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Expenditure-switching effect and the choice of exchange rate regime
Dong, Wei (contributor) - 2007
goods. The model is estimated for three small open economies: Australia, Canada, and the United Kingdom. The empirical … small for the United Kingdom, and comparatively large for Canada; the distribution margin in the United Kingdom is …, expenditure switching by foreign distributors is comparatively small for Australia and Canada, since a larger fraction of …
Persistent link: https://www.econbiz.de/10003590072
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Exchange rate fluctuations and labour market adjustments in Canadian manufacturing industries
Bruneau, Gabriel; Moran, Kevin - 2015
that exchange rate fluctuations have significant long-term effects on the labour input of Canada's manufacturing industries …
Persistent link: https://www.econbiz.de/10011408683
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Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada
Champagne, Julien; Sekkel, Rodrigo - 2017
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff … monetary policy in Canada. We show that it is crucial to take into account the break in the conduct of monetary policy caused …
Persistent link: https://www.econbiz.de/10011777945
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Exchange rate regimes, globalisation, and the cost of capital in emerging markets
Díez de los Ríos, Antonio (contributor) - 2007
This paper presents a multifactor asset pricing model for currency, bond, and stock returns for ten emerging markets to investigate the effect of the exchange rate regime on the cost of capital and the integration of emerging financial markets. Since there is evidence that a fixed exchange rate...
Persistent link: https://www.econbiz.de/10003462942
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Policy coordination in an international payment system
Chapman, James T. E. (contributor) - 2008
Given the increasing interdependence of both financial systems and attendant payment and settlement systems a vital question is what form should optimal policy take when there are two connected payment systems with separate regulators. In this paper I show that two central banks operating in a...
Persistent link: https://www.econbiz.de/10003711702
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Motivations for capital controls and their effectiveness
Pandey, Radhika; Pasricha, Gurnain Kaur; Patnaik, Ila; … - 2015
We assess the motivations for changing capital controls and their effectiveness in India, a country with extensive and long-standing controls. We focus on the controls on foreign borrowing that can, in principle, be motivated by macroprudential concerns. We construct a fine-grained data set on...
Persistent link: https://www.econbiz.de/10010472535
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Foreign exchange interventions : the long and the short of it
Alexander, Patrick; Alpanda, Sami; Kabaca, Serdar - 2022 - Last updated: June 6, 2022
This paper studies the effects of foreign exchange (FX) interventions in a two-region New Keynesian model where governments issue both short-term and long-term bonds. Imperfect substitutability between bonds gives rise to portfolio balance effects that make FX interventions effective....
Persistent link: https://www.econbiz.de/10013252982
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Exports and the exchange rate : a general equilibrium perspective
Alexander, Patrick; Reza, Abeer - 2022 - Last updated: April 4, 2022
Understanding and predicting the evolution of exports after a change in the nominal exchange rate is of central importance in international economics. Most of the literature focuses on estimating this relationship by reduced form, with the aim of uncovering a single structural parameter, but...
Persistent link: https://www.econbiz.de/10013172465
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Monetary policy and redistribution in open economies
Guo, Xing; Ottonello, Pablo; Perez, Diego J. - 2022 - Last updated: February 7, 2022
This paper examines how monetary policy affects the asymmetric effects of globalization. We build an open-economy heterogeneous-agent New Keynesian model (HANK) in which households differ in their income, wealth, and real and financial integration with international markets. We use the model to...
Persistent link: https://www.econbiz.de/10012807759
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Monetary policy independence and the strength of the global financial cycle
Friedrich, Christian; Guérin, Pierre; Leiva-Léon, Danilo - 2020 - Last updated: June 5, 2020
We propose a new strength measure of the global financial cycle by estimating a regimeswitching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of...
Persistent link: https://www.econbiz.de/10012243375