Kraay and ventura reexamine a classic question in international economics. Jaume ventura national bureau of economic research. Economic growth with bubbles by alberto martin and jaume ventura. Alberto martin and jaume ventura the macroeconomics of rational bubbles. Theoretical notes on bubbles and the current crisisimf economic. In this paper, gabaix presents a framework for analyzing how bounded rationality affects monetary and fiscal policy. Inequality, economics and politics thomas piketty at the bank of england posted on december 20, 2014 by diane coyle on friday i attended an excellent conference at the bank of england organised by the centre for economic policy research at which four speakers peter lindert, jaume ventura, orazio attanasio and tim besley gave. Jme journal of monetary economics supplement issue. Economic growth with bubbles american economic association. Department of economics julis romo rabinowitz building princeton, nj 08544 main office.
Quarterly journal of economics 117 2, 659694, 2002. The school offers a variety of masters degrees in economics, finance, and data science. Theoretical notes on bubbles and the current crisis. He has been a codirector of the international macroeconomics programme of the cepr and has served as editor of the economic journal. Underpricing and participation limits with costly information ann e. Currency crises, krugman university of chicago press. We develop a stylized model of economic growth with bubbles in which changes in investor sentiment lead to the appearance and collaps. Jaume ventura barcelona graduate school of economics. Jaume cabre i fabre barcelona, 1947 is a philologist and catalan writer. Towards a theory of current accounts by ventura, jaume. A theory of economic unions gino gancia, giacomo a. International trade seminar event details the frank d.
A theory of economic unions, journal of monetary economics. The following are new or updated chapters for forthcoming books. Jaume ventura earned his phd in economics at harvard university in 1995. What is the current account response to a transitory income shock such as a temporary improvement in the terms of trade, a transfer from abroad, or unusually high production. Asriyan, fornaro, martin, and ventura propose a model of money, credit and bubbles, and use it to study the role of monetary policy in managing asset bubbles. Daron acemoglu jaume ventura quarterly journal of economics, 117, pp 659694. Pentti kouri career development associate professor of economics 19992002. Here venture and voth argue that the spillovers from the creation of the technology of a debt marketplace were enormous, as only after the government had. Archive of new national bureau of economic research working. Nber papers on international trade and investment program. Publication date 2002 topics capital movements, balance of payments publisher.
Jaume ventura earned his phd in economics at harvard university in. What is the current account response to a transitory income shock such as a temporary. Jaume ventura, pompeu fabra department of economics. Most downloaded journal of monetary economics articles. He has also taught at the university of chicago and insead. In 2011 i rejoined the economics department at wisconsin, before joining the economics department at dartmouth in the fall of 2014. Sloan research fellow 199092, a senior staff economist at cea 199192 and a casbs fellow at stanford 199697 and 202021. Technical change, inequality, and the labor market daron acemoglu journal of economic literature, 40, pp. In the nineteenth century, economic and political integration proceeded together. We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output are too low.
His research interests include international economics and macroeconomics. After decades of successful growth, economic unions have recently become the focus of heightened political controversy. In seeking to draw lessons from the statistics on inequality, we have to be confident in the quality of the data we are using. Denazification and antisemitism in germany, 19332006 with nico voigtlander. Asset bubbles and sudden stops in a small open economy pdf september 2014, with jaume ventura in global liquidity, spillovers to. The model is a tractable and parsimonious enrichment of the widelyused new keynesian model with one main new parameter, which quantifies how poorly agents understand future policy and its impact. He has been a codirector of the international macroeconomics. Aart kraay and jaume ventura no 1825, policy research working paper series from the world bank abstract. Xavier gabaix, harvard university and nber a behavioral new keynesian model. Discussion of \economic growth with bubbles by alberto martin and jaume ventura cosmin ilut duke univ. Graduated in catalan philology by the university of barcelona, highschool professor in leave of absence and teacher to the university of lleida, member of the philological section of the institut destudis catalans. Joint central bank conference, 2011 cosmin ilut duke univ.
