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Trade Balance and Exchange-Rate for a Small Open Economy during the EMS: The Hellenic Case 1983:1-1995:12
Theodoros, Stamatopoulos - EconWPA - 2005
We are interested on assessing the effectiveness of the Bank of Greece (BoG) exchange rate policy, to achieve the objective of adjusting balance of payments des-equilibrium, during the period 1983:1-1995:12. The traditional theory of the balance of payments adjustment process through exchange...
Persistent link: https://www.econbiz.de/10005408156
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MODELING INTEREST RATE TRANSMISSION DYNAMICS IN GREECE. IS THERE ANY STRUCTURAL BREAK AFTER EMU?
CHIONIS, DIONYSIOS; LEON, COSTAS - EconWPA - 2005
-2004 within bivariate cointegration and error correction framework. A significant structural break takes place with the accession … of Greece into EMU in 2001. The bank rates become much more responsive to the policy rate in terms of impact multipliers … not complete even after the accession into the EMU. …
Persistent link: https://www.econbiz.de/10005125020
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The monetary approach to exchange rates in the CEECs
Crespo-Cuaresma, Jesús; Fidrmuc, Jarko; McDonald, Ronald - EconWPA - 2004
and Slovenia) is used to estimate the monetary exchange rate model with panel cointegration methods, including the Pooled …
Persistent link: https://www.econbiz.de/10005561077
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Purchasing power parity: an empirical study of three EMU countries
Duarte, António Portugal - EconWPA - 2005
-1990. The empirical analysis was based on unit-root testing (using ADF tests) and Johansen’s methodology for the study of co-integration …
Persistent link: https://www.econbiz.de/10005124909
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Purchasing power parity: an empirical study of three EMU countries
Duarte, António Portugal - EconWPA - 2005
-1990. The empirical analysis was based on unit-root testing (using ADF tests) and Johansen’s methodology for the study of co-integration …
Persistent link: https://www.econbiz.de/10005408164
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Nominal versus Real Convergence with Respect to EMU Accession - EMU Entry Scenarios for the New Member States
Schnabl, Gunther; Grauwe, Paul De - EconWPA - 2004
This paper explores the conflict of real and monetary convergence during the EMU run-up of the Central and Eastern …
Persistent link: https://www.econbiz.de/10005408181
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Assessing the ECB's Performance since the Global Slowdown A Structural Policy Bias Coming Home to Roost?
Bibow, Jorg - EconWPA - 2004
This paper assesses the ECB’s performance, which the author finds to be seriously lacking but which is of paramount importance to understanding euroland’s ongoing stagnation and fragility. A main finding is that the series of policy blunders which characterized the bank’s conduct features...
Persistent link: https://www.econbiz.de/10005412750
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Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003
decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and … the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with …
Persistent link: https://www.econbiz.de/10005076715
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New Hope for the Fisher Effect? A Re-Examination Using Threshold Cointegration
Weidmann, Jens - EconWPA - 1997
-old cointegration (TC) model. Contrary to the unit root hypothesis this model can be given an economic interpretation in terms of the … cointegration model is estimated. The TC model not only explains the downward bias of the coefficient estimates, but also the sample …
Persistent link: https://www.econbiz.de/10005126206
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The Information Content of the Natural Rate of Interest: The Case of Poland
Brzoza-Brzezina, Michal - EconWPA - 2004
In this paper, I use a structural VAR model and the Kalman filter to estimate the natural rate of interest (NRI) in Poland. I show how the NRI can yield important information for a central banker. First, estimation of the NRI can be helpful for monetary authorities, seeking to stabilize...
Persistent link: https://www.econbiz.de/10005561162