Showing 1 - 10 of 12
policies. From the estimation exercise, we find that a more extensive implementation of macroprudential policies would lead PHs …
Persistent link: https://www.econbiz.de/10012453608
Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area) -- are subjected to a minimalist structural interpretation. Though simple, this interpretation enables us to assess how much of each of the imbalances require a real exchange...
Persistent link: https://www.econbiz.de/10012466819
Several alternative measures of "effective" exchange rates are discussed in the context of their theoretical underpinnings and actual construction. Focusing on contemporary indices and recently developed econometric methods, the empirical characteristics of these differing series are examined,...
Persistent link: https://www.econbiz.de/10012467158
The hypothesis that interest rate differentials are unbiased predictors of future exchange rate movements has been almost universally rejected in empirical studies. In contrast to previous studies, which have used short-horizon data, we test this hypothesis using interest rates on...
Persistent link: https://www.econbiz.de/10012467610
trade flows, competition in third markets, bank lending, and foreign direct investment. Estimates suggest that both cross …
Persistent link: https://www.econbiz.de/10012469145
This paper examines the stability of import and export demand functions for the United States over the 1975q1-2001q2 period. Using the Johansen maximum likelihood approach, an export demand function is readily identified. In contrast, there appears to be a structural break in the import demand...
Persistent link: https://www.econbiz.de/10012469181
We examine the properties of the ASA-NBER forecasts for several US macroeconomic variables, specifically: (i) are the actual and forecast series integrated of the same order; (ii) are they cointegrated, and; (iii) is the cointegrating vector consistent with long run unitary elasticity of...
Persistent link: https://www.econbiz.de/10012471881
A sticky-price model is used to motivate a structural VAR analysis of the current account and the real exchange rate for seven major industrialized countries (the US, Canada, the UK, Japan, Germany, France and Italy). The analysis is distinguished from previous work in that it adopts minimal...
Persistent link: https://www.econbiz.de/10012472307
I implement two major approaches to identifying the equilibrium exchange rate. First, the concept of purchasing power parity is tested and used to define the equilibrium real exchange rate for the Indonesian rupiah, Korean won, Malaysian ringgit, Philippine peso, Singapore dollar, Taiwanese...
Persistent link: https://www.econbiz.de/10012472311
. Perhaps the most interesting finding is that the Bank of Japan appears to react to inflation over longer forecast horizons as …
Persistent link: https://www.econbiz.de/10012472722