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The Federal Reserve engages the world (1970-2000): an insider's narrative of the transition to managed floating and financial turbulence
Truman, Edwin Malcolm - Federal Reserve Bank of Dallas - 2014
financial policy and analysis covering four areas: the emergence and taming of the great inflation, developments in US external …
Persistent link: https://www.econbiz.de/10011114882
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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
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Inflation targeting and the anchoring of inflation expectations: cross-country evidence from consensus forecasts
Davis, Jonathan Scott; Presno, Ignacio - Federal Reserve Bank of Dallas - 2014
Using survey data of inflation expectations across a 36 developed and developing countries, this paper examines whether … the adoption of inflation targeting has helped to anchor inflation expectations. We examine the response of inflation … expectations following a shock to inflation, inflation expectations, and oil prices. For the 13 countries that adopted inflation …
Persistent link: https://www.econbiz.de/10010772603
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Buy a ticket! (with reference to the Strauss Brothers, Ambassador Mike Moore, Kenneth Arrow, financial sharpies, Martin Luther King Jr. and Gov. Dewey)
Fisher, Richard W. - Federal Reserve Bank of Dallas - 2011
Remarks before the Dallas Friday Group, Dallas, Texas, October 21, 2011 ; "Absent some shock, I envision a slow but steady improvement in the economy into 2012. That is, if our fiscal authorities will remove their stranglehold on clarifying fiscal initiatives. If not, then, in my view, I expect...
Persistent link: https://www.econbiz.de/10010723065
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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
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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
equilibrium conditions of the model. Second, we compute the zero-inflation, zero-trade balance (deterministic) steady state. Third … explain the system of equations that constitutes the basis for the paper to broaden its scope. Commentary is provided whenever …
Persistent link: https://www.econbiz.de/10005367963
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Currency blocs in the 21st century
Fischer, Christoph - Federal Reserve Bank of Dallas - 2011
Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency...
Persistent link: https://www.econbiz.de/10009292922
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A sentiment-based explanation of the forward premium puzzle
Yu, Jianfeng - Federal Reserve Bank of Dallas - 2011
.> ; In addition, it helps explain the low correlation of consumption growth differentials and exchange rate growth and the … high stock market correlation across countries, despite a low correlation of fundamentals. Finally, this paper provides …
Persistent link: https://www.econbiz.de/10009321087
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Foreign exchange intervention when interest rates are zero: does the portfolio balance channel matter after all?
Fatum, Rasmus - Federal Reserve Bank of Dallas - 2010
The Japanese zero-interest rate period provides a "natural experiment" for investigating the effectiveness and transmission channels of sterilized intervention when traditional monetary policy options are constrained. This paper takes advantage of the fact that all interventions in the JPY/USD...
Persistent link: https://www.econbiz.de/10008598687
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Large global volatility shocks, equity markets and globalisation: 1885-2011
Mehl, Arnaud - Federal Reserve Bank of Dallas - 2013
I estimate the transmission of large global volatility shocks in international equity markets from the earlier (pre-1914) to the modern era of globalisation. To that end, I identify 43 such shocks over the period 1885-2011, defined as significant increases in unanticipated volatility in US...
Persistent link: https://www.econbiz.de/10010667559