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Conditional PPP and Real Exchange Rate Convergence in the Euro Area

Bergin, Paul R. - 2016

While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing shocks. We find that when countries joining the euro currency union abandoned their national exchange...

Persistent link: https://www.econbiz.de/10012998959

Real Exchange Rates and Sectoral Productivity in the Eurozone

Berka, Martin - 2014

the Eurozone. Real exchange rate patterns closely accord with an amended Balassa-Samuelson interpretation, both in cross …-section and time series. We construct a sticky price dynamic general equilibrium model to generate a cross-section and time series … from simulated regressions are very similar to the empirical estimates for the Eurozone. Our findings contrast with …

Persistent link: https://www.econbiz.de/10013047029

A Primer on Real Effective Exchange Rates : Determinants, Overvaluation, Trade Flows and Competitive Devaluation

Chinn, Menzie David - 2021

misalignment, (ii) testing the Balassa-Samuelson effect, (iii) estimating the price responsiveness of trade flows, and (iv …

Persistent link: https://www.econbiz.de/10013222072

Uncovered Interest Parity, Forward Guidance, and the Exchange Rate

Galí, Jordi - 2022

Under uncovered interest parity (UIP), the size of the effect on the real exchange rate of an anticipated change in real interest rate differentials is invariant to the horizon at which the change is expected. Empirical evidence using US, euro area and UK data points to a substantial deviation...

Persistent link: https://www.econbiz.de/10013324699

Mpc Heterogeneity in Europe : Sources and Policy Implications

Ampudia, Miguel - 2018

income ratios by education and country. The policy functions based upon the estimation are used to characterize the …

Persistent link: https://www.econbiz.de/10012910644

Exchange-Rate Pass-Through to Import Prices in the Euro Area

Campa, José Manuel - 2009

This paper presents an empirical analysis of transmission rates from exchange rate movements to import prices, across countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of exchange rate changes to import prices in the short run...

Persistent link: https://www.econbiz.de/10012767524

A Phillips Curve for the Euro Area

Ball, Laurence - 2019

This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which is less volatile than the common measure of inflation...

Persistent link: https://www.econbiz.de/10012859682

Mussa Redux and Conditional PPP

Bergin, Paul R. - 2012

Long half-lives of real exchange rates are often used as evidence against monetary sticky price models. In this study we show how exchange rate regimes alter the long-run dynamics and half-life of the real exchange rate, and we recast the classic defense of such models by Mussa (1986) from an...

Persistent link: https://www.econbiz.de/10013101514

Monetary Policy and the Predictability of Nominal Exchange Rates

Eichenbaum, Martin - 2017

This paper studies how the monetary policy regime affects the relative importance of nominal exchange rates and inflation rates in shaping the response of real exchange rates to shocks. We document two facts about inflation-targeting countries. First, the current real exchange rate predicts...

Persistent link: https://www.econbiz.de/10012963169

The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations

Burstein, Ariel T. - 2006

Persistent link: https://www.econbiz.de/10012783642

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