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A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers

Gourinchas, Pierre-Olivier; Ray, Walker; Vayanos, Dimitri - National Bureau of Economic Research - 2022

segmentation is partly overcome by global arbitrageurs with limited capital. Our model accounts for the empirically documented …

Persistent link: https://www.econbiz.de/10013172174

The Response of Interest Rates to the Federal Reserve's Weekly Money Announcements : The "Puzzle" of Anticipated Money

Deaves, Richard - 1987

Researchers, using the survey conducted by Money Market Services, Inc., have found that the anticipated component in the Federal Reserve's weekly money supply announcement is negatively correlated with the post- announcement change in market yields. We prove that eliminating a (downward) bias in...

Persistent link: https://www.econbiz.de/10012476944

Interest Rate and Exchange Rate Determination

Fair, Ray C. - 1986

Since Meese and Rogoff's (1983) results, the view has become fairly widespread that structural models of exchange rates are not very good. There is, however, somewhat of a dichotomy in the literature between those who deal with small models, where the focus is almost exclusively on exchange...

Persistent link: https://www.econbiz.de/10012476964

A Standard Monetary Model and the Variability of the Deutschemark-DollarExchange Rate

West, Kenneth D. - 1986

This paper uses a novel teat to see whether the Herse (1985) and Woo (1985) models are consistent with the variability of the deutschemark - dollar exchange rate 1974-1984. The answer, perhaps surprisingly, is yes. Both models, however, explain the month to month variability as resulting in a...

Persistent link: https://www.econbiz.de/10012476967

Expected Fiscal Policy and the Recession of 1982

Branson, William H. - 1985

The Economic Recovery Tax Act of 1981 had one aspect that is unusually useful for economic analysis. It provided an example of a clear-cut announcement of future policy actions at specified dates.This provides an opportunity to apply recent advances in the analysis of expectations dynamics to...

Persistent link: https://www.econbiz.de/10012477293

Was it Real? The Exchange Rate-Interest Differential Relation, 1973-1984

Meese, Richard - 1985

The main result of Meese and Rogoff [1983 a,b] is that small structural exchange rate models forecast major dollar exchange rates no better than a naive random walk model. This result obtains even when the model forecasts are based on actual realized values of the explanatory variables. Here we...

Persistent link: https://www.econbiz.de/10012477347

Interest Rates, Money Supply Announcements, and Monetary Base Announcements

Huizinga, John - 1985

This paper presents a new set of empirical regularities on the link between interest rates, money supply announcements and monetary base announcements. Among the main findings reported are: (i) unexpected increases in the announced monetary base have a significantly positive effect on interest...

Persistent link: https://www.econbiz.de/10012477375

The Behavior of Interest Rates and Real Exchange Rates During a Liberalization Episode : The Case of Chile 1973-83

Edwards, Sebastian - 1985

period 1977-83. It is argued that as a consequence of the liberalization of the capital account in Chile in 1979-81, dramatic … inflows of financial capital resulted. These capital inflows generated an important increase in expenditure, and a lower … capital account, and not the adoption of a preannounced rate of devaluation, that generated the dramatic real appreciation of …

Persistent link: https://www.econbiz.de/10012477378

Monetary Policy Regime Shifts and the Unusual Behavior of Real Interest Rates

Huizinga, John - 1985

A striking phenomenon of the early 1980s is the climb in real interest rates to levels unprecedented in the post-World War II period. In order to understand this phenomenon, this paper investigates the nature and timing of shifts in the real rate process to determine if the recent unusual...

Persistent link: https://www.econbiz.de/10012477402

Money, Credit and Interest Rates in the Business Cycle

Friedman, Benjamin M. - 1984

Fluctuations of business activity in the United States clearly have their monetary and financial side, but these aspects of U.S. economic fluctuations exhibit few quantitative regularities that have persisted unchanged across spans of tine over which the nation's financial markets have...

Persistent link: https://www.econbiz.de/10012477605