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Pricing to Habits and the Law of One Price
Ravn, Morten O; Schmitt-Grohé, Stephanie; Uribe, Martín - C.E.P.R. Discussion Papers - 2007
This paper proposes a novel international transmission mechanism based on the assumption of deep habits. The term deep habits stands for a preference specification according to which consumers form habits on a good-by-good basis. Under deep habits, firms face more elastic demand functions in...
Persistent link: https://www.econbiz.de/10005791272
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On the Way of EMU Enlargement towards CEECs: What is the Appropriate Exchange Rate Regime?
Maurel, Mathilde - C.E.P.R. Discussion Papers - 2002
counter-cyclical policies; (iii) in a world of increasing financial instability, only corner solutions are feasible; (iv) last …
Persistent link: https://www.econbiz.de/10005136519
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Exchange Rate Regimes and Supply Shocks Asymmetry: The Case of the Accession Countries
Babetskii, Ian; Boone, Laurence; Maurel, Mathilde - C.E.P.R. Discussion Papers - 2002
This Paper reviews the pros and cons of an early EU enlargement towards Central and Eastern European Countries (CEECs hereafter). First, the Maastricht criteria, which cannot be literally assessed during the catching up process, but that nevertheless mirror the huge efforts undertaken in order...
Persistent link: https://www.econbiz.de/10005136684
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China’s Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System
Fratzscher, Marcel; Mehl, Arnaud - C.E.P.R. Discussion Papers - 2011
, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the … global financial crisis. These results are consistent with China’s dominance hypothesis and with the view that the … international monetary system is already tri-polar. However, we also find that China’s currency movements are to some extent …
Persistent link: https://www.econbiz.de/10009371469
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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
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Capital controls and foreign exchange policy
Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2012
The empirical analysis of the paper suggests that an FX policy objective and concerns about an overheating of the domestic economy have been the two main motives for the (re-)introduction and persistence of capital controls over the past decade. Capital controls are strongly associated with...
Persistent link: https://www.econbiz.de/10011083774
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Macroeconomic Order Flows: Explaining Equity and Exchange Rate Returns
Dunne, Peter; Hau, Harald; Moore, Michael - C.E.P.R. Discussion Papers - 2004
Macroeconomic models of equity returns perform poorly. The proportion of daily index returns that these models explain is essentially zero. Instead of relying on macroeconomic determinants, our model includes a concept from microstructure order flow. Order flow is the proximate determinant of...
Persistent link: https://www.econbiz.de/10005788997
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The Euro and the International Financial System
Portes, Richard - C.E.P.R. Discussion Papers - 2001
This Paper analyses the issues raised by EMU for the relationships between the Euro area and the international financial system. The depreciation of the Euro exchange rate since the beginning of EMU has attracted most attention. The Paper argues that theory and the data support none of the...
Persistent link: https://www.econbiz.de/10005792090
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Exchange Rate Regimes and Capital Mobility: How Much of the Swoboda Thesis Survives?
Eichengreen, Barry - C.E.P.R. Discussion Papers - 2008
Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...
Persistent link: https://www.econbiz.de/10005498132
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Exchange Rate Pass-Through into Import Prices
Campa, José Manuel; Goldberg, Linda S. - C.E.P.R. Discussion Papers - 2004
We provide cross-country and time series evidence on the extent of exchange rate pass-through into the import prices of 25 OECD countries. Across the OECD and especially within manufacturing industries, we find compelling evidence of partial pass-through in the short run, rejecting both...
Persistent link: https://www.econbiz.de/10005067536