Narrow search
Showing 1 - 10 of 110
Cover Image
The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
Caliendo, Lorenzo; Parro, Fernando; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2014
environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes … pairwise interregional trade across all 50 U.S. states, 26 traded and non-traded industries, labor as a mobile factor, and … matches the U.S. input-output matrix. Using data on trade flows by industry between states, as well as other regional and …
Persistent link: https://www.econbiz.de/10011083376
Cover Image
A Two-Country Model with Asymmetric Phillips Curves and Intervention in the Foreign Exchange Market
Artis, Michael J; Gazioglu, Saziye - C.E.P.R. Discussion Papers - 1987
In this paper simulation methods are employed on a two-country, rational expectations continuous-time model to explore the consequences of asymmetrical wage-price processes. As an additional feature the effects are explored of reductions in the degree of financial integration between the two...
Persistent link: https://www.econbiz.de/10005662381
Cover Image
The Exchange-Rate Question in Europe
Giavazzi, Francesco - C.E.P.R. Discussion Papers - 1989
This paper reviews the arguments for and against monetary unification in Europe, taking into account the recent shift in emphasis in discussions of exchange rate regimes. It discusses the merits of irrevocably fixed versus flexible exchange rates in the light of the literature on international...
Persistent link: https://www.econbiz.de/10005666407
Cover Image
Exchange Rate Bands and Realignments in a Stationary Stochastic Setting
Miller, Marcus; Weller, Paul - C.E.P.R. Discussion Papers - 1989
The extent which exchange rate management can coexist with an independent monetary policy is examined in the context of a model with exchange rate bands. Using a Dornbusch model in which stochastic shocks are added to the Phillips curve, we analyze the implications of assuming that the monetary...
Persistent link: https://www.econbiz.de/10005791303
Cover Image
EMU and Asymmetries and Adjustment Problems in the EMS
Weber, Axel A - C.E.P.R. Discussion Papers - 1990
The paper empirically analyzes asymmetries in the EMS with special reference to their implication for the creation of a monetary union (EMU). Two types of asymmetries are analyzed: those in the form of "German dominance" are detected in the conduct of monetary policies in the EMS, in particular...
Persistent link: https://www.econbiz.de/10005124043
Cover Image
Foreign Exchange Intervention and International Policy Coordination: Comparing the G-3 and EMS Experience
Weber, Axel A - C.E.P.R. Discussion Papers - 1994
The paper aims to develop understanding of why and how central banks have intervened in foreign exchange markets, and whether intervention was (i) coordinated, (ii) sterilized, and (iii) effective. The experience in the G-3 context is compared with the past EMS experience. In addition to foreign...
Persistent link: https://www.econbiz.de/10005136515
Cover Image
The European Monetary System and the Theory of Target Zones
Honohan, Patrick - C.E.P.R. Discussion Papers - 1993
In credible target zone regimes, exchange rates should, according to Krugman's 1991 theory, spend a disproportionate amount of time near the edges of the fluctuation band. The major application of this theory has been to the European Monetary System (EMS), with several authors reporting that...
Persistent link: https://www.econbiz.de/10005497726
Cover Image
Can the EMS Be Exported? Lessons from Ten Years of Monetary Policy Coordination in Europe
Giavazzi, Francesco; Giovannini, Alberto - C.E.P.R. Discussion Papers - 1989
This paper addresses the question of whether the European Monetary System can be copied outside Europe. Our answer is negative. The presence of the EC and the dependence of EC institutions on exchange rate stability lend credibility to EMS exchange rate targets in a way that would not be...
Persistent link: https://www.econbiz.de/10005504409
Cover Image
The EMS, The Dollar and the Yen
Dornbusch, Rudiger - C.E.P.R. Discussion Papers - 1987
The paper investigates four challenges to exchange rate stability in the coming years and explores their implications for macroeconomic and exchange rate policy. The first section explores the importance of seigniorage in financing the government budget in Southern European countries. The second...
Persistent link: https://www.econbiz.de/10005504541
Cover Image
Exchange Rates, Policy Convergence and the European Monetary System
MacDonald, Ronald; Taylor, Mark P - C.E.P.R. Discussion Papers - 1990
In this paper we use a recently developed multivariate cointegration technique to analyse the degree of policy convergence of EMS member relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members...
Persistent link: https://www.econbiz.de/10005281289