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Foreign exchange interventions and their impact on expectations : evidence from the USD/ILS options market
Hertrich, Markus; Nathan, Daniel - 2022
Using confidential daily data, we analyse how the intervention episode of the Bank of Israel (BOI) from 2013 to 2019 …
Persistent link: https://www.econbiz.de/10013259481
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Global monetary and financial spillovers : evidence from a new measure of Bundesbank policy shocks
Cloyne, James S.; Hürtgen, Patrick; Taylor, Alan M. - 2022
Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using … newly-collected archival real-time data utilized by the Central Bank Council of the German Bundesbank, we identify … monetary contraction. But given Germany's central role in the European Monetary System (EMS), we can also shed light on debates …
Persistent link: https://www.econbiz.de/10013361910
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Foreign exchange interventions under a one-sided target zone regime and the Swiss franc
Hertrich, Markus - 2020
From September 2011 to January 2015, the Swiss National Bank (SNB) implemented a minimum exchange rate regime (i.e. a …
Persistent link: https://www.econbiz.de/10012197889
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Dynamics of the exchange rate in anticipation of pegging
Djajić, Slobodan - 1986
Persistent link: https://www.econbiz.de/10003526417
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The dynamic impact of FX interventions on financial markets
Menkhoff, Lukas; Rieth, Malte; Heidland, Tobias - 2019
shocks significantly affect exchange rates and that this impact persists for months. We show for Japan and the US that …
Persistent link: https://www.econbiz.de/10012138448
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Monetary policy actions, intervention, and exchange rates : a re-examination of the empirical relationships using federal funds rate target data
Bonser-Neal, Catherine; Roley, V. Vance; Sellon, Gordon H. - 1997
Persistent link: https://www.econbiz.de/10000648448
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Optimal fiscal substitutes for the exchange rate in a monetary union
Kaufmann, Christoph - 2016
This paper studies Ramsey-optimal monetary and fiscal policy in a New Keynesian 2-country open economy framework, which is used to assess how far fiscal policy can substitute for the role of nominal exchange rates within a monetary union. Giving up exchange rate flexibility leads to welfare...
Persistent link: https://www.econbiz.de/10011561923
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Exploring the role of exchange rate in inflation targeting : evidence from Thailand
Pongsak Luangaram; Nipit Wongpunya - 2022
Persistent link: https://www.econbiz.de/10013262839
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Do exchange rates absorb demand shocks at the ZLB?
Hoffmann, Mathias; Hürtgen, Patrick - 2021
According to the two-country full information New Keynesian model with flexible exchange rates, the real exchange rate appreciates in response to an asymmetric negative demand shock at the zero lower bound (ZLB) and exacerbates the adverse macroeconomic effects. This finding requires inflation...
Persistent link: https://www.econbiz.de/10012510174
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Exchange rate depreciations and local business cycles : the role of bank loan supply
Beck, Thorsten; Bednarek, Peter; Kaat, Daniel Marcel te; … - 2021
This paper uses matched bank-firm-level data and the 2014 depreciation of the euro to show that exchange rate … depreciations lead to increased bank loan supply of large banks with significant net foreign asset exposure. This increase in …
Persistent link: https://www.econbiz.de/10012792736