Showing 1 - 10 of 97,007
Persistent link: https://www.econbiz.de/10011811342
cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth …
Persistent link: https://www.econbiz.de/10014247924
Persistent link: https://www.econbiz.de/10011788084
The paper employs a structural vector auto-regression (SVAR) along the lines of Blanchard and Quah (1989) and Clarida and Gali (1994) to identify the sources of changes in German international price competitiveness over the past 30 years. This leads to a separation of the driving forces of the...
Persistent link: https://www.econbiz.de/10012446989
We provide an overview of the recent developments of the literature on the determinants of long-term capital flows, global imbalances, and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown...
Persistent link: https://www.econbiz.de/10014025376
This chapter surveys recent theoretical and empirical contributions on foreign exchange rate determination. The chapter first examines monetary models under uncovered interest parity and rational expectations, and then considers deviations from UIP/rational expectations: foreign exchange risk...
Persistent link: https://www.econbiz.de/10014025378
Persistent link: https://www.econbiz.de/10003960193
When available financial securities allow investors to optimally diversify risk across countries, standard theory implies that exchange rates should reflect this behavior. However, exchange rates observed in the data deviate from these predictions. In this paper, we develop a framework to value...
Persistent link: https://www.econbiz.de/10013388777
We use a general open-economy wedge-accounting framework to characterize the set of shocks that can account for major exchange rate puzzles. Focusing on a near-autarky behavior of the economy, we show analytically that all standard macroeconomic shocks -- including productivity, monetary,...
Persistent link: https://www.econbiz.de/10014447328
We revisit a central question for international macroeconomics: the response of export prices and quantities to movements in the exchange rate (ER). We use granular export data for Chile and study how the effects of ER movements vary over time with the currency of invoicing and the destination...
Persistent link: https://www.econbiz.de/10014486265