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A Test of Portfolio Crowding-Out and Related Issues in Finance

Frankel, Jeffrey A. - 2008

This paper tests hypotheses regarding the parameters in investors'asset demand functions. Most important is the hypothesis that federal bonds are closer substitutes for equity than for money; it is associated with the hypothesis of quot;portfolio crowding outquot; by federal borrowing. Previous...

Persistent link: https://www.econbiz.de/10012774701

Recent Estimates of Time-Variation in the Conditional Variance and in the Exchange Risk Premium

Frankel, Jeffrey A. - 2007

risk premium and the conditional exchange rate variance. This note surveys recent empirical work that allows for the … conditional variance itself, and therefore the risk premium, to vary over time. In particular, it examines the implications of … time, that the exchange risk premium had to be small in magnitude and variability …

Persistent link: https://www.econbiz.de/10012777257

The Sources of Disagreement Among International Macro Models and Implications for Policy Coordination

Frankel, Jeffrey A. - 2021

This paper makes use of the simulation results of 12 leading large international econometric models, as to the effects …

Persistent link: https://www.econbiz.de/10013234952

Is Trade Good or Bad for the Environment? Sorting Out the Causality

Frankel, Jeffrey A.; Rose, Andrew - 2021

evidence that trade has the detrimental effect on the environment that the race-to-the-bottom theory would lead one to expect …

Persistent link: https://www.econbiz.de/10013215340

Global Transmission of Interest Rates : Monetary Independence and Currency Regime

Frankel, Jeffrey A.; Schmukler, Sergio L.; Servén, Luis - 2021

Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affects the sensitivity of local interest rates to international interest rates. In most cases, we cannot reject full transmission of international...

Persistent link: https://www.econbiz.de/10013216098

Open Regionalism in a World of Continental Trade Blocs

Wei, Shang-jin; Frankel, Jeffrey A. - 2021

Continental trade blocs are emerging in many parts of the world almost in tandem. If trade blocs are required to satisfy the McMillan criterion of not lowering their trade volume with outside countries, they have to engage in a dramatic reduction of trade barriers against non-member countries....

Persistent link: https://www.econbiz.de/10013225933

Patterns in Exchange Rate Forecasts for 25 Currencies

Chinn, Menzie David; Frankel, Jeffrey A. - 2021

We investigate the properties of exchange rate forecasts with a data set encompassing a broad cross section of currencies. The key finding is that expectations appear to be biased in our sample. This result is robust to the possibility of random measurement error in the survey measures....

Persistent link: https://www.econbiz.de/10013226080

Estimating the Effect of Currency Unions on Trade and Output

Frankel, Jeffrey A.; Rose, Andrew - 2021

Gravity-based cross-sectional evidence indicates that currency unions stimulate trade; cross-sectional evidence indicates that trade stimulates output. This paper estimates the effect that currency union has, via trade, on output per capita. We use economic and geographic data for over 200...

Persistent link: https://www.econbiz.de/10013222899

No Single Currency Regime is Right for All Countries or at All Times

Frankel, Jeffrey A. - 2021

This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general movement toward fixing, or a general movement toward either extreme and away from the middle. The whole spectrum from fixed to floating is covered...

Persistent link: https://www.econbiz.de/10013218806