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Pegs and Pain
Schmitt-Grohé, Stephanie - 2011
rigidities. While the former attribute major contractions and massive unemployment to currency pegs, the latter find miniscule … connection between macroeconomic volatility and the average level of unemployment and in this way opens the door to large welfare …-standard-deviation decline in tradable output and a two-standard-deviation increase in the country interest rate premium, causes the unemployment …
Persistent link: https://www.econbiz.de/10013128901
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How Big (Small?) are Fiscal Multipliers?
Ilzetzki, Ethan - 2010
We contribute to the debate on the macroeconomic effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a...
Persistent link: https://www.econbiz.de/10013136746
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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
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The International Monetary System : Living with Asymmetry
Obstfeld, Maurice - 2013
system: international liquidity and exchange rate management. Despite radical changes since World War II in the market …
Persistent link: https://www.econbiz.de/10013092069
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The Country Chronologies to Exchange Rate Arrangements into the 21st Century : Will the Anchor Currency Hold?
Ilzetzki, Ethan - 2017
Detailed country-by-country chronologies are an informative companion piece to our paper “Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?,” which provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new measure of...
Persistent link: https://www.econbiz.de/10012963735
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Exchange Arrangements Entering the 21st Century : Which Anchor Will Hold?
Ilzetzki, Ethan - 2017
. Our central finding is that the US dollar scores (by a wide margin) as the world's dominant anchor currency and, by some …
Persistent link: https://www.econbiz.de/10012963738
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On the Global Financial Market Integration “Swoosh” and the Trilemma
Bekaert, Geert - 2017
We propose a simple measure of de facto financial market integration based on a factor model of monthly equity returns, which can be computed back to the first era of financial globalization for 17 countries. Global financial market integration follows a “swoosh” shape – i.e. high...
Persistent link: https://www.econbiz.de/10012963752
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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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Leadership and Cooperation in the European Monetary System : a Simulation Approach
Roubini, Nouriel - 2007
To assess the importance of economic interdependence and the potential gains from policy coordination in the European area, this paper analyzes the international transmission of policies and disturbances in a rational expectation dynamic general equilibrium simulation model of the work economy,...
Persistent link: https://www.econbiz.de/10012777156
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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