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    Article

    Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

    This paper explores the direct effects and spillovers of unconventional monetary and exchange rate policies. We find that official purchases of foreign assets have a large positive effect on a country’s curren...

    Joseph E. Gagnon, Tamim Bayoumi, Juan M. Londono… in Open Economies Review (2017)

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    Article

    The Ties that Bind: Measuring International Bond Spillovers Using Inflation-Indexed Bond Yields

    This paper explores international bond spillovers using daily and weekly data on yields on inflation-indexed bonds and associated inflation expectations for the United States, Australia, Canada, France, Sweden...

    Tamim Bayoumi, Andrew Swiston in IMF Staff Papers (2010)

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    Article

    Foreign Entanglements: Estimating the Source and Size of Spillovers Across Industrial Countries

    Vector autoregressions of real growth since 1970 are used to estimate spillovers between the United States, the euro area, Japan, and an aggregate of smaller countries proxying for global shocks. U.S. and glob...

    Tamim Bayoumi, Andrew Swiston in IMF Staff Papers (2009)

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    Article

    Rhyme or Reason: What Explains the Easy Financing of the U.S. Current Account Deficit?

    This paper examines the roles of U.S. financial innovation, financial globalization, and the savings glut hypothesis in explaining the rise in U.S. external debt, first in a portfolio balance model, and then e...

    Ravi Balakrishnan, Tamim Bayoumi, Volodymyr Tulin in IMF Staff Papers (2009)

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    Article

    New Rates from New Weights

    This paper describes the result and the methodology of updating nominal and real effective exchange rate weights on the basis of trade data from 1999 to 2001. The underlying framework is an updated version of ...

    Tamim Bayoumi, Jaewoo Lee, Sarma Jayanthi in IMF Staff Papers (2006)

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    Article

    A Peek inside the Black Box: The Monetary Transmission Mechanism in Japan

    This paper uses vector autoregressions to examine the monetary transmission mechanism in Japan. The empirical results indicate that both monetary policy and banks' balance sheets are important sources of shock...

    James Morsink, Tamim Bayoumi in IMF Staff Papers (2001)

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    Article

    Deviations of Exchange Rates from Purchasing Power Parity: A Story Featuring Two Monetary Unions

    We examine the mean-reverting properties of real exchange rates, by comparing the unit root properties of a group of international real exchange rates with two groups of intranational real exchange rates. Stri...

    Tamim Bayoumi, Ronald MacDonald in IMF Staff Papers (1999)

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    Article

    A Provincial View of Economic Integration

    This paper develops a method of testing levels of economic integration based upon consumption smoothing, and tests it using data on trade balances across Canadian provinces. The results indicate the provinces ...

    Tamim Bayoumi, Michael W. Klein in Staff Papers (1997)

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    Article

    Explaining Consumption: A Simple Test of Alternative Hypotheses

    A method of testing the relative importance for consumption of risk-sharing behavior and changes in current income is proposed and estimated using data across Canadian provinces. The focus of the estimation is...

    Tamim Bayoumi in Staff Papers (1997)

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    Article

    Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence

    This paper examines the sources of disturbances to output in the United States and a set of European Union countries and analyzes labor market adjustment mechanisms in these two economic areas. Comparable data...

    Tamim Bayoumi, Eswar Prasad in Staff Papers (1997)

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    Chapter

    The Efficiency of National and Regional Stabilization Policies

    The level at which stabilization policy is performed is shown to matter for its effectiveness. In particular, in a national (e.g. Canadian) context, Ricardian equivalence is expected to operate more fully at t...

    Tamim Bayoumi, Paul R. Masson in Business Cycles and Macroeconomic Stability (1997)

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    Article

    European Monetary Unification: Implications of Research for Policy, Implications of Policy for Research

    Tamim Bayoumi, Barry Eichengreen, Jürgen von Hagen in Open Economies Review (1997)

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    Chapter

    What can the Fiscal Systems in the United States and Canada Tell Us about EMU

    The Maastricht Treaty on the move towards Economic and Monetary Union (EMU) raises the prospect of the establishment of a common currency area among EC countries without there being a common fiscal policy. Som...

    Tamim Bayoumi, Paul R. Masson, Susan M. Collins in European Monetary Integration (1996)

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    Chapter

    Who Needs Bands? Exchange Rate Policy before EMU

    Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany and her immediate neighbors appear the most likely to benefit; however, our knowledge is ...

    Tamim Bayoumi in Monetary Policy in a Converging Europe (1996)

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    Article

    Consumption, Income, and International Capital Market Integration

    This paper uses consumption patterns across countries to measure capital market integration. It argues that earlier empirical tests of this type were potentially misspecified and proposes a more robust specifi...

    Tamim Bayoumi, Ronald Macdonald in Staff Papers (1995)

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    Article

    Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization

    State budgets played a significant macroeconomic role in the United States during the 1970s and 1980s. Their cyclical responsiveness was affected by the severity of statutory and constitutional fiscal restrain...

    Tamim Bayoumi, Barry Eichengreen in Staff Papers (1995)

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    Article

    Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story about EMU

    Structural vector autoregressions are used to analyze the relationship between real output and relative prices within the European Union and the United States. Relative price variability appears to be more imp...

    Tamim Bayoumi, Alun Thomas in Staff Papers (1995)

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    Article

    A Formal Model of Optimum Currency Areas

    The paper presents a model of optimum currency areas using a general equilibrium approach with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbanc...

    Tamim Bayoumi in Staff Papers (1994)

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    Chapter

    What can the Fiscal Systems in the United States and Canada Tell Us about EMU?

    The Maastricht Treaty on the move towards Economic and Monetary Union (EMU) raises the prospect of the establishment of a common currency area among EC countries without there being a common fiscal policy. Som...

    Tamim Bayoumi, Paul R. Masson in European Monetary Integration (1994)

  20. No Access

    Article

    Do private capital markets insure regional risk? Evidence from the United States and Europe

    A striking feature of international economic relations is the limited extent of intertemporal trade and risk-sharing among nations. This paper uses data on consumption, income, and production from regions of t...

    Andrew Atkeson, Tamim Bayoumi in Open Economies Review (1993)

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