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The European Monetary Union as a Commitment Device for New EU Member States
Ravenna, Federico - 2005
We show that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary … full credibility. Using a DSGE model, this paper shows that when the central bank enjoys only limited credibility a pegged … reversed in a full-credibility environment. There exists an initial stock of credibility that must be achieved for a policy …
Persistent link: https://www.econbiz.de/10013370015
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Rational expectations and inflation targeting: An analysis for ten countries
Fromlet, Pia - 2010
In this paper I evaluate inflation targeting for ten countries. The evaluation is based on unconditional as well as conditional measures of the variance of inflation around target. With strict inflation targeting, expectations of the future deviation from target given information about the...
Persistent link: https://www.econbiz.de/10010321410
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Exchange Rate Pass-Through, Domestic Competition, and Inflation: Evidence from the 2005/08 Revaluation of the Renminbi
Auer, Raphael A. - 2014
Import competition from China is pervasive in the sense that for many good categories, the competitive environment that US firms face in these markets is strongly driven by the prices of Chinese imports, and so is their pricing decision. This paper quantifies the effect of the...
Persistent link: https://www.econbiz.de/10011430113
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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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Can Endogenous Monetary Policy Explain the Deviations from UIP
Alexius, Annika - 2002
The co-movements of nominal exchange rates and short-term interest rates as the economy is hit by shocks is a potential source of ex post deviations from uncovered interest rate parity. This paper investigates whether an established model of endogenous monetary policy in an open economy is...
Persistent link: https://www.econbiz.de/10010321797
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Estimating Sarb´s Policy Reaction Rule
Ortiz, Alberto - 2012
This paper uses a Dynamic Stochastic General Equilibrium (DSGE) model to estimate the South African Reserve Bank's (SARB) policy reaction rule. We find that the SARB has a stable rule very much in line with those estimated for Canada, UK, Australia and New Zealand. Relative to other emerging...
Persistent link: https://www.econbiz.de/10013104753
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Words, deeds, and outcomes: A survey on the growth effects of exchange rate regimes
Harms, Philipp; Kretschmann, Marco - 2007
Recent studies on the growth effects of exchange rate regimes offer a wide range of different, sometimes contradictory results. In this paper, we systematically compare three prominent contributions in this field. Using a common data set, a common specification, and common estimation methods, we...
Persistent link: https://www.econbiz.de/10011430062
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Managing global financial flows at the cost of national autonomy: China and India
Sen, Sunanda - 2012
Persistent link: https://www.econbiz.de/10010318671
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International Debt Deleveraging
Fornaro, Luca - 2013
episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reecting a … in the world interest rate are ampli_ed. Hence, monetary unions are especially prone to hit the zero lower bound on the …
Persistent link: https://www.econbiz.de/10013370099
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Developing country business cycles: Revisiting the stylised facts
Male, Rachel - 2010
Identifying business cycle stylised facts is essential as these often form the basis for the construction and validation of theoretical business cycle models. Furthermore, understanding the cyclical patterns in economic activity, and their causes, is important to the decisions of both...
Persistent link: https://www.econbiz.de/10010280739