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I study the pricing of American Depositary Receipts around FOMC meetings to identify the impact of US monetary policy on managed exchange rates. ADR investors assess the domestic central bank’s reluctance to maintain a currency peg regime if the costs of mimicking policy rate increases in the...
Persistent link: https://www.econbiz.de/10012265914
It would seem that physical currency should be fading out as the world of payments is increasingly electronic, with new technologies emerging at a rapid pace, and as governments look to restrictions on large-denomination notes as a way to reduce crime and tax evasion. Nonetheless, demand for...
Persistent link: https://www.econbiz.de/10011731059
estimation of the effect of the unemployment rate on the size of the local employment multiplier shows a neat fit to the …
Persistent link: https://www.econbiz.de/10011484444
We investigate whether the macroeconomic effects of government spending shocks vary with the level of uncertainty. Using postwar US data and a Self-Exciting Interacted VAR (SEIVAR) model, we find that fiscal spending has positive output effects in tranquil times but is contractionary during...
Persistent link: https://www.econbiz.de/10012268062
Since early 90s, the issue of income convergence across regions has been widely discussed in a number of papers, both looking at long-term tendencies and trying to establish the role played by several socio-economic determinants. Much less attention has instead been devoted to the analysis of...
Persistent link: https://www.econbiz.de/10012169873
The ongoing process of climate change goes along with an increase in the frequency and severity of various sorts of natural disasters. While the existing literature has almost exclusively focused on studying the direct effects resulting from different types of disasters, the effect of changing...
Persistent link: https://www.econbiz.de/10012436249