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How does EMU affect the dollar and the yen as international reserve and investment currencies?

Frenkel, Michael; Søndergaard, Jens - 1999

widely expected that the euro will become an important international currency. This paper suggests simple methods how to …. Estimates presented indicate that the euro may indeed lead to a significant decline in the market share of the dollar as an … assumption that the euro will achieve a reputation similar to that of the deutschmark before EMU. The projected shifts can be …

Persistent link: https://www.econbiz.de/10010301747

The federal funds market and the overnight Eurodollar market

Lee, Yungsook - 1999

Overnight Federal funds and overnight Eurodollars are among the most liquid short-term assets that a bank can hold to acquire required reserves. They are traded overnight and denominated in U.S. dollars. They also have different characteristics: The Fed funds market and the Eurodollar market are...

Persistent link: https://www.econbiz.de/10010301761

Estimating the border effect: Some new evidence

Gopinath, Gita; Gourinchas, Pierre-Olivier; Hsieh, Chang-Tai - 2009

To what extent do national borders and national currencies impose costs that segment markets across countries? To answer this question the authors use a dataset with product-level retail prices and wholesale costs for a large grocery chain with stores in the United States and Canada. They...

Persistent link: https://www.econbiz.de/10010280948

The US dollar: Safe haven - Despite rising US current account deficit

Meurers, Martin; Diekmann, Berend - 2007

The empirical analysis in this paper supports the view that the status of the US dollar as a “safe haven” is closely related to the development of the US current account and the US net foreign debt. Safe haven purchases of the US dollar can still be recorded in the 1989-2006 period despite...

Persistent link: https://www.econbiz.de/10010296162

Uncertainty shocks in a model of effective demand

Basu, Susanto; Bundick, Brent - 2012

This paper examines the role of uncertainty shocks in a one-sector, representative-agent dynamic stochastic general equilibrium model. When prices are flexible, uncertainty shocks are not capable of producing business cycle comovements among key macro variables. With countercyclical markups...

Persistent link: https://www.econbiz.de/10010343352

Dectecting speculative bubbles in stock prices: A new approach and some evidence for the US

Bohl, Martin T.; Siklos, Pierre L. - 2001

A large part of the current debate on US stock price behavior concentrates on the question of whether stock prices are driven by fundamentals or by non-fundamental factors. In this paper we put forward the hypothesis that a present value model with time-varying expected returns provides an...

Persistent link: https://www.econbiz.de/10010301738

The reaction of exchange rates and interest rates of news releases

Kreuter, Christof; Gottschling, Andreas; Cornelius, Peter - 1998

This note examines how the DEM/USD rate and US short-term and long-term interest rates respond to the release of payroll announcements. In contrast to a recent paper by Edison (1997), who employs a linear econometric model, we test the influence of news by comparing the absolute values of the...

Persistent link: https://www.econbiz.de/10010301765

Another look at yield spreads: Monetary policy and the term structure of interest rates

Kim, Dong-heon - 1998

Liquidity plays an important role in explaining how banks determine their allocation of funds. This paper analyses whether this fact can explain the term structure of interest rates and yield spreads. The paper models banks' demand for liquidity in a manner similar to that used to study...

Persistent link: https://www.econbiz.de/10010301772

Unterschiedliche Markteinschätzungen von Spekulanten als Determinante des Rohölpreises

Möbert, Jochen - 2009

Bis zum Amtsantritt von Gary Gensler ging die US Commodity Futures Trading Commission von einem geringen Einfluss der Spekulanten auf den Rohölpreis aus, während nun eine Neubewertung stattfindet.Dieser Artikel misst die Aktivität der Spekulanten mit Hilfe von Variablen der wöchentlichen...

Persistent link: https://www.econbiz.de/10010302112

Do speculators drive crude oil prices? Dispersion in beliefs as a price determinant

Möbert, Jochen - 2009

This article discusses the influence of speculators in the futures market on crude oil prices. The results suggest the dispersion in beliefs influences both crude oil prices and price volatility.

Persistent link: https://www.econbiz.de/10010302113