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The Natural Rate Hypothesis and Real Determinacy
Meyer-Gohde, Alexander - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2008
The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sticky information à la Mankiw and Reis (2002). The main results are tighter bounds on monetary policy than in sticky-price models, irrelevance ofthe degree of output-gap targeting for determinacy,...
Persistent link: https://www.econbiz.de/10005860482
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INTERNATIONAL FINANCIAL INTEGRATIONAND REAL EXCHANGE RATE LONG-RUNDYNAMICS IN EMERGING COUNTRIES:SOME PANEL EVIDENCE
Caporale, Guglielmo Maria; Hadj Amor, Thouraya; Rault, … - William Davidson Institute <Ann Arbor, Mich.> - 2009
The aim of this paper is to provide new empirical evidence on the impact of international financialintegration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to threedifferent geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004,...
Persistent link: https://www.econbiz.de/10009360505
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Price convergence in the EMU?Evidence from micro data
Fischer, Christoph - Volkswirtschaftliches Forschungszentrum <Frankfurt, Main> - 2009
The establishment of European monetary union (EMU) was widely expected to causeprice convergence among member states. In an investigation of this claim, the presentstudy avoids problems of comparability and representativeness by using an extremelydetailed and comprehensive scanner database on...
Persistent link: https://www.econbiz.de/10005866233
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Do Asymmetric Central Bank Preferences Help ExplainObserved Inflation Outcomes?
Doyle, Matthew; Falk, Barry - Iowa State University of Science and Technology <Ames, … - 2006
Recent theoretical work shows that changes in the volatility of inflation and/or unem-ployment affect equilibrium in … propositionthat the volatility of unemployment helps explain inflation outcomes suffers from a spu-rious regression problem. Once this … problem is controlled for, the evidence suggeststhat the volatility of unemployment does not help explain inflation outcomes …
Persistent link: https://www.econbiz.de/10009360871
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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 investigate this issue using monthly data for 139countries from January 1990 to June 2006...
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
. Volatility decreases with openness tointernational trade and per capita GDP, and increases with inflation, particularlyunder a …
Persistent link: https://www.econbiz.de/10005868573
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THE AFTERMATH OF A CURRENCY COLLAPSE:HOW DIFFERENT ARE EMERGING MARKETS?
Bleaney, Michael F. - University <Nottingham> / Department of Economics - 2002
In currency crises, unlike in orderly devaluations, the financial markets dominateevents. It is shown that currency collapses (crises followed by depreciations) have hada much greater adverse impact in emerging markets (defined as relatively highincomedeveloping countries exposed to...
Persistent link: https://www.econbiz.de/10005868940
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FINANCIAL FRAGILITY AND CURRENCYCRISES
Bleaney, Michael F. - University <Nottingham> / Department of Economics - 2000
The standard model of currency crises is amended to distinguish betweenunemployment aversion and financial fragility. Fragility is assumed to affect theauthorities’ sensitivity to a combination of high real interest rates and unemployment.An increase in fragility expands the region of...
Persistent link: https://www.econbiz.de/10005869186
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Testing Commitment Models of Monetary Policy:Evidence from OECD Economies
Doyle, Matthew; Falk, Barry - Iowa State University of Science and Technology <Ames, … - 2006
Inflation rates in a number of OECD follow a common trend over the past four decades: inflation starts out low in the … in the behavior of trend inflation suggests that any explanation of long run inflation trends ought to apply across OECD …-varying NAIRU, can explain long run trends in U.S. inflation. In this paper we show that this result cannot serve as an explanation …
Persistent link: https://www.econbiz.de/10009360915
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Optimal commitment policy under noisy information
Aoki, Kosuke - London School of Economics and Political Science - 2005
current inflation and output, in the context of an optimizingmodel with nominal-price stickiness. Under a commitment regime …
Persistent link: https://www.econbiz.de/10005870372