Globalization and Monetary Policy Institute

2010 Annual Report
Working Papers Issued in 2010

All institute working papers are available on the Dallas Fed website at

No. 41
Limited Asset Market Participation and the Consumption–Real Exchange Rate AnomalyPDF
Robert Kollmann

No. 42
Size and Composition of the Central Bank Balance Sheet: Revisiting Japan's Experience of the Quantitative Easing PolicyPDF
Shigenori Shiratsuka
Published in Monetary and Economic Studies, vol. 28, November 2010, pp. 79–105.

No. 43
Transitional Dynamics of Output and Factor Income Shares: Lessons from East GermanyPDF
Simona E. Cociuba

No. 44
Fiscal Deficits, Debt, and Monetary Policy in a Liquidity TrapPDF

Michael B. Devereux

No. 45
Leverage Constraints and the International Transmission of ShocksPDF

Michael B. Devereux and James Yetman
Published in Journal of Money, Credit and Banking, vol. 42, pp. 71–105.

No. 46
What Determines European Real Exchange Rates?PDF

Martin Berka and Michael B. Devereux

No. 47
The Quantitative Role of Capital-Goods Imports in U.S. GrowthPDF
Michele Cavallo and Anthony Landry
Published in American Economic Review, vol. 100, no. 2, 2010, pp. 78–82.

No. 48
Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?PDF
Kathryn M.E. Dominguez, Rasmus Fatum and Pavel Vacek

No. 49
Asymmetries and State Dependence: The Impact of Macro Surprises on Intraday Exchange RatesPDF
Rasmus Fatum, Michael Hutchison and Thomas Wu

No. 50
Measuring Business Cycles by Saving for a Rainy DayPDF
Mario J. Crucini and Mototsugu Shintani

No. 51
The Fiscal Multiplier and Spillover in a Global Liquidity TrapPDF
Ippei Fujiwara and Kozo Ueda

No. 52
Financial Globalization, Financial Frictions and Optimal Monetary PolicyPDF
Ester Faia and Eleni Iliopulos

No. 53
Trends in U.S. Hours and the Labor WedgePDF

Simona E. Cociuba and Alexander Ueberfeldt

No. 54
Some Alternative Perspectives on Macroeconomic Theory and Some Policy ImplicationsPDF
William R. White
Published as “The Mayekawa Lecture: Some Alternative Perspectives on Macroeconomic Theory and Some Policy Implications” in Monetary and Economic Studies, vol. 28, November 2010, pp. 35–58.

No. 55
Income Differences and Prices of TradablesPDF
Ina Simonovska

No. 56
Global Liquidity TrapPDF
Ippei Fujiwara, Nao Sudo, Tomoyuki Nakajima, Yuki Teranishi

No. 57
Foreign Exchange Intervention When Interest Rates Are Zero: Does the Portfolio Balance Channel Matter After All?PDF
Rasmus Fatum

No. 58
Banking Globalization and International Business CyclesPDF
Kozo Ueda

No. 59
Are the Intraday Effects of Central Bank Intervention on Exchange Rate Spreads Asymmetric and State Dependent?PDF
Rasmus Fatum, Jesper Pedersen, Peter Norman Sørensen

No. 60
International Real Business Cycles with Endogenous Markup VariabilityPDF
Scott Davis and Kevin X.D. Huang

No. 61
Understanding the Effect of Productivity Changes on International Relative Prices: The Role of News ShocksPDF
Deokwoo Nam and Jian Wang

No. 62
Real Exchange Rate Dynamics Revisited: A Case with Financial Market ImperfectionsPDF
Ippei Fujiwara and Yuki Teranishi

No. 63
Export Shocks and the Zero Bound TrapPDF

Ippei Fujiwara

No. 64
The Effects of News About Future Productivity on International Relative Prices: An Empirical InvestigationPDF
Deokwoo Nam and Jian Wang

No. 65
Globalization and Inflation in EuropePDF
Raphael Auer, Kathrin Degen, Andreas M. Fischer

No. 66
The Adverse Feedback Loop and the Effects of Risk in Both the Real and Financial SectorsPDF
Scott Davis

No. 67
Teams of Rivals: Endogenous Markups in a Ricardian WorldPDF
Beatriz de Blas and Katheryn Niles Russ


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