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Understanding Exchange Rate Volatility Without the Contrivance of Macroeconomics

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1998

’. Fixed exchange rates are typically stable and floating exchange rates are volatile, but macro phenomena are regime … international finance is explaining these cross-regime differences in exchange rate volatility. The evidence suggests that a switch …

Persistent link: https://www.econbiz.de/10005788957

Fixing Exchange Rates: A Virtual Quest for Fundamentals

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1993

Fixed exchange rates are less volatile than floating rates. The volatility of macroeconomic variables, such as money and output, does not change very much across exchange rate regimes, however. This suggests that exchange rate models based only on macroeconomic fundamentals are unlikely to be...

Persistent link: https://www.econbiz.de/10005792135

Exchange Rate Volatility, Monetary Policy, and Capital Mobility: Empirical Evidence on the Holy Trinity

Rose, Andrew K - C.E.P.R. Discussion Papers - 1994

This paper uses a panel of data from 22 countries between 1967 and 1992 to explore the trade-off between the `Holy Trinity' of fixed exchange rates, independent monetary policy, and capital mobility. I use: flexible- and sticky-price monetary exchange rate models to parameterize monetary...

Persistent link: https://www.econbiz.de/10005792404

Inflation Targeting and Business Cycle Synchronization

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2009

Inflation targeting seems to have a small but positive effect on the synchronization of business cycles; countries that target inflation seem to have cycles that move slightly more closely with foreign cycles. Thus the advent of inflation targeting does not explain the decoupling of global...

Persistent link: https://www.econbiz.de/10004973969

A Stable International Monetary System Emerges: Bretton Woods, Reversed

Rose, Andrew K - C.E.P.R. Discussion Papers - 2006

gold. It is durable; in contrast to other monetary regimes, no country has yet abandoned an inflation-targeting regime in …

Persistent link: https://www.econbiz.de/10005497858

Leniency Policies and Illegal Transactions

Buccirossi, Paolo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2005

properly designed - leniency may simultaneously provide an effective governance mechanism for occasional sequential illegal …

Persistent link: https://www.econbiz.de/10005124229

Globalization and Cooperative Relations

Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2002

reciprocal exchange to lifetime employment, from relational governance to corruption/collusion. We study how agents …

Persistent link: https://www.econbiz.de/10005136656

Pension Fund Governance and the Choice Between Defined Benefit and Defined Contribution Plans

Besley, Timothy J.; Prat, Andrea - C.E.P.R. Discussion Papers - 2003

Recent events in several countries have underscored the importance of good governance in private occupational pension …. Under complete contracting, governance can be shown to be neutral: DC and DB plans differ only on risk allocation. If …

Persistent link: https://www.econbiz.de/10005497828

Contracts as Threats: on a Rationale For Rewarding A while Hoping For B

Iossa, Elisabetta; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2011

Contracts often reward inefficient tasks and are not enforced ex post. We provide a new explanation based on the relationship between explicit contracts and implicit agreements, distinguishing the ex-ante decision to sign a contract from the ex-post decision whether to apply it. We show that it...

Persistent link: https://www.econbiz.de/10008854495

Governing the Governors: A Clinical Study of Central Banks

Frisell, Lars; Roszbach, Kasper F.; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2008

Recent research on central bank governance has focused mainly on their monetary policy task. As the sub-prime loan … also in ensuring their soundness and stability. In this paper we study the specific corporate governance structures of a … public governance literatures, where present. Our analysis highlights a striking variety in central bank governance …

Persistent link: https://www.econbiz.de/10005656403