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Chinese Currency Controversies
Eichengreen, Barry - C.E.P.R. Discussion Papers - 2004
This Paper reviews the controversy over China’s exchange rate regime. Placing the issue in the context of the … literature on exit strategies, it argues that now is the best time for China to exit from its peg. Moving to a managed float …
Persistent link: https://www.econbiz.de/10005067647
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Crisis? What Crisis? Currency vs. Banking in the Financial Crisis of 1931
Ritschl, Albrecht; Sarferaz, Samad - C.E.P.R. Discussion Papers - 2009
This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U …
Persistent link: https://www.econbiz.de/10008493469
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Did Inflation Really Soar After the Euro Cash Changeover? Indirect Evidence from ATM Withdrawals
Angelini, Paolo; Lippi, Francesco - C.E.P.R. Discussion Papers - 2005
alleged inflationary effects of the new currency. In Italy, as in the rest of the euro area, survey-based measures signaled a …
Persistent link: https://www.econbiz.de/10005504448
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The Bond Market: An Inflation-Targeter's Best Friend
Rose, Andrew K - C.E.P.R. Discussion Papers - 2014
, domestic-currency bond market. Bond holders suffer from inflation and could be a potent anti-inflationary force; I ask whether …
Persistent link: https://www.econbiz.de/10011084572
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Currency Unions and International Integration
Engel, Charles M; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001
This Paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the … East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to … countries with sovereign monies, and to regions within nations. We ask: are countries within international currency unions as …
Persistent link: https://www.econbiz.de/10005666442
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Why is it so Difficult to Beat the Random Walk Forecast of Exchange Rates?
Kilian, Lutz; Taylor, Mark P - C.E.P.R. Discussion Papers - 2001
We propose an exchange rate model that can explain both the observed volatility and the persistence of real and nominal exchange rate movements and thus in some measure resolves Rogoff’s (1996) purchasing power parity puzzle. Our analysis reconciles the well-known difficulties in beating the...
Persistent link: https://www.econbiz.de/10005124271
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Covered Purchasing Power Parity, Ex-Ante PPP and Risk Aversion
Moore, Michael J - C.E.P.R. Discussion Papers - 1992
The standard expectations augmented theory of ex-ante purchasing power parity (PPP), which was first developed by Roll, assumes that agents are risk neutral. A Covered Purchasing Power Condition is developed which holds for the general case of risk aversion. A risk-augmented form of ex-ante PPP...
Persistent link: https://www.econbiz.de/10005124291
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Non-Linear Dynamics in Deviations from the Law of One Price: A Broad-Based Empirical Study
Chowdhury, Ibrahim; Sarno, Lucio; Taylor, Mark P - C.E.P.R. Discussion Papers - 2002
In this Paper we test empirically the validity of the law of one price using data for five major bilateral US dollar exchange rates and nine goods sectors during the recent floating exchange rate regime since the early 1970s. Using threshold autoregressive models, we find strong evidence of...
Persistent link: https://www.econbiz.de/10005136432
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Purchasing Power Parity and the Euro Area
Koedijk, Kees; Tims, Ben; Dijk, Mathijs A Van - C.E.P.R. Discussion Papers - 2004
This Paper analyses purchasing power parity (PPP) for the euro area. We study the impact of the introduction of the euro in 1999 on the behaviour of real exchange rates. We test the PPP hypothesis for a panel of real exchange rates within the euro area over the period 1973-2003. Our methodology...
Persistent link: https://www.econbiz.de/10005136546
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PPP Strikes Back: Aggregation and the Real Exchange Rate
Imbs, Jean; Mumtaz, Haroon; Ravn, Morten O; Rey, Hélène - C.E.P.R. Discussion Papers - 2003
We show the importance of a dynamic aggregation bias in accounting for the PPP puzzle. We prove that established time-series and panel methods substantially exaggerate the persistence of real exchange rates because of heterogeneity in the dynamics of disaggregated relative prices. When...
Persistent link: https://www.econbiz.de/10005497901