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Understanding the global drivers of inflation: How important are oil prices?
Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska; … - 2023
This paper examines the global drivers of inflation in 55 countries over the 1970-2022 period. We estimate a Factor … domestic shocks. We report three main results. First, global shocks have explained about 26 percent of inflation variation in a … typical economy. Oil price shocks accounted for only about 4 percent of inflation variation, but they had a statistically …
Persistent link: https://www.econbiz.de/10014540885
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Estimates of the Inflation Effect of a Global Carbon Price on Consumer, Investment, Export, and Import Prices
Andersson, Fredrik N. G. - 2018
This paper considers the potential inflation effects of a global carbon price on consumer prices, investment prices … the inflation effects in developed countries of a 100 USD/ton carbon price are small. For developing countries, the … inflation effect is larger and potentially too large for it to be politically feasible to introduce a global carbon price …
Persistent link: https://www.econbiz.de/10013208822
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Oil price drivers, geopolitical uncertainty and oil exporters' currencies
Akram, Qaisar Farooq - 2019
Empirical relationships between crude oil prices and exchange rates of oil exporting countries tend to vary over time. I use econometric models of the norwegian and canadian nominal exchange rates to investigate whether such time-variation could reflect shifts in the key oil price drivers over...
Persistent link: https://www.econbiz.de/10012661547
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China's exchange rate impasse and the weak U.S. dollar
McKinnon, Ronald; Schnabl, Gunther - 2008
inflation, particularly in the 1970s, and the choice of an exchange rate regime consistent with domestic monetary and fiscal … reminiscent of the global inflation generated by the weak dollar in the 1970s. …
Persistent link: https://www.econbiz.de/10010304732
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The Stabilizing Properties of Floating Exchange Rates: Some International Evidence
Bergvall, Anders - 2002
This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...
Persistent link: https://www.econbiz.de/10010321739
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Negative interest rates, capital flows and exchange rates
Ruprecht, Romina - 2020
This paper develops a dynamic general equilibrium model with two currencies to study the effect of negative interest rates on domestic money demand and exchange rates. Money demand for a currency depends on the relative ratio of the money market rate and the deposit rate of the central bank. If...
Persistent link: https://www.econbiz.de/10012244611
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US "quantitative easing" is fracturing the global economy
Hudson, Michael - 2010
The Federal Reserve's quantitative easing is presented as injecting $600 billion into the economy. But instead of getting banks lending to Americans again - households and firms - the money is going abroad, through arbitrage interest-rate speculation, currency speculation, and capital flight. No...
Persistent link: https://www.econbiz.de/10010286558
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Do Central Banks Respond to Exchange Rate Movements? a Markov-Switching Structural Investigation
Alstadheim, Ragna; Bjørnland, Hilde C.; Maih, Junior - 2013
the 1980s and early 1990s, to a low response some time after inflation targeting was implemented. Canada also observed a … regime change, but the decline in the exchange rate response was small relative to the increase in the response to inflation … stayed in a regime of high exchange rate response prior and post implementing inflation targeting. …
Persistent link: https://www.econbiz.de/10012143836
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Exit strategies for monetary policy
Berentsen, Aleksander; Kraenzlin, Sébastien; Müller, … - 2018
In response to the financial crisis of 2007/08, all major central banks decreased interest rates to historically low levels and created large excess reserves. Central bankers and academics currently discuss how to implement monetary policy, going forward. We find that paying interest on reserves...
Persistent link: https://www.econbiz.de/10011969181
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On the negatives of negative interest rates and the positives of exemption thresholds
Berentsen, Aleksander; van Buggenum, Hugo; Ruprecht, Romina - 2020
Major central banks remunerate reserves at negative interest rates and it is increasingly likely that they will keep rates negative for many more years. To study the long run implications of negative rates, we construct a dynamic general equilibrium model with commercial banks funding investment...
Persistent link: https://www.econbiz.de/10012420685