Showing papers by "Hélène Rey published in 2016"
TL;DR: In this article, the authors argue that U.S. monetary policy shocks are transmitted internationally and affect financial conditions even in inflation-targeting economies with large financial markets, and that flexible exchange rates are not enough to guarantee monetary autonomy in a world of large capital flows.
Abstract: This lecture argues that the Global Financial Cycle is a challenge for the validity of the Mundellian trilemma. The paper presents evidence that U.S. monetary policy shocks are transmitted internationally and affect financial conditions even in inflation-targeting economies with large financial markets. Hence flexible exchange rates are not enough to guarantee monetary autonomy in a world of large capital flows.
379 citations
TL;DR: In this article, the authors analyze the current economic conditions from a historical perspective and draw some implications for external imbalances, safe asset demand and the process of external adjustment, and argue that there is a renewed Triffin dilemma where safe asset providers face a trade-off in terms of external exposure and real appreciation of their currency.
Abstract: The current environment is characterized by low real rates and by policy rates close to or at their lower bound in all major financial areas. We analyze these unusual economic conditions from a historical perspective and draw some implications for external imbalances, safe asset demand and the process of external adjustment. First, we decompose the fluctuations in the world consumption wealth ratio over long period of times and show that they anticipate movements of the real rate of interest. Second, our estimates suggest that the world real rate of interest is likely to remain low or negative for an extended period of time. In this context, we argue that there is a renewed Triffin dilemma where safe asset providers face a trade-off in terms of external exposure and real appreciation of their currency. This tradeoff is particularly acute for smaller economies. This is the ‘curse of the regional safe asset provider.’ We discuss how this ‘curse’ is playing out for two prominent regional safe asset providers: core EMU and Switzerland.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
54 citations
Book•
25 May 2016
TL;DR: In this paper, the authors propose a package of institutional changes that can help to restore growth and prosperity to the Eurozone, whilst at the same time being politically feasible, in order to solve the economic crisis.
Abstract: In this second report in the Monitoring the Eurozone series, the authors propose a package of institutional changes that can help to restore growth and prosperity to the Eurozone, whilst at the same time being politically feasible.
22 citations
Patent•
02 Sep 2016
TL;DR: In this paper, the authors proposed a method of treatment using a solid oral pharmaceutical dosage form comprising an opioid receptor antagonist for use in the treatment of opioid induced constipation comprising the opioid antagonist equivalent to 24 mg of naloxone hydrochloride as twice daily formulation or equivalent to 48 mg of NN hydrochlorides as once daily formulation, characterized by a rapid first pass metabolism with a plasma half-life of 2 hours or less in humans within the first 3 hours of oral administration of a solution.
Abstract: The invention relates to a method of treatment using a solid oral pharmaceutical dosage form comprising an opioid receptor antagonist for use in the treatment of opioid induced constipation comprising the opioid antagonist equivalent to 24 mg of naloxone hydrochloride as twice daily formulation or equivalent to 48 mg of naloxone hydrochloride as once daily formulation, characterized in that the opioid antagonist has a rapid first pass metabolism with a plasma half-life of 2 hours or less in humans within the first 3 hours of oral administration of a solution, wherein the steady state pharmacokinetics result in a constant level of naloxone in the bloodstream, wherein the pharmacokinetics are independent of whether the dosage is administered once or twice daily, wherein the oral dosage form releases the opioid antagonist in a prolonged manner, wherein the in vitro release rate of the opioid antagonist measured using the paddle stirrer method according to Ph. Eur. at 75 rpm in 1000 ml 0.1 N hydrochloric acid at 37° C., is 15%±5% in 1 h, is 26%±5% in 3 h, is 40%±5% in 6 h, is 55%±7% in 10 h, is 67%±8% in 15 h, and is 78%±10% in 20 h.
2 citations
Posted Content•
TL;DR: In this paper, the authors analyze the current economic conditions from a historical perspective and draw some implications for external imbalances, safe asset demand and the process of external adjustment, and argue that there is a renewed Triffin dilemma where safe asset providers face a trade-off in terms of external exposure and real appreciation of their currency.
Abstract: The current environment is characterized by low real rates and by policy rates close to or at their lower bound in all major financial areas. We analyze these unusual economic conditions from a historical perspective and draw some implications for external imbalances, safe asset demand and the process of external adjustment. First, we decompose the fluctuations in the world consumption wealth ratio over long period of times and show that they anticipate movements of the real rate of interest. Second, our estimates suggest that the world real rate of interest is likely to remain low or negative for an extended period of time. In this context, we argue that there is a renewed Triffin dilemma where safe asset providers face a trade-off in terms of external exposure and real appreciation of their currency. This trade-off is particularly acute for smaller economies. This is the `curse of the regional safe asset provider.' We discuss how this `curse' is playing out for two prominent regional safe asset providers: core EMU and Switzerland.
1 citations
Patent•
03 Jun 2016
TL;DR: In this paper, a composition pharmaceutique comprenant un antagoniste du recepteur µ en tant que substance active, l'antagoniste etant prepare dans une formulation a liberation prolongee.
Abstract: La presente invention concerne une composition pharmaceutique comprenant un antagoniste du recepteur µ en tant que substance active, l'antagoniste etant prepare dans une formulation a liberation prolongee. La composition est destinee au traitement de patients presentant une constipation induite par un opioide, le dosage de l'agoniste du recepteur µ etant independant de la dose d'opioide. La dose preferee de l'antagoniste du recepteur µ de la composition est equivalente a une dose journaliere de 20 a 70 mg de naloxone.
Patent•
03 Jun 2016
TL;DR: In this paper, a pharmaceutical composition comprising an opioid receptor antagonist, or a derivative or a pharmaceutically acceptable salt thereof, as an active substance, wherein the composition releases the active substance in a prolonged manner.
Abstract: The present invention relates to a pharmaceutical composition comprising an opioid receptor antagonist, or a derivative or a pharmaceutically acceptable salt thereof, as an active substance, wherein the composition releases the active substance in a prolonged manner. The composition that is suitable for an administration period of at least twelve-hours for the treatment of severe opioid- induced constipation in patients receiving a daily dosage of opioid equivalent to at least 80 mg of morphine.
Patent•
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03 Jun 2016
TL;DR: In this article, a pharmaceutical composition comprising a µ-receptor antagonist as an active substance, wherein the antagonist is prepared in an extended release formulation, was intended for the treatment of patients with opioid-induced constipation.
Abstract: The present invention relates to a pharmaceutical composition comprising a µ-receptor antagonist as an active substance, wherein the antagonist is prepared in an extended release formulation. The composition is intended for the treatment of patients with opioid-induced constipation, wherein the dosage of the µ-receptor agonist is independent of the opioid dosage. The preferred dosage of the µ-receptor antagonist of the composition is equivalent to a daily dosage of 20-70 mg naloxone.
Patent•
03 Jun 2016
TL;DR: La composition convient a une periode d'administration d'au moins douze heures pour le traitement d'une constipation severe induite par un opioide chez des patients recevant une dose quotidienne d'opioide equivalente a au moins 80 mg de morphine.
Abstract: La presente invention concerne une composition pharmaceutique comprenant un antagoniste de recepteur d'opioide, ou un derive ou un sel pharmaceutiquement acceptable de celui-ci, en tant que substance active, laquelle composition libere la substance active de maniere prolongee. La composition convient a une periode d'administration d'au moins douze heures pour le traitement d'une constipation severe induite par un opioide chez des patients recevant une dose quotidienne d'opioide equivalente a au moins 80 mg de morphine.