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Understanding Korea's Long-Run Real Exchange Rate Behavior
Irwin, Douglas A.; Obstfeld, Maurice - National Bureau of Economic Research - 2024
Korea's real exchange rate has displayed a mild downward trend since the 1980s, with fluctuations of ±20 percent around that trend. This pattern is surprising because the classic Harrod-Balassa-Samuelson framework suggests that countries experiencing rapid growth in the productivity of their...
Persistent link: https://www.econbiz.de/10015056095
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Real Exchange Rate Movements and the Relative Price of Non-traded Goods
Betts, Caroline M. - 2008
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/10012464210
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Expenditure Switching vs. Real Exchange Rate Stabilization : Competing Objectives for Exchange Rate Policy
Devereux, Michael B. - 2006
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/10012466453
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Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect
Devereux, Michael B. - 2002
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/10012469857
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Sources of Real Exchange Rate Fluctuations : How Important are Nominal Shocks?
Clarida, Richard - 1994
This paper investigates empirically and attempts to identify the sources of real exchange rate fluctuations since the collapse of Bretton Woods. The paper's first two sections survey and extend earlier, non-structural empirical work on this subject by Campbell and Clarida (1987), Meese and...
Persistent link: https://www.econbiz.de/10012474278
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Real Exchange Rate and International Reserves in the Era of Financial Integration
Aizenman, Joshua; Ho, Sy Hoa; Luu Duc Toan Huynh; … - National Bureau of Economic Research - 2023
The global financial crisis has brought increased attention to the consequences of international reserves holdings. In an era of high financial integration, we investigate the relationship between the real exchange rate and international reserves using nonlinear regressions and panel threshold...
Persistent link: https://www.econbiz.de/10013537783
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Globalization and Profitability of US Firms : The Role of Intangibles
Chintha, Bullipe R.; Jagannathan, Ravi; Sridhar, Sri S. - National Bureau of Economic Research - 2024
China's admission into the WTO in 2001 heralded a new era of globalization, increasing both import competition in domestic markets and foreign opportunities for US firms. In the aggregate, the average annual profitability of US public firms during the post globalization period (2003-2019)...
Persistent link: https://www.econbiz.de/10014512056
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Collateral Advantage : Exchange Rates, Capital Flows and Global Cycles
Devereux, Michael B.; Engel, Charles; Wu, Steve Pak Yeung - National Bureau of Economic Research - 2023
We construct a two-country New Keynesian model in which US government debt has an advantage as a superior collateral asset in the balance sheets of banks. The model can account for the observed response of the US dollar and US bond returns to a global downturn, in particular when the downturn is...
Persistent link: https://www.econbiz.de/10014250181
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How Can Asset Prices Value Exchange Rate Wedges?
Lewis, Karen K.; Liu, Edith - National Bureau of Economic Research - 2022
When available financial securities allow investors to optimally diversify risk across countries, standard theory …
Persistent link: https://www.econbiz.de/10013388777
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Do Foreign Yield Curves Predict U.S. Recessions and GDP Growth?
Ahmed, Rashad; Chinn, Menzie David - National Bureau of Economic Research - 2022
This paper shows that foreign term spreads constructed from bond yields of non-U.S. G-7 constituents predict future U.S. recessions and that foreign term spreads are stronger predictors of U.S. recessions occurring within the next year than U.S. term spreads. U.S. and foreign term spreads are...
Persistent link: https://www.econbiz.de/10013477229