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Do Real Exchange Rate Appreciations Matter for Growth?

Bussière, Matthieu; Lopez, Claude; Tille, Cédric - Institut für Weltwirtschaft (IfW) - 2014

While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on "currency wars". However, in spite of its prevalence in the...

Persistent link: https://www.econbiz.de/10010886950

Trend Growth and Learning About Monetary Policy Rules in a Two-Block World Economy

Schaling, Eric; Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2013

Available evidence supports the view that growth is faster in more open economies. In order to analyze the implications of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two-country New Keynesian model with growth. We analyze these...

Persistent link: https://www.econbiz.de/10010886862

A Preliminary Evaluation of Monetary Policy Rules for Russia

Esanov, Akram; Merkl, Christian; Souza, Lúcio Vinhas de - Institut für Weltwirtschaft (IfW) - 2004

The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our...

Persistent link: https://www.econbiz.de/10005076111

Contagion Risk in the Interbank Market: A Probabilistic Approach to cope with Incomplete Structural Information

Montagna, Mattia; Lux, Thomas - Institut für Weltwirtschaft (IfW) - 2014

for the contagion after default of one unit (i.e. number of expected subsequent defaults, or their probabilities). For …

Persistent link: https://www.econbiz.de/10010905564

Hubs and resilience: towards more realistic models of the interbank markets

Montagna, Mattia; Lux, Thomas - Institut für Weltwirtschaft (IfW) - 2013

This paper uses a toy financial system to study systemic risk in scale-free interbank networks. Networks are produced according to a fitness algorithm, combined with a representation of the balance sheets of the banks. Our generating processes for interbank networks are designed in a way to...

Persistent link: https://www.econbiz.de/10010905570

Contagion Between European and US Banks: Evidence from Equity Prices

Fricke, Daniel - Institut für Weltwirtschaft (IfW) - 2010

This paper employs an Extreme Value Theory framework to investigate the existence of contagion between European and US … finding market-based indicators in order to analyze the effects of crises and to quantify the risk of contagion. The Distance … coexceedances allows to interpret significant coefficients of foreign lagged coexceedances as contagion. The main finding is that …

Persistent link: https://www.econbiz.de/10008764567

The Optimal Inflation Rate and Firm-Level Productivity Growth

Weber, Henning - Institut für Weltwirtschaft (IfW) - 2012

Empirical data show that firms tend to improve their ranking in the productivity distribution over time. A sticky-price model with firm-level productivity growth fits this data and predicts that the optimal long-run inflation rate is positive and between 1.5% and 2% per year. In contrast, the...

Persistent link: https://www.econbiz.de/10010886886

Alternative Paths Towards EMU: Lessons from an Expanded Mundell-Fleming Model for the Accession Countries

Souza, Lúcio Vinhas de; Ledrut, Elisabeth - Institut für Weltwirtschaft (IfW) - 2002

A small expectations-expanded "Mundell-Fleming" model is built for the European Union Accession Countries and estimated to assess the optimality of different exchange rate regimes (a peg and a float) through a simple welfare function. Floating appears as the best option for most of the countries...

Persistent link: https://www.econbiz.de/10005076124

Inflation Expectations, the Phillips Curve and Monetary Policy

Millet, Fabien Curto - Institut für Weltwirtschaft (IfW) - 2007

Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the real and monetary sides of the economy; yet, direct empirical research on the matter has been scarce at best. This paper therefore examines the empirical properties of inflation...

Persistent link: https://www.econbiz.de/10005700546

International Exchange Rate Systems - Where do we Stand?

Siebert, Horst - Institut für Weltwirtschaft (IfW) - 2006

This paper analyzes institutional arrangements for exchange rate systems and reviews what we know. It looks at the foreign exchange market, different balance of payment situations in which countries find themselves and the necessary exchange rate adjustments. It studies the options that are...

Persistent link: https://www.econbiz.de/10005700582