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Vehicle currency
Devereux, Michael B.; Shi, Shouyong - Federal Reserve Bank of Dallas - 2008
, the U.S. dollar is predominant in international trade and financial flows. The dollar acts as a "vehicle currency" in the … sense that agents in nondollar economies will generally engage in currency trade indirectly using the U.S. dollar rather …
Persistent link: https://www.econbiz.de/10005367962
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The information content of the paper-bill spread
Emery, Kenneth M. - Federal Reserve Bank of Dallas - 1994
Persistent link: https://www.econbiz.de/10005490309
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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
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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 … to the appreciation of the euro against the U.S. dollar in recent years. Interestingly, EME policy-makers appear to have …This paper analyses the impact of the shift away from a U.S. dollar focus of systemically important emerging market …
Persistent link: https://www.econbiz.de/10005367955
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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
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Monetary policy strategy in a global environment
Moutot, Philippe; Vitale, Giovanni - Federal Reserve Bank of Dallas - 2009
Since the mid-1980s the world economy has gone through profound transformations of which the sources and effects are probably not yet completely understood. The process of continuous integration in trade, production and financial markets across countries and economic regions—which is what is...
Persistent link: https://www.econbiz.de/10005498677
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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
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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
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International portfolios, capital accumulation and foreign assets dynamics
Coeurdacier, Nicolas; Kollmann, Robert; Martin, Philippe - Federal Reserve Bank of Dallas - 2009
Despite the liberalization of capital flows among OECD countries, equity home bias remains sizable. We depart from the two familiar explanations of equity home bias: transaction costs that impede international diversification, and terms of trade responses to supply shocks that provide risk...
Persistent link: https://www.econbiz.de/10005367954
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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