Policy Mix and the US Trade Balance

Policy Mix and the US Trade Balance PDF

Author: Gustavo Adler

Publisher: International Monetary Fund

Published: 2017-09-19

Total Pages: 25

ISBN-13: 1484319311

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The strong US policy response to the 2008-09 financial crisis raised concerns about its impact (spillovers) on other countries, with great focus on the monetary stimulus but little attention to fiscal policy, despite their combined deployment. Using a sign-restricted structural VAR approach, we study the trade spillovers of the post-crisis policy mix, by assessing the joint impact of monetary and fiscal policy. We find that aggregate trade effects, as reflected in the trade balance, varied across time, reflecting the different timing of fiscal and monetary stimuli, with overall positive spillovers in the immediate aftermath of the crisis. At the same time, reflecting the different transmission mechanisms of monetary policy, we find that the effects differed greatly between trading partners with fixed and flexible exchange rates. In general, our results highlight (i) the importance of studying fiscal and monetary policy spillovers jointly in order to avoid attenuation bias from omitted variables; and (ii) that trading partners’ exchange rate regimes are of first order importance in determining the impact of policy spillovers.

Policy Mix and the US Trade Balance

Policy Mix and the US Trade Balance PDF

Author: Gustavo Adler

Publisher: International Monetary Fund

Published: 2017-09-20

Total Pages: 25

ISBN-13: 1484320344

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The strong US policy response to the 2008-09 financial crisis raised concerns about its impact (spillovers) on other countries, with great focus on the monetary stimulus but little attention to fiscal policy, despite their combined deployment. Using a sign-restricted structural VAR approach, we study the trade spillovers of the post-crisis policy mix, by assessing the joint impact of monetary and fiscal policy. We find that aggregate trade effects, as reflected in the trade balance, varied across time, reflecting the different timing of fiscal and monetary stimuli, with overall positive spillovers in the immediate aftermath of the crisis. At the same time, reflecting the different transmission mechanisms of monetary policy, we find that the effects differed greatly between trading partners with fixed and flexible exchange rates. In general, our results highlight (i) the importance of studying fiscal and monetary policy spillovers jointly in order to avoid attenuation bias from omitted variables; and (ii) that trading partners’ exchange rate regimes are of first order importance in determining the impact of policy spillovers.

Fundamentals Of U.S. Foreign Trade Policy

Fundamentals Of U.S. Foreign Trade Policy PDF

Author: Stephen D Cohen

Publisher: Westview Press

Published: 2003

Total Pages: 384

ISBN-13:

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Cohen, Blecker, and Whitney (professors of international relations and economics at American U.) see the formation of U.S. trade policy is seen as a combination of competing forces of political, economic, and legal factors. They attempt to show how trade policymaking involves reconciling a range of economic goal and political necessities. After reviewing the history of trade policymaking in the United States, they separately examine the three factors before integrating them into a model of political economy that explores both import and export policy. Annotation copyrighted by Book News, Inc., Portland, OR

The U.S. Trade Deficit

The U.S. Trade Deficit PDF

Author: United States. Congress. House. Committee on International Relations. Subcommittee on International Economic Policy and Trade

Publisher:

Published: 2000

Total Pages: 160

ISBN-13:

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The United States Trade Deficit of the 1980s

The United States Trade Deficit of the 1980s PDF

Author: Chris C. Carvounis

Publisher: Praeger

Published: 1987

Total Pages: 206

ISBN-13: 9780899302195

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Carvounis has written a splendid, brief explanation of the current U.S. trade deficit and its probable consequences. After providing a brief history of the deficit, he surveys and critiques the two leading explanations advanced by economic theory (monetarist and structuralist). . . . Carvounis finds the monetarist suggestions politically impractical and the structuralist solution unworkable as well as politically improbable. . . . The writing is crisp and well documented. Choice The United States Trade Deficit of the 1980s probes the causes and consequences, as well as possible responses to the trade imbalance. In a thorough examination of the origins of the trade imbalance, the study takes into account the magnitude of the problem, focusing on bilateral trade balances, sectoral balances, and future outlook. The causes and consequences of the deficit are explained through an exhaustive comparison between the monetarist and structuralist schools. In a comprehensive, nonideological approach, the book provides valuable critiques and conclusions with respect to both positions.

U.S. Trade and Investment Policy

U.S. Trade and Investment Policy PDF

Author: Andrew H. Card

Publisher: Council on Foreign Relations

Published: 2011

Total Pages: 135

ISBN-13: 0876094418

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From American master Ward Just, returning to his trademark territory of "Forgetfulness "and "The Weather in Berlin," an evocative portrait of diplomacy and desire set against the backdrop of America's first lost war

Coordination of Monetary and Fiscal Policies

Coordination of Monetary and Fiscal Policies PDF

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1998-03-01

Total Pages: 33

ISBN-13: 1451844239

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Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

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