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Estimation of Nonlinear Exchange Rate Dynamics in Evolving Regimes
Frankel, Jeffrey A.; Hou, Yao; Xie, Danxia - National Bureau of Economic Research - 2024
regimes. We pay particular attention to the BBC and offer a new approach to parameter estimation by utilizing a three …
Persistent link: https://www.econbiz.de/10014635607
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Business Cycles and the Exchange Rate System : Some International Evidence
Baxter, Marianne - 1988
This paper investigates empirically the differences in time?series behavior of key economic aggregates under alternative exchange rate systems. We use a postwar sample of 49 countries to compare the behavior of output. consumption, trade flows, government consumption spending, and real exchange...
Persistent link: https://www.econbiz.de/10012476375
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The Determinants of the Choice between Fixed and Flexible Exchange-Rate Regimes
Edwards, Sebastian - 1996
In recent years, analysts and policy makers alike have been evaluating the nexus between exchange rates and macroeconomic stability. Among the most important questions is why have some countries adopted rigid, including fixed, exchange-rate paper addresses this question from a political economy...
Persistent link: https://www.econbiz.de/10012473078
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The Importance of Sound Monetary Policy : Some Lessons for Today from Canada's Experience with Floating Exchange Rates Since 1950
Bordo, Michael D.; Siklos, Pierre L. - National Bureau of Economic Research - 2023
monetary policy achieved low and stable inflation once it adopted inflation targeting as a nominal anchor. Also, as Friedman … inflation targeting became a model for the conduct of monetary policy in emerging countries …
Persistent link: https://www.econbiz.de/10014372411
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The Macroeconomic Consequences of Exchange Rate Depreciations
Fukui, Masao; Nakamura, Emi; Jón Steinsson - National Bureau of Economic Research - 2023
We study the consequences of "regime-induced" exchange rate depreciations by comparing outcomes for peggers versus floaters to the US dollar in response to a dollar depreciation. Pegger currencies depreciate relative to floater currencies and these depreciations are strongly expansionary. The...
Persistent link: https://www.econbiz.de/10014287380
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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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An Anatomy of Currency Strategies : The Role of Emerging Markets
Chernov, Mikhail; Dahlquist, Magnus; Lochstoer, Lars A. - National Bureau of Economic Research - 2024
We show that a small set of emerging markets with floating exchange rates expand the investment frontier substantially relative to G10 currencies. The frontier is characterized by an out-of-sample mean-variance efficient portfolio that prices G10- and emerging markets-based trading strategies...
Persistent link: https://www.econbiz.de/10015072842
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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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Nominal Devaluations, Inflation and Inequality
Blanco, Andres; Drenik, Andres; Zaratiegui, Emilio - National Bureau of Economic Research - 2024
devaluations within the context of a surge in inflation and a fall and subsequent recovery of real labor income. To better …
Persistent link: https://www.econbiz.de/10014544772
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Inflation Surge and Sovereign Borrowing : The Role of Policy Practices in Strengthening Sovereign Resilience
Aizenman, Joshua; Zheng, Huanhuan - National Bureau of Economic Research - 2023
Sovereign borrowing during inflation surges is a litmus test of a government's ability to withstand and navigate … inflation surges and how policy practices affect their ability to weather inflation shocks. We find that governments rely more … on foreign-currency debt from foreign investors during periods of high inflation. This pattern is particularly prevalent …
Persistent link: https://www.econbiz.de/10014250190