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Hedging and Vertical Integration in Electricity Markets

Aïd, René; Chemla, Gilles; Porchet, Arnaud; Touzi, Nizar - C.E.P.R. Discussion Papers - 2011

This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical … forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both … the impact of forward markets and vertical integration on prices, risk premia and retail market shares. We point out that …

Persistent link: https://www.econbiz.de/10008925710

A global monetary tsunami? On the spillovers of US Quantitative Easing

Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - C.E.P.R. Discussion Papers - 2012

The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures since 2007. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets...

Persistent link: https://www.econbiz.de/10011083739

Monetary policy in exceptional times

Lenza, Michele; Pill, Huw; Reichlin, Lucrezia - C.E.P.R. Discussion Papers - 2010

This paper describes the way in which the European Central Bank (ECB), the Federal Reserve and the Bank of England conducted monetary policy since the beginning of the financial crisis, in August 2007. We argue that both quantitative easing - and the other non-standard measures introduced by...

Persistent link: https://www.econbiz.de/10008530370

Negative Nominal Interest Rates: Three ways to overcome the zero lower bound

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009

currency which can be set to achieve a forward discount (expected depreciation) of the currency vis-a-vis the numéraire when …

Persistent link: https://www.econbiz.de/10005034754

Monetary Policy Rules in Practice: Some International Evidence

Clarida, Richard; Galí, Jordi; Gertler, Mark - C.E.P.R. Discussion Papers - 1997

those countries over this time period. The evidence also suggests that these central banks have been forward looking: they …

Persistent link: https://www.econbiz.de/10005789030

Exchange Rate Bands and Realignments in a Stationary Stochastic Setting

Miller, Marcus; Weller, Paul - C.E.P.R. Discussion Papers - 1989

The extent which exchange rate management can coexist with an independent monetary policy is examined in the context of a model with exchange rate bands. Using a Dornbusch model in which stochastic shocks are added to the Phillips curve, we analyze the implications of assuming that the monetary...

Persistent link: https://www.econbiz.de/10005791303

The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility

Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1986

It is often argued that the EMS is an effective disciplinary device for inflation-prone countries in the EEC, since it forces policy-makers in these countries to pursue more restrictive monetary policies than they would otherwise. It is not clear, however, why these countries should submit...

Persistent link: https://www.econbiz.de/10005791653

The Trilemma in History: Trade-offs Among Exchange Rates, Monetary Policies and Capital Mobility

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2004

The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark trade-off among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue...

Persistent link: https://www.econbiz.de/10005123496

Exchange Rates in Search of Fundamentals: The Case of the Euro-Dollar Rate

De Grauwe, Paul - C.E.P.R. Discussion Papers - 2000

The decline of the euro against the dollar during 1999-2000 was mostly unrelated to observable news about the underlying fundamentals. This corroborates a general finding from the empirical literature testing the traditional exchange rate models, i.e. that exchange rate movements are...

Persistent link: https://www.econbiz.de/10005123754

EMU and Asymmetries and Adjustment Problems in the EMS

Weber, Axel A - C.E.P.R. Discussion Papers - 1990

The paper empirically analyzes asymmetries in the EMS with special reference to their implication for the creation of a monetary union (EMU). Two types of asymmetries are analyzed: those in the form of "German dominance" are detected in the conduct of monetary policies in the EMS, in particular...

Persistent link: https://www.econbiz.de/10005124043

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