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Fiscal Discipline and Exchange Rate Regimes

Canzoneri, Matthew B; Cumby, Robert; Diba, Behzad - C.E.P.R. Discussion Papers - 1998

This paper explores the implications of a new theory of price determination (due to Leeper, Woodford and Sims) for the maintenance of various exchange rate systems – crawling pegs, fixed pegs, and common currency areas. It shows that deeper monetary integration requires more fiscal discipline,...

Persistent link: https://www.econbiz.de/10005788891

The Choice of Exchange Rate Regime in Developing Countries: A Multinational Panel Analysis

von Hagen, Jürgen; Zhou, Jizhong - C.E.P.R. Discussion Papers - 2004

This Paper analyses the choices of exchange rate regimes in developing countries since 1980. Static and dynamic random-effects multinomial panel models are estimated using simulation-based techniques. Explanatory variables include OCA fundamentals, stabilization considerations, currency crises...

Persistent link: https://www.econbiz.de/10005789054

How to Exit from Fixed Exchange Rate Regimes

Asici, Ahmet Atil; Ivanova, Nadezhda; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2005

This paper improves upon the recently developed literature on exits from fixed exchange rate regimes in three ways: 1) It allows for two indicators for post-exit macroeconomic conditions, the change in the exchange rate and the change in the output gap; 2) it tests whether the distinction...

Persistent link: https://www.econbiz.de/10005791275

Monetary Policy Rules and the Exchange Rate

Benigno, Gianluca; Benigno, Pierpaolo - C.E.P.R. Discussion Papers - 2001

A positive and normative evaluation of alternative monetary policy regimes is addressed in a two-country general equilibrium model. The behaviour of the exchange rate, as well as of the other macroeconomic variables, depends crucially on the monetary regime chosen, though not necessarily on...

Persistent link: https://www.econbiz.de/10005791437

On the Robustness of Short Run Gains from Trade Reform

Rees, Lucy; Tyers, Rod - Research School of Economics, College of Business and … - 2004

The long run gains from reductions in distortionary tariffs are robustly positive in neoclassical economies. In the short run, however, depending on the prevailing exchange rate and tax regimes, a combination of producer price deflation and nominal wage stickiness can cause trade liberalisation...

Persistent link: https://www.econbiz.de/10004970064

The Choice of Exchange Rate Regimes: An Empirical Analysis for Transition Economies

von Hagen, Jürgen; Zhou, Jizhong - C.E.P.R. Discussion Papers - 2002

We analyse the choice of exchange rate regimes of the 25 transition economies in Europe and the CIS after 1990. The empirical results show that the traditional Optimum Currency Area considerations provide relevant guidance for the exchange rate regime choices in these countries. Moreover,...

Persistent link: https://www.econbiz.de/10005136488

Floats, pegs and the transmission of fiscal policy

Corsetti, Giancarlo; Kuester, Keith; Müller, Gernot - C.E.P.R. Discussion Papers - 2011

According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper we reconsider the transmission of shocks to government spending across these regimes within a standard new-Keynesian model of a small open economy. Because of...

Persistent link: https://www.econbiz.de/10008784752

Exchange rate regimes and fiscal multipliers

Born, Benjamin; Juessen, Falko; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

Does the fiscal multiplier depend on the exchange rate regime and, if so, how strongly? To address this question, we first estimate a panel vector autoregression (VAR) model on time-series data for OECD countries. We identify the effects of unanticipated government spending shocks in countries...

Persistent link: https://www.econbiz.de/10011083977

Financial Stability, the Trilemma, and International Reserves

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....

Persistent link: https://www.econbiz.de/10005661901

Remittances and the Brain Drain

Faini, Riccardo - C.E.P.R. Discussion Papers - 2006

home thanks to a relatively larger flow of remittances. Skilled migrants typically earn relatively more and, ceteris … flow of remittances from skilled migrants. Hence, the sign of the impact of the brain drain on total remittances is an … home out of a given flow of earnings abroad. We then derive an empirical equation of remittances and estimate it on a large …

Persistent link: https://www.econbiz.de/10005114298

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