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UID:14b6b6a366ec6e89db3daf73dc78e7c3
CATEGORIES:Seminars
CREATED:20161213T181243
SUMMARY:Lunch Seminar: Fabrizio Perri - FED Minneapolis
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:On the Desirability of Capital Controls \nAbstract:\nIn the first part we s
 tudy a standard two country international macro model we ask whether shutti
 ng down the market for international non-contingent borrowing and lending i
 s ever desirable. The answer is yes. Imposing capital controls is unilatera
 lly desirable when initial conditions are such that ruling out bond trade g
 enerates a sufficiently favorable change in the expected path for the terms
  of trade. Imposing capital controls can be welfare improving for both coun
 tries for calibrations in which equilibrium terms of trade movements improv
 e insurance against country specific shocks. I n the second part we study c
 apital controls in environments with rigid labor markets. There the case fo
 r capital controls can be stronger, and is based on the fact that capital i
 nflows can increase the cost of labor, thereby inducing unemployment.\n
DTSTAMP:20260404T064117Z
DTSTART:20150714T130000Z
DTEND:20150714T140000Z
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