity groups: food, beverages, agricultural raw materials and metals. This simple structural model...
Food Subsidies and Inflation in Developing Countries: A Bridge Between Structuralism and Monetarism
Parkin, Vincent, Srinivasan, T G, Vines, David
This paper examines the efficacy of food consumption subsidies as anti-inflation policy in developing countries characterized by rigidities of food supply. First a standard structuralist model is...
A Krugman-Dooley-Sachs Third Generation Model of the Asian Financial Crisis
This paper presents a multiple-equilibrium model of the Asian financial crisis. The economy has Krugman-style over-investment caused by weak financial regulation and exacerbated by government...
The Asian Crisis: Competing Explanations
Asian crisis; Asia; capital markets; exchange rates
How square is the policy frontier ?
Henry, Brian, Mathan Satchi, David Vines
This paper assesses the implications of discounting on a result derived by Bean (1998): that in a model of monetary policy where policy acts with a lag, the outcomes of monetary policy are very...
From Asian Miracle to Asian Crisis: Why Vulnerability, Why Collapse?
Jenny Corbett, Gregor Irwin, David Vines, David Gruen, Luke Gower
causes of the Asian financial crisis; Asian financial system vulnerability; macroecnomic policies and the Asian crisis economies
North-South Interaction and Commod Control
A simple model of North-South interaction is presented with a Keynesian North producing industrial goods and a Classical South producing corn. If the terms of trade clear the corn market then...
A North-South Growth Model along Kaldorian Lines
A North-South growth model is presented which focuses on i) the complementarity of Southern output (consumption goods) and Northern output (capital goods) and ii) the terms of trade as a mechanism...
Christodoulakis, Nikos, Vines, David, Weale, Martin
An investigation of the problems of policy formation has to take account of the way in which expectations may be formed. The assumption of rationality is often made on the grounds that there is no...
Wealth Targets, Exchange Rate Targets and Macroeconomic Policy
Blake, Andrew P, Vines, David, Weale, Martin
This paper argues that a wealth target is an important feature of an economic policy package. A real exchange rate target can be used as an intermediate target to steer national wealth towards its...
This paper considers fiscal and monetary policy in a short-run static macroeconomic model. There are two objectives, control of inflation and control over the growth of national wealth, and a third...
North-South Growth and the Terms of Trade
This paper examines equilibrium growth and stability in the world economy using a North-South model in which there is assumed to be surplus labor in both North and South at an exogenously determined...
Technical Progress, Global Imbalances and World Economic Recovery Without Inflation
This paper reviews three problems of the world economy since the collapse of the Bretton Woods system; an unreliable price mechanism, spending imbalances between countries, and increased...
Growth Oriented Adjustment Programs: A Reconsideration
This paper responds to the important pedagogical exercise of Khan and Montiel (1989). Those authors integrate the Polak monetary model of macroeconomic adjustment with a two-gap growth model to study...
Adjustment Difficulties within a European Monetary Union: Can They be Reduced?
Hughes Hallett, Andrew, Vines, David
This paper analyses four costs which may be associated with monetary union. First it (obviously) allows no `relative' monetary accommodation of the kind which may assist when dealing with asymmetric...
Simple Rules for the Open Economy: Evaluating Alternative Proposals
Tirelli, Patrizio, Vines, David
The paper evaluates some proposals for macroeconomic stabilization in an open economy, which take the form of simple rules. The first rule assigns monetary policy to inflation control and does not...
Muscatelli, Vito Antonio, Srinivasan, T G, Vines, David
This paper considers the issue of whether a small developing economy such as Hong Kong faces a perfectly elastic demand for its exports of manufactured goods. We construct a simultaneous demand and...
Equilibrium Currency Crises: Are Multiple Equilibria Self-fulfilling or History Dependent?
The viability of a fixed exchange rate system is shown to be state- or shock-dependent. We show, simply, Obstfeld's claim that there may be multiple equilibria - multiple shock values for which a...
The Macroeconomics of the Mexican Crisis: A Simple Two-period Model
We analyse the events leading to the devaluation of the Mexican peso last year, using a simple two-period model. We view the problem as a race between a foreign investment led demand boom and the...
Government Guarantees, Investment And Vulnerability To Financial Crises
This Paper presents a new model of the East Asian crisis that combines three elements – multiple equilibria, investment collapse, and moral hazard – in a single simple account. We locate the...
Monetary Union: Fiscal Stabilization In The Face of Asymmetric Shocks
Kirsanova, Tatiana, Satchi, Mathan, Vines, David
This Paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. We use a microfounded New Keynesian model of a monetary union that incorporates...
This paper models Chinese inflation using an output gap Phillips curve. Inflation modelling for the world’s sixth largest economy is a still under-researched topic. We estimate a partially...
McKibbin, Warwick J, Vines, David
There is a thriving debate on the usefulness of economic models for policy analysis which this paper explores. It argues that there is a need for models that incorporate both the modern intertemporal...
