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Large Devaluations and the Real Exchange Rate
Burstein, Ariel - 2004
large devaluation episodes: Argentina (2001), Brazil (1999), Korea (1997), Mexico (1994), and Thailand (1997). We conduct a … detailed analysis of the Argentina case using disaggregated CPI data, data from our own survey of prices in Buenos Aires, and …
Persistent link: https://www.econbiz.de/10012467701
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Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability : Argentina's Lessons
Calvo, Guillermo A. - 2003
We offer an alternative explanation for the fall of Argentina's Convertibility Program based on the country … prices is larger the more closed an economy is in terms of its supply of tradable goods. By contrasting Argentina … of 1998, we identify key vulnerability indicators that separated Argentina from its piers. We also provide an explanation …
Persistent link: https://www.econbiz.de/10012468870
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Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based-Stabilizations
Burstein, Ariel T. - 2000
exchange-rate-based-stabilizations. We use data for the U.S. and Argentina to document the importance of distribution margins … in retail prices and disaggregated price data to study price dynamics in the aftermath of Argentina's 1991 Convertibility …
Persistent link: https://www.econbiz.de/10012470881
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On the Instability of Variance Decompositions of the Real Exchange Rate across Exchange-Rate-Regimes : Evidence from Mexico and the United States
Mendoza, Enrique G. - 2000
Variance decompositions of the Mexico-United States real exchange rate are examined using monthly data on consumer prices and the nominal exchange rate for the period January, 1969 to February, 2000. The results show that the robust result found in industrial-country data that most of the...
Persistent link: https://www.econbiz.de/10012470982
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Price Level Convergence Among United States Cities : Lessons for the European Central Bank
Cecchetti, Stephen G. - 2000
We study the dynamics of price indices for major U.S. cities using panel econometric methods and find that relative price levels among cities mean revert at an exceptionally slow rate. In a panel of 19 cities from 1918 to 1995, we estimate the half-life of convergence to be approximately nine...
Persistent link: https://www.econbiz.de/10012471080
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Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price
Taylor, Alan M. - 2000
The PPP puzzle is based on empirical evidence that international price differences for individual goods (LOOP) or baskets of goods (PPP) appear highly persistent or even non-stationary. The present consensus is these price differences have a half-life that is of the order of five years at best,...
Persistent link: https://www.econbiz.de/10012471192
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Job Creation, Job Destruction, and the Real Exchange Rate
Klein, Michael W. - 2000
This paper contributes to an understanding of internationally generated adjustment costs by demonstrating a statistically significant and economically relevant effect of the real exchange rate on job creation and job destruction in U.S. manufacturing industries over the period 1973 to 1993. The...
Persistent link: https://www.econbiz.de/10012471310
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Market Structure and the Persistence of Sectoral Real Exchange Rates
Cheung, Yin-Wong - 1999
We examine the relationship between market structure and the persistence of U.S. dollar-based sectoral real exchange rates for fourteen OECD countries. Our empirical results based on disaggregated data suggest that differences in market structure significantly determine the rates at which...
Persistent link: https://www.econbiz.de/10012471377
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Exchange Rates in Emerging Economies : What Do We Know? What Do We Need to Know?
Edwards, Sebastian - 1999
Exchange rates have been at the center of economic debates in emerging economies. Issues related to the feasibility of flexible exchange rates, the relationship between exchange rate volatility and growth, and the role of exchange rate overvaluation in recent crises, among other, have been...
Persistent link: https://www.econbiz.de/10012471561
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Fiscal Stance and the Real Exchange : Some Empirical Estimates
Clarida, Richard - 1999
This paper presents some empirical results on the dynamic relationship between fiscal policy and the real exchange rate in the G3 countries since advent of floating exchange rates. This subject is of some interest given the recent shift to fiscal surpluses in the US, the annual announcement of...
Persistent link: https://www.econbiz.de/10012471719