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Foreign Exchange, Prices and Economic Activity in Bulgaria
Hughes, Gordon - C.E.P.R. Discussion Papers - 1991
reduce the budget deficit and lower the underlying rate of inflation. The paper develops an input-output model to investigate …
Persistent link: https://www.econbiz.de/10005497844
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A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries
Frankel, Jeffrey A; Rose, Andrew K - C.E.P.R. Discussion Papers - 1995
Previous time-series studies have shown evidence of mean-reversion in real exchange rates. Deviations from purchasing power parity (PPP) appear to have half-lives of approximately four years. The long samples required for statistical significance are unavailable for most currencies, however, and...
Persistent link: https://www.econbiz.de/10005498061
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Surprising Similarities: Recent Monetary Regimes of Small Economies
Rose, Andrew K - C.E.P.R. Discussion Papers - 2013
fixes, a reasonably durable regime. However, most of the new stability is due to countries that float with an inflation … target. Though a few have left to join the Eurozone, no country has yet abandoned an inflation targeting regime under duress …. Inflation targeting now represents a serious alternative to a hard exchange rate fix for small economies seeking monetary …
Persistent link: https://www.econbiz.de/10011083734
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How Effective Is Monetary Transmission in Developing Countries? A Survey of the Empirical Evidence
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2011
This paper surveys the evidence on the effectiveness of monetary transmission in developing countries. We summarize the arguments for expecting the bank lending channel to be the dominant means of monetary transmission in such countries, and present a simple model that suggests why this channel...
Persistent link: https://www.econbiz.de/10009322980
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Monetary transmission in low income countries
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010
This paper reviews the monetary transmission mechanism in low income countries (LICs). We use monetary transmission in advanced and emerging markets as a benchmark to identify aspects of the transmission mechanism that may operate differently in LICs. In particular, we focus on the effects of...
Persistent link: https://www.econbiz.de/10008466328
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Expectations and Exchange Rate Policy
Devereux, Michael B; Engel, Charles M - C.E.P.R. Discussion Papers - 2006
Both empirical evidence and theoretical discussion have long emphasized the impact of `news' on exchange rates. In most exchange rate models, the exchange rate acts as an asset price, and as such responds to news about future returns on assets. But the exchange rate also plays a role in...
Persistent link: https://www.econbiz.de/10005666551
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Monetary Policy, Default Risk and the Exchange Rate
Guimarães, Bernardo; Gonçalves, Soares; Eduardo, Carlos - C.E.P.R. Discussion Papers - 2007
solely on inflation is not always a free-lunch. …
Persistent link: https://www.econbiz.de/10005792385
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Detecting Structural Breaks in Exchange Rates in Transition Economies
Kocenda, Evzen - C.E.P.R. Discussion Papers - 2000
The aim of this paper is to provide evidence of structural breaks in the exchange rates of European transition economies. The Vogelsang (1997) testing procedure is used. The technique allows for the detection of a break at an unknown date in the trend function of a dynamic univariate time...
Persistent link: https://www.econbiz.de/10005124398
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A Simple Model of Optimal Monetary Policy with Financial Constraints
Devereux, Michael B; Poon, Doris - C.E.P.R. Discussion Papers - 2004
Recent experience suggests that the operation of monetary policy in emerging market economies is severely limited by the presence of financial constraints. This is seen in the tendency to follow contractionary monetary policy during crises, and the observation that these countries pursue much...
Persistent link: https://www.econbiz.de/10005124435
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Monetary and Exchange Rate Policy in Korea: Assessments and Policy Issues
Eichengreen, Barry - C.E.P.R. Discussion Papers - 2004
Korea has adopted much of the apparatus of inflation targeting, with a band for target inflation and a Monetary Policy … trade and investment as Korea, currency movements contain information useful for forecasting inflation and the output gap … information relevant for the inflation forecast. In addition, the central bank responds to movements in the exchange rate for …
Persistent link: https://www.econbiz.de/10005136674