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Horses for Courses : Measuring Foreign Supply Chain Exposure
Baldwin, Richard E.; Freeman, Rebecca; … - National Bureau of Economic Research - 2022
Perceptions of global supply chains (GSCs) have shifted in recent years from a positive to a more cautious view. Standard GSC measures have mostly not adapted to this change as they focus on participation in, rather than exposure to, foreign supply chains. This paper presents the tools necessary...
Persistent link: https://www.econbiz.de/10013388881
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On the Rand : Determinants of the South African Exchange Rate
Frankel, Jeffrey - 2007
This paper is an econometric investigation of the determinants of the real value of the South African rand over the period 1984-2006. The results show a relatively good fit. As so often with exchange rate equations, there is substantial weight on the lagged exchange rate, which can be attributed...
Persistent link: https://www.econbiz.de/10012465604
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The Overvaluation of Renminbi Undervaluation
Cheung, Yin-Wong - 2007
We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A …
Persistent link: https://www.econbiz.de/10012465806
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Are Currency Appreciations Contractionary in China?
Shi, Jianhuai - 2006
with the undervaluation of renminbi (RMB). But the Chinese Government hesitates to allow RMB to appreciate because of the … worry that RMB appreciations are contractionary thus have negative impact on China's economic growth and employment. The … purpose of this paper is to empirically assess the effects of RMB real exchange rate on China's output. The econometric …
Persistent link: https://www.econbiz.de/10012466112
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The Exchange Value of the Renminbi and China's Balance of Trade : An Emp irical Study
Zhang, Zhaoyong - 1996
This paper aims at assessing the relationship between the exchange value of the Chinese Renminbi (RMG) and China … balance determination and not supportive of the existence of a J-curve in China's trade balance. Our finding of a … on China's trade balance …
Persistent link: https://www.econbiz.de/10012473063
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Equilibrium Responses to Price Controls : A Supply-Chain Approach
Mulligan, Casey B. - National Bureau of Economic Research - 2024
Prices are regulated in many markets, ranging from healthcare to labor to telecommunications. This paper reinterprets the variables in the basic supply-demand model so that both product-definition and quantity are equilibrium outcomes. Specifically, compliance with price controls is achieved by...
Persistent link: https://www.econbiz.de/10014512070
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What do Financial Markets say about the Exchange Rate?
Chernov, Mikhail; Haddad, Valentin; Itskhoki, Oleg - National Bureau of Economic Research - 2024
Financial markets play two roles with implications for the exchange rate: they accommodate risk sharing and act as a source of shocks. In prevailing theories, these roles are seen as mutually exclusive and individually face challenges in explaining exchange rate dynamics. However, we demonstrate...
Persistent link: https://www.econbiz.de/10014544715
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Monetary Policy without Moving Interest Rates : The Fed Non-Yield Shock
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2024
Existing high-frequency monetary policy shocks explain surprisingly little variation in stock prices and exchange rates around FOMC announcements. Further, both of these asset classes display heightened volatility relative to non-announcement times. We use a heteroskedasticity-based procedure to...
Persistent link: https://www.econbiz.de/10014576665
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The Global Dollar Cycle
Obstfeld, Maurice; Zhou, Haonan - National Bureau of Economic Research - 2023
The U.S. dollar's nominal effective exchange rate closely tracks global financial conditions, which themselves show a cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth, especially influencing the fortunes of emerging and...
Persistent link: https://www.econbiz.de/10014247924
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Inflation Surge and Sovereign Borrowing : The Role of Policy Practices in Strengthening Sovereign Resilience
Aizenman, Joshua; Zheng, Huanhuan - National Bureau of Economic Research - 2023
Sovereign borrowing during inflation surges is a litmus test of a government's ability to withstand and navigate macroeconomic shocks. Based on transaction-level bond issuance data, we explore how sovereign financing strategies respond to inflation surges and how policy practices affect their...
Persistent link: https://www.econbiz.de/10014250190