Reuven Glick - Academia.edu (original) (raw)

Papers by Reuven Glick

Research paper thumbnail of Exchange Rates and Monetary Policy

Australian Economic Papers, 2002

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Research paper thumbnail of R* and the Global Economy

Federal Reserve Bank of San Francisco, Working Paper Series, 2019

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Research paper thumbnail of Currency unions and trade: A post-EMU reassessment

European Economic Review

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Research paper thumbnail of Military Expenditure , Threats , and Growth * September 2003

This paper clarifies one of the puzzling results of the economic growth literature: the impact of... more This paper clarifies one of the puzzling results of the economic growth literature: the impact of military expenditure is frequently found to be non-significant or negative, yet most countries spend a large fraction of their GDP on defense and the military. We start by empirical evaluation of the non-linear interactions between military expenditure, external threats, corruption, and other relevant controls. While growth falls with higher levels of military spending, given the values of the other independent variables, we show that military expenditure in the presence of threats increases growth. We explain the presence of these nonlinearities in an extended version of Barro and Sala-i-Martin (1995), allowing the dependence of growth on the severity of external threats, and on the effective military expenditure associated with these threats. JEL Classification: E62, F43, N10, O41, O47

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Research paper thumbnail of China ’ s fi nancial linkages with Asia and the global fi nancial crisis q

This paper presents empirical evidence on asset market linkages between China and Asia and how th... more This paper presents empirical evidence on asset market linkages between China and Asia and how these linkages have shifted during and after the global financial crisis of 2008–2009. We find only weak cross-country linkages in longer-term interest rates, but much stronger linkages in equity markets. This finding is consistent with the greater development and liberalization of equity markets relative to bond markets in China, as well as increasing business and trade linkages in the region. We also find that the strength of the correlation of equity prices changes between China and other Asia countries increased markedly during the crisis and has remained high in recent years. We attribute this development to greater “attentiveness” of international investors to China’s role as a source and destination of equity finance during the crisis rather than to any greater financial deepening and liberalization, as China did not implement any major policy measures during this period. By contras...

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Research paper thumbnail of Replicating and Projecting the Path of COVID-19 with a Model-Implied Reproduction Number

Federal Reserve Bank of San Francisco, Working Paper Series

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Research paper thumbnail of Currency Unions and Regional Trade Agreements: EMU and EU Effects on Trade

Federal Reserve Bank of San Francisco, Working Paper Series, Oct 28, 2016

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Research paper thumbnail of Unconventional monetary policy and the dollar: conventional signs, unconventional magnitudes

Federal Reserve Bank of San Francisco, Working Paper Series

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Research paper thumbnail of 2007 Annual Pacific Basin Conference: summary

Frbsf Economic Letter, 2008

This year's Pacific Basin conference brought together papers on a variety of internation... more This year's Pacific Basin conference brought together papers on a variety of international topics, including international pricing behavior and exchange rates, foreign reserve management, the efficacy of capital controls, Asian financial market integration, and developments in China. ; This Economic Letter summarizes the papers presented at the 2007 Annual Pacific Basin conference held at the Federal Reserve Bank of San Francisco on June 8-9, 2007, under the sponsorship of the Bank's Center for Pacific Basin Studies. The papers are listed at the end and are available online.

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Research paper thumbnail of Is money still useful for policy in East Asia?

Since the East Asian crises of 1997, a number of East Asian economies have allowed greater exchan... more Since the East Asian crises of 1997, a number of East Asian economies have allowed greater exchange rate flexibility and abandoned monetary targets in favor of inflation targeting, apparently because the perceived usefulness of money as a predictor of inflation, i.e. the information content of money, has fallen. In this paper, we discuss factors that are likely to have influenced the stability of the relationship between money and inflation, particularly in the 1990s, and then assess this relationship in a set of East Asian economies. We focus on (1) the stability of the behavior of the velocity of money; (2) the ability of money growth to predict inflation as measured by tests of Granger causality, and (3) the contribution of money to the variance of the forecast error of inflation. We find evidence that, with a few exceptions in which capital flows were particularly large, velocity remained generally stable, as did the relationship between money growth and inflation. However, the contribution of money to inflation forecast errors fell considerably in the 1990s, reducing its value as an information variable to monetary authorities.

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Research paper thumbnail of Off-balance-sheet liquidity and monetary control

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Research paper thumbnail of Exchange Rate Regimes and International Trade

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Research paper thumbnail of Monetary policy in a changing financial environment

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Research paper thumbnail of Exchange rate policy and interdependence: perspectives from Pacific Basin countries : a conference sponsored by the Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco, September 16-18, 1992

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Research paper thumbnail of New results in support of the fiscal policy ineffectiveness proposition

ABSTRACT

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Research paper thumbnail of Real exchange rate effects of monetary disturbances under different degrees of exchange rate flexibility: an empirical analysis

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Research paper thumbnail of Japanese capital flows in the 1980s

Economic Review, Feb 1, 1991

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Research paper thumbnail of Is pegging the exchange rate a cure for inflation? East Asian experiences

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Research paper thumbnail of Asia and the global financial crisis: conference summary

Frbsf Economic Letter, 2010

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Research paper thumbnail of Real exchange rate effects of monetary shocks under fixed and flexible exchange rates: theory and cross-country evidence

