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SUMMARY:A Model of the International Monetary System
DTSTART:20161021T103000
DTEND:20161021T120000
DTSTAMP:20260928T175437Z
UID:bad66d8ba441e8689f44b45fb025f3e0d29931634cec6a98ef7c6479
CATEGORIES:Conferences - Seminars
DESCRIPTION:Matteo MAGGIORI (Harvard University)\nWe propose a simple mode
 l of the international monetary system. We study the world supply and dema
 nd for reserve assets denominated in different  currencies under a variet
 y of scenarios: a Hegemon vs. a multipolar world\; abundant vs. scarce res
 erve assets\; a gold exchange standard vs. a floating rate system\; away f
 rom vs. at the zero lower bound (ZLB). We rationalize the Triffin dilemma\
 , which posits the fundamental instability of the system\, as well as the 
 common prediction regarding the natural and beneficial emergence of a mult
 ipolar world\, the Nurkse warning that a multipolar world is more unstable
  than a  Hegemon world\, and the Keynesian argument that a scarcity of re
 serve assets under a gold standard or at the ZLB is recessive. We show tha
 t competition among few countries in the issuance of reserve assets can ha
 ve perverse effects on the total supply of reserve assets. We analyze forc
 es that lead to the endogenous emergence of a Hegemon. Our analysis is bot
 h positive and normative.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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