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The Output Decline in Central and Eastern Europe: A Classical Explanation
Bofinger, Peter - C.E.P.R. Discussion Papers - 1993
The paper discusses the strong output decline in the countries of Central and Eastern Europe. It starts from the puzzling observation that the former CSFR, Hungary and Poland experienced a relatively similar decline in output in spite of completely different stabilization and transformation...
Persistent link: https://www.econbiz.de/10005123537
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One Money, One Market: Estimating the Effect of Common Currencies on Trade
Rose, Andrew K - C.E.P.R. Discussion Papers - 1999
A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international … exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate …
Persistent link: https://www.econbiz.de/10005666776
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How much nominal rigidity is there in the US Economy? Testing a New Keynesian DSGE model using indirect inference
Le, Vo Phuong Mai; Minford, Patrick; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2009
We evaluate the Smets-Wouters model of the US using indirect inference with a VAR representation of the main US data series. We find that the original New Keynesian SW model is on the margin of acceptance when SW's own estimates of the variances and time-series behaviour of the structural errors...
Persistent link: https://www.econbiz.de/10008496457
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Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
Aghion, Philippe; Bacchetta, Philippe; Rancière, Romain; … - C.E.P.R. Discussion Papers - 2006
This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate … with relatively low levels of financial development, exchange rate volatility generally reduces growth, whereas for … rate volatility, and outliers. We also offer a simple monetary growth model in which real exchange rate uncertainty …
Persistent link: https://www.econbiz.de/10005123616
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The International Lender of Last Resort: How Large is Large Enough?
Jeanne, Olivier; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001
This Paper considers how an international lender of last resort can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the international lender of last resort injects international liquidity into financial markets, and...
Persistent link: https://www.econbiz.de/10005136622
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The Credibility of the Hungarian Exchange Rate Regime 1997-98
Szeidl, Adam - C.E.P.R. Discussion Papers - 2003
This study intends to analyse the credibility of the Hungarian exchange rate regime preceding and during the Russian stock market crisis and devaluation (in 1998). Throughout the Paper the comparison with the similar regime in Poland is stressed. The basic tool applied is a measure of market...
Persistent link: https://www.econbiz.de/10005067588
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Monetary Policy Rules in an Interdependent World
Kollmann, Robert - C.E.P.R. Discussion Papers - 2003
This Paper analyses the welfare effects of monetary policy rules in a quantitative business cycle model of a two-country world. The model features staggered price setting, and shocks to productivity and to the uncovered interest rate parity (UIP) condition. UIP shocks have a sizable negative...
Persistent link: https://www.econbiz.de/10005498126
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The Theory of Optimum Currency Areas, Trade Adjustment and Trade
Melitz, Jacques - C.E.P.R. Discussion Papers - 1993
This paper seeks to integrate more closely the theory of optimum currency areas with the theory of international trade. The currency area is considered as a continuous variable ranging from zero to one: zero if there is no enlargement, and some positive value otherwise, corresponding exactly to...
Persistent link: https://www.econbiz.de/10005656159
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Managed Floating: Understanding the New International Monetary Order
Bofinger, Peter; Wollmershaeuser, Timo - C.E.P.R. Discussion Papers - 2001
Although there seems to be a broad consensus among economists that purely floating or completely fixed exchange rates (the so-called corner solutions) are the only viable alternatives of exchange rate management, many countries do not behave according to this paradigm and adopt a strategy within...
Persistent link: https://www.econbiz.de/10005114175
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Ten Years of Transformation: Macroeconomic Lessons
Wyplosz, Charles - C.E.P.R. Discussion Papers - 2000
Transition was never going to be easy, even if the long-run outlook is highly promising. Not only was the process itself a major theoretical and policy challenge but, inevitably, politics and economics were bound to interfere. With some spectacular exceptions, most countries are now on the right...
Persistent link: https://www.econbiz.de/10005114355