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Why Are Rates of Inflation So Low After large Devaluations
Burstein, Ariel Tomas; Eichenbaum, Martin; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2002
This Paper studies the behaviour of inflation after nine large post-1990 contractionary devaluations. A salient feature … of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and …
Persistent link: https://www.econbiz.de/10005123785
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Exchange Rates and Inflation Under EMU: An Update
Honohan, Patrick; Lane, Philip R. - C.E.P.R. Discussion Papers - 2004
-2001 had an important impact on inflation divergence within the EMU and in particular the surge in Ireland’s inflation to over … contribute to inflation convergence and in particular to a fall in Irish inflation? Fortunately for us, the theory has passed the … test with flying colours. Irish inflation stopped dead in its tracks: consumer prices were unchanged between May and …
Persistent link: https://www.econbiz.de/10005789034
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Equilibrium Exchange Rates in Central and Eastern Europe: A Meta-Regression Analysis
Égert, Balázs; Halpern, László - C.E.P.R. Discussion Papers - 2005
This Paper sets out to analyse the ever-growing literature on equilibrium exchange rates in the new EU member states of Central and Eastern Europe in a quantitative manner using meta-regression analysis. We study the extent to which the estimated real misalignments reported in the literature...
Persistent link: https://www.econbiz.de/10005123853
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Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2000
Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...
Persistent link: https://www.econbiz.de/10005124252
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Can Central Banks Go Broke?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008
Central banks can go broke and have done so, although mainly in developing countries. The conventional balance sheet of the central bank is uninformative about the financial resources it has at its disposal and about its ability to act as an effective lender of last resort and market marker of...
Persistent link: https://www.econbiz.de/10005656271
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Exchange Rate Pass-Through to Consumer Prices in South Africa: Evidence from Micro-Data
Aron, Janine; Creamer, Kenneth; Muellbauer, John; … - C.E.P.R. Discussion Papers - 2013
A sizeable literature examines exchange rate pass-through to disaggregated import prices but very few micro-studies focus on consumer prices. This paper explores exchange rate pass-through to consumer prices in South Africa during 2002-2007, using a unique data set of highly disaggregated data...
Persistent link: https://www.econbiz.de/10011084277
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Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues
Égert, Balázs; Halpern, László; MacDonald, Ronald - C.E.P.R. Discussion Papers - 2004
In this Paper we present an overview of a number of issues relating to the equilibrium exchange rates of the new EU member states from Central and Eastern Europe. In particular, we present a critical overview of the various methods available for calculating equilibrium exchange rates and discuss...
Persistent link: https://www.econbiz.de/10005662370
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Trade Liberalization in Disinflation
Rodrik, Dani - C.E.P.R. Discussion Papers - 1993
There exists near-consensus among professional economists on the desirability of achieving macroeconomic stabilization prior to the removal of microeconomic distortions. Yet this advice was completely disregarded in some of the most important cases of reform during the last decade -- Bolivia and...
Persistent link: https://www.econbiz.de/10005791209
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Properties of Foreign Exchange Risk Premiums
Sarno, Lucio; Schneider, Paul; Wagner, Christian - C.E.P.R. Discussion Papers - 2011
We study the properties of foreign exchange risk premiums that can explain the forward bias puzzle, defined as the tendency of high-interest rate currencies to appreciate rather than depreciate. These risk premiums arise endogenously from the no-arbitrage condition relating the term structure of...
Persistent link: https://www.econbiz.de/10009209825
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130 years of fiscal vulnerabilities and currency crashes in advanced economies
Fratzscher, Marcel; Mehl, Arnaud; Vansteenkiste, Isabel - C.E.P.R. Discussion Papers - 2011
This paper investigates the empirical link between fiscal vulnerabilities and currency crashes in advanced economies over the last 130 years, building on a new dataset of real effective exchange rates and fiscal balances for 21 countries since 1880. We find evidence that crashes depend more on...
Persistent link: https://www.econbiz.de/10009324258