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The paper discusses key elements of optimal central bank design and applies its findings to the Eurosystem. A …
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Three current account imbalances - one very large deficit (the United States) and two surpluses (Japan and the Euro … adjustment process that involves real depreciation in its exchange rate. For Japan, a little more than 1 percentage point (of GDP …
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Previous assessments of nominal exchange rate determination have focused upon a narrow set of models typically of the 1970 s vintage, including monetary and portfolio balance models. In this paper we re-assess the in-sample fit and out-of-sample prediction of a wider set of models that have been...
Persistent link: https://www.econbiz.de/10011507659
Previous assessments of nominal exchange rate determination have focused upon a narrow set of models typically of the 1970's vintage, including monetary and portfolio balance models. In this paper we re-assess the in-sample fit and out-of-sample prediction of a wider set of models that have been...
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