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Draghi's Commitment
Warnock, Francis E.Case DARDEN-GEM-0113-EEconomicsFully updated through end-2015, this case examines the eurozone from the perspective of core and periphery long-term rates. By 2010, the “Great Convergence” in eurozone long-term rates during the late 1990s had given way to the “Great Divergence” in which German long-term yields fell to record lows while Greek yields bounced between 20% and 40%. Periphery bond markets improved sharply in late summer 2012 after Draghi committed to do “whatever it ...Starting at €8.20
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Janet Yellen: Navigating Uncharted Waters
Warnock, Francis E.Case DARDEN-GEM-0134-EEconomicsIn January 2016, Janet Yellen, finishing her second year as chair of the Board of Governors of the U.S. Federal Reserve, was navigating uncharted waters along a number of dimensions. She had inherited an unruly FOMC. Over the past year, some members had publicly called for more expansionary Fed policy; others called for an end to the expansionary Fed policy; and still others worried aloud that Fed policy might be creating bubbles and risks to fin...Starting at €8.20
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Eurozone at 21: A Monetary Union Without Growth?
Warnock, Francis E.Case DARDEN-GEM-0178-EEconomicsThis case addresses the troubles facing the eurozone in early 2021. Was the area doomed to low (or no) growth? Had the eurozone’s high-profile financial crises in Greece, Ireland, and Cyprus given way to the type of slow rotting of society that leads to revolutions? Was the COVID-19 pandemic the final nail in the union’s coffin? Or would the pandemic, notwithstanding the enormous and devastating toll on the union’s citizens, jar the eurozone out ...Starting at €8.20
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Fed Listens Meets an Inflation Surge
Warnock, Francis E.Case DARDEN-GEM-0210-EEconomicsAfter the final Federal Open Market Committee meeting of 2022, Jay Powell paused to consider the past and prospective paths for the US Federal Reserve (the Fed). Entering 2023, Powell had three not-unrelated issues on his mind. First, in 2019 the Fed launched its first-ever comprehensive public review of the monetary policy framework it employs to achieve maximum employment and price stability. During this review, Powell and the Fed considered es...Starting at €8.20
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Bernanke's Dilemma
Warnock, Francis E.Case DARDEN-GEM-0111-EEconomicsAt what point in the tepid recovery from the global financial crisis should the Fed take a major step in normalizing U.S. monetary policy by greatly reducing its holdings of U.S. Treasury bonds? Federal Reserve Board Chairman Ben Bernanke faced this question in summer 2013, even as he was concerned that the U.S. economy was still on a weak footing. Suitable for both core and elective MBA courses in global financial markets and international finan...Starting at €8.20
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Yellen, Guidance, and the Exit Strategy
Warnock, Francis E.Case DARDEN-GEM-0121-EEconomicsFive years into the tepid recovery following the global financial crisis, the Fed was "tapering" its quantitative easing policy. When should it take another step toward normalizing U.S. monetary policy by greatly reducing its holdings of U.S. Treasury bonds? Federal Reserve Board Chair Janet Yellen faced this question in summer 2014, even as she was concerned that the U.S. economy was still on a weak footing. Suitable for both core and elective M...Starting at €8.20
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Euro Zone Convergence, Divergence…and Then What? - Teaching Note
Warnock, Francis E.Teaching Note DARDEN-GEM-0107TN-EEconomicsTeaching note for product GEM-0107Starting at €0.00
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Eurozone at 15: A Monetary Union Without Growth?
Warnock, Francis E.Case DARDEN-GEM-0136-EEconomicsIn 2015, the eurozone had been in and out of recession for seven years and had slipped into deflation. This case presents a brief history of the eurozone and allows students to consider the growth prospects for the union. Is the eurozone damned to a decade of economic contraction? Or is the worst behind it?Starting at €8.20
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Currency Crisis in the United Kingdom and Hong Kong
Warnock, Francis E.Case DARDEN-GEM-0108-EEconomicsThis case reviews different varieties of currency crises and two in particular: United Kingdom in 1992 and Hong Kong in 1998. These were two very different types of crises, and understanding them could serve the protagonist well when future crises occurred.Starting at €8.20
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Currency Crises in the United Kingdom and Hong Kong - Teaching Note
Warnock, Francis E.Teaching Note DARDEN-GEM-0108TN-EEconomicsTeaching note for product GEM-0108Starting at €0.00