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A note on exchange rate pass-through in CIS countries

Korhonen, Iikka; Wachtel, Paul - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2005

decompositions with monthly data that starts in 1999 in order to avoid periods of very high inflation and the Russian crisis. We find …

Persistent link: https://www.econbiz.de/10005648568

Volatility and Pass-through

Berger, David; Vavra, Joseph S. - National Bureau of Economic Research (NBER) - 2013

What drives countercyclical volatility? A large literature has documented that many economic variables are more disperse in recessions, but this could either occur because shocks get bigger or because firms respond more to shocks which are the same size. Existing evidence that the dispersion of...

Persistent link: https://www.econbiz.de/10010950688

Monetary transmission mechanism in Central and Eastern Europe: Gliding on a wind of change

Coricelli, Fabrizio; Égert, Balázs; MacDonald, Ronald - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2006

This paper surveys recent advances in empirical studies of the monetary transmission mechanism (MTM), with special attention to Central and Eastern Europe. In particular, while laying out the functioning of the separate channels in the MTM, it explores possible interrelations between different...

Persistent link: https://www.econbiz.de/10005207084

Noisy Information, Distance and Law of One Price Dynamics Across US Cities

Crucini, Mario John; Shintani, Mototsugu; Tsuruga, Takayuki - National Bureau of Economic Research (NBER) - 2012

Using micro price data across US cities, we provide evidence that both the volatility and persistence of deviations from the law of one price (LOP) are positively correlated with the distance between cities. A standard, two-city, equilibrium model with time-varying technology under homogeneous...

Persistent link: https://www.econbiz.de/10009652890

Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia

Ito, Takatoshi; Isard, Peter; Symansky, Steven - National Bureau of Economic Research (NBER) - 1997

The paper tests the Balassa-Samuelson hypothesis (rapid economic growth is accompanied by real exchange rate appreciation because of differential productivity growth between tradable and nontradable sectors) using data of the APEC economies. Japan, Korea, Taiwan and, to a lesser extent, Hong...

Persistent link: https://www.econbiz.de/10005714427

Is Bad News About Inflation Good News for the Exchange Rate?

Clarida, Richard H.; Waldman, Daniel - National Bureau of Economic Research (NBER) - 2007

an inflation surprise and the nominal exchange rate can tell us something about how monetary policy is conducted …. Specifically, we show that 'bad news' about inflation -- that it is higher than expected -- can be 'good news' for the nominal … exchange rate -- that it appreciates on this news -- if the central bank has an inflation target that it implements with a …

Persistent link: https://www.econbiz.de/10005714830

Investigating the Balassa-Samuelson hypothesis in transition: Do we understand what we see?

Égert, Balázs - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2002

accession candidates to meet the Maastricht criterion on inflation in the medium term. Moreover, the observed appreciation of …

Persistent link: https://www.econbiz.de/10005771107

Dutch disease in former Soviet Union: Witch-hunting?

Égert, Balázs - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009

This study seeks to determine the extent to which countries of the former Soviet Union are “infected” by the Dutch Disease. We take a detailed look at the functioning of the trans-mission mechanism of the Dutch Disease, i.e. the chains that run from commodity prices to real output in...

Persistent link: https://www.econbiz.de/10005771111

Accounting for Persistence and Volatility of Good-Level Real Exchange Rates: The Role of Sticky Information

Crucini, Mario John; Shintani, Mototsugu; Tsuruga, Takayuki - National Bureau of Economic Research (NBER) - 2008

Volatile and persistent real exchange rates are observed not only in aggregate series but also in the individual good level data. Kehoe and Midrigan (2007) recently showed that, under a standard assumption on nominal price stickiness, empirical frequencies of micro price adjustment cannot...

Persistent link: https://www.econbiz.de/10005778645

Lost in Transit: Product Replacement Bias and Pricing to Market

Nakamura, Emi; Steinsson, Jon - National Bureau of Economic Research (NBER) - 2009

The microdata underlying U.S. import and export price indexes exhibit frequent product turnover and highly rigid prices. As a consequence, 40% of products are replaced before a single price change is observed and 70% are replaced after two price changes or less. An aggregate price index that...

Persistent link: https://www.econbiz.de/10005050107

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