ABSTRACT

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Research paper thumbnail of Exchange Rates and Monetary Policy

Australian Economic Papers, 2002

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Research paper thumbnail of R* and the Global Economy

Federal Reserve Bank of San Francisco, Working Paper Series, 2019

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Research paper thumbnail of Currency unions and trade: A post-EMU reassessment

European Economic Review

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Military Expenditure , Threats , and Growth * September 2003

This paper clarifies one of the puzzling results of the economic growth literature: the impact of... more This paper clarifies one of the puzzling results of the economic growth literature: the impact of military expenditure is frequently found to be non-significant or negative, yet most countries spend a large fraction of their GDP on defense and the military. We start by empirical evaluation of the non-linear interactions between military expenditure, external threats, corruption, and other relevant controls. While growth falls with higher levels of military spending, given the values of the other independent variables, we show that military expenditure in the presence of threats increases growth. We explain the presence of these nonlinearities in an extended version of Barro and Sala-i-Martin (1995), allowing the dependence of growth on the severity of external threats, and on the effective military expenditure associated with these threats. JEL Classification: E62, F43, N10, O41, O47

Bookmarks Related papers MentionsView impact

Research paper thumbnail of China ’ s fi nancial linkages with Asia and the global fi nancial crisis q

This paper presents empirical evidence on asset market linkages between China and Asia and how th... more This paper presents empirical evidence on asset market linkages between China and Asia and how these linkages have shifted during and after the global financial crisis of 2008–2009. We find only weak cross-country linkages in longer-term interest rates, but much stronger linkages in equity markets. This finding is consistent with the greater development and liberalization of equity markets relative to bond markets in China, as well as increasing business and trade linkages in the region. We also find that the strength of the correlation of equity prices changes between China and other Asia countries increased markedly during the crisis and has remained high in recent years. We attribute this development to greater “attentiveness” of international investors to China’s role as a source and destination of equity finance during the crisis rather than to any greater financial deepening and liberalization, as China did not implement any major policy measures during this period. By contras...

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Research paper thumbnail of Replicating and Projecting the Path of COVID-19 with a Model-Implied Reproduction Number

Federal Reserve Bank of San Francisco, Working Paper Series

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Research paper thumbnail of Currency Unions and Regional Trade Agreements: EMU and EU Effects on Trade

Federal Reserve Bank of San Francisco, Working Paper Series, Oct 28, 2016

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Research paper thumbnail of Unconventional monetary policy and the dollar: conventional signs, unconventional magnitudes

Federal Reserve Bank of San Francisco, Working Paper Series

Bookmarks Related papers MentionsView impact

Research paper thumbnail of 2007 Annual Pacific Basin Conference: summary

Frbsf Economic Letter, 2008

This year's Pacific Basin conference brought together papers on a variety of internation... more This year's Pacific Basin conference brought together papers on a variety of international topics, including international pricing behavior and exchange rates, foreign reserve management, the efficacy of capital controls, Asian financial market integration, and developments in China. ; This Economic Letter summarizes the papers presented at the 2007 Annual Pacific Basin conference held at the Federal Reserve Bank of San Francisco on June 8-9, 2007, under the sponsorship of the Bank's Center for Pacific Basin Studies. The papers are listed at the end and are available online.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Is money still useful for policy in East Asia?

Since the East Asian crises of 1997, a number of East Asian economies have allowed greater exchan... more Since the East Asian crises of 1997, a number of East Asian economies have allowed greater exchange rate flexibility and abandoned monetary targets in favor of inflation targeting, apparently because the perceived usefulness of money as a predictor of inflation, i.e. the information content of money, has fallen. In this paper, we discuss factors that are likely to have influenced the stability of the relationship between money and inflation, particularly in the 1990s, and then assess this relationship in a set of East Asian economies. We focus on (1) the stability of the behavior of the velocity of money; (2) the ability of money growth to predict inflation as measured by tests of Granger causality, and (3) the contribution of money to the variance of the forecast error of inflation. We find evidence that, with a few exceptions in which capital flows were particularly large, velocity remained generally stable, as did the relationship between money growth and inflation. However, the contribution of money to inflation forecast errors fell considerably in the 1990s, reducing its value as an information variable to monetary authorities.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Off-balance-sheet liquidity and monetary control

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Exchange Rate Regimes and International Trade

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Monetary policy in a changing financial environment

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Exchange rate policy and interdependence: perspectives from Pacific Basin countries : a conference sponsored by the Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco, September 16-18, 1992

Bookmarks Related papers MentionsView impact

Research paper thumbnail of New results in support of the fiscal policy ineffectiveness proposition

ABSTRACT

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Real exchange rate effects of monetary disturbances under different degrees of exchange rate flexibility: an empirical analysis

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Japanese capital flows in the 1980s

Economic Review, Feb 1, 1991

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Is pegging the exchange rate a cure for inflation? East Asian experiences

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Asia and the global financial crisis: conference summary

Frbsf Economic Letter, 2010

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Research paper thumbnail of Real exchange rate effects of monetary shocks under fixed and flexible exchange rates: theory and cross-country evidence

ABSTRACT

Bookmarks Related papers MentionsView impact