Vincent Clarida's Books

Daytona Beach and the Halifax River Area

By: Cheryl Atwell,Vincent Clarida

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Daytona Beach and the Halifax River Area

By: Cheryl Atwell,Vincent Clarida

Mention Daytona Beach and most people think of brilliantly painted stock cars roaring past at over 200 miles per hour, or of sun-worshipping beach-goers covering the beaches during spring break. But the Daytona Beach area has a colorful history that reaches back many years before the town became one of the world's key auto racing centers as well as one of the most famous and beautiful beach communities.

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Page Count

132

Publisher

Arcadia Publishing

Published Date

ISBN 10

0738554359

ISBN 13

9780738554358

Global Imbalances and the Financial Crisis

By: Steven Vincent Dunaway

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Global Imbalances and the Financial Crisis

By: Steven Vincent Dunaway

Crafting stimulus packages and financial bailouts to address immediate problems has for many reasons been a priority for policymakers. In this Council Special Report, however, Steven Dunaway argues that policymakers must go beyond these steps and tackle one of the root causes of today's crisis: imbalances between savings and investment in major countries. The report analyzes the nature of these imbalances, which occur when some countries, such as the United States, run large current account (essentially trade) deficits while others, such as China, maintain large surpluses. Dunaway identifies three features of the international financial system that have allowed the imbalances to persist, features that involve both floating and managed exchange rates as well as the issuance of reserve assets. In particular, he notes that the United States' status as an issuer of such assets has enabled it to finance a current account deficit. The report then prescribes a variety of steps to address global imbalances. Beyond stimulus packages around the world, it urges measures to raise savings (principally government savings) in the United States, reform labor and product markets in Europe and Japan to increase competition and flexibility, and boost domestic consumption in China. Finally, the report advocates improving International Monetary Fund (IMF) surveillance of member states' economic policies by reducing the role of the Fund's executive board and depoliticizing the selection of its senior management.

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Publisher

Council on Foreign Relations

Published Date

ISBN 10

0876094280

ISBN 13

9780876094280

(Not) Dancing Together

Monetary Policy Stance and the Government Spending Multiplier

By: Vincent Belinga,Mr.Constant Lonkeng Ngouana

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(Not) Dancing Together

Monetary Policy Stance and the Government Spending Multiplier

By: Vincent Belinga,Mr.Constant Lonkeng Ngouana

This paper provides estimates of the government spending multiplier over the monetary policy cycle. We identify government spending shocks as forecast errors of the growth rate of government spending from the Survey of Professional Forecasters (SPF) and from the Greenbook record. The state of monetary policy is inferred from the deviation of the U.S. Fed funds rate from the target rate, using a smooth transition function. Applying the local projections method to quarterly U.S. data, we find that the federal government spending multiplier is substantially higher under accommodative than non-accommodative monetary policy. Our estimations also suggest that federal government spending may crowd-in or crowd-out private consumption, depending on the extent of monetary policy accommodation. The latter result reconciles—in a unified framework—apparently contradictory findings in the literature. We discuss the implications of our findings for the ongoing normalization of monetary conditions in advanced economies.

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Publisher

International Monetary Fund

Published Date

ISBN 10

1513572180

ISBN 13

9781513572185

Book's by Vincent Clarida

Daytona Beach and the Halifax River Area

Daytona Beach and the Halifax River Area

Global Imbalances and the Financial Crisis

Global Imbalances and the Financial Crisis

(Not) Dancing Together

(Not) Dancing Together

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