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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

Rose, Andrew K - C.E.P.R. Discussion Papers - 2013

fixes, a reasonably durable regime. However, most of the new stability is due to countries that float with an inflation … target. Though a few have left to join the Eurozone, no country has yet abandoned an inflation targeting regime under duress …. Inflation targeting now represents a serious alternative to a hard exchange rate fix for small economies seeking monetary …

Persistent link: https://www.econbiz.de/10011083734

Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries

Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002

membership would risk running afoul of the inflation criterion for EMU membership because of the Balassa-Samuelson effect. A … temporary recession might be required to crawl under the inflation hurdle. To avoid this, a derogation from the inflation … criterion for EMU membership, or a re-interpretation in terms of the inflation rate for traded goods prices only, is recommended …

Persistent link: https://www.econbiz.de/10005661669

Teaching locals new tricks: foreign experts as a channel of knowledge transfer

Markusen, James R.; Trofimenko, Natalia - C.E.P.R. Discussion Papers - 2007

Gains from productivity and knowledge transmission arising from the presence of foreign firms have received a good deal of empirical attention, but theoretical micro-foundations for this mechanism are limited. Here we develop a dynamic model in which foreign experts may train domestic workers...

Persistent link: https://www.econbiz.de/10005661512

The Euro and Firm Restructuring

Bugamelli, Matteo; Schivardi, Fabiano; Zizza, Roberta - C.E.P.R. Discussion Papers - 2010

competitiveness. This effect is robust to potential omitted-variable bias and correlated effects. Firm-level evidence from Italian …

Persistent link: https://www.econbiz.de/10008468598

The Risk of Deflation in the Future EMU: Lessons of the 1990s

De Grauwe, Paul - C.E.P.R. Discussion Papers - 1998

In this paper we argue, first, that the Maastricht-inspired policy mix of monetary and fiscal restriction applied during the first half of the 1990s is, to a significant extent, responsible for the build-up of both the unemployment rate and the government debt to GDP ratios on the European...

Persistent link: https://www.econbiz.de/10005662318

The Indeterminacy of the Euro Conversion Rates. Why it Matters and How it can be Solved

De Grauwe, Paul - C.E.P.R. Discussion Papers - 1997

The Maastricht Treaty and the Madrid Council decision severely restrict the choice of the euro conversion rates. In practical terms the authorities can only select the Ecu rates prevailing in the market the day before conversion. The market will lack a fixed point, however, so that infinite...

Persistent link: https://www.econbiz.de/10005662348

Expectations and Exchange Rate Policy

Devereux, Michael B; Engel, Charles M - C.E.P.R. Discussion Papers - 2006

Both empirical evidence and theoretical discussion have long emphasized the impact of `news' on exchange rates. In most exchange rate models, the exchange rate acts as an asset price, and as such responds to news about future returns on assets. But the exchange rate also plays a role in...

Persistent link: https://www.econbiz.de/10005666551

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 trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries. In this data set, there are over one hundred...

Persistent link: https://www.econbiz.de/10005666776

Time Varying Devaluation Risk, Interest Rate Differentials and Exchange Rates in Target Zones: Empirical Evidence from the EMS

Weber, Axel A - C.E.P.R. Discussion Papers - 1992

Stylized empirical facts on the behaviour of exchange rates and interest rate differentials in target zone arrangements are at odds with the predictions of the simple (fully credible) target zone model. Incorporating time-varying devaluation risk in target zone models enriches the...

Persistent link: https://www.econbiz.de/10005666979

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