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The Exchange Rate - A Shock-Absorber or Source of Shocks? A Study of Four Open Economies
Artis, Michael J; Ehrmann, Michael - C.E.P.R. Discussion Papers - 2000
The paper provides SVAR estimates for four open economies: the UK, Canada, Sweden and Denmark, making explicit a monetary policy reaction function and taking account of exchange rate targeting practices. The object of the analysis is to examine the idea that an independent money and exchange...
Persistent link: https://www.econbiz.de/10005789208
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Other People's Money: The Microfoundations of Optimal Currency Areas
Minford, Patrick - C.E.P.R. Discussion Papers - 1993
The theory of optimal currency areas, due to Mundell and McKinnon, has enjoyed a revival of interest in the wake of European discussions of monetary union. The basic theme of this old literature is that there are potential gains for stabilization policy in an independent exchange rate and money...
Persistent link: https://www.econbiz.de/10005136405
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The Political Economy of the Exchange Rate Mechanism
Minford, Patrick - C.E.P.R. Discussion Papers - 1993
Since the establishment in 1979 of the Exchange Rate Mechanism of the EMS a number of countries, after entry, have experienced a substantial and persistent rise in their real exchange rate (the ratio of domestic to foreign prices). This paper explains this phenomenon in terms of a `peso problem'...
Persistent link: https://www.econbiz.de/10005497704
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The Price of EMU Revisited
Hughes Hallett, Andrew; Minford, Patrick; Rastogi, Anupam - C.E.P.R. Discussion Papers - 1992
-run nominal rigidity in wages and prices, one would expect that under European Monetary Union (EMU) the loss of the exchange rate … strategically responsive monetary policy, floating is superior to EMU for all countries, and that even if the rest of the Community … proceeds with EMU, the UK is better off outside it. This latter conclusion is reinforced in the exercise on the more refined UK …
Persistent link: https://www.econbiz.de/10005114257
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Exchange Rate Flexibility under the Zero Lower Bound
Cook, David; Devereux, Michael B - C.E.P.R. Discussion Papers - 2014
An independent currency and a flexible exchange rate generally helps a country in adjusting to macroeconomic shocks. But recently in many countries, interest rates have been pushed down close to the lower bound, limiting the ability of policy-makers to accommodate shocks, even in countries with...
Persistent link: https://www.econbiz.de/10011083336
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An Optimal Currency Area Perspective of the EU Enlargement to the CEECs
Boone, Laurence; Maurel, Mathilde - C.E.P.R. Discussion Papers - 1999
This paper tries to assess whether it would be optimal for the CEECs to form a monetary union with either Germany or the EU. This cannot be done without discussing first the Maastricht criteria, which are the condition « sine qua non » for a country to be eligible. Yet, they are often...
Persistent link: https://www.econbiz.de/10005791960
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Understanding Bilateral Exchange Rate Volatility
Devereux, Michael B; Lane, Philip R. - C.E.P.R. Discussion Papers - 2002
This Paper develops an empirical model of bilateral exchange rate volatility. We conjecture that for developing economies, external financial liabilities have an important effect on desired bilateral exchange rate volatility, above and beyond the standard Optimal Currency Area (OCA) factors. By...
Persistent link: https://www.econbiz.de/10005123661
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The Intranational Business Cycle: Evidence from Japan
Artis, Michael J; Okubo, Toshihiro - C.E.P.R. Discussion Papers - 2008
Abstract: This paper studies the intranational business cycle - that is the set of regional (prefecture) business cycles - in Japan. One reason for choosing to examine the Japanese case is that long time series and relatively detailed data are available. A Hodrick-Prescott filter is applied to...
Persistent link: https://www.econbiz.de/10005123844
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Macroeconomic Policy During a Transition to Monetary Union
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1995
The main conclusions of this paper are the following. In order to minimize switching costs, the name of the new EU currency should be the Deutschmark. Differential national requirements for seigniorage revenue provide a weak case for retaining national monetary independence. From the point of...
Persistent link: https://www.econbiz.de/10005123870
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Trade, Finance, Specialization and Synchronization
Imbs, Jean - C.E.P.R. Discussion Papers - 2003
I investigate the determinants of business cycles synchronization across regions. I use both international and intranational data to evaluate the linkages between trade in goods, trade in financial assets, specialization and business cycles synchronization in the context of a system of...
Persistent link: https://www.econbiz.de/10005123902