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Importers, Exporters, and Exchange Rate Disconnect
Amiti, Mary; Konings, Jozef; Itskhoki, Oleg - National Bureau of Economic Research (NBER) - 2012
-through. Second, we test and quantify the theoretical mechanisms using Belgian firm-product-level data with information on exports by …
Persistent link: https://www.econbiz.de/10010951399
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Exporters and Shocks: Dissecting the International Elasticity Puzzle
Fitzgerald, Doireann; Haller, Stefanie - National Bureau of Economic Research (NBER) - 2014
Aggregate exports are not very responsive to real exchange rates, though they respond strongly to trade liberalizations …, a fact sometimes referred to as the International Elasticity Puzzle. We use micro data on firms and exports for Ireland … rates is key to the behavior of aggregate exports, (ii) export participation also responds less to real exchange rates than …
Persistent link: https://www.econbiz.de/10010752361
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The Endogeneity of the Optimum Currency Area Criteria
Frankel, Jeffrey Alexander; Rose, Andrew - National Bureau of Economic Research (NBER) - 1996
A country's suitability for entry into a currency union depends on a number of economic conditions. These include, inter alia, the intensity of trade with other potential members of the currency union, and the extent to which domestic business cycles are correlated with those of the other...
Persistent link: https://www.econbiz.de/10005720040
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Time of Troubles: The Yen and Japan's Economy, 1985-2008
Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2009
This paper explores the links between macroeconomic developments, especially monetary policy, and the exchange rate during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period, starting with its rapid ascent after the March 1985...
Persistent link: https://www.econbiz.de/10005723089
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Real Exchange Rates and Sectoral Productivity in the Eurozone
Devereux, Michael B.; Engel, Charles; Berka, Martin - National Bureau of Economic Research (NBER) - 2014
We investigate the link between real exchange rates and sectoral total factor productivity measures for countries in the Eurozone. Real exchange rate patterns closely accord with an amended Balassa-Samuelson interpretation, both in cross-section and time series. We construct a sticky price...
Persistent link: https://www.econbiz.de/10010951188
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Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
Calvo, Guillermo; Izquierdo, Alejandro; Loo-Kung, Rudy - National Bureau of Economic Research (NBER) - 2012
This paper addresses the issue of the optimal stock of international reserves in terms of a statistical model in which reserves affect both the probability of a Sudden Stop-as well as associated output costs-by reducing the balance-sheet effects of liability dollarization. Optimal reserves are...
Persistent link: https://www.econbiz.de/10010951260
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Uncovered Interest Parity and Monetary Policy Near and Far from the Zero Lower Bound
Chinn, Menzie; Zhang, Yi - National Bureau of Economic Research (NBER) - 2015
Relying upon a standard New Keynesian DSGE, we propose an explanation for two empirical findings in the international finance literature. First, the unbiasedness hypothesis – the proposition that expost exchange rate depreciation matches interest differentials – is rejected much more...
Persistent link: https://www.econbiz.de/10011276433
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Euros and Zeros: The Common Currency Effect on Trade in New Goods
Baldwin, Richard; Nino, Virginia Di - National Bureau of Economic Research (NBER) - 2006
This paper tests whether trade in new goods is partially responsible for the pro-trade effects of the euro and provides a measure of the size of the effect. It works with a very large data set (about 16 million observations) covering twenty countries at the most disaggregated level of trade data...
Persistent link: https://www.econbiz.de/10005248705
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Terms of Trade, Productivity, and the Real Exchange Rate
De Gregorio, Jose; Wolf, Holger C. - National Bureau of Economic Research (NBER) - 1994
The paper examines the effects of terms of trade movements and productivity differentials across sectors on the behavior of the real exchange rate. We develop a simple model of a small open economy producing exportable and nontradable goods and consuming importable and nontradable goods and...
Persistent link: https://www.econbiz.de/10005248941
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Three Current Account Balances: A "Semi-Structuralist" Interpretation
Chinn, Menzie; Lee, Jaewoo - National Bureau of Economic Research (NBER) - 2005
Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area) -- are subjected to a minimalist structural interpretation. Though simple, this interpretation enables us to assess how much of each of the imbalances require a real exchange...
Persistent link: https://www.econbiz.de/10005084830