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Do China and oil exporters influence major currency configurations?

Fratzscher, Marcel; Mehl, Arnaud - Federal Reserve Bank of Dallas - 2009

economies (EMEs) on configurations between the U.S. dollar, the euro and the yen. Given the difficulty that fixed or managed U … have a statistically but also an economically significant impact on the euro, and to a lesser extent the yen against the U … to the appreciation of the euro against the U.S. dollar in recent years. Interestingly, EME policy-makers appear to have …

Persistent link: https://www.econbiz.de/10005367955

Are the intraday effects of central bank intervention on exchange rate spreads asymmetric and state dependent?

Fatum, Rasmus; Pedersen, Jesper; Sørensen, Peter Norman - Federal Reserve Bank of Dallas - 2010

This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple theoretical model of the bid-ask spread which we use to...

Persistent link: https://www.econbiz.de/10008643749

The extended importance of the euro

Fisher, Richard W. - Federal Reserve Bank of Dallas - 2006

euro is unlikely to displace the dollar as the dominant international currency in the near term. First, the growth … prospects of the euro area. Second, the uniqueness of EMU. Third, the benefits of incumbency." …

Persistent link: https://www.econbiz.de/10010726043

Globalization and monetary policy: an introduction

Martinez-Garcia, Enrique - Federal Reserve Bank of Dallas - 2008

Greater openness has become an almost universal feature of modern, developed economies. This paper develops a workhorse international model, and explores the role of standard monetary policy rules applied to an open economy. For this purpose, I build a two-country DSGE model with monopolistic...

Persistent link: https://www.econbiz.de/10005367953

Monetary policy, capital inflows, and the housing boom

Sá, Filipa; Wieladek, Tomasz - Federal Reserve Bank of Dallas - 2011

We estimate an open economy VAR model to quantify the effect of monetary policy and capital inflows shocks on the US housing market. The shocks are identified with sign restrictions derived from a standard DSGE model. We find that monetary policy shocks have a limited effect on house prices and...

Persistent link: https://www.econbiz.de/10009292920

Monetary policy strategy in a global environment

Moutot, Philippe; Vitale, Giovanni - Federal Reserve Bank of Dallas - 2009

probably not yet completely understood. The process of continuous integration in trade, production and financial markets across …

Persistent link: https://www.econbiz.de/10005498677

Financial globalization, financial frictions and optimal monetary policy

Faia, Ester; Iliopulos, Eleni - Federal Reserve Bank of Dallas - 2010

How should monetary policy be optimally designed in an environment with high degrees of financial globalization? To answer this question we lay down an open economy model where net lending toward the rest of the world is constrained by a collateral constraint motivated by limited enforcement....

Persistent link: https://www.econbiz.de/10008465685

Optimal monetary policy under financial sector risk

Davis, Scott; Huang, Kevin X.D. - Federal Reserve Bank of Dallas - 2011

We consider whether or not a central bank should respond directly to financial market conditions when setting monetary policy. Specifically, should a central bank put weight on interbank lending spreads in its Taylor rule policy function? ; Using a model with risk and balance sheet effects in...

Persistent link: https://www.econbiz.de/10009292919

Do banking shocks matter for the U.S. economy?

Hirakata, Naohisa; Sudo, Nao; Ueda, Kozo - Federal Reserve Bank of Dallas - 2011

The quantitative significance of shocks to the financial intermediary (FI) has not received much attention up to now. We estimate a DSGE model with what we describe as chained credit contracts, using Bayesian technique. In the model, credit-constrained FIs intermediate funds from investors to...

Persistent link: https://www.econbiz.de/10009292923

Lessons for monetary policy: what should the consensus be?

Issing, Otmar - Federal Reserve Bank of Dallas - 2011

This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...

Persistent link: https://www.econbiz.de/10009292926