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EMU and the External Value of the Euro
Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1999
The size and economic relevance of Europe may imply a new role for the EURO in the international financial markets. But … will the EURO compete with the $US and the Yen for a place in the basket of international currencies? Will that induce a … run trend of the EURO depends on the economic performance of the partner countries as well as on the properties of the new …
Persistent link: https://www.econbiz.de/10005662141
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The Emergence of the Euro as an International Currency
Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997
*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …
Persistent link: https://www.econbiz.de/10005662175
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How Will the Euro behave?
Cohen, Daniel - C.E.P.R. Discussion Papers - 1997
volatile euro than we have currently (as a basket of currencies). …
Persistent link: https://www.econbiz.de/10005666974
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Micro, Macro, and Strategic Forces in International Trade Invoicing
Goldberg, Linda S.; Tille, Cédric - C.E.P.R. Discussion Papers - 2009
The use of different currencies in the invoicing of international trade transactions plays a major role in the international transmission of economic fluctuations. Existing studies argue that an exporter’s invoicing choice reflects structural aspects of her industry, such as market share and...
Persistent link: https://www.econbiz.de/10008496452
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Currency Crises: A Perspective on Recent Theoretical Developments
Jeanne, Olivier - C.E.P.R. Discussion Papers - 1999
This paper puts recent theoretical developments in the literature on currency crises in perspective by comparing two theoretical approaches, one based on the speculative attack model of Krugman-Flood-Garber and the other approach, which evolved following the 1992-93 crisis of the European...
Persistent link: https://www.econbiz.de/10005123792
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Financial Crash, Commodity Prices and Global Imbalances
Caballero, Ricardo; Farhi, Emmanuel; Gourinchas, … - C.E.P.R. Discussion Papers - 2008
In this paper we argue that the persistent global imbalances, the subprime crisis, and the volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a global environment where sound and liquid financial assets are in scarce supply. Our story goes as follows:...
Persistent link: https://www.econbiz.de/10005124465
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Dynamic General Equilibrium Analysis: The Open Economy Dimension
Ganelli, Giovanni; Lane, Philip R. - C.E.P.R. Discussion Papers - 2002
This Paper discusses some key issues in the application of dynamic general equilibrium analysis to open economy modeling. In the context of the new open economy macroeconomics paradigm, we focus on: (i) the currency denomination of sticky prices; (ii) the role of the current account and net...
Persistent link: https://www.econbiz.de/10005124470
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Exchange Rate Bands and Optimal Monetary Accommodation Under a Dirty Float
Beetsma, Roel; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1992
This paper studies regimes of managed exchange rates for a small open economy with an integrated capital market, rational expectations in financial markets, sluggish nominal wages and prices, and supply shocks that follow a Brownian motion. Each regime can be characterized by the degree to which...
Persistent link: https://www.econbiz.de/10005136404
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Exchange Rate Pass-Through to Import Prices in the Euro Area
Campa, José Manuel; Goldberg, Linda S.; Mìnguez, González - C.E.P.R. Discussion Papers - 2005
countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of … the introduction of the euro caused a structural change in this transmission. Although estimated point elasticities seem … to have declined since the introduction of the euro, we find little evidence of a structural break in the transmission of …
Persistent link: https://www.econbiz.de/10005136449
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Distribution Margins, Imported Inputs and the Insensitivity of the CPI to Exchange Rates
Campa, José Manuel; Goldberg, Linda S. - C.E.P.R. Discussion Papers - 2006
Border prices of traded goods are highly sensitive to exchange rates, but the CPI, and the retail prices of these goods, are more stable. Our paper decomposes the sources of this stability for twenty-one OECD countries, focusing on the important roles of distribution margins and imported inputs...
Persistent link: https://www.econbiz.de/10005067563