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External Wealth, the Trade Balance, and the Real Exchange Rate

Lane, Ph.R.; Milesi-Ferretti, G.M. - de Nederlandsche Bank - 2003

We examine the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, we decompose the impact of a country's net foreign asset position ('external wealth') on its long-run real exchange rate into two mechanisms: the relation between external...

Persistent link: https://www.econbiz.de/10005106772

Dissent and Disagreement on the Fed's FOMC: Understanding Regional Affiliations and limits to Transparency

Meade, Ellen - de Nederlandsche Bank - 2006

This paper addresses two important, but distinct, issues in monetary policy. The first issue concerns regional influences on voting within a monetary policy committee. In a committee that includes representatives from different regions or countries, is there a regional element to the monetary...

Persistent link: https://www.econbiz.de/10005101829

Real Exchange Rate and Current Account Dynamics with Sticky Prices and Distortionary Taxes

Lim, Guay C.; McNelis, Paul D. - de Nederlandsche Bank - 2005

This paper examines the interaction of real exchange rates and current account movements in open economies subject to monopolistic competition with sticky price-setting behavior and distortionary taxes. We find that the correlations between fiscal balances and the current account depend on the...

Persistent link: https://www.econbiz.de/10005106657

Trade-volume hysteresis: an investigation using aggregate data

Agur, I. - de Nederlandsche Bank - 2003

Sunk costs of entry create a wedge between the real exchange rate for which a foreign exporter enters the domestic market, and that for which he exits. On the macroeconomic level, heterogeneous cost structures make the number of entry and exit thresholds approach a continuum: any movement of the...

Persistent link: https://www.econbiz.de/10005106714

Early warning for currency crises: what is the role of financial openness?

Frost, Jon; Saiki, Ayako - de Nederlandsche Bank - 2013

We explore the role of financial openness - capital account openness and gross capital inflows - and a newly constructed gravity-based contagion index to assess the importance of these factors in the run-up to currency crises. Using a quarterly data set of 46 advanced and emerging market...

Persistent link: https://www.econbiz.de/10010757284

The Timing of EU Expansion and the Real Exchange Rate

Cavelaars, P.A.D. - de Nederlandsche Bank - 2003

This paper analyses the impact of the timing of EU expansion on the real exchange rate between the accession countries' currencies and the euro. I ¯nd that the real exchange rate response to EU accession is smaller in the case of a postponed accession, as postponement gives the regions more...

Persistent link: https://www.econbiz.de/10005106797

Were Verbal Efforts to Support the Euro Effective? A High-Frequency Analysis of ECB Statements

Jansen, David-Jan; Haan, Jakob de - de Nederlandsche Bank - 2005

This paper studies the effects of verbal interventions by European cen-tral bankers on high-frequency euro-dollar exchange rates. We find that ECB verbal interventions have had only small and short-lived effects. Ver- bal interventions which are reported in news report headlines are more likely...

Persistent link: https://www.econbiz.de/10005101863

Current account imbalances in the Euro area: Competitiveness or financial cycle?

Comunale, Mariarosaria; Hessel, Jeroen - de Nederlandsche Bank - 2014

differences in price competitiveness. However, recent research suggests that domestic demand booms related to the financial cycle … relative role of price competitiveness and domestic demand as drivers of the current account imbalances in the euro area. We … domestic demand at the frequency of the financial cycle. We conclude that although differences in price competitiveness have an …

Persistent link: https://www.econbiz.de/10010945597

Labor Market Flexibility and the Impact of the Financial Crisis

Artha, I Kadek Dian Sutrisna; Haan, Jakob de - de Nederlandsche Bank - 2011

The impact of the global financial crisis varies across countries. We examine whether cross-country differences in output loss and speed of recovery are affected by differences in labor market flexibility. By employing cross-country regressions and including control variables like trade and...

Persistent link: https://www.econbiz.de/10008852657

Wars, Redistribution and Civilian Federal Expenditures in the US over the Twentieth Century

Beetsma, Roel; Cukierman, Alex; Giuliodori, Massimo - de Nederlandsche Bank - 2005

We provide empirical evidence on two, major war-related, regularities of U.S. fiscal policy. First, while during and around World War I there is a positive correlation between defense spending and civil non-defense spending, this correlation becomes negative during World War II. This may be...

Persistent link: https://www.econbiz.de/10005030220

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