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How a Firm Can Induce Legislators to Adopt a Bad Policy

Dahm, Matthias; Dur, Robert; Glazer, Amihai - CESifo - 2012

This paper shows why a majority of legislators may vote for a policy that benefits a firm but harms all legislators. The firm may induce legislators to support the policy by suggesting that it is more likely to invest in a district whose voters or representative support the policy. In...

Persistent link: https://www.econbiz.de/10010544187

Credibility and Transparency of Central Banks: New Results Based on Ifo’s World Economicy Survey

Waller, Sandra; Haan, Jakob de - CESifo - 2004

This paper reports the results of a survey among private sector economists about credibility and transparency of … Survey to answer questions on the importance and determinants of credibility. The results of both surveys are very comparable …. Credibility is considered to be important to attain price stability at low cost, while the best ways to earn credibility are a …

Persistent link: https://www.econbiz.de/10005094291

Does Membership in International Organizations Increase Governments’ Credibility? Testing the Effects of Delegating Powers

Dreher, Axel; Voigt, Stefan - CESifo - 2008

This paper analyzes whether nation-state governments can increase their credibility by becoming members of … international organizations. Credibility is an important asset because it determines the real interest rate and is expected to have … organizations can improve the credibility of nation-state governments. This hypothesis is tested by introducing three new indicators …

Persistent link: https://www.econbiz.de/10005181427

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

The Impact of Macro News and Central Bank Communication on Emerging European Forex Markets

Egert, Balazs; Kocenda, Evžen - CESifo - 2013

We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal equilibrium exchange rate based on a monetary model....

Persistent link: https://www.econbiz.de/10010668471

Dumping in Developing and Transition Economies

Moraga-González, José Luis; Viaene, Jean-Marie - CESifo - 2004

We build a simple theoretical model to understand why developing and transition economies have increasingly applied anti-dumping laws. To that end, we investigate the strategic incentives of oligopolistic exporting firms to undertake dumping in these economies. We show that dumping may be due to...

Persistent link: https://www.econbiz.de/10005765640

Heterogeneity in Exchange Rate Expectations: Evidence on the Chartist-Fundamentalist Approach

Menkhoff, Lukas; Rebitzky, Rafael R.; Schröder, Michael - CESifo - 2008

This paper examines heterogeneity in exchange rate expectations. Whereas agents’ heterogeneity is key in modern exchange rate models, evidence on determinants of heterogeneity is weak so far. Our sample, covering expectations from about 300 forecasters over 15 years, shows remarkable time...

Persistent link: https://www.econbiz.de/10005765679

China’s Exchange Rate and International Adjustment in Wages, Prices, and Interest Rates: Japan Déjà Vu?

McKinnon, Ronald Ian; Schnabl, Gunther - CESifo - 2006

China keeps its exchange rate tightly fixed to the dollar. Its productivity growth and trade surplus have been high, and it continues to accumulate large dollar reserves. Many observers take this as evidence that the renminbi is undervalued and should be appreciated to reduce the Chinese trade...

Persistent link: https://www.econbiz.de/10005765836

Exchange Rate Pass-Through in the Deflationary Japan: How Effective is the Yen’s Depreciation for Fighting Deflation?

Fujii, Eiji - CESifo - 2004

There is an increasing endorsement for the yen’s depreciation as a means to fight the ongoing deflation in Japan. The idea of generating inflation via depreciation relies on the assumption that exporters pass-through most of the effect of the exchange rate changes to the Japanese importers and...

Persistent link: https://www.econbiz.de/10005766039

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