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Fixes: Of the Forward Discount Puzzle

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1994

Regressions of ex-post changes in floating exchange rates on appropriate interest differentials typically imply that …

Persistent link: https://www.econbiz.de/10005067597

Joining the Euro - the Macro Effects on the UK Economy

Meenagh, David; Minford, Patrick; Webb, Bruce - C.E.P.R. Discussion Papers - 2002

Stochastic simulations are used on the Liverpool Model of the UK to assess the effect of macroeconomic stability of the UK adopting the Euro. Instability increases substantially, particularly for inflation and real interest rates. A key factor is the extent of the Euro's instability against the...

Persistent link: https://www.econbiz.de/10005504668

Managed Floating: Understanding the New International Monetary Order

Bofinger, Peter; Wollmershaeuser, Timo - C.E.P.R. Discussion Papers - 2001

Although there seems to be a broad consensus among economists that purely floating or completely fixed exchange rates … different forms of floating on the basis of a central bank's intervention activity: pure floating (no interventions …), independent floating (exchange rate smoothing), and managed floating (exchange rate targeting). Our cross-country study shows that …

Persistent link: https://www.econbiz.de/10005114175

The Price of EMU Revisited

Hughes Hallett, Andrew; Minford, Patrick; Rastogi, Anupam - C.E.P.R. Discussion Papers - 1992

strategically responsive monetary policy, floating is superior to EMU for all countries, and that even if the rest of the Community … econometrically flawed. Additionally, the EC simulations are based on asymmetric assumptions about monetary policy under floating and … EMU. As a result, the comparison between floating and EMU is seriously biased. …

Persistent link: https://www.econbiz.de/10005114257

Exchange Rate Volatility, Monetary Policy, and Capital Mobility: Empirical Evidence on the Holy Trinity

Rose, Andrew K - C.E.P.R. Discussion Papers - 1994

This paper uses a panel of data from 22 countries between 1967 and 1992 to explore the trade-off between the `Holy Trinity' of fixed exchange rates, independent monetary policy, and capital mobility. I use: flexible- and sticky-price monetary exchange rate models to parameterize monetary...

Persistent link: https://www.econbiz.de/10005792404

Uncovered Interest Parity in Crisis: The Interest Rate Defence in the 1990s

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001

This Paper tests for uncovered interest parity (UIP) using daily data for twenty-three developing and developed countries through the crisis-strewn 1990s. We find that UIP works better on average in the 1990s than in previous eras in the sense that the slope coefficient from a regression of...

Persistent link: https://www.econbiz.de/10005666485

Fixing Exchange Rates: A Virtual Quest for Fundamentals

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1993

Fixed exchange rates are less volatile than floating rates. The volatility of macroeconomic variables, such as money …

Persistent link: https://www.econbiz.de/10005792135