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Exchange Rates in Emerging Economies : What Do We Know? What Do We Need to Know?
Edwards, Sebastian; Savastano, Miguel A. - 2021
flexible exchange rates, the relationship between exchange rate volatility and growth, and the role of exchange rate …
Persistent link: https://www.econbiz.de/10013235601
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Obstfeld and Rogoff's International Macro Puzzles : A Quantitative Assessment
Eaton, Jonathan - 2015
a counterfactual world without trade frictions in manufactures. Removing these trade frictions goes a long way toward …
Persistent link: https://www.econbiz.de/10013010717
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Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
Chernyshoff, Natalia - 2010
Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in … the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of …
Persistent link: https://www.econbiz.de/10012761895
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Real Exchange Rate Movements and the Relative Price of Non-Traded Goods
Betts, Caroline M. - 2009
We study the quarterly bilateral real exchange rate and the relative price of non-traded to traded goods for 1225 country pairs over 1980-2005. We show that the two variables are positively correlated, but that movements in the relative price measure are smaller than those in the real exchange...
Persistent link: https://www.econbiz.de/10012765991
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Exchange Rates and Local Labor Markets
Goldberg, Linda S.; Tracy, Joseph S. - 2000
We document the consequences of real exchange rate movements for the employment, hours, and hourly earnings of workers in manufacturing industries across individual states. Exchange rates have statistically significant wage and employment implications in these local labor markets. The importance...
Persistent link: https://www.econbiz.de/10014193865
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Inflation Targeting and Real Exchange Rates in Emerging Markets
Aizenman, Joshua - 2010
We investigate inflation targeting (IT) in emerging markets, focusing on the role of the real exchange rate and the distinction between commodity and non-commodity exporters. IT emerging markets appear to follow a quot;mixed strategyquot; whereby both inflation and real exchange rates are...
Persistent link: https://www.econbiz.de/10012758026
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Causes of Appreciation and Volatility of the Dollar with Comment by Jacob Frenkel
Branson, William H.; Frenkel, Jacob A. - 2021
In 1981 real interest rates in the United States increased spectacularly, and the dollar appreciated in real terms by about 20 percent. Since the end of 1981, long-term real interest rates have remained in the range of 5-10 percent, with nominal long rates above short rates. The dollar...
Persistent link: https://www.econbiz.de/10013228754
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Expenditure Switching vs. Real Exchange Rate Stabilization : Competing Objectives for Exchange Rate Policy
Devereux, Michael B. - 2009
exchange rate so as to facilitate terms of trade adjustment. We show that optimal nominal exchange rate volatility will reflect … bias in production. Quantitatively, we find the optimal exchange rate volatility should be significantly less than would be … optimal exchange rate volatility may be non-monotonic …
Persistent link: https://www.econbiz.de/10012767336
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Do Sticky Prices Increase Real Exchange Rate Volatility at the Sector Level?
Crucini, Mario J.; Shintani, Mototsugu; Tsuruga, Takayuki - 2021
We introduce the real exchange rate volatility curve as a useful device to understand the role of price stickiness in … theory predicts that the real exchange rate volatility curve is a U-shaped function of the degree of price stickiness. Using … sector-level European real exchange rate data and frequency of price changes, we estimate the volatility curve. The results …
Persistent link: https://www.econbiz.de/10013311936
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Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect
Devereux, Michael B.; Engel, Charles - 2021
This paper explores the hypothesis that high volatility of real and nominal exchange rates may be due to the fact that … necessary to construct such an explanation for exchange rate volatility. In addition to the presence of local currency pricing … parity. Together, it is shown that these elements can produce exchange rate volatility that is much higher than shocks to …
Persistent link: https://www.econbiz.de/10013239949