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Re-Evaluating Swedish Membership in EMU : Evidence from an Estimated Model
Söderström, Ulf - 2008
inflation and GDP growth might have been slightly higher if Sweden had been a member of EMU since the launch in 1999, but also …I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European … in the monetary union would be advantageous for Sweden …
Persistent link: https://www.econbiz.de/10012464128
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The Great Inflation in the United States and the United Kingdom : Reconciling Policy Decisions and Data Outcomes
DiCecio, Riccardo - 2009
We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …
Persistent link: https://www.econbiz.de/10012463753
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Uncovered Interest Parity, Forward Guidance, and the Exchange Rate
Galí, Jordi - 2020
Under uncovered interest parity (UIP), the size of the effect on the real exchange rate of an anticipated change in real interest rate differentials is invariant to the horizon at which the change is expected. Empirical evidence using US, euro area and UK data points to a substantial deviation...
Persistent link: https://www.econbiz.de/10012479321
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Global Monetary and Financial Spillovers : Evidence from a New Measure of Bundesbank Policy Shocks
Cloyne, James; Hürtgen, Patrick; Taylor, Alan M. - National Bureau of Economic Research - 2022
Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using newly-collected archival real-time data utilized by the Central Bank Council of the German Bundesbank, we identify unexpected changes in German monetary policy from 580 policy...
Persistent link: https://www.econbiz.de/10013388841
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Nominal Exchange Rate Regimes and the Real Exhange Rate, Evidence from the U.S. and Britain, 1885-1986
Grilli, Vittorio U. - 1989
Two propositions are common in the international finance literature: (1) the real exchange rate is a random walk, (2) the real exchange rate time series properties essentially depend on the nominal exchange rate regime. The first proposition has been used in support of the claim that PPP cannot...
Persistent link: https://www.econbiz.de/10012475979
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The Dynamics of an Aging Population : The Case of Four OECD Countries
Auerbach, Alan J. - 1989
impending demographic changes in Japan, the Federal Republic of Germany, Sweden and the United States. The simulation results …
Persistent link: https://www.econbiz.de/10012476222
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Hot Tip : Nominal Exchange Rates and Inflation Indexed Bond Yields
Clarida, Richard H. - 2013
yields on long maturity inflation - indexed bonds. This relationship can be interpreted as defining the fair value of the … exchange rate that will prevail in any model or real world economy in which inflation indexed bonds are traded. An advantage of … with a 50 basis point rise in the inflation indexed bond return differential in favor of the foreign country and an 50 …
Persistent link: https://www.econbiz.de/10012459935
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G3 Exchange Rate Relationships : A Recap of the Record and a Review of Proposals for Change
Clarida, Richard H. - 1999
This paper is a recap of G3 exchange rate relationships since the collapse of Bretton Woods and an analysis of recent proposals for changing the way the G3 countries currently conduct exchange rate policy. We seek to understand these proposals in the context of the status quo monetary policies...
Persistent link: https://www.econbiz.de/10012471348
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Implied Exchange Rate Distributions : Evidence from OTC Option Markets
Campa, Jose M. - 1997
This paper uses a rich new data set of option prices on the dollar-mark, dollar-yen, and key EMS cross-rates to extract the entire risk-neutral probability density function (pdf) over horizons of one and three months. We compare three alternative smoothing methods---cubic splines, an implied...
Persistent link: https://www.econbiz.de/10012472635
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The Term Structure of Forward Exchange Premia and the Forecastibility of Spot Exchange Rates : Correcting the Errors
Clarida, Richard H. - 1993
We present theory and evidence that challenges the view that forward premia contain little information regarding subsequent spot rate movements. Using weekly dollar-mark and dollar sterling data, we find that spot and forward exchange rates together are well represented by a vector error...
Persistent link: https://www.econbiz.de/10012474508