Joseph E. Gagnon's Books

Flexible Exchange Rates for a Stable World Economy

By: Joseph E. Gagnon,Marc Hinterschweiger

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Flexible Exchange Rates for a Stable World Economy

By: Joseph E. Gagnon,Marc Hinterschweiger

Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.

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301

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Peterson Institute

Published Date

ISBN 10

0881326356

ISBN 13

9780881326352

Official Financial Flows, Capital Mobility, and Global Imbalances

By: Mr.Tamim Bayoumi,Mr.Joseph E. Gagnon,Christian Saborowski

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Official Financial Flows, Capital Mobility, and Global Imbalances

By: Mr.Tamim Bayoumi,Mr.Joseph E. Gagnon,Christian Saborowski

We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental variables (42 cents to the dollar on average compared to 24 without instruments), reflecting a possible downward bias in regressions without instruments owing to an endogenous response of net official flows to private financial flows. We consistently find larger impacts of net official flows when international capital flows are restricted and smaller impacts when capital is highly mobile. A further result is that there is an important positive effect of lagged net official flows on current accounts that we believe operates through the portfolio balance channel.

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International Monetary Fund

Published Date

ISBN 10

1484380231

ISBN 13

9781484380239

The Global Outlook for Government Debt Over the Next 25 Years

Implications for the Economy and Public Policy

By: Joseph E. Gagnon

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The Global Outlook for Government Debt Over the Next 25 Years

Implications for the Economy and Public Policy

By: Joseph E. Gagnon

This study addresses a fundamentally new feature of the contemporary world economy: the simultaneous buildup of very large public deficits and debt positions in virtually all of the advanced high-income countries. The recent global financial crisis sharply accelerated this fiscal deterioration, but it was already well underway in some countries, including the United States, where demographic prospects had posed extremely worrisome trajectories for a number of years. The book has three basic objectives. First, it projects the global fiscal outlook to 2035. Second, it asks whether the combination of deficits and debt in a large number of countries at the same time produces an impact on the world economy that is qualitatively different from the more traditional emergence of such problems in one or a few countries in any given period. Third, it analyzes the effects of the fiscal prospects on key economic variables including global interest rates and growth rates. The analysis finds that the current public debt profiles in most advanced economies will grow to dangerous and unsustainable levels over the next couple of decades unless major changes are made in projected spending and revenue levels. The authors conclude that the United States and Japan, in particular, need to start planning now for significant future budget cuts to minimize the risk of a crisis. Acting soon enables the adjustment to be phased in over an extended period, which cushions the inevitable adjustment costs, while avoiding the potentially enormous pressures that could be levied by markets if correction is delayed too long.

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Peterson Institute

Published Date

ISBN 10

0881326291

ISBN 13

9780881326291

Textbook of Natural Medicine

By: Joseph E. Pizzorno, Jr. ND,Michael T. Murray, ND

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Textbook of Natural Medicine

By: Joseph E. Pizzorno, Jr. ND,Michael T. Murray, ND

Covering preventive, non-invasive, and natural treatments, Textbook of Natural Medicine, 4th Edition offers more than just alternative medicine. It promotes an integrated practice that can utilize natural medicine, traditional Western medicine, or a combination of both in a comprehensive, scientific treatment plan. Based on a combination of philosophy and clinical studies, Textbook of Natural Medicine helps you provide health care that identifies and controls the underlying causes of disease, is supportive of the body's own healing processes, and is considerate of each patient's unique biochemistry. Internationally known authors Joseph Pizzorno and Michael Murray include detailed pharmacologic information on herbs and supplements, plus evidence-based coverage of diseases and conditions to help you make accurate diagnoses and provide effective therapy. Comprehensive, unique coverage makes this book the gold standard in natural medicine. A scientific presentation includes the science behind concepts and treatments, and discusses Western medical treatments and how they can work with natural medicine in a comprehensive treatment plan; if natural medicine is not effective, this book recommends the Western treatment. Coverage of pharmacology of natural medicines includes the uses and potential dangers of nearly 80 herbal medicines, special nutrients, and other natural agents, addressing topics such as general information, chemical composition, history, pharmacology, clinical applications dosage, and toxicology. In-depth, evidence-based coverage of 73 diseases and conditions includes key diagnostic criteria, pathophysiology of diseases, and therapeutic rationales. Coverage of potential interactions between drugs, herbs, and supplements ensures the safest possible use for each of 79 herbs and supplements. Diagnostic procedures include practical, easy-to-follow descriptions of evidence-based techniques plus discussions of clinical application of diet analysis, food allergy testing, immune function assessment, fatty acid profiling, hair mineral analysis, and other diagnostic approaches. Common therapeutic modalities are described and reviewed, including botanical medicine, nutritional therapy, therapeutic fasting, exercise therapy, hydrotherapy, counseling, acupuncture, homeopathy, and soft tissue manipulation. Coverage of syndromes and therapies helps in understanding the underlying causes of diseases by discussing topics such as food reactions, functional toxicology, sports nutrition, stress management, and breathing pattern disorders. Coverage of the philosophy of natural medicine includes its history and background, with discussions of toxicity, detoxification, and scientific documentation of the healing actions of nature and natural substances. Internationally known authors Joseph Pizzorno and Michael Murray and more than 90 expert contributors provide material that is up to date, accurate, and informed. More than 10,000 research literature citations show that the content is based on science rather than opinions or anecdotes. 13 useful appendices offer quick lookup of frequently used charts, handouts, and information. New chapters are included on hot topics such as female infertility, medicinal mushrooms, natural products and quality control, pregnancy health and primary prevention, and Vitamin K; new appendices include a supplier certification questionnaire and cervical escharotics treatment. Thorough updates ensure that you use only the most current research and provide the most effective treatment of patients. Tabs in Specific Health Problems section separate more than 70 alphabetized diseases/conditions. One convenient volume replaces the cumbersome two-volume set for easy, convenient reference. Electronic access is available via Pageburst, making it easy to search topics, drugs, herbs and supplements, and diseases and conditions. Sold separately.

