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Zooming Out: The Trade Effect of the Euro in Historical Perspective
Berger, Helge; Nitsch, Volker - CESifo - 2005
currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by … put the trade effect of the euro in historical perspective. We argue that the creation of the EMU was a continuation (or … integration, the euro’s impact on trade disappears. Moreover, a significant part of the trend in European trade integration is …
Persistent link: https://www.econbiz.de/10005405814
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Optimal Conservatism and Collective Monetary Policymaking under Uncertainty
Hefeker, Carsten; Zimmer, Blandine - CESifo - 2014
We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee...
Persistent link: https://www.econbiz.de/10010888452
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Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects
Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2014
This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...
Persistent link: https://www.econbiz.de/10010756160
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Japanese Foreign Exchange Intervention and the Yen/Dollar Exchange Rate: A Simultaneous Equations Approach Using Realized Volatility
Hillebrand, Eric; Schnabl, Gunther; Ulu, Yasemin - CESifo - 2006
We use realized volatility to study the influence of central bank interventions on the yen/dollar exchange rate. Realized volatility is a technical innovation that allows specifying a system of equations for returns, realized volatility, and interventions without endogeneity bias. We find that...
Persistent link: https://www.econbiz.de/10005181300
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Inflation Targets Versus International Monetary Integration - A Canadian Perspective
Laidler, David - CESifo - 2002
The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada’s recent economic performance under inflation targets, and...
Persistent link: https://www.econbiz.de/10005406116
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The Eurozone Needs Exit Rules
Fahrholz, Christian; Wójcik, Cezary - CESifo - 2012
This paper argues that the key issue for defining and solving the Eurozone’s (EZ) difficulties lies in readjusting the …
Persistent link: https://www.econbiz.de/10010553271
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The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate
Benassy-Quere, Agnes; Forouheshfar, Yeganeh - CESifo - 2013
the euro-dollar exchange rate, within a three-country, three-currency portfolio model. Our static model shows that the … euro-dollar rate, whatever the exchange-rate regime of China. Moving to a dynamic, stock-flow framework, we show that the …
Persistent link: https://www.econbiz.de/10010877786
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Has the Euro Affected the Choice of Invoicing Currency?
Ligthart, Jenny; Werner, Sebastian E. V. - CESifo - 2010
We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our …. One of the key findings is that the eurozone countries in trade with Norway have substantially increased their share of … home currency invoicing after the introduction of the euro. In addition, the euro as a vehicle currency has overtaken the …
Persistent link: https://www.econbiz.de/10008533991
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The Bail-Out! Positive Political Economics of Greek-type Crises in the EMU
Fahrholz, Christian; Wójcik, Cezary - CESifo - 2010
The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU’s present...
Persistent link: https://www.econbiz.de/10008671732
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The Effect of Monetary Unification on Public Debt and its Real Return
Beetsma, Roel; Vermeylen, Koen - CESifo - 2005
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10005416489