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How Effective Is Monetary Transmission in Developing Countries? A Survey of the Empirical Evidence
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2011
This paper surveys the evidence on the effectiveness of monetary transmission in developing countries. We summarize the arguments for expecting the bank lending channel to be the dominant means of monetary transmission in such countries, and present a simple model that suggests why this channel...
Persistent link: https://www.econbiz.de/10009322980
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The Trade Impact of the Zollverein
Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2013
The Zollverein was arguably the most important free-trade agreement of the 19th century. This paper investigates the economic impact of the Zollverein on trade in Germany. Although 1834 is the official date of the Zollverein's establishment, member states in fact joined in a non-random sequence...
Persistent link: https://www.econbiz.de/10011083241
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Revolutionary Effects of New Information Technologies
den Berg, Gerard J van - C.E.P.R. Discussion Papers - 2005
In markets with imperfect information and heterogeneity, the information technology affects the rate at which agents meet, which in turn affects the distribution of production technologies across firms. We show that in models for such markets there are typically multiple equilibria because...
Persistent link: https://www.econbiz.de/10005788903
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Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market
Goldberg, Pinelopi; Verboven, Frank - C.E.P.R. Discussion Papers - 2001
This Paper exploits the unique experiment of European market integration to investigate the relationship between integration and price convergence in international markets. Using a panel data set of car prices we examine how the process of integration has affected cross-country price dispersion...
Persistent link: https://www.econbiz.de/10005791246
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Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011
new proxy for innovations in perceived changes in sovereign risk based upon Google-search data. We find robust evidence …
Persistent link: https://www.econbiz.de/10009293988
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Surprising Similarities: Recent Monetary Regimes of Small Economies
Rose, Andrew K - C.E.P.R. Discussion Papers - 2013
In contrast to earlier recessions, the monetary regimes of many small economies have not changed in the aftermath of the global financial crisis. This is due in part to the fact that many small economies continue to use hard exchange rate fixes, a reasonably durable regime. However, most of the...
Persistent link: https://www.econbiz.de/10011083734
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Do Real Exchange Rate Appreciations Matter for Growth?
Bussière, Matthieu; Lopez, Claude; Tille, Cédric - C.E.P.R. Discussion Papers - 2014
While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on “currency wars”. However, in spite of its prevalence in the...
Persistent link: https://www.econbiz.de/10011083783
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A bargaining theory of trade invoicing and pricing
Goldberg, Linda S.; Tille, Cédric - C.E.P.R. Discussion Papers - 2013
across exporters. Our study shows that a party has a higher effective bargaining weight when it is large or more risk …
Persistent link: https://www.econbiz.de/10011083789
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Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences
Kollmann, Robert - C.E.P.R. Discussion Papers - 2014
, then long-run risk generates insufficient exchange rate volatility. A longrun risk model with recursive-preferences in … long-run risk, recursive-preferences model in which only a small fraction of households trades in complete markets, while …
Persistent link: https://www.econbiz.de/10011084256
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Volatility Risk Premia and Exchange Rate Predictability
Della Corte, Pasquale; Ramadorai, Tarun; Sarno, Lucio - C.E.P.R. Discussion Papers - 2013
We investigate the predictive information content in foreign exchange volatility risk premia for exchange rate returns …. The volatility risk premium is the difference between realized volatility and a model-free measure of expected volatility … than those from carry trade and momentum strategies. Canonical risk factors cannot price the returns from this strategy …
Persistent link: https://www.econbiz.de/10011084715