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Huang, Kevin X. D.; Liu, Zheng - 2004

The international welfare effects of a country's monetary policy shocks have been controversial in the new open economy macro (i.e., NOEM) literature. While a unilateral monetary expansion increases the production efficiency in each country, it affects the terms of trade in favor of one country...

Persistent link: https://www.econbiz.de/10009639409

Monetary policy in a low pass-through environment

Monacelli, Tommaso - 2003

We study the effects on the optimal monetary policy design problem of allowing for deviations from the law of one price in import goods prices. We reach three basic results. First, incomplete pass-through renders the analysis of monetary policy of an open economy fundamentally different from the...

Persistent link: https://www.econbiz.de/10009639840

Real convergence and its illusions

Kolasa, Marcin - 2010

This paper uses the EAGLE, a multi-country dynamic general equilibrium model, to illustrate dynamic adjustments in a small open economy undergoing real convergence. We consider the effects of productivity catch-up and misperceptions about future productivity developments. Our results indicate...

Persistent link: https://www.econbiz.de/10009640309

Chronicle of currency collapses

Bussière, Matthieu; Saxena, Sweta C.; Tovar, Camilo E. - 2010

The impact of currency collapses (i.e. large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical evidence on this relationship using a dataset for 108 emerging and developing economies for the period...

Persistent link: https://www.econbiz.de/10009640314

Business cycle synchronisation

Dées, Stéphane; Zorell, Nico - 2011

Drawing on a large sample of countries, this paper explores whether closer economic ties between countries foster business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as well as the similarity in sectoral specialisation....

Persistent link: https://www.econbiz.de/10009640698

The admission of accession countries to an enlarged monetary union

Ca' Zorzi, Michele; De Santis, Roberto A. - 2003

The enlargement of the European monetary union to include the accession countries (ACs) will not lead to higher average inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy framework is preserved. In the short term,...

Persistent link: https://www.econbiz.de/10009639851

Designing targeting rules for international monetary policy cooperation

Benigno, Gianluca; Benigno, Pierpaolo - 2003

This study analyzes international monetary policy cooperation in a twocountry dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy...

Persistent link: https://www.econbiz.de/10009635898

Measuring contagion with a Bayesian, time-varying coefficient model

Ciccarelli, Matteo; Rebucci, Alessandro - 2003

To measure contagion empirically, we propose using a Bayesian time-varying coeﬃcient model estimated with Markov … not require knowledge of the timing of the crisis. It distinguishes contagion not only from interdependence but also from … structural breaks. It can be used to investigate positive as well as negative contagion. The proposed measure appears to work …

Persistent link: https://www.econbiz.de/10009635914

Maintaining price stability under free-floating

Detken, Carsten; Gaspar, Vítor - 2003

The behaviour of the exchange rate under a floating exchange rate regime for a small open economy with perfect capital mobility may appear like a managed float or even a firmer peg. We present a canonical new neo-classical synthesis open economy model where the central bank follows a strategy...

Persistent link: https://www.econbiz.de/10009635960

Growth expectations, capital flows and international risk sharing

Castrén, Olli; Miller, Marcus; Stiegert, Roger - 2003

Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of...

Persistent link: https://www.econbiz.de/10009635970

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