Tag Archives: Emmanuel Fahri

Labor Mobility within Currency Unions

From Ivan Werning and Emmanuel Fahri: We study the effects of labor mobility within a currency union suffering from nominal rigidities. When the demand shortfall in depressed region is mostly internal, migra- tion may not help regional macroeconomic adjustment. When … Continue reading

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A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy

From Caballero and Fahri: The global economy has a chronic shortage of safe assets which lies behind many recent macroeconomic imbalances. This paper provides a simple model of the Safe Asset Mechanism (SAM), its recessionary safety traps, and its policy … Continue reading

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