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Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
Aghion, Philippe; Bacchetta, Philippe; Ranciere, Romain; … - Institut für Schweizerisches Bankwesen <Zürich> - 2006
This paper offers empirical evidence that real exchange rate volatility can have a significant impact on the long … with relatively low levels of financial development, exchange rate volatility generally reduces growth, whereas for … rate volatility, and outliers. We also oer a simple monetary growth model in which real exchange rate uncertainty …
Persistent link: https://www.econbiz.de/10005858527
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Exchange rate determination under interest rate rules
Benigno, Gianluca; Benigno, Pierpaolo - London School of Economics and Political Science - 2008
monetaryregime chosen, though not necessarily on monetary shocks. Wegive a simple account of exchange rate volatility in terms … ofmonetary policy rules, we provide an explanation of the relationbetween nominal exchange rate volatility and …
Persistent link: https://www.econbiz.de/10009138475
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In What Sense Can Intervention ReduceExchange Rate Volatility?
Bleaney, Michael F.; Francisco, Manuela - University <Nottingham> / Department of Economics - 2008
Can pegging reduce real as well as nominal, and multilateral as well as bilateralexchange rate volatility? We …
Persistent link: https://www.econbiz.de/10005868570
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What Makes Currencies Volatile?An Empirical Investigation
Bleaney, Michael F.; Francisco, Manuela - University <Nottingham> / Department of Economics - 2008
Real effective exchange rate volatility is examined for 90 countries using monthlydata from January 1990 to June 2006 …. Volatility decreases with openness tointernational trade and per capita GDP, and increases with inflation, particularlyunder a … horizontal peg or band, and with terms-of-trade volatility. The choice ofexchange rate regime matters... …
Persistent link: https://www.econbiz.de/10005868573
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The DAX and the Dollar : The Economic Exchange Rate Exposure of German Corporations
Glaum, Martin; Brunner, Marko; Himmel, Holger - 2002
This paper examines the economic exposure of German corporations to changes in the DM/US-dollar exchange-rate. Our work contributes to the existing body of literature in the following ways. Firstly, we point out conceptual problems of previous attempts to estimate economic exposure. Secondly, we...
Persistent link: https://www.econbiz.de/10005841406
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Compensating Wages under Different Exchange Rate Regimes
Hoffmann, Mathias - 2005
Die vorliegende Studie untersucht die empirische Regelmäßigkeit, dass Faktorpreise, insbesondere Lohnniveaus, sich im Länderquerschnitt nicht anpassen. Die Studie bietet einen möglichen Erklärungsansatz: Ein allgemeines stochastisches Gleichgewichtsmodell mit monopolistischer Konkurrenz auf...
Persistent link: https://www.econbiz.de/10005854223
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Fixed versus Flexible Exchange Rates: Evidence from Developing Countries
Hoffmann, Mathias - 2005
Bedeutung dieser realen Störrungen auf das Produktionsniveau, die Handelsbilanz und den realen Wechselkurs für 38 …
Persistent link: https://www.econbiz.de/10005854224
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Macroeconomic Interdependence and the International Role of the Dollar
Goldberg, Linda; Tille, Cedric - LinkInstitut für Schweizerisches Bankwesen <Zürich> - 2008
The U.S. dollar holds a dominant place in the invoicing of international trade, along two complementary dimensions. First, most U.S. exports and imports invoiced in dollars. Second, trade flows that donot involve the United States are also substantially invoiced in dollars, an aspect that has...
Persistent link: https://www.econbiz.de/10005857748
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Safe Haven Currencies
Ranaldo, Angelo; Söderlind, Paul - Institut für Schweizerisches Bankwesen <Zürich> - 2007
We study high-frequency exchange rate movements over the sample 1993–2006. We document that the (Swiss) franc, euro, Japanese yen and the pound tend to appreciate against the U.S. dollar when (a) S&P has negative returns; (b) U.S. bond prices increase; and (c) when currency markets become more...
Persistent link: https://www.econbiz.de/10005858064
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Random Walk Expectations and the Forward Discount Puzzle
Bacchetta, Philippe; van Wincoop, Eric - Institut für Schweizerisches Bankwesen <Zürich> - 2007
Two well-known, but seemingly contradictory, features of exchange rates are thatthey are close to a random walk while at the same time exchange rate changesare predictable by interest rate differentials. In this paper we investigate whetherthese two features of the data may in fact be related....
Persistent link: https://www.econbiz.de/10005858209