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Productivity Spillovers, Terms of Trade and the "Home Market Effect"
Corsetti, Giancarlo - 2005
This paper analyzes the welfare implications of international spillovers related to productivity gains, changes in …-equilibrium model with monopolistic competition, drawing a distinction between productivity gains that enhance manufacturing efficiency …
Persistent link: https://www.econbiz.de/10012467520
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Productivity, External Balance and Exchange Rates : Evidence on the Transmission Mechanism Among G7 Countries
Corsetti, Giancarlo - 2006
This paper investigates the international transmission of productivity shocks in a sample of five G7 countries. For … each country, using long-run restrictions, we identify shocks that increase permanently domestic labor productivity in … find that, consistent with standard theory, these shocks raise relative consumption, deteriorate net exports, and raise the …
Persistent link: https://www.econbiz.de/10012466182
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The Global Dollar Cycle
Obstfeld, Maurice; Zhou, Haonan - National Bureau of Economic Research - 2023
The U.S. dollar's nominal effective exchange rate closely tracks global financial conditions, which themselves show a cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth, especially influencing the fortunes of emerging and...
Persistent link: https://www.econbiz.de/10014247924
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How Can Asset Prices Value Exchange Rate Wedges?
Lewis, Karen K.; Liu, Edith - National Bureau of Economic Research - 2022
When available financial securities allow investors to optimally diversify risk across countries, standard theory …
Persistent link: https://www.econbiz.de/10013388777
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From Dominant to Producer Currency Pricing : Dynamics of Chilean Exports
De Gregorio, Jose; García, Pablo; Luttini, Emiliano; … - National Bureau of Economic Research - 2024
We revisit a central question for international macroeconomics: the response of export prices and quantities to movements in the exchange rate (ER). We use granular export data for Chile and study how the effects of ER movements vary over time with the currency of invoicing and the destination...
Persistent link: https://www.econbiz.de/10014486265
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What Drives the Exchange Rate?
Itskhoki, Oleg; Mukhin, Dmitry - National Bureau of Economic Research - 2023
shocks -- including productivity, monetary, government spending, and markup shocks -- are inconsistent with the broad …
Persistent link: https://www.econbiz.de/10014447328
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Macro-Financial Implications of the Surging Global Demand (and Supply) of International Reserves
Mendoza, Enrique G.; Quadrini, Vincenzo - National Bureau of Economic Research - 2024
Research has shown that the unilateral accumulation of international reserves by a country can improve its own macro-financial stability. However, we show that when many countries accumulate reserves, the induced general equilibrium effects weaken financial and macroeconomic stability,...
Persistent link: https://www.econbiz.de/10015056133
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The Roles of the Terms of Trade and Nontraded-Good-Prices in Exchange Rate Variations
Stockman, Alan C. - 1984
This paper demonstrates that disturbances to supplies or demands for internationally traded goods affect exchange-rates differently than do disturbances in markets for nontraded goods. The paper develops a stochastic two-country equilibrium model of exchange rates, asset prices, and goods...
Persistent link: https://www.econbiz.de/10012477749
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Intermediate Imports, the Terms of Trade, and the Dynamics of the Exchange Rate and Current Account
Obstfeld, Maurice - 1980
This paper studies the macroeconomic effects of an increase in the price of an imported intermediate production input. The framework of the analysis is a small open economy with abating exchange rate and endogenous terms if trade, in which saving depends on residents'(variable) rate of time...
Persistent link: https://www.econbiz.de/10012478594
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Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
Chernyshoff, Natalia - 2005
thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary …
Persistent link: https://www.econbiz.de/10012466876