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Nominal and Real Exchange Rate Models in South Africa: How Robust are they?
Egert, Balazs - CESifo - 2012
This paper addresses difficulties in modelling exchange rates in South Africa. Real exchange rate models of earlier research seem to be sensitive to the sample period considered, alternative variable definition, data frequency and estimation methods. Alternative exchange rate models proposed in...
Persistent link: https://www.econbiz.de/10010554826
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Inflation Targets Versus International Monetary Integration - A Canadian Perspective
Laidler, David - CESifo - 2002
economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …
Persistent link: https://www.econbiz.de/10005406116
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Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe
Grauwe, Paul De; Schnabl, Gunther - CESifo - 2004
This paper explores the impact of the exchange rate regime on inflation and output in the Central and Eastern European … exchange rate stability have a better explanatory power than the de jure measures in the inflation and growth equations. For … the whole observation period the estimations reveal a significant impact of exchange rate stability on low inflation as …
Persistent link: https://www.econbiz.de/10005766042
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The Impact of Monetary and Commodity Fundamentals, Macro News and Central Bank Communication on the Exchange Rate: Evidence from South Africa
Egert, Balazs - CESifo - 2009
This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007. We find strong nonlinear effects of commodity prices, perceived country and emerging market risk premium and changes in the dollar-euro exchange rate on...
Persistent link: https://www.econbiz.de/10005000381
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China’s Exchange Rate Impasse and the Weak U.S. Dollar
McKinnon, Ronald Ian; Schnabl, Gunther - CESifo - 2008
—with excess liquidity reminiscent of the global inflation generated by the weak dollar in the 1970s. …
Persistent link: https://www.econbiz.de/10005405730
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Some Evolutionary Foundations for Price Level Rigidity
Saint-Paul, Gilles - CESifo - 2002
This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...
Persistent link: https://www.econbiz.de/10005051547
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Capital Controls and Exchange Rate Regimes: An Empirical Investigation
Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2001
benefits of a commitment to a peg, domestic and foreign inflation (aversion), as well as business cycle volatility and …
Persistent link: https://www.econbiz.de/10005181251
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Taxation, Corruption and the Exchange Rate Regime
Hefeker, Carsten - CESifo - 2009
. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption …
Persistent link: https://www.econbiz.de/10005013051
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - CESifo - 2007
Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary policy after the shift of Japan from a fixed to a...
Persistent link: https://www.econbiz.de/10005405989
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Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets
Duarte, Pablo; Schnabl, Gunther - CESifo - 2014
Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...
Persistent link: https://www.econbiz.de/10011075721