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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 floating exchange rate regime. The econometric estimations allow for regime …
Persistent link: https://www.econbiz.de/10005405989
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The Signalling Channel of Central Bank Interventions: Modelling the Yen / US Dollar Exchange Rate
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - CESifo - 2011
the yen/US dollar dynamics. …
Persistent link: https://www.econbiz.de/10009324091
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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 …
Persistent link: https://www.econbiz.de/10005766039
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Hysteresis in West German Unemployment Reconsidered
Reutter, Michael - CESifo - 2000
"hysteresis" effect - is quite popular among economists. However, because of an identification problem, much of the empirical … is argued that in a cointegration framework it is reasonable to define hysteresis as the absence of weak exogeneity of … evidence for hysteresis. …
Persistent link: https://www.econbiz.de/10005766128
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Exchange Rates and Asset Prices: Heterogeneous Agents at Work
Piccillo, Giulia - CESifo - 2013
This paper merges two branches of the literature. On one hand we study a heterogeneous agents framework to model exchange rates and stock prices. On the other hand we model the relationship between these two series through a DSGE model. Investors choose one of two rules to form their...
Persistent link: https://www.econbiz.de/10010665041
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The Relationship between Exchange Rates and International Trade: A Literature Review
Auboin, Marc; Ruta, Michele - CESifo - 2012
This paper surveys a wide body of economic literature on the relationship between currencies and trade. Specifically, two main issues are investigated: the impact on international trade of exchange rate volatility and of currency misalignments. On average, exchange rate volatility has a negative...
Persistent link: https://www.econbiz.de/10010555693
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On the Linkages between Stock Prices and Exchange Rates: Evidence from the Banking Crisis of 2007-2010
Caporale, Guglielmo Maria; Hunter, John; Ali, Faek Menla - CESifo - 2013
, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010 … Switzerland. Furthermore, causality-in-variance from stock returns to exchange rates changes is found in Japan and in the opposite …
Persistent link: https://www.econbiz.de/10010636593
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Oil Prices, Exchange Rates and Asset Prices
Fratzscher, Marcel; Schneider, Daniel; Robays, Ine Van - CESifo - 2013
This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...
Persistent link: https://www.econbiz.de/10010877722
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Exchange Rate Management in Emerging Markets: Intervention via an Electronic Limit Order Book
Melvin, Michael; Menkhoff, Lukas; Schmeling, Maik - CESifo - 2009
This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank’s target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our...
Persistent link: https://www.econbiz.de/10004979392
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The Crisis in the Foreign Exchange Market
Melvin, Michael; Taylor, Mark P. - CESifo - 2009
The financial crisis of 2007-2008 had major implications for the foreign exchange market. We review events and implications for exchange rates, volatility, returns to currency investing, and transaction costs. This “blow-by-blow” narrative is intended to be a resource for researchers seeking...
Persistent link: https://www.econbiz.de/10005013075