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Optimal Exchange Rate Policy in a Growing Semi-Open Economy

Bacchetta, Philippe; Benhima, Kenza; Kalantzis, Yannick - C.E.P.R. Discussion Papers - 2013

In this paper, we consider an alternative perspective to China's exchange rate policy. We study a semi-open economy …

Persistent link: https://www.econbiz.de/10011083998

Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators

Svensson, Lars E O - C.E.P.R. Discussion Papers - 1994

In the new situation with flexible exchange rates, monetary policy in Europe will have to rely more on indicators than previously under fixed rates. One of the potential indicators, the forward interest rate curve, can be used to indicate market expectations of the time-paths of future short...

Persistent link: https://www.econbiz.de/10005791726

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection

Galí, Jordi; Monacelli, Tommaso - C.E.P.R. Discussion Papers - 2014

We study the gains from increased wage flexibility and their dependence on exchange rate policy, using a small open economy model with staggered price and wage setting. Two results stand out: (i) the impact of wage adjustments on employment is smaller the more the central bank seeks to stabilize...

Persistent link: https://www.econbiz.de/10011083937

Optimal Policy for Macro-Financial Stability

Benigno, Gianluca; Chen, Huigang; Otrok, Christopher; … - C.E.P.R. Discussion Papers - 2012

In this paper we study whether policy makers should wait to intervene until a financial crisis strikes or rather act in a preemptive manner. We study this question in a relatively simple dynamic stochastic general equilibrium model in which crises are endogenous events induced by the presence of...

Persistent link: https://www.econbiz.de/10011084032

Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2002

The New Open Economy Macroeconomics has allowed economists to tackle classical problems with new tools, while also generating new ideas and questions. In their attempts to make the new models capture empirical regularities, researchers have entertained a variety of assumptions about the...

Persistent link: https://www.econbiz.de/10005656335

Miniblocs and Fringe Currencies of the EMU

Honohan, Patrick - C.E.P.R. Discussion Papers - 1997

Like all major currencies, the euro will attract a fringe of hangers-on. Though this need not influence overall policy with regard to the value of the euro, important policy questions arise. Can EMU members gain from cooperative arrangements for influencing or supporting fringe currencies? If...

Persistent link: https://www.econbiz.de/10005661736

Real Exchange Rates and Exchange Rate Policy in Hungary

Halpern, László - C.E.P.R. Discussion Papers - 1996

Five real exchange rate indicators are computed to assess the international competitiveness of Hungarian industry. These indicators are explained in econometric equations by employment, unemployment, productivity, interest spread and real producer wage. Causality tests reveal that external...

Persistent link: https://www.econbiz.de/10005661908

The International Financial Integration of China and India

Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006

Three main features characterize the international financial integration of China and India. First, while only having a … small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these … “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although …

Persistent link: https://www.econbiz.de/10005662395

China's Great Leap: Forward or Backward? Anatomy of a Central Planning Disaster

An, Mark Yuying; Li, Wei; Yang, Dennis Tao - C.E.P.R. Discussion Papers - 2001

The Great Leap Forward (GLF) disaster, characterized by a collapse of grain output, and the associated famine in China …

Persistent link: https://www.econbiz.de/10005789139

Can Production Subsidies Foster Export Activity? Evidence from Chinese Firm Level Data

Girma, Sourafel; Gong, Yundan; Görg, Holger; Yu, Zhihong - C.E.P.R. Discussion Papers - 2007

Using a unique firm level data set from the Chinese manufacturing sector, this paper analyses the impact of production subsidies on firms’ export performance. It documents robust evidence that production subsidies stimulate export activity, although this effect is conditional on firm...

Persistent link: https://www.econbiz.de/10005789202