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Overvalued : Swedish monetary policy in the 1930s
Rathke, Alexander; Straumann, Tobias; Woitek, Ulrich - 2011
economy using Bayesian methods. We find that the model captures the key dynamics of the period surprisingly well. Importantly …
Persistent link: https://www.econbiz.de/10009489289
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China's exchange rate and international adjustment in wages, prices, and interest rates : Japan déjà vu?
McKinnon, Ronald I. (contributor);  … - 2006
Persistent link: https://www.econbiz.de/10003364046
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Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan
Schnabl, Gunther - 2016
The paper argues that persistent current account surpluses and increasing foreign currency-denominated asset positions constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate cuts and appreciation expectation shocks. For...
Persistent link: https://www.econbiz.de/10011475972
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Analyzing structural reforms using a behavioral macroeconomic model
De Grauwe, Paul; Ji, Yuemei - 2017
We use a behavioral macroeconomic model to analyze how structural reforms affect the economy in the short and in the … second one raises potential output in the economy. We find that structural reforms that increase the flexibility of wages and … rigid economy. Finally, we analyze how structural reforms change the tradeoffs between output and inflation variability. Our …
Persistent link: https://www.econbiz.de/10011663556
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Macroeconomic policy making, exchange rate adjustment and current account imbalances in emerging markets
Duarte, Pablo; Schnabl, Gunther - 2014
Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...
Persistent link: https://www.econbiz.de/10010431297
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The evolution of the East Asian currency baskets : still undisclosed and changing
Schnabl, Gunther (contributor) - 2006
Persistent link: https://www.econbiz.de/10003457702
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Macroeconomic factors and micro-level bank risk
Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - 2010
The interplay between banks and the macroeconomy is of key importance for financial and economic stability. We analyze this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U.S. macroeconomy. The model includes GDP growth, inflation, the...
Persistent link: https://www.econbiz.de/10008697545
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Shooting on a moving target : explaining European Bank rates during the interwar period
Wandschneider, Kirsten; Wolf, Nikolaus - 2009
This paper describes the monetary policy response of countries during the inter-war period. How did central banks react to the Great Depression? How did countries balance the externals demands of the gold standard with domestic policy pressures? What was the optimal level of international policy...
Persistent link: https://www.econbiz.de/10003854474
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Hitting and hoping? : meeting the exchange rate and inflation criteria during a period of nominal convergence
Lewis, John (contributor) - 2007
Persistent link: https://www.econbiz.de/10003463137
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Inflation targeting by debtor central banks in emerging market economies
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2010
Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central...
Persistent link: https://www.econbiz.de/10003994520