Bulletin n. 2-3/2012
October 2012-February 2013
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Andolfatto David
    Liquidity Shocks, Real Interest Rates, and Global Imbalances
    in Federal Reserve Bank of St. Louis Review , May/June 2012 Vol. 94, No. 3 ,  2012 ,  187-196
    The author uses a simple neoclassical model to show how liquidity shocks at home and abroad can contribute to trade imbalances and low real interest rates. The author’s interpretation is consistent with Bernanke’s (2005) “global saving glut” hypothesis.
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