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Should East Asia's Currencies Be Pegged to the Yen? The Role of Pricing Behavior and Currency Invoicing
Teo, Wing-Leong - Society for Computational Economics - SCE - 2004
I develop a three-country center-periphery sticky-price general equilibrium model to study alternative exchange rate regimes for East Asian economies. The model is evaluated under two price-setting specifications: producer currency pricing (PCP) and dollar standard, a specification where export...
Persistent link: https://www.econbiz.de/10005345283
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Relative Price Distortion and Optimal Monetary Policy in Open Economies
Kim, Jinill; Levin, Andrew; Yun, Tack - Society for Computational Economics - SCE - 2006
This paper addresses three issues on the conduct of monetary policy in open economies on the basis of a two-country model with Calvo-type sticky prices. Is the isomorphism of the optimal policy problems between closed and open economies robust to whether the foreign country is buffeted by...
Persistent link: https://www.econbiz.de/10005170546
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Heterogeneous Expectations, Currency Options and the euro/dollar exchange rate
Bronka, Rzepkowski - Society for Computational Economics - SCE - 2001
-term dynamics of the euro/dollar since January 1999. Information conveyed by over-the-counter currency options allows the time … deviations. The proportion of optimistic agents in the evolution of the euro and the proportion of confident agents in their … exchange rate anticipations induce portfolio reallocations, which generate euro/dollar forecasts. …
Persistent link: https://www.econbiz.de/10005537763
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The Costs of EMU for Transition Countries
Lopes, Alexandra - Society for Computational Economics - SCE - 2006
Czech Republic, Hungary and Poland will have to join the European and Monetary Union. Surprisingly, there is very little work on the welfare consequences of the loss of monetary policy flexibility for these countries. This paper fills this void by providing a framework to evaluate quantitatively...
Persistent link: https://www.econbiz.de/10005537413
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Business cycle transmission from the euro area to CEECs
Eickmeier, Sandra; Breitung, Joerg - Society for Computational Economics - SCE - 2006
A high degree of cyclical synchronization between the new EU member states (NMS) from Central and Eastern Europe and … the euro area is generally seen as a prerequisite for successful EMU enlargement. We establish stylized facts on economic … linkages between NMS and the euro area using dynamic correlation and cohesion measures. We then identify the main structural …
Persistent link: https://www.econbiz.de/10005342916
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the road to adopting the euro: monetary policy and exchange rate regimes in EU candidate countries
ravenna, federico; natalucci, fabio - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005345720
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EQUILIBRIUM EXCHANGE RATE POLICIES: COMPLICIT RENEGOTIATION-PROOF OUTCOMES
Mella-Barral, Pierre; Vitale, Paolo - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005706630
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Optimal Taylor Rules in an Estimated Model of a Small Open Economy
Rebei, Nooman; Ambler, Steve; Dib, Ali - Society for Computational Economics - SCE - 2004
We develop a model of a small open economy with three types of nominal rigidities (domestic goods prices, imported goods prices and wages) and eight different structural shocks. We estimate the model's structural parameters using a maximum likelihood procedure and use it to compute...
Persistent link: https://www.econbiz.de/10005132780
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Real Exchange Rates and Monetary Policymaking in the EMU
Aksoy, Yunus - Society for Computational Economics - SCE - 2001
This paper extends the framework provided by Aksoy, De Grauwe, Dewachter (2000). We first provide an econometric analysis of the stabilising properties of the monetary policy in the EMU countries within an open economy framework and obtain optimal feedback rules for monetary policymaking. In a...
Persistent link: https://www.econbiz.de/10005132899
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Monetary Policy with Heterogeneous Agents and Credit Constraints
Algan, Yann; Ragot, Xavier - Society for Computational Economics - SCE - 2006
This paper exhibits and quantifies a new theoretical channel of the non-neutrality of inflation transiting through capital market imperfections. Unconstrained households change their financial position in front of a change in the inflation rate, whereas constrained households can not. Thus...
Persistent link: https://www.econbiz.de/10005342906