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Exchange Rate Shocks and Inflation Comovement in the Euro Area
Leiva‐Leon, Danilo - 2020
This paper decomposes the time-varying effect of exogenous exchange rate shocks on euro area countries inflation into … quarters of the past six years, especially in turning point periods. Our main results indicate that headline inflation in euro … inflation this increasing sensitivity is solely reliant on a sustained surge in the degree of comovement, for energy inflation …
Persistent link: https://www.econbiz.de/10012838756
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Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery
Schnabl, Gunther - 2008
Since the introduction of the euro in January 1999, exchange rate stability at the periphery of the euro area is growing. The paper investigates the impact of exchange rate stability on growth for a sample of 41 mostly small open economies at the EMU periphery. It identifies international trade,...
Persistent link: https://www.econbiz.de/10012773503
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Monetary Policy Spillovers, Capital Controls and Exchange Rate Flexibility, and the Financial Channel of Exchange Rates
Georgiadis, Georgios - 2019
We assess the empirical validity of the trilemma (or impossible trinity) in the 2000s for a large sample of advanced and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local policy rate to real-time forecasts of domestic fundamentals,...
Persistent link: https://www.econbiz.de/10012872104
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Does a Big Bazooka Matter? Central Bank Balance-Sheet Policies and Exchange Rates
Dedola, Luca; Georgiadis, Georgios; Gräb, Johannes; … - 2021
We estimate the effects of quantitative easing (QE) measures by the ECB and the Federal Reserve on the US dollar-euro exchange rate at frequencies and horizons relevant for policymakers. To do so, we derive a theoretically-consistent local projection regression equation from the standard asset...
Persistent link: https://www.econbiz.de/10013315385
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Domestic and Multilateral Effects of Capital Controls in Emerging Markets
Pasricha, Gurnain Kaur - 2015
Using a novel dataset on changes in capital controls and currency-based prudential measures in 17 major emerging market economies (EMEs) over the period 2001-2011, this paper provides new evidence on domestic and multilateral (or spillover) effects of capital controls before and after the global...
Persistent link: https://www.econbiz.de/10013016947
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On the Credit and Exchange Rate Channels of Central Bank Asset Purchases in a Monetary Union
Darracq Paries, Matthieu - 2019
Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single monetary policy. The ECB broadened the scope of its instruments and enacted a series of non-standard measures to engineer an appropriate degree of policy accommodation. The...
Persistent link: https://www.econbiz.de/10012889467
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How Does Information Affect the Comovement between Interest Rates and Exchange Rates?
Sanchez, Marcelo - 2021
This paper compares the link between exchange rates and interest rates under full information and two alternative asymmetric information approaches. It also distinguishes between cases of expansionary and contractionary depreciations. Full information results are not robust to the presence of...
Persistent link: https://www.econbiz.de/10013317653
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External Shocks and International Inflation Linkages : A Global VAR Analysis
Galesi, Alessandro - 2009
and food price shocks on a given set of countries. Secondly, we assess the importance of inflation linkages among … exist among regions. In addition, a considerable part of the observed headline inflation rises is attributable to foreign …
Persistent link: https://www.econbiz.de/10013159237
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Does the Euro Make a Difference? Spatio-Temporal Transmission of Global Shocks to Real Effective Exchange Rates in an Infinite VAR
Bussière, Matthieu - 2011
, the paper applies a newly developed methodology based on infinite VAR theory featuring a dominant unit to a large set of …
Persistent link: https://www.econbiz.de/10013130602
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Do China and Oil Exporters Influence Major Currency Configurations?
Fratzscher, Marcel - 2015
This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US dollar exchange rate regimes remain pervasive and...
Persistent link: https://www.econbiz.de/10012749953