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Do China and oil exporters influence major currency configurations?

Fratzscher, Marcel; Mehl, Arnaud - 2008

economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … have a statistically but also an economically significant impact on the euro, and to a lesser extent the yen against the US … the appreciation of the euro against the US dollar in recent years. Interestingly, EME policy-makers appear to have become …

Persistent link: https://www.econbiz.de/10011605019

What explains global exchange rate movements during the financial crisis?

Fratzscher, Marcel - 2009

A striking and unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar,...

Persistent link: https://www.econbiz.de/10011605106

How successful is the G7 in managing exchange rates?

Fratzscher, Marcel - 2008

moving the US dollar, yen and euro in the intended direction at horizons of up to three months after G7 meetings, but not at …

Persistent link: https://www.econbiz.de/10011604998

Purdah: on the rationale for central bank silence around policy meetings

Ehrmann, Michael; Fratzscher, Marcel - 2008

Despite substantial differences in monetary policy and communication strategies, many central banks share the practice of purdah, a self-imposed guideline of abstaining from communication around policy meetings or other important events. This practice is remarkable, as it seems to contradict the...

Persistent link: https://www.econbiz.de/10011604914

US shocks and global exchange rate configurations

Fratzscher, Marcel - 2007

The paper analyses the heterogeneity in the link between macroeconomic fundamentals and exchange rates. For a set of important US-specific economic shocks, it shows that such shocks have exerted a remarkably heterogeneous effect on global exchange rate configurations over the past 25 years....

Persistent link: https://www.econbiz.de/10011604881

Global financial transmission of monetary policy shocks

Ehrmann, Michael; Fratzscher, Marcel - 2006

The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...

Persistent link: https://www.econbiz.de/10011604662

The transmission of emerging market shocks to global equity markets

Cuadro Sáez, Lucía; Fratzscher, Marcel; Thimann, Christian - 2007

The paper analyses whether, and to what extent, emerging market economies (EMEs) have systemic importance for global financial markets, above and beyond their influence during crises episodes. Using a novel database of exogenous economic and political shocks for 14 systematically relevant EMEs,...

Persistent link: https://www.econbiz.de/10011604770

The macroeconomics of happiness

DiTella, Rafael; MacCulloch, Robert; Oswald, Andrew J. - 1999

A large literature in macroeconomics assumes a social objective function, W(p, U), where inflation, p, and unemployment, U, are bads. This paper provides some of the first formal evidence for such an approach. It uses data on the reported well-being levels of approximately one quarter of a...

Persistent link: https://www.econbiz.de/10010301286

Tall or taller, pretty or prettier: Is discrimination absolute or relative?

Hamermesh, Daniel S. - In: IZA Journal of Labor Economics 1 (2012), pp. 1-17

Using microeconomic data sets from the United States and the Netherlands, this study considers how agents perceive characteristics that are discriminated against. It uses the examples of beauty and height to examine whether: 1) Absolute or relative differences in a characteristic affect...

Persistent link: https://www.econbiz.de/10010331913

Transparency, disclosure and the federal reserve

Ehrmann, Michael; Fratzscher, Marcel - 2005

This paper assesses the change in Federal Reserve policy introduced in 1999, with the publication of statements about the outlook for monetary policy (and later about the balance of risks) immediately after each FOMC meeting. We find that markets anticipated monetary policy decisions equally...

Persistent link: https://www.econbiz.de/10011604503