Most downloaded journal of monetary economics articles elsevier. The authors reexamine a classic question in international economics. Visiting positions london business school, visiting professor of economics, mayjune 2007. Discussion \economic growth with bubbles ruschlikon, 2011 1 18. Managing credit bubbles by martin alberto and ventura. Capital in the 21st century vox, cepr policy portal. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Economics working papers, department of economics and business, universitat pompeu fabra view citations 3 also in 2004 meeting papers, society for economic dynamics 2004 view citations 7 cepr discussion papers, c. November 78, 2014 research conference on asset price fluctuations and economic policy. What is the current account response to a transitory income shock such as a temporary improvement in the terms of trade. Maurice obstfeld in global liquidity spillovers to emerging markets and policy responses, edited by claudio raddatz, diego saravia, and jaume ventura, central bank of chile, 2015 the international monetary system.
Theoretical notes on bubbles and the current crisis, nber working papers 16399, national bureau of economic. In this environment, changes in investor sentiment or market expec. Home jaume ventura, pompeu fabra september, 2006 2006 18 sep 2. The world income distribution, quarterly journal of economics, 2002, v1072,may, 659694.
The barcelona graduate school of economics, commonly referred to as barcelona gse, is an independent institution of research and graduate education located in barcelona, spain. Comparative advantage and the crosssection of business cycles with aart kraay. A mustread for all scholars in the fields of public economics, international economics and international relations. Previously, he has held academic positions at mit and the university of chicago. Chaired by the banks chief economist andy haldane, the panel comprised orazio attanasio, tim besley, peter lindert, thomas piketty and. Massachusetts institute of technology mit, department of economics associate professor of economics with tenure, 20022003. A users guide, working papers 989, barcelona graduate school of economics. Budget cuts and social unrest in europe, 19192009 with jacopo ponticelli. The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. These textbooks provide alternative treatments of many of the topics in this course.
There is no universally accepted definition of a currency crisis, but most would agree that they all involve one key element. This cited by count includes citations to the following articles in scholar. Jaume ventura is a senior researcher at crei and a professor of economics at universitat pompeu fabra. I was a national fellow of the hoover institution 198889, an alfred p. It has been ranked by repec among the top economics departments in the world. International finance and macroeconomics, international trade and investment, political economy. A fast and simple algorithm for the maximum flow problem. Archive of new national bureau of economic research. Jaume ventura, crei department of economics princeton.
Books scanned by the internet archive for the massachusetts institute of technology libraries. Kraay, aartventura, jaume authors registered in the repec author service. Insights from general equilibrium, central banking, analysis, and economic policies book series, in. Chaired by the banks chief economist andy haldane, the panel comprised orazio attanasio, tim besley, peter lindert, thomas piketty and jaume ventura. Crei director and senior researcher, upf professor and barcelona gse research professor.
International finance and macroeconomics, international trade and investment, political economy after decades of successful growth, economic unions have recently become the focus of heightened political controversy. Fiscal policy after the financial crisis, alesina, giavazzi. Jaume ventura is director and senior researcher at crei, professor at upf, and barcelona gse research professor. This is an extraordinary book that provides a rigourous, fun, and highly original view of what determines the number and size of countries. Oria by jaume cabre and a great selection of related books, art and collectibles available now at. Inequality, economics and politics thomas piketty at the. Citescore values are based on citation counts in a given year e. Theoretical notes on bubbles and the current crisis pdf.
Uzh department of economics research and publications. Daron acemoglu national bureau of economic research. From trade liberalization to regulatory convergence. The process of creating a marketespecially as delicate and complicated a market as a market for debt and equity investments in relatively largescale enterprisesis not a straightforward process. On 19th december, cepr and the bank of england hosted a joint workshop to discuss thomas pikettys seminal work capital in the 21st century. Managing credit bubbles by martin alberto and ventura jaume. Prior to joining crei and upf, he was a tenured associate professor at mit. Although such crisesthe latin american debt crisis of the 1980s, the speculations on european currencies in the early 1990s, and the. In this model, bubbles pop up and burst, generating fluctuations in credit, investment and output. Journal of monetary economics open access articles elsevier. The quarterly journal of economics 112 1, 5784, 1997. Economic growth with bubbles by alberto martin and jaume. Creditor discrimination and crowdingout effects, economics working papers 72, department of economics and business, universitat pompeu fabra, revised nov 20.
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