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Marcet, Albert; Nicolini, Juan Pablo - C.E.P.R. Discussion Papers - 1998

This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in the last decade. We study a standard monetary model, where the full rational expectations assumption is replaced by a formal definition of quasi-rational learning. The model...

Persistent link: https://www.econbiz.de/10005123869

The Transition to Convertibility in Eastern Europe and the USSR

Portes, Richard - C.E.P.R. Discussion Papers - 1991

This paper discusses when and how to introduce foreign exchange convertibility in the process of transformation of the … discusses why convertibility is so important in the sequence, and it goes on to deal with implementation and exchange rate … policy. Macroeconomic stabilization is treated as a central issue in the strategy for achieving convertibility. Finally, the …

Persistent link: https://www.econbiz.de/10005504652

Options for the Payments and Exchange Rate System in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1991

The paper analyses the role of currency convertibility in the process of economic transition in Eastern Europe and … convertibility is an indispensable requirement for the success of real sector reforms but that this is only sustainable if the … convertibility and for a non-inflationary monetary framework in Eastern Europe, can be considerably increased if all monetary policy …

Persistent link: https://www.econbiz.de/10005281277

The Evolution of Paper Money

Levintal, Oren; Zeira, Joseph - C.E.P.R. Discussion Papers - 2009

This paper tells the story of how paper money evolved as a result of lending by banks. While lending commodity money requires holding large reserves of commodity money to ensure liquidity, issuing convertible paper money reduces these costs significantly. The paper also examines the possibility...

Persistent link: https://www.econbiz.de/10005039577

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...

Persistent link: https://www.econbiz.de/10009293988

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

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

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

A bargaining theory of trade invoicing and pricing

Goldberg, Linda S.; Tille, Cédric - C.E.P.R. Discussion Papers - 2013

We develop a theoretical model of international trade pricing in which individual exporters and importers bargain over the transaction price and exposure to exchange rate fluctuations. We find that the choice of price and invoicing currency reflects the full market structure, including the...

Persistent link: https://www.econbiz.de/10011083789

Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences

Kollmann, Robert - C.E.P.R. Discussion Papers - 2014

Standard macro models cannot explain why real exchange rates are volatile and disconnected from macro aggregates. Recent research argues that models with persistent growth rate shocks and recursive preferences can solve that puzzle. I show that this result is highly sensitive to the structure of...

Persistent link: https://www.econbiz.de/10011084256

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