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Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models

Bertola, Giuseppe - 1991

interesting interpretations of available empirical evidence. We also specify how to infer devaluation risk from target zone data …

Persistent link: https://www.econbiz.de/10012475444

The "Austerity Myth" : Gain Without Pain?

Perotti, Roberto - 2011

Eurozone countries today) and two - Finland and Sweden - after floating the currency … driver of growth was exports. In Ireland this occurred because the sterling coincidentally appreciated. In Finland and Sweden … detailed case studies, two - Denmark and Ireland - undertaken under fixed exchange rates (the most relevant case for many …

Persistent link: https://www.econbiz.de/10012461087

Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations

Mendoza, Enrique G. - 1999

This paper shows that the risk of devaluation can be an important factor accounting for the stylized facts of exchange … tax induces endogenous state-contingent wealth effects via fiscal adjustment and suboptimal investment. Devaluation risk …

Persistent link: https://www.econbiz.de/10012471786

Were Trade and Factor Mobility Substitutes in History?

Collins, William J. - 1997

Trade theorists have come to understand that their theory is ambiguous on the question: Are trade and factor flows substitutes? While this sounds like an open invitation for empirical research, hardly any serious econometric work has appeared in the literature. This paper uses history to fill...

Persistent link: https://www.econbiz.de/10012472755

Global Trends in Income Inequality and Income Dynamics : New Insights from GRID

Guvenen, Fatih; Pistaferri, Luigi; Violante, Giovanni L. - National Bureau of Economic Research - 2022

The Global Repository of Income Dynamics (GRID) is a new open-access, cross- country database that contains a wide range of micro statistics on income inequality, dynamics, and mobility. It has four key characteristics: it is built on micro panel data drawn from administrative records; it fully...

Persistent link: https://www.econbiz.de/10013388880

G3 Exchange Rate Relationships : A Recap of the Record and a Review of Proposals for Change

Clarida, Richard H. - 1999

This paper is a recap of G3 exchange rate relationships since the collapse of Bretton Woods and an analysis of recent proposals for changing the way the G3 countries currently conduct exchange rate policy. We seek to understand these proposals in the context of the status quo monetary policies...

Persistent link: https://www.econbiz.de/10012471348

Target Zones and Exchange Rates : An Empirical Investigation

Bekaert, Geert - 1996

the foreign exchange risk premia. In contrast to some previous findings, we conclude that the FF/DM rate exhibits …, our model implies that the foreign exchange risk premium becomes large during speculative crises. A comparison with the …

Persistent link: https://www.econbiz.de/10012473419

Estimating Expected Exchange Rates Under Target Zones

Chen, Zhaohui - 1992

This paper develops a simple econometric procedure for estimating expected exchange rate under target zones. We employ the linear projection methodology to make predictions without relying on any prior structural or distributional assumptions, and at the same time demonstrate that such a...

Persistent link: https://www.econbiz.de/10012475026

How Long do Unilateral Target Zones Last?

Dumas, Bernard - 1991

We examine the expected survival time of a unilateral exchange rate target zone, when constraints on monetary policy prevent the central bank from exclusively focusing on defending the target zone. Generally, the width of the target zone has a negligible effect on the expected survival time, and...

Persistent link: https://www.econbiz.de/10012475053

Learning About Intervention Target Zones

Klein, Michael W. - 1991

This paper provides a framework for evaluating how market participants' beliefs about foreign exchange target zones change as they learn about central bank intervention policy. In order to examine this behavior, we first generalize the standard target zone model to allow for intra-marginal...

Persistent link: https://www.econbiz.de/10012475337