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Price Behavior in the Light of Balance of Payments Theories

Kravis, Irving B.; Lipsey, Robert E. - 2021

The purpose of this paper is to describe the behavior of that subset of prices and price indexes that is relevant to the theory of balance of payments adjustment. The theoretical writings on the balance of payments may be viewed at this juncture as falling into two main groups -- the "standard"...

Persistent link: https://www.econbiz.de/10013221120

Speculative Attacks and Models of Balance-of-Payments Crises

Agenor, Pierre-Richard; Bhandari, Jagdeep S.; Flood, … - 2021

This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as:...

Persistent link: https://www.econbiz.de/10013239338

Speculative Attack and the External Constraint in a Maximizing Model of the Balance of Payments

Obstfeld, Maurice - 2021

This paper analyzes inevitable transitions between fixed and floating exchange-rate regimes in a balance-of-payments model where individual preferences are explicitly specified. The goal is to assessthe analogy between speculative attacks in foreign exchange markets and attacks on official...

Persistent link: https://www.econbiz.de/10013312502

Is Deflation Depressing? Evidence from the Classical Gold Standard

Bordo, Michael D.; Redish, Angela - 2021

United States and Canada, 1870-1913. Both countries adhered to the international gold standard. This meant that the domestic … response to supply' shocks. For Canada the results are murkier. As in the U.S., the money supply shocks before 1896 are … shocks play a larger role in determining output behavior in Canada. The key conclusion of our analysis is that the simple …

Persistent link: https://www.econbiz.de/10013220513

Dynamic Strategic Monetary Policies and Coordination in Interdependent Economies

Turnovsky, Stephen - 2007

This paper develops strategic monetary policies using a standard two-country macro model under flexible exchange rates. The equilibria considered include feedback Nash and feedback Stackelberg, both of which are compared to the Pareto optimal cooperative equilibrium. The optimal policies are...

Persistent link: https://www.econbiz.de/10012777253

Self-Fulfillment Expectations, Speculation Attacks, and Capitol Controls

Dellas, Harris - 2010

This paper examines the endogenous implementation of capital controls in the context of a fixed exchange rate regime. It is shown that if there exists a non-zero probability that the policymaker's response to a speculative attack on official foreign reserves will be the introduction of controls,...

Persistent link: https://www.econbiz.de/10012763416

Dominant Currency Paradigm

Casas, Camila - 2016

Most trade is invoiced in very few currencies. Yet, standard models assume prices are set in either the producer's or destination's currency. We present instead a ‘dominant currency paradigm' with three key features: pricing in a dominant currency, pricing complementarities, and imported input...

Persistent link: https://www.econbiz.de/10012977277

Exchange Controls, Capital Controls, and International Financial Markets

Stockman, Alan C.; Hernandez D, Alejandro - 2021

This paper examines the effects of restrictions on international financial markets. We analyze a general equilibrium, rational expectations model of a two-country world in which well-functioning international financial markets premit trade in all state-contingent securities except insofar as...

Persistent link: https://www.econbiz.de/10013232761

Cryptocurrencies, Currency Competition, and the Impossible Trinity

Benigno, Pierpaolo - 2019

We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a risk-...

Persistent link: https://www.econbiz.de/10012863687

International Macroeconomics : Beyond the Mundell-Fleming Model

Obstfeld, Maurice - 2021

This lecture presents a broad overview of postwar analytical thinking on international macroeconomics, culminating in a more detailed discussion of very recent progress. Along the way, it reviews important empirical evidence that has inspired alternative modeling approaches, as well as...

Persistent link: https://www.econbiz.de/10013227875

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