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Monetary Policy When the Central Bank Shapes Financial-Market Sentiment

Kashyap, Anil K.; Stein, Jeremy C. - National Bureau of Economic Research - 2022

Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has also shown that when risk premiums are compressed, there is an increased likelihood of a reversal that damages the...

Persistent link: https://www.econbiz.de/10013477243

International Competitiveness and Monetary Policy : Strategic Policy and Coordination with a Production Relocation Externality

Bergin, Paul R. - 2013

,' developed in trade theory to analyze the benefits from promoting entry of domestic firms in the manufacturing sector. In a … trade predicted by the theory are present in data and are quantitatively important …

Persistent link: https://www.econbiz.de/10012459306

Discount Factors and Monetary Policy : Evidence from Dual-Listed Stocks

Vandeweyer, Quentin; Yang, Minghao; Yannelis, Constantine - National Bureau of Economic Research - 2024

This paper studies the transmission of monetary policy to the stock market through investors' discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China, and...

Persistent link: https://www.econbiz.de/10014544777

Money Matters : Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession

Bordo, Michael D.; Duca, John V. - National Bureau of Economic Research - 2023

The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth because past instability in the demand for simple-sum monetary aggregates had made these aggregates unreliable indicators. We find that the demand for more theoretically-based...

Persistent link: https://www.econbiz.de/10014322692

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

Financial Repression and Capital Mobility : Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration

Dooley, Michael P. - 1995

Required reserves on banks' deposit liabilities have been utilized by both industrial and developing countries to discourage and sterilize international capital flows. In this paper we utilize an open economy macro model incorporating bank credit to evaluate this policy. The model suggests that...

Persistent link: https://www.econbiz.de/10012473522

Asset Markets, Exchange Rates and the Balance of Payments

Frenkel, Jacob A. - 1984

This paper, written as a chapter for a Handbook of International Economics, reviews developments in the theory of … of exchange rate theory, starting with the monetary approach to exchange rate determination. Issues discussed in this … framework that views the question of exchange rate determination as part of the general theory of the determination of asset …

Persistent link: https://www.econbiz.de/10012477808

The Nature of Excess : Using Randomized Treatments to Investigate Price Dynamics

Al-Ubaydli, Omar - 2010

This study explores empirically the price dynamics within two distinct market institutions - a double oral auction, which resembles modern asset markets, and a bilateral exchange market, which represents markets that have existed for centuries. To provide a theoretical basis to our...

Persistent link: https://www.econbiz.de/10012462338

Competitiveness, Realignment, and Speculation : The Role of Financial Markets

Obstfeld, Maurice - 1988

Current and planned measures liberalizing the external capital accounts of France and Italy call into question the continued viability of the policy of periodic exchange-rate realignment followed to date in the European Monetary System (EMS). This paper is intended as a first step in studying...

Persistent link: https://www.econbiz.de/10012476528

Dollar Safety and the Global Financial Cycle

Jiang, Zhengyang - 2020

exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor. In …

Persistent link: https://www.econbiz.de/10012481230

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