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Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2013

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

Persistent link: https://www.econbiz.de/10010221275

Capital flows in the euro area and TARGET2 balances

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2019

We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...

Persistent link: https://www.econbiz.de/10012034705

German wage moderation and European imbalances : feeding the global VAR with theory

Bettendorf, Timo; León-Ledesma, Miguel A. - 2015

German labor market reforms in the 1990s and 2000s are generally believed to have driven the large increase in the dispersion of current account balances in the Euro Area. We investigate this hypothesis quantitatively. We develop an open economy New Keynesian model with search and matching...

Persistent link: https://www.econbiz.de/10011292316

Monetary policy and unemployment in open economies

Engler, Philipp - 2011

After an expansionary monetary policy shock employment increases and unemployment falls. In standard New Keynesian models the fall in aggregate unemployment does not affect employed workers at all. However, Lüchinger, Meier and Stutzer (2010) found that the risk of unemployment negatively...

Persistent link: https://www.econbiz.de/10009405109

Global value chain participation and exchange rate pass-through

Georgiadis, Georgios; Gräb, Johannes; Khalil, Makram - 2020

This paper draws a causal link between the rise of global value chain participation (GVCP) and the decline of exchange rate pass-through (ERPT) to import prices over the last decades. We first illustrate in a structural two-country model how greater GVCP can reduce ERPT to import prices. In the...

Persistent link: https://www.econbiz.de/10012406049

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

The shocks matter : improving our estimates of exchange rate pass-through

Forbes, Kristin; Hjortsoe, Ida; Nenova, Tsvetelina - 2015

a new focus: incorporating the underlying shocks that cause exchange rate fluctuations when evaluating how these … fluctuations "pass through" into import and consumer prices. We show that in a standard open-economy model the relationship between … exchange rate fluctuations depends on what caused the fluctuations. For example, exchange rate pass-through is relatively large …

Persistent link: https://www.econbiz.de/10011384119

US trade policy and the US dollar

Khalil, Makram; Strobel, Felix - 2021

We investigate the extent to which the effect of the 2018/2019 US import tariff hikes on US (post-tariff) import prices was offset by the concurrent appreciation of the US dollar and trace the source of the appreciation back to US trade policy itself. The dollar response to trade policy...

Persistent link: https://www.econbiz.de/10012792730

The Canadian-U.S. exchange rate : evidence from a vector autoregression

Backus, David - 1982

Persistent link: https://www.econbiz.de/10000347681

A consistent set of multilateral productivity approach-based indicators of price competitiveness

Fischer, Christoph; Hossfeld, Oliver - 2014

We propose a novel, multilaterally consistent productivity approach-based indicator to assess the international price competitiveness of 57 industrialized and emerging economies. It is designed to be a useful assessment tool for monetary policy authorities and, thereby, differs from previously...

Persistent link: https://www.econbiz.de/10010373688

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