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Bergin, Paul R. - 2012

Long half-lives of real exchange rates are often used as evidence against monetary sticky price models. In this study we show how exchange rate regimes alter the long-run dynamics and half-life of the real exchange rate, and we recast the classic defense of such models by Mussa (1986) from an...

Persistent link: https://www.econbiz.de/10012460316

Macroeconomic Performance During Commodity Price Booms and Busts

Céspedes, Luis Felipe - 2012

Fluctuations in commodity prices are often associated with macroeconomic volatility. But not all nations are created equal in this regard. The macro response to commodity booms and busts depends both on the structural characteristics of the economy and on the policy framework that is in place....

Persistent link: https://www.econbiz.de/10012460091

The Long-Run Volatility Puzzle of the Real Exchange Rate

Hausmann, Ricardo - 2004

This paper documents large cross-country differences in the long run volatility of the real exchange rate. In particular, it shows that the real exchange rate of developing countries is approximately three times more volatile than the real exchange rate in industrial countries. The paper tests...

Persistent link: https://www.econbiz.de/10012467939

The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates

Chinn, Menzie David - 1997

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined. Using sectoral output and employment data, relative prices and relative productivities are calculated for China, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore,...

Persistent link: https://www.econbiz.de/10012472706

Real Exchange Rate Levels, Productivity and Demand Shocks : Evidence from a Panel of 14 Countries

Chinn, Menzie - 1996

This paper investigates the determinants of the real exchange rate using a panel of disaggregated data for the OECD countries. It also marries two literatures - one which uses panel data to measure relationships between changes in exchange rates to changes in the determinants, and the other...

Persistent link: https://www.econbiz.de/10012473129

Conditional PPP and Real Exchange Rate Convergence in the Euro Area

Bergin, Paul R. - 2016

While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing shocks. We find that when countries joining the euro currency union abandoned their national exchange...

Persistent link: https://www.econbiz.de/10012456694

Macroeconomic Consequences of Tariffs

Furceri, Davide - 2018

We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines...

Persistent link: https://www.econbiz.de/10012481049

Precaution Versus Mercantilism : Reserve Accumulation, Capital Controls, and the Real Exchange Rate

Choi, Woo Jin - 2017

We document a new international stylized fact describing the relationship between real exchange rates and external asset holdings. Economists have long argued that the real exchange rate is associated with the net international investment position, appreciating as external wealth increases. This...

Persistent link: https://www.econbiz.de/10012455340

The Consumption Response to Trade Shocks : Evidence from the US-China Trade War

Waugh, Michael E. - 2019

This paper provides evidence on the consumption effects of trade shocks by exploiting changes in US and Chinese trade policy between 2017 and 2018. The analysis uses a unique data set with the universe of new auto sales at the US county level, at a monthly frequency, and a simple...

Persistent link: https://www.econbiz.de/10012480297

What are the Effects of Fiscal Policy Shocks?

Mountford, Andrew - 2008

. Specifically, we use sign restrictions to identify a government revenue shock as well as a government spending shock, while … controlling for a generic business cycle shock and a monetary policy shock. We explicitly allow for the possibility of … announcement effects, i.e., that a current fiscal policy shock changes fiscal policy variables in the future, but not at present …

Persistent link: https://www.econbiz.de/10012464097

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