The Assessment: Macroeconomic Policy.
Allsop, Christopher, Vines, David
This paper describes the emerging consensus about the "reaction function" approach to macroeconomic policy. The first section of the paper describes the historical emergence of this consensus, as a...
The Assessment: Macroeconomic Policy after EMU.
Allsopp, Christopher, Vines, David
In this paper we discuss the emergence of the new European macroeconomic structure within EMU. We focus on three important elements: the wage-fixing authorities in each country, the fiscal...
We analyse optimal monetary and fiscal policy in a New-Keynesian model with public debt and inflation persistence. Leith and Wren-Lewis (2007) have shown that optimal discretionary policy is subject...
Thailand's investment-driven boom and crisis
Analyses of the Asian crisis of 1997 have focused excessively on the financial sector, especially the banks. The role of the real sector in exposing the financial system to stress has been...
Kohl, Reagan, and Open Economy Macroeconomics: Revisiting Rules for Fiscal and Monetary Policy.
Tirelli, Patrizio, Vines, David
This paper models three alternative policy strategies for an open economy and evaluates their performance. In the first regime national monetary policies are used to achieve domestic price stability,...
Stehn, Sven Jari, Vines, David
We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show...
Karlygash Kuralbayeva, David Vines
Capital inflows, Dutch disease, External debt, Real exchange rate, Optimizing models, E44, F32, F34, F41,
We develop a real model of exchange rate overshooting due to a debt servicing multiplier. Borrowers of foreign capital are bound by noncontingent contracts to pay the world rate of return following...
We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show...
Is the WTO's Article XXIV Bad?
Monika Mrazova, David Vines, Ben Zissimos
This paper shows that the WTO’s Article XXIV increases the likelihood of free trade, but may worsen world welfare when free trade is not reached and customs unions (CUs) form. We consider a model...
Is the WTO's Article XXIV Bad?
Monika Mrazova, David Vines, Ben Zissimos
This paper shows that the WTO's Article XXIV increases the likelihood of free trade, but may worsen world welfare when free trade is not reached and customs unions (CUs) form. We consider a model of...
Is the WTO's Article XXIV Bad?
Mrazova, Monika, Vines, David, Zissimos, Ben
This paper shows that the WTO's Article XXIV increases the likelihood of free trade, but may worsen world welfare when free trade is not reached and customs unions (CUs) form. We consider a model of...
The process by which the Dollar will fall: the effect of forward-looking consumers
Kuralbayeva, Karlygash, Vines, David
This paper extends the analysis of the forthcoming fall in the dollar by Blanchard, Giavazzi and Sà 2005), using a model which incorporates forward-looking consumers. It provides additional...
Inflation Bias with Dynamic Phillips Curves and Impatient Policy Makers
Tatiana Kirsanova, David Vines, Simon Wren-Lewis
We generalize the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both...
Vines,David, Gilbert,Christopher L.
The IMF is the first economic institution in line to protect countries from the effects of financial crises and to insulate the world economy from possible systemic risk. However, many argue that the...
This book is the first in a major new series examining Global Economic Institutions and contrasts regional economic integration in the Asia Pacific Region and in Europe. In the Asia Pacific Region,...
Vines,David, Gilbert,Christopher L.
The IMF is the first economic institution in line to protect countries from the effects of financial crises and to insulate the world economy from possible systemic risk. However, many argue that the...
Macroeconomic Interactions between North and South
This volume contains the proceedings of a September 1987 conference organized by the Centre for Economic Policy Research and the International Economics Study Group. The introduction provides a major...
Gilbert,Christopher L., Vines,David
The World Bank is dedicated to the promotion of sustainable economic development and to poverty reduction throughout the developing world. It faces new challenges as capital shortages are replaced by...
Agénor,Pierre-Richard, Miller,Marcus, Vines,David, Weber,Axel
Presents the first theoretical analysis of the Asian financial crisis and draws out the general lessons of an event whose potential long term effects have been likened to those of the Crash of 1929....
Agénor,Pierre-Richard, Miller,Marcus, Vines,David, Weber,Axel
Presents the first theoretical analysis of the Asian financial crisis and draws out the general lessons of an event whose potential long term effects have been likened to those of the Crash of 1929....
North-South Linkages and International Macroeconomic Policy
In recent years researchers have begun to apply economic techniques initially developed to analyse the industrialised countries to analyse North-South interactions in the world economy. This volume,...
Gilbert,Christopher L., Vines,David
The World Bank is dedicated to the promotion of sustainable economic development and to poverty reduction throughout the developing world. It faces new challenges as capital shortages are replaced by...
Inflation Bias with Dynamic Phillips Curves and Impatient Policy Makers
Tatiana Kirsanova, David Vines, Simon Wren-Lewis
We generalize the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both...