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Hyperinflations and moral hazard in the appropriation of seigniorage: an empirical implementation with a calibration approach

Zarazaga, Carlos E. - Federal Reserve Bank of Dallas - 1995

Persistent link: https://www.econbiz.de/10005346079

Export basket and the effects of exchange rates on exports–why Switzerland is special

Auer, Raphael; Saure, Philip - Federal Reserve Bank of Dallas - 2011

Why has Swiss export performance been so strong during the past quarters despite the strong appreciation of the CHF? In this paper, we use historical data on exchange rates and trade at the sectoral level to document that a contributing factor behind the limited impact of the exchange rate is...

Persistent link: https://www.econbiz.de/10009292927

How successful is the G7 in managing exchange rates?

Fratzscher, Marcel - Federal Reserve Bank of Dallas - 2009

The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence that the G7 has been overall effective in moving the U.S. dollar, yen and euro in the intended...

Persistent link: https://www.econbiz.de/10005712534

Does foreign exchange reserve decumulation lead to currency appreciation?

Dominguez, Kathryn M.E.; Fatum, Rasmus; Vacek, Pavel - Federal Reserve Bank of Dallas - 2010

Many developing countries have increased their foreign reserve stocks dramatically in recent years, often motivated by the desire for precautionary self-insurance. One of the negative consequences of large accumulations for these countries is the risk of valuation losses. In this paper we...

Persistent link: https://www.econbiz.de/10008465688

Is openness inflationary? Imperfect competition and monetary market power

Evans, Richard W. - Federal Reserve Bank of Dallas - 2007

Much empirical work has documented a negative correlation between different measures of globalization or openness and …

Persistent link: https://www.econbiz.de/10005367952

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

Some preliminary evidence on the globalization-inflation nexus

Guilloux, Sophie; Kharroubi, Enisse - Federal Reserve Bank of Dallas - 2008

The aim of this paper is to evaluate the impact of globalization, if any, on inflation and the inflation process. We … concluded that globalization has had no significant impact, this paper highlights that trying to capture globalization effects … trade volume statistics to properly describe the impact of globalization. This leads us to adopt a more systematic approach …

Persistent link: https://www.econbiz.de/10005367957

The real exchange rate in sticky price models: does investment matter?

Martinez-Garcia, Enrique; Søndergaard, Jens - Federal Reserve Bank of Dallas - 2008

This paper re-examines the ability of sticky-price models to generate volatile and persistent real exchange rates. We use a DSGE framework with pricing-to-market akin to those in Chari, et al. (2002) and Steinsson (2008) to illustrate the link between real exchange rate dynamics and what the...

Persistent link: https://www.econbiz.de/10005367958

Variety, globalization, and social efficiency

Cox, W. Michael; Ruffin, Roy J. - Federal Reserve Bank of Dallas - 2008

Dixit-Stiglitz-Krugman model of monopolistic competition. We show how the gains from globalization are reflected in the … of sectors where globalization increases productivity through economies of scale. …

Persistent link: https://www.econbiz.de/10005367959

Technical note on "The real exchange rate in sticky price models: does investment matter?"

Martinez-Garcia, Enrique; Søndergaard, Jens - Federal Reserve Bank of Dallas - 2008

This technical note is developed as a mathematical companion to the paper "The Real Exchange Rate in Sticky Price Models: Does Investment Matter?" (Institute working paper no. 17). It contains three basic calculations. First, we derive the equilibrium conditions of the model. Second, we compute...

Persistent link: https://www.econbiz.de/10005367963