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Prominent numbers, indices and ratios in exchange rate determination and financial crashes : in Economists' models, in the field and in the laboratory
Pope, Robin; Selten, Reinhard; Kube, Sebastian; Hagen, … - 2009
. -- nominalism ; money illusion ; heuristic ; unpredictability ; experiment ; SKAT the Stages of Knowledge Ahead Theory ; prominent … numbers ; prominent indices ; prominent ratios ; transparent policy ; nominal equality ; historical benchmarks ; complexity …The prior paper in this sequel, Pope (2009) introduced the concept of a nominalist heuristic, defined as a focus on …
Persistent link: https://www.econbiz.de/10003867227
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Nominalist heuristics and economic theory
Pope, Robin; Selten, Reinhard; Kube, Sebastian - 2009
exchange rate determination. -- nominalism ; money illusion ; heuristic ; unpredictability ; experiment ; SKAT the Stages of … ; complexity ; decision costs ; evaluation …This paper introduces a new theoretic entity, a nominalist heuristic, defined as a focus on prominent numbers, indices …
Persistent link: https://www.econbiz.de/10003867222
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Export and benefits of hedging in emerging economies
Broll, Udo; Wahl, Jack E.; Wessel, Christoph - 2009
We study the impact of exchange rate risk upon export production within an emerging economy lacking in currency forward markets. However there exists a financial asset whose price is correlated with the relevant foreign currency. We present conditions under which export production is stimulated...
Persistent link: https://www.econbiz.de/10003867523
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Export and Benefits of Hedging in Emerging Economies
Broll, Udo - 2010
We study the impact of exchange rate risk upon export production within an emerging economy lacking in currency forward markets. However there exists a financial asset whose price is correlated with the relevant foreign currency. We present conditions under which export production is stimulated...
Persistent link: https://www.econbiz.de/10013147872
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Excess Reserves and Macroeconomic Instability
Scaramozzino, Pasquale - 2010
This paper is concerned with international reserves. It makes two main points. Firstly, excess reserves cannot be regarded as a substitute for sound fundamentals because the former may destabilize the economic system in the longer term. Secondly, reserve accumulation financed by public debt can...
Persistent link: https://www.econbiz.de/10013139882
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Computing Currency Invariant Indices with an Application to Minimum Variance Currency Baskets
Hovanov, Nikolai V.; Kolari, James W.; Sokolov, Mikhail V. - 2011
This paper provides an exact and computable invariant currency value index (ICVI) which is independent of base currency choice. Thus, given a 1xed set of currencies, the index of a currency will have the same value, regardless of base currency choice. This currency index can be used as an...
Persistent link: https://www.econbiz.de/10014047628
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Optimally Controlled Long-Term Stability : Bond Financed Reserves in a Small Open Economy
Lee, Jeo - 2010
This paper is concerned with international reserves where the accumulation of reserves is financed by public debt. Optimally controlled paths are used to illustrate the possibility of long term instability in a small macroeconomic system. The results indicate that reserve accumulation financed...
Persistent link: https://www.econbiz.de/10013141652
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Managed floats to damp shocks like 1982-5 and 2006-9 : field and laboratory Evidence for Chinese interest in a single world currency
Pope, Robin; Selten, Reinhard; Kube, Sebastian; Hagen, … - 2009
laboratory experiment that incorporates more aspects of real world complexity and more different sorts of official and private … regime ; exchange rate volatility ; experiment ; SKAT the Stages of Knowledge Ahead Theory ; monetary policy ; transparent …
Persistent link: https://www.econbiz.de/10003906415
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The damage from clean floats : from an anti-inflationary monetary policy
Pope, Robin; Selten, Reinhard; Kaiser, Johannes; Kube, … - 2007
experiment. The laboratory experiment avoids measurement errors towhich econometric estimation is subject concerning omitted or … independenceand false synchronicity in decision response lags to stimuli. Our laboratory experiment also embeds a newtheory of … ; IMF ; exchange rate regime ; exchange rate volatility ; experiment ; SKAT the Stages of Knowledge Ahead Theory ; monetary …
Persistent link: https://www.econbiz.de/10003612866
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Managed floats to damp world-wide exchange rate liquidity shocks like 1982-5, 2006-9 : field and laboratory evidence for the benefits of a single world Ccrrency
Pope, Robin; Selten, Reinhard - In: The open economics journal 4 (2011), pp. 1-38
field evidence is bolstered by a laboratory experiment. The experiment incorporates more aspects of real world complexity … cooperation-conflict model of exchange rate determination. The experiment allows an interpretation within an umbrella theory of … to unpredicted exchange rate changes. -- managed float ; IMF ; exchange rate regime ; experiment ; SKAT the stages of …
Persistent link: https://www.econbiz.de/10009541016