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relationship with both average and median wage growth, while the long-term unemployment rate appears to only influence median wage … growth. …
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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
This paper analyses the impact of the shift away from a U.S. dollar focus of systemically important emerging market economies (EMEs) on configurations between the U.S. dollar, the euro and the yen. Given the difficulty that fixed or managed U.S. dollar exchange rate regimes remain pervasive and...
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This paper estimates monthly pass-through ratios from import prices to consumer prices in real time. Conventional time series methods impose restrictions to generate exogenous shocks on exchange rates or import prices when estimating pass-through coefficients. Instead, a natural experiment based...
Persistent link: https://www.econbiz.de/10005367960
While in principle, international payments could be carried out using any currency or set of currencies, in practice, 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...
Persistent link: https://www.econbiz.de/10005367962
as measured by quarterly real GDP growth. We find that both in-sample and out-sample, the quantitative Beige Book indices … do have significant predictive content for current and next quarter real GDP growth. Furthermore, the Beige Book has … information about current quarter real GDP growth not present in other indicators such as the Blue Chip Consensus Forecast or time …
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