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Monetary Policy without Moving Interest Rates : The Fed Non-Yield Shock

Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2024

around FOMC announcements. Further, both of these asset classes display heightened volatility relative to non … and is identified from excess volatility in the S&P 500 and various dollar exchange rates. A positive non-yield shock …

Persistent link: https://www.econbiz.de/10014576665

The Global Dollar Cycle

Obstfeld, Maurice; Zhou, Haonan - National Bureau of Economic Research - 2023

cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth …

Persistent link: https://www.econbiz.de/10014247924

Whatever-It-Takes Policymaking during the Pandemic

Dominguez, Kathryn M.; Foschi, Andrea - National Bureau of Economic Research - 2024

Central banks across the globe introduced large-scale asset purchase programs to address the unprecedented circumstances experienced during the pandemic. Many of these programs were announced as open-ended to shock-and-awe market participants and restore confidence in financial markets. This...

Persistent link: https://www.econbiz.de/10014486207

The Performance of Emerging Markets During The Fed's Easing and Tightening Cycles : A Cross-Country Resilience Analysis

Aizenman, Joshua; Park, Donghyun; Aleem, Irfan; Uddin, … - National Bureau of Economic Research - 2024

We investigate the determinants of emerging markets performance during five U.S. Federal Reserve monetary tightening and easing cycles during 2004-2023. We study how macroeconomic and institutional conditions of an Emerging Market (EM) at the beginning of a cycle explain EM resilience during...

Persistent link: https://www.econbiz.de/10014528343

Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma

Aizenman, Joshua - 2010

choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …

Persistent link: https://www.econbiz.de/10012462774

One Hundred Years of Exchange Rate Economics at The University of Chicago : 1892-1992

Edwards, Sebastian - National Bureau of Economic Research - 2023

In this paper I analyze the work on exchange rates and external imbalances by University of Chicago faculty members during the university's first hundred years, 1892-1992. Many people associate Chicago's views with Milton Friedman's advocacy for flexible exchange rates. But, of course, there was...

Persistent link: https://www.econbiz.de/10014447249

Catching Up by "Deglobalizing" : Capital Account Policy and Economic Growth

Bergin, Paul R.; Choi, Woo Jin; Pyun, Ju Hyun - National Bureau of Economic Research - 2023

While substantial empirical research has evaluated the question of whether capital account openness promotes economic growth, this paper finds empirical evidence for cases where the opposite is true--that a policy of capital controls can promote economic growth, when combined with a policy of...

Persistent link: https://www.econbiz.de/10014226141

Offset and Sterilization Under Fixed Exchange Rates With An Optimizing Central Bank

Roubini, Nouriel - 1988

The traditional approach to the estimation of the offset and sterilization equations can be criticized for the ad-hoc specification of the reaction function of the monetary authorities and the endogeneity of the domestic credit and foreign reserve variables in the estimated equations. The paper...

Persistent link: https://www.econbiz.de/10012476283

The Transmission of Federal Reserve Tapering News to Emerging Financial Markets

Aizenman, Joshua - 2014

This paper evaluates the impact of tapering "news" announcements by Fed senior policy makers on financial markets in emerging economies. We apply a panel framework using daily data, and find that emerging market asset prices respond most to statements by Fed Chairman Bernanke, and much less to...

Persistent link: https://www.econbiz.de/10012458684

Exchange Rate Models are Better than You Think, and Why They Didn't Work in the Old Days

Engel, Charles; Wu, Steve P. Y. - National Bureau of Economic Research - 2024

Exchange-rate models fit very well for the U.S. dollar in the 21st century. A "standard" model that includes real interest rates and a measure of expected inflation for the U.S. and the foreign country, the U.S. comprehensive trade balance, and measures of global risk and liquidity demand is...

Persistent link: https://www.econbiz.de/10015056131

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