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Get Rid of Unanimity : The Superiority of Majority Rule with Veto Power
Bouton, Laurent - 2014
protection. We analyze a simple voting system - majority rule with veto power (Veto) - that essentially resolves this tension …
Persistent link: https://www.econbiz.de/10012458249
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International Experiences with Different Monetary Policy Regimes
Mishkin, Frederic S. - 1999
This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...
Persistent link: https://www.econbiz.de/10012471842
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International Liquidity and Monetary Control
Frenkel, Jacob A. - 1983
This paper deals with the relations among international liquidity,the exchange-rate regime and the effectiveness of monetary policy. The first part of the paper contains an empirical study of the demand for international reserves. It is shown that (i) reserve holdings are a stable function of a...
Persistent link: https://www.econbiz.de/10012477984
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Monetary Policy and Exchange Rate Returns : Time-Varying Risk Regimes
Calomiris, Charles W. - 2019
We develop an empirical model of exchange rate returns, applied separately to samples of developed (DM) and developing (EM) economies' currencies against the dollar. Monetary policy stance of the global central banks, measured via a natural-language-based approach, has a large effect on exchange...
Persistent link: https://www.econbiz.de/10012479665
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Beyond Competitive Devaluations : The Monetary Dimensions of Comparative Advantage
Bergin, Paul R. - 2019
Motivated by the long-standing debate on the pros and cons of competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country's international competitiveness. We refocus the analysis on the implications of monetary stabilization for a...
Persistent link: https://www.econbiz.de/10012479715
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U.S. Banks and Global Liquidity
Correa, Ricardo - 2020
We characterize how U.S. global systemically important banks (GSIBs) supply short-term dollar liquidity in repo and foreign exchange swap markets in the post-Global Financial Crisis regulatory environment and serve as the "lenders-of-second-to-last-resort". Using daily supervisory bank balance...
Persistent link: https://www.econbiz.de/10012481346
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Inflation Targeting
Svensson, Lars E.O. - 2010
-market economies. The chapter discusses the history, macroeconomic effects, theory, practice, and future of inflation targeting …
Persistent link: https://www.econbiz.de/10012462017
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Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar period
Obstfeld, Maurice - 2004
disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but … empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …
Persistent link: https://www.econbiz.de/10012468300
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Inflation Targeting and Sudden Stops
Caballero, Ricardo J. - 2003
Emerging economies experience sudden stops in capital inflows. As we have argued in Caballero and Krishnamurthy (2002), having access to monetary policy during these sudden stops is useful, but mostly for insurance' rather than for aggregate demand reasons. In this environment, a central bank...
Persistent link: https://www.econbiz.de/10012469099
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Global Transmission of Interest Rates : Monetary Independence and Currency Regime
Frankel, Jeffrey A. - 2002
Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affects the sensitivity of local interest rates to international interest rates. In most cases, we cannot reject full transmission of international...
Persistent link: https://www.econbiz.de/10012469887