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Central bank dollar swap lines and overseas dollar funding costs

Goldberg, Linda S.; Kennedy, Craig; Miu, Jason - Federal Reserve Bank of New York - 2010

Federal Reserve began to establish or expand Temporary Reciprocal Currency Arrangements with fourteen other central banks …. These central banks had the capacity to use the swap facilities to provide dollar liquidity to institutions in their …, suggests that the dollar swap lines among central banks were effective at reducing the dollar funding pressures abroad and the …

Persistent link: https://www.econbiz.de/10008636158

Establishing credibility: evolving perceptions of the European Central Bank

Goldberg, Linda S.; Klein, Michael W. - Federal Reserve Bank of New York - 2005

The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the … for persistent variation in market perceptions of central bank inflation aversion. The first years of the European Central …

Persistent link: https://www.econbiz.de/10005420549

Central bank dollar swap lines and overseas dollar funding costs

Goldberg, Linda S.; Kennedy, Craig; Miu, Jason - In: Economic Policy Review (2011) May, pp. 3-20

establishing temporary reciprocal currency swap lines, or facilities, with foreign central banks designed to ameliorate dollar … abroad and stresses in the money markets. Furthermore, the facilities have been an integral part of the central bank toolbox …

Persistent link: https://www.econbiz.de/10009146802

Banking globalization, transmission, and monetary policy autonomy

Goldberg, Linda S. - Federal Reserve Bank of New York - 2013

International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...

Persistent link: https://www.econbiz.de/10011027225

Industry-specific exchange rates for the United States

Goldberg, Linda S. - In: Economic Policy Review (2004) May, pp. 1-16

The trade-weighted exchange rates constructed for the aggregate U.S. economy do not always capture the changes in industry competitive conditions induced by movements in specific bilateral exchange rates. Exchange rates produced using information on industry-specific trade partners are often...

Persistent link: https://www.econbiz.de/10005372976

Distribution margins, imported inputs, and the sensitivity of the CPI to exchange rates

Campa, Jose Manuel; Goldberg, Linda S. - Federal Reserve Bank of New York - 2006

Border prices of traded goods are highly sensitive to exchange rates; however, the consumer price index (CPI) and the retail prices of goods that make up the CPI are more stable. This paper decomposes the sources of this price stability for twenty-one OECD (Organisation for Economic Co-operation...

Persistent link: https://www.econbiz.de/10005420510

Exchange rate pass-through into import prices: a macro or micro phenomenon?

Campa, Jose Manuel; Goldberg, Linda S. - Federal Reserve Bank of New York - 2002

Exchange rate regime optimality, as well as monetary policy effectiveness, depends on the tightness of the link between exchange rate movements and import prices. Recent debates hinge on whether producer-currency-pricing (PCP) or local currency pricing (LCP) of imports is more prevalent, and on...

Persistent link: https://www.econbiz.de/10005420564

Employment versus wage adjustment and the U.S. dollar

Campa, Jose Manuel; Goldberg, Linda S. - Federal Reserve Bank of New York - 1998

Using two decades of annual data, we explore the links between real exchange rates and employment, wages and overtime activity in specific U.S. manufacturing industries. Across two-digit industry levels of aggregation, exchange rate movements do not have large effects on numbers of jobs or on...

Persistent link: https://www.econbiz.de/10005420590

Pass-through of exchange rates to consumption prices: what has changed and why

Campa, Jose Manuel; Goldberg, Linda S. - Federal Reserve Bank of New York - 2006

In this paper, we use cross-country and time-series evidence to argue that retail price sensitivity to exchange rates may have increased over the past decade. This finding applies to traded goods as well as to non-traded goods. We highlight three reasons for the change in pass-through into the...

Persistent link: https://www.econbiz.de/10005420619

Exchange rate pass-through to import prices in the Euro area

Campa, Jose Manuel; Goldberg, Linda S.; … - Federal Reserve Bank of New York - 2005

This paper presents an empirical analysis of transmission rates from exchange rate movements to import prices, across countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of exchange rate changes to import prices in the short run...

Persistent link: https://www.econbiz.de/10005420673