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An Equilibrium Theory of Nominal Exchange Rates
Hagedorn, Marcus - 2021
This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …
Persistent link: https://www.econbiz.de/10013212261
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Nonlinearities and Asymmetric Adjustment to PPP in an Exchange Rate Model with Inflation Expectations
Anderl, Christina; Caporale, Guglielmo Maria - 2021
This paper estimates a model of the real exchange rate including standard fundamentals as well as two alternative measures of inflation expectations for five inflation targeting countries (UK, Canada, Australia, New Zealand, Sweden) over the period January 1993-July 2019. Both a benchmark linear...
Persistent link: https://www.econbiz.de/10013243236
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The Global Effects of COVID-19-Induced Uncertainty
Caggiano, Giovanni - 2020
We estimate a three-variate VAR using proxies of global financial uncertainty, the global financial cycle, and world … outbreak. We predict the cumulative loss in world output one year after the uncertainty shock due to Covid-19 to be about 14% …
Persistent link: https://www.econbiz.de/10012834352
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Optimal Policy Under Dollar Pricing
Egorov, Konstantin - 2020
rest of the world. International cooperation benefits other countries by improving global demand for dollar-invoiced goods …
Persistent link: https://www.econbiz.de/10012834360
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Macroeconomics and the Environment : A Selective Survey
Sen, Partha - 2020
? National income accounts do not take into account non-market activities. Some progress has been made in the theory and …
Persistent link: https://www.econbiz.de/10012839360
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The Econometrics of Oil Market VAR Models
Kilian, Lutz - 2020
Oil market VAR models have become the standard tool for understanding the evolution of the real price of oil and its impact in the macro economy. As this literature has expanded at a rapid pace, it has become increasingly difficult for mainstream economists to understand the differences between...
Persistent link: https://www.econbiz.de/10012839764
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The Falling Elasticity of Global Trade to Economic Activity : Testing the Demand Channel
Auboin, Marc - 2018
Since the recovery from the great financial crisis in 2010, global real trade flows grew much slower than pre-crisis, in both absolute terms (growth rates) and relative terms (relative to GDP, from 2:1 in the great 1990’s to 1:1 since 2012) A debate has arisen as to whether this global trade...
Persistent link: https://www.econbiz.de/10012908674
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Simple Rules for Climate Policy and Integrated Assessment
van der Ploeg, Rick - 2018
A simple integrated assessment framework that gives rules for the optimal carbon price, transition to the carbon-free era and stranded carbon assets is presented, which highlights the ethical, economic, geophysical and political drivers of optimal climate policy. For the ethics we discuss the...
Persistent link: https://www.econbiz.de/10012908688
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Coups, Regime Transition, and the Dynamics of Press Freedom
Bjørnskov, Christian - 2018
This paper explores the dynamics of press freedom around events that threaten or oust the incumbent regime of a country. While democracies on average grant the press more freedom, our theoretical starting point is that democracies and autocracies may have similar incentives to protect the power...
Persistent link: https://www.econbiz.de/10012908729
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Arming in the Global Economy : The Importance of Trade with Enemies and Friends
Garfinkel, Michelle R. - 2019
between enemies versus trade between friends to provide some evidence that is consistent with the theory …
Persistent link: https://www.econbiz.de/10012892081