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Macroeconomic Policy and Institutions During the Transition to European Union Membership
Branson, William H.; Braga de Macedo, Jorge; von Hagen, … - 2021
membership (Czech Republic, Hungary, Poland, and Slovakia). A Multi-Annual Fiscal Adjustment Strategy (MAFAS) and a Pre …
Persistent link: https://www.econbiz.de/10013225816
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Inflation Targeting in Transition Countries : Experience and Prospects
Jonas, Jiri; Mishkin, Frederic S. - 2021
This paper examines the inflation targeting experience in three transition countries: the Czech Republic, Poland and … Hungary. While the examined countries have missed inflation targets often by a large margin, they nevertheless progressed well … with disinflation. A key lesson from the experience of the inflation targeting transition countries is that economic …
Persistent link: https://www.econbiz.de/10013225557
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On the Speed of Transition Central Europe
Aghion, Philippe; Blanchard, Olivier J. - 2003
Poland so far. We then develop a model and use it to think about the determinants of the speed of transition and the level of … unemployment. Finally, we return to the role of policy and the future in Poland, as well as the causes of cross-Central European …
Persistent link: https://www.econbiz.de/10014089271
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Pegs and Pain
Schmitt-Grohé, Stephanie - 2011
We identify a disconnect between historical and model-based assessments of the costs of currency pegs due to nominal rigidities. While the former attribute major contractions and massive unemployment to currency pegs, the latter find miniscule welfare losses. The goal of this paper is to...
Persistent link: https://www.econbiz.de/10013128901
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The International Monetary System : Living with Asymmetry
Obstfeld, Maurice - 2013
This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...
Persistent link: https://www.econbiz.de/10013092069
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Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
Mitchener, Kris James - 2010
We test whether fixed exchange rate regimes are ever credible in emerging markets by analyzing the behavior of short-term domestic trade bills across countries during the classical gold standard period, the most widely used hard peg in modern financial history. We exploit the fact that global...
Persistent link: https://www.econbiz.de/10013150729
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When is it Optimal to Abandon a Fixed Exchange Rate?
Rebelo, Sergio T. - 2007
The influential Krugman-Flood-Garber (KFG) model of balance of payment crises assumes that a fixed exchange rate is abandoned if and only if international reserves reach a critical threshold value. From a positive standpoint, the KFG rule is at odds with many episodes in which the central bank...
Persistent link: https://www.econbiz.de/10012778081
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Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?
Eichengreen, Barry - 2010
have been able to abandon soft peg because of their success in substituting inflation targeting for exchange rate targeting …
Persistent link: https://www.econbiz.de/10012759200
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Real Versus Financial Openness Under Alternative Exchange Rate Regimes
Bruno, Michael - 2010
inflow. Also discussed is the related choice of exchange rate policy as an anti-inflation device …
Persistent link: https://www.econbiz.de/10012760362
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Optimal Exchange Rate Regimes : Turning Mundell-Fleming's Dictum on its Head
Lahiri, Amartya - 2010
A famous dictum in open economy macroeconomics -- which obtains in the Mundell-Fleming world of sticky prices and perfect capital mobility -- holds that the choice of the optimal exchange rate regime should depend on the type of shock hitting the economy. If shocks are predominantly real, a...
Persistent link: https://www.econbiz.de/10012760546