Narrow search
Showing 1 - 10 of 475
Cover Image
Optimal Monetary Policy and the Sources of Local-Currency Price Stability
Dedola, Luca; Leduc, Sylvain; Corsetti, Giancarlo - National Bureau of Economic Research (NBER) - 2007
main prescription for monetary policy. Since stable consumer prices feed back into a low volatility of markups among … policies optimally respond to the same shocks in a similar way, thus containing volatility of the terms of trade, but not …
Persistent link: https://www.econbiz.de/10005084895
Cover Image
Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Rose, Andrew; Spiegel, Mark M - National Bureau of Economic Research (NBER) - 2011
While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...
Persistent link: https://www.econbiz.de/10009277235
Cover Image
The Slide to Protectionism in the Great Depression: Who Succumbed and Why?
Eichengreen, Barry; Irwin, Douglas A. - National Bureau of Economic Research (NBER) - 2009
The Great Depression was marked by a severe outbreak of protectionist trade policies. But contrary to the presumption that all countries scrambled to raise trade barriers, there was substantial cross-country variation in the movement to protectionism. Specifically, countries that remained on the...
Persistent link: https://www.econbiz.de/10005040637
Cover Image
Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009
In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...
Persistent link: https://www.econbiz.de/10005774513
Cover Image
The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?
Aizenman, Joshua; Sun, Yi - National Bureau of Economic Research (NBER) - 2009
groups. Trade related factors (such as trade openness, primary goods export ratio, especially large oil export) seem to play …
Persistent link: https://www.econbiz.de/10008490434
Cover Image
The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
Calvo, Guillermo - National Bureau of Economic Research (NBER) - 2012
Fiat money contains the seeds of its own destruction. It has no intrinsic value and, yet, it can be exchanged for valuable consumption and production goods. As Hahn (1965) shows, this situation puts fiat money's market value or liquidity premium at the brink of collapse. In this paper I will...
Persistent link: https://www.econbiz.de/10010796587
Cover Image
International Liquidity and Exchange Rate Dynamics
Gabaix, Xavier; Maggiori, Matteo - National Bureau of Economic Research (NBER) - 2014
their required compensation for holding currency risk, thus impacting both the level and volatility of exchange rates. Our …
Persistent link: https://www.econbiz.de/10011196774
Cover Image
Comovement in GDP Trends and Cycles Among Trading Partners
Blonigen, Bruce A.; Piger, Jeremy; Sly, Nicholas - National Bureau of Economic Research (NBER) - 2012
It has long been recognized that business cycle comovement is greater between countries that trade intensively with one another. Surprisingly, no one has previously examined the relationship between trade intensity and comovement of shocks to the trend level of output. Contrary to the result for...
Persistent link: https://www.econbiz.de/10011271375
Cover Image
Can Oil Prices Forecast Exchange Rates?
Rogoff, Kenneth S; Rossi, Barbara; Ferraro, Domenico - National Bureau of Economic Research (NBER) - 2012
This paper investigates whether oil prices have a reliable and stable out-of-sample relationship with the Canadian/U.S dollar nominal exchange rate. Despite state-of-the-art methodologies, we find little systematic relation between oil prices and the exchange rate at the monthly and quarterly...
Persistent link: https://www.econbiz.de/10011227945
Cover Image
DM-Dollar Volatility: Intraday Activity Patterns, Macroeconomic Announcements, and Longer Run Dependencies
Bollerslev, Tim; Andersen, Torben G. - National Bureau of Economic Research (NBER) - 1996
This paper characterizes the volatility in the DM-dollar foreign exchange market using an annual sample of five … announcement effects, and the volatility persistence, or ARCH effects, familiar from lower frequency returns. The different … modeled, constitute an extremely valuable and vastly underutilized resource for better understanding the volatility dynamics …
Persistent link: https://www.econbiz.de/10005575365