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Are Currency Appreciations Contractionary in China?
Shi, Jianhuai - 2006
with the undervaluation of renminbi (RMB). But the Chinese Government hesitates to allow RMB to appreciate because of the … worry that RMB appreciations are contractionary thus have negative impact on China's economic growth and employment. The … purpose of this paper is to empirically assess the effects of RMB real exchange rate on China's output. The econometric …
Persistent link: https://www.econbiz.de/10012466112
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Exchange Rates and Prices : Evidence from the 2015 Swiss Franc Appreciation
Auer, Raphael A.; Burstein, Ariel T.; Lein-Rupprecht, … - National Bureau of Economic Research - 2021
We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported non-durable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes...
Persistent link: https://www.econbiz.de/10012482622
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Fear of Appreciation and Current Account Adjustment
Bergin, Paul R.; Kim, Kyunghun; Pyun, Ju Hyun - National Bureau of Economic Research - 2022
This paper finds that limited exchange rate flexibility in the form of "fear of appreciation" significantly slows adjustment of current account imbalances, providing novel support for Friedman's conjecture regarding exchange-rate flexibility. We present a new stylized fact: floaters have faster...
Persistent link: https://www.econbiz.de/10013334498
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The Exchange Rate as an Industrial Policy
Ottonello, Pablo; Perez, Diego J.; Witheridge, William - National Bureau of Economic Research - 2024
We study the role of exchange rates in industrial policy. We construct an open-economy macroeconomic framework with production externalities and show that the desirability of these policies critically depends on the dynamic patterns of externalities. When they are stronger in earlier stages of...
Persistent link: https://www.econbiz.de/10014544799
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The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model
Wang, Li - 2007
Given the rapidly growing reserves in Asia (China, Japan, Korea, Taiwan) and the pressures from trading partners to … dependent, suggest that the impacts of Renminbi (RMB) revaluation on the surplus are proportionally larger than on trade flows …, and that changes in trade flows can be substantial. Different treatments of China's processing trade have small impact on …
Persistent link: https://www.econbiz.de/10012465061
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Ownership Characteristics, Real Exchange Rate Movements and Labor Market Adjustment in China
Mao, Risheng - 2011
implications of Renminbi (RMB) real exchange rate appreciation for adjustments in employment and wage rates. We stress differences …
Persistent link: https://www.econbiz.de/10012461093
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Persistent Appreciations and Overshooting : A Normative Analysis
Caballero, Ricardo J. - 2007
Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the export sector. In this paper we present a model of irreversible destruction where exchange rate intervention may be justified if the...
Persistent link: https://www.econbiz.de/10012465577
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Reverse Speculative Attacks
Amador, Manuel - 2016
In January 2015, in the face of sustained capital inflows, the Swiss National Bank abandoned the floor for the Swiss Franc against the Euro, a decision which led to the appreciation of the Swiss Franc. The objective of this paper is to present a simple framework that helps to better understand...
Persistent link: https://www.econbiz.de/10012456377
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Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
Blanchard, Olivier - 2015
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To...
Persistent link: https://www.econbiz.de/10012457050
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Dollar Appreciation and Manufacturing Employment and Output
Branson, William H. - 1986
This paper examines the impact of the movements in the real exchange rate on employment and output in U.S. manufacturing industries. We use a simple model of supply and demand to estimate the elasticity of manufacturing employment and output
Persistent link: https://www.econbiz.de/10012477100