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The Modern Theory of the LOP and PPP: Some Implications
Pippenger, John - Department of Economics, University of California-Santa … - 2004
What I call the modern theories of the law of one price and purchasing power parity extend those theories in two …
Persistent link: https://www.econbiz.de/10010538325
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Mean Reversion in Long-Horizon Real Exchange Rates: Evidence from Latin America
Astorga, Pablo - Department of Economics, Oxford University - 2010
This paper analyses stability in real multilateral exchange rates in six leading Latin-American economies during the XXth century using a new data set.  A univariate approach is complemented by an error-correction model including key fundamentals.  Unit-root testing shows a very slow process...
Persistent link: https://www.econbiz.de/10011004385
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Central banks and gold puzzles
Aizenman, Joshua; Inoue, Kenta - 2012
the intensity of holding gold is correlated with 'global power' - by the history of being a past empire, or by the sheer …
Persistent link: https://www.econbiz.de/10009509201
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Does the nominal exchange rate regime affect the real interest parity condition?
Dreger, Christian - 2008
(UIP) and ex ante purchasing power parity (PPP). The extent of deviation from RIP is therefore an indicator of the lack of …The real interest partity (RIP) condition combines two cornerstones in international finance, uncovered interest parity … system and the current managed float. Panel integration techniques are used to increase the power of the tests. Cross section …
Persistent link: https://www.econbiz.de/10010291771
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Trend growth and learning about monetary policy rules in a two-block world economy
Schaling, Eric; Tesfaselassie, Mewael F. - 2013
Available evidence supports the view that growth is faster in more open economies. In order to analyze the implications of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two-country New Keynesian model with growth. We analyze these...
Persistent link: https://www.econbiz.de/10010292721
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Consideraciones sobre el nivel óptimo de reservas internacionales para Bolivia: 2003-2009
Cerezo Aguirre, Sergio - 2010
In recent years, Bolivia has accumulated a significant level of international reserves due to favorable external environment and the exchange rate regimen (crawling peg). In this context arises the question of: Which one is the optimal level of international reserves? According to the...
Persistent link: https://www.econbiz.de/10010294091
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Are twin currency and debt crises special?
Bauer, Christian; Herz, Bernhard; Karb, Volker - 2006
In the literature on currency and banking crises it has become the standard procedure to distinguish pure currency crises, pure banking crises and combined ('twin') currency and banking crises. We show theoretically and empirically that a similar differentiation should be chosen with regard to...
Persistent link: https://www.econbiz.de/10010294672
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Are Wages Equal Across Sectors of Production? A Panel Data Analysis for Tradable and Non-Tradable Goods
Schmillen, Achim - 2011
The assumption that national labor markets are homogenous across tradable and non-tradable goods is common in multisector (open-economy) macro models and crucial for the prominent Balassa-Samuelson hypothesis. This study tests it with a novel method to distinguish the tradable and non-tradable...
Persistent link: https://www.econbiz.de/10010294719
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Sudden Stops in Capital Inflows and the Design of Exchange Rate Regimes
Ritter, Raymond - 2003
A two sector small open economy model developed by Corden (1991, 2002) is used to analyse the impact of sudden stops in capital inflows on an internal and external equilibrium and to explore the merits of disposing of the nominal exchange rate as policy tool in rectifying real exchange rate...
Persistent link: https://www.econbiz.de/10010295480
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Testing uncovered interest parity at short and long horizons
Chinn, Menzie D.; Meredith, Guy - 2000
The unbiasedness hypothesis - the joint hypothesis of uncovered interest parity (UIP) and rational expectations - has …
Persistent link: https://www.econbiz.de/10010295610