Narrow search
Showing 1 - 10 of 84
Cover Image
THE CONTRIBUTION OF DOMESTIC, REGIONAL AND INTERNATIONAL FACTORS TO LATIN AMERICA'S BUSINESS CYCLE
Boschi, Melisso; Girardi, Alessandro - Crawford School of Public Policy, Australian National … - 2008
This paper quantifies the relative contribution of domestic, regional and international factors to the fluctuation of domestic output in six key Latin American (LA) countries: Argentina, Bolivia, Brazil, Chile, Mexico and Peru. Using quarterly data over the period 1980:1-2003:4, a multi-variate,...
Persistent link: https://www.econbiz.de/10010904300
Cover Image
Real Exchange Rates and Sectoral Productivity in the Eurozone
Berka, Martin; Devereux, Michael B.; Engel, Charles - Crawford School of Public Policy, Australian National … - 2014
We investigate the link between real exchange rates and sectoral total factor productivity measures for countries in the Eurozone. Real exchange rate patterns closely accord with an amended Balassa-Samuelson interpretation, both in cross-section and time series. We construct a sticky price...
Persistent link: https://www.econbiz.de/10010939113
Cover Image
Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences
Kollmann, Robert - Crawford School of Public Policy, Australian National … - 2014
Standard macro models cannot explain why real exchange rates are volatile and disconnected from macro aggregates. Recent research argues that models with persistent growth rate shocks and recursive preferences can solve that puzzle. I show that this result is highly sensitive to the structure of...
Persistent link: https://www.econbiz.de/10010942940
Cover Image
Should developing countries undervalue their currencies?
Schröder, Marcel - Crawford School of Public Policy, Australian National … - 2013
The Washington Consensus emphasizes the economic costs of real exchange rate distortions. However, a sizable recent empirical literature finds that undervalued real exchange rates help countries to achieve faster economic growth. This paper shows that recent findings are driven by inappropriate...
Persistent link: https://www.econbiz.de/10011144018
Cover Image
Currency Intervention: A Case Study of an Emerging Market
Fry-McKibbin, Renee; Wanaguru, Sumila - Crawford School of Public Policy, Australian National … - 2012
Using a unique dataset on daily foreign exchange intervention and a new methodological framework of a latent factor model of central bank intervention, this paper addresses the effects of intervention in an emerging market. Events in financial markets from 2002 to 2010 provide a natural...
Persistent link: https://www.econbiz.de/10011201587
Cover Image
INCREASING RETURNS, FINANCIAL CAPITAL MOBILITY AND REAL EXCHANGE RATE DYNAMICS
Pennings, Steven; Tyers, Rod - Crawford School of Public Policy, Australian National … - 2007
The 1990s appreciation of the US$ has been blamed on the 'irrational exuberance' of investors in the US IT boom. A core of these investors appeared to believe that technology-related productivity growth (due, in part, to knowledge spill-over externalities) would raise the relative US rate of...
Persistent link: https://www.econbiz.de/10011201630
Cover Image
Mercantilism and China’s hunger for international reserves
Schroder, Marcel - Crawford School of Public Policy, Australian National … - 2015
This paper is motivated by the popular view that the surge in China’s foreign exchange reserves is due to a … the reserve build-up in China during 1998Q4-2011Q4. A substantial problem is that theory is consistent with employing two … in China’s case. The results suggest that mercantilism accounts for less than 10 percent of reserve accumulation …
Persistent link: https://www.econbiz.de/10011252688
Cover Image
Exchange Rates and Fundamentals: Closing a Two-country Model
Kano, Takashi - Crawford School of Public Policy, Australian National … - 2013
In an influential paper, Engel and West (2005) claim that the near random-walk behavior of nominal exchange rates is an equilibrium outcome of a variant of present-value models when economic fundamentals follow exogenous first-order integrated processes and the discount factor approaches one....
Persistent link: https://www.econbiz.de/10010860354
Cover Image
Determinants of risk sharing through remittances: cross-country evidence
Balli, Faruk; Rana, Faisal - Crawford School of Public Policy, Australian National … - 2014
The sending of remittances is a decentralised decision of migrant workers, nevertheless it has its macroeconomic implication in providing insurance against domestic output shocks in the recipient economies – a phenomenon known in literature as risk sharing. Using a large sample of 86...
Persistent link: https://www.econbiz.de/10010860356
Cover Image
EXPECTING THE UNEXPECTED: MACROECONOMIC VOLATILITY AND CLIMATE POLICY
McKibbin, Warwick; Morris, Adele; Wilcoxen, Peter - Crawford School of Public Policy, Australian National … - 2008
To estimate the emissions reductions and costs of a climate policy, analysts usually compare a policy scenario with a baseline scenario of future economic conditions without the policy. Both scenarios require assumptions about the future course of numerous factors such as population growth,...
Persistent link: https://www.econbiz.de/10010904216