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1943

Publisher

Elsevier Health Sciences

Published Date

ISBN 10

1437723330

ISBN 13

9781437723335

China's New Economic Frontier

Overcoming Obstacles to Continued Growth

By: Joseph E. Gagnon,Jacob Funk Kirkegaard,Edwin M. Truman,Nicolas Véron

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China's New Economic Frontier

Overcoming Obstacles to Continued Growth

By: Joseph E. Gagnon,Jacob Funk Kirkegaard,Edwin M. Truman,Nicolas Véron

PIIE Briefing 16-5

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Peterson Institute for International Economics

Published Date

ISBN 10

0881327247

ISBN 13

9780881327243

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

By: Mr.Joseph E. Gagnon,Mr.Tamim Bayoumi,Juan M. Londono,Christian Saborowski,Horacio Sapriza

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Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

By: Mr.Joseph E. Gagnon,Mr.Tamim Bayoumi,Juan M. Londono,Christian Saborowski,Horacio Sapriza

This paper explores the effects of unconventional monetary and exchange rate policies. We find that official foreign asset purchases have large effects on current accounts that diminish as capital mobility rises and spill over to financially integrated countries. There is an additional effect through the stock of central bank assets. Domestic asset purchases have an effect on current accounts only when capital mobility is low. We also find that rising US bond yields drive foreign yields, stock prices and depreciations, but less so on days of policy announcements. We develop a theoretical model that is broadly consistent with our results.

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International Monetary Fund

Published Date

ISBN 10

1475586973

ISBN 13

9781475586978

German Unification

What Have We Learned From Multi-Country Models?

By: Mr.Paul R. Masson,Mr.Joseph E. Gagnon,Warwick J. McKibbin

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German Unification

What Have We Learned From Multi-Country Models?

By: Mr.Paul R. Masson,Mr.Joseph E. Gagnon,Warwick J. McKibbin

This study reviews early simulations of the effects of German unification using three different rational-expectations multi-country models. Despite significant differences in their structures and in the implementations of the unification shock, the models delivered a number of common results that proved reasonably accurate guides to the direction and magnitude of the effects of unification on key macroeconomic variables. Unification was expected to give rise to an increase in German aggregate demand that would put upward pressure on output, inflation, and the exchange rate, and downward pressure on the current account balance. The model simulations also highlighted contractionary effects of high German interest rates on EMS countries.

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International Monetary Fund

Published Date

ISBN 10

1451975147

ISBN 13

9781451975147

Textbook of Natural Medicine - E-Book

By: Joseph E. Pizzorno,Michael T. Murray

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Textbook of Natural Medicine - E-Book

By: Joseph E. Pizzorno,Michael T. Murray

**Selected for Doody's Core Titles® 2024 with "Essential Purchase" designation in Complementary & Integrative Health**

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2589

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Elsevier Health Sciences

Published Date

ISBN 10

0323523803

ISBN 13

9780323523806

The Global Outlook for Government Debt Over the Next 25 Years

Implications for the Economy and Public Policy

By: Joseph E. Gagnon

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The Global Outlook for Government Debt Over the Next 25 Years

Implications for the Economy and Public Policy

By: Joseph E. Gagnon

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Peterson Institute

Published Date

ISBN 10

0881326291

ISBN 13

9780881326291

Currency Conflict and Trade Policy

A New Strategy for the United States

By: C. Fred Bergsten,Joseph E. Gagnon

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Currency Conflict and Trade Policy

A New Strategy for the United States

By: C. Fred Bergsten,Joseph E. Gagnon

Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the 21st century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation. How damaging is the practice of currency manipulation—and how extensive is the problem? This book by C. Fred Bergsten and Joseph E. Gagnon—two leading experts on trade, investment, and the effects of currency manipulation—traces the history, causes, and effects of currency manipulation and analyzes a range of policy responses that the United States could adopt. The book is an indispensable guide to a complex and serious problem and what might be done to solve it.

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392

Publisher

Columbia University Press

Published Date

ISBN 10

0881327255

ISBN 13

9780881327250

Book's by Joseph E. Gagnon

Flexible Exchange Rates for a Stable World Economy

Flexible Exchange Rates for a Stable World Economy

Official Financial Flows, Capital Mobility, and Global Imbalances

Official Financial Flows, Capital Mobility, and Global Imbalances

The Global Outlook for Government Debt Over the Next 25 Years

The Global Outlook for Government Debt Over the Next 25 Years

Textbook of Natural Medicine

Textbook of Natural Medicine

China's New Economic Frontier

China's New Economic Frontier

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

German Unification

German Unification

Textbook of Natural Medicine - E-Book

Textbook of Natural Medicine - E-Book

The Global Outlook for Government Debt Over the Next 25 Years

The Global Outlook for Government Debt Over the Next 25 Years

Currency Conflict and Trade Policy

Currency Conflict and Trade Policy

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