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Firm-Specific Productivity Risk Over the Business Cycle : Facts and Aggregate Implications
Bachmann, Ruediger - 2016
question in the context of a heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital …
Persistent link: https://www.econbiz.de/10012991051
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Transmission of Nominal Exchange Rate Changes to Export Prices and Trade Flows and Implications for Exchange Rate Policy
Hoffmann, Mathias - 2016
We discuss how the welfare ranking of fixed and flexible exchange rate regimes in a New Open Economy Macroeconomics model depends on the interplay between the degree of exchange rate pass-through and the elasticity of substitution between home and foreign goods. We identify combinations of these...
Persistent link: https://www.econbiz.de/10012991030
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On the Nonlinear Influence of Reserve Bank of Australia Interventions on Exchange Rates
Ruelke, Jan C. - 2016
This paper applies nonlinear econometric models to empirically investigate the effectiveness of the Reserve Bank of Australia (RBA) exchange rate policy. First, results from a STARTZ model are provided revealing nonlinear mean reversion of the Australian dollar exchange rate in the sense that...
Persistent link: https://www.econbiz.de/10012991094
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Deciding to Peg the Exchange Rate in Developing Countries : The Role of Private-Sector Debt
Harms, Philipp - 2016
We argue that a higher share of the private sector in a country's external debt raises the incentive to stabilize the exchange rate. We present a simple model in which exchange rate volatility does not affect agents' welfare if all the debt is incurred by the government. Once we introduce...
Persistent link: https://www.econbiz.de/10012991102
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The Timing and Magnitude of Exchange Rate Overshooting
Hoffmann, Mathias - 2016
Empirical evidence suggests that a monetary shock induces the exchange rate to overshoot its long-run level. The estimated magnitude and timing of the overshooting, however, varies across studies. This paper generates delayed overshooting in a new Keynesian model of a small open economy by...
Persistent link: https://www.econbiz.de/10012991128
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Exchange Rate Dynamics in a Target Zone : A Heterogeneous Expectations Approach
Bauer, Christian - 2016
We present a simple behavioral model with chartists and fundamentalists and analyze their trading behavior in a floating regime and in a target zone regime. Regarding the floating regime the model replicates the well-known stylized facts like excessive volatility, fat tails, volatility...
Persistent link: https://www.econbiz.de/10012991144
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The Coordination Channel of Foreign Exchange Intervention : A Nonlinear Microstructural Analysis
Reitz, Stefan - 2016
Persistent link: https://www.econbiz.de/10012991195
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Real Currency Appreciation in Accession Countries : Balassa-Samuelson and Investment Demand
Fischer, Christoph A. - 2016
Persistent link: https://www.econbiz.de/10012991268
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The Global Dimension of Inflation : Evidence from Factor-Augmented Phillips Curves
Eickmeier, Sandra - 2016
We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a traditional Phillips curve … to affect inflation through (the common part of) domestic demand and supply conditions. Our most important result is that … the common component of changes in unit labor costs notably affects inflation. We also find evidence that movements in …
Persistent link: https://www.econbiz.de/10012991114