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Real Exchange Rate Levels, Productivity and Demand Shocks : Evidence from a Panel of 14 Countries
Chinn, Menzie David; Johnston, Louis D. - 2004
We investigate the long-run relationship between the real exchange rate, traded and non-traded productivity levels, and government spending for 14 OECD countries, using recently developed panel cointegration tests. The results indicate that under certain assumptions it is easier to detect...
Persistent link: https://www.econbiz.de/10014063346
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Surfing the waves of globalization : Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - 2011
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …
Persistent link: https://www.econbiz.de/10009158763
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Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie David; Ito, Hiro - 2010
the three policy choices matter for output volatility and the medium-term level of inflation. Greater monetary … independence is associated with lower output volatility while greater exchange rate stability implies greater output volatility … external finances affect output volatility through the investment or trade channel depending on the openness of the economies …
Persistent link: https://www.econbiz.de/10014045505
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Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua - 2010
policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium …-term level of inflation. Greater monetary independence is associated with lower output volatility while greater exchange rate … stability implies greater output volatility, which can be mitigated if a country holds international reserves (IR) at a higher …
Persistent link: https://www.econbiz.de/10013142882
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Exchange rate prediction redux : new models, new data, new currencies
Cheung, Yin-Wong; Chinn, Menzie David; Garcia Pascual, … - 2017
Previous assessments of nominal exchange rate determination, following Meese and Rogoff (1983) have focused upon a narrow set of models. Cheung et al. (2005) augmented the usual suspects with productivity based models, and "behavioral equilibrium exchange rate" models, and assessed performance...
Persistent link: https://www.econbiz.de/10011637474
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Price-based measurement of financial globalization : a cross-country study of interest rate parity
Itō, Hiro; Chinn, Menzie David - 2007
volatility, capital account openness, legal development, and the nature of the exchange rate regime. -- Uncovered interest parity …
Persistent link: https://www.econbiz.de/10003855141
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The empirical determinants of the Euro : short and long run perspectives
Chinn, Menzie David - 2000
estimation methodologies such as single-equation error correction and first differences specifications. A longer term perspective …
Persistent link: https://www.econbiz.de/10009583879
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Exchange Rate Prediction Redux : New Models, New Data, New Currencies
Cheung, Yin-Wong - 2017
Previous assessments of nominal exchange rate determination, following Meese and Rogoff (1983) have focused upon a narrow set of models. Cheung et al. (2005) augmented the usual suspects with productivity based models, and “behavioral equilibrium exchange rate” models, and assessed...
Persistent link: https://www.econbiz.de/10012963129
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China, Hong Kong, and Taiwan : a quantitative assessment of real and financial integration
Cheung, Yin-Wong; Chinn, Menzie David; Fujii, Eiji - 2003
The status of real and financial integration of China, Hong Kong, and Taiwan is investigated using monthly data on one-month interbank rates, exchange rates, and prices. Specifically, the degree of integration is assessed based on the empirical validity of real interest parity, uncovered...
Persistent link: https://www.econbiz.de/10011514149
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A Primer on Real Effective Exchange Rates : Determinants, Overvaluation, Trade Flows and Competitive Devaluation
Chinn, Menzie David - 2005
Several alternative measures of effective exchange rates are discussed in the context of their theoretical underpinnings and actual construction. Focusing on contemporary indices and recently developed econometric methods, the empirical characteristics of these differing series are examined,...
Persistent link: https://www.econbiz.de/10014062354