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Management of the External Value of the Renminbi
Oksanen, Heikki - CESifo - 2015
Pegging the renminbi (RMB) to the US dollar since 1994 has characterised China’s exchange rate policy, under either a … suitable intermediary exchange rate regime for China as the risks of jumping to free floating are still great. Diversifying …
Persistent link: https://www.econbiz.de/10011272624
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Pegging the Renminbi to a Basket - Facts, Prospects and Consequences
Oksanen, Heikki - CESifo - 2010
Seoul Summit on 11-12 November 2010, China committed to further reform the RMB exchange rate regime. We discuss here what a … genuine basket peg could mean for China, with the view that the weight for the EUR should obviously be significantly increased …, the SDR being a strong option for practical implementation. This would also have a positive impact on the EU. China …
Persistent link: https://www.econbiz.de/10008799734
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The Savings-Inflation Puzzle
Heer, Burkhard; Süssmuth, Bernd - CESifo - 2006
We find that inflation did not unanimously decrease savings in the US during the postwar period. This result is …
Persistent link: https://www.econbiz.de/10005181527
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Fiscal Divergence and Current Account Imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - CESifo - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10010877801
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Benefits and Challenges of Integrating South and Southeast Asia
Bhattacharyay, Biswa N. - CESifo - 2012
In recent decades, Southeast Asian economies have prospered through an outward-oriented strategy, through intra-regional integration under the Association of the Southeast Asian Nations (ASEAN) initiative and through participating in the East Asian production networks. In the 1970-80’s, South...
Persistent link: https://www.econbiz.de/10010877840
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Macroeconomic Fluctuations in a Stylized DSGE Model with Disequilibrium Dynamics
Aarle, Bas van - CESifo - 2012
This study develops a stylised DSGE model, that departs in one aspect: it replaces the general equilibrium approach by disequilibrium economics. In this way, richer macroeconomic adjustment dynamics result, as it is not necessary to assume that goods and labour markets continuously clear. The...
Persistent link: https://www.econbiz.de/10010877936
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Sovereigns versus Banks: Credit, Crises, and Consequences
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2013
Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...
Persistent link: https://www.econbiz.de/10010877944
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Technology Agreements with Heterogeneous Countries
Hoel, Michael; Zeeuw, Aart de - CESifo - 2014
For sufficiently low abatement costs many countries might undertake significant emission reductions even without any international agreement on emission reductions. We consider a situation where a coalition of countries does not cooperate on emission reductions but cooperates on the development...
Persistent link: https://www.econbiz.de/10010877987
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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2011
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10009391724
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Supply, Demand and Monetary Policy Shocks in a Multi-Country New Keynesian Model
Dees, Stephane; Pesaran, M. Hashem; Smith, L. Vanessa; … - CESifo - 2010
This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest rates, and a real effective exchange rate...
Persistent link: https://www.econbiz.de/10008534040