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Labour market reform and the sustainability of exchange rate pegs
Castrén, Olli; Takalo, Tuomas; Wood, Geoffrey - 2004
It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an “escape clause” model of currency crises. We show that the absence of structural...
Persistent link: https://www.econbiz.de/10009639466
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Should larger reserve holdings be more diversified?
Beck, Roland; Weber, Sebastian - 2010
The notable increase in international reserve holdings over the past decade and their use during the global financial crisis of 2008/2009 has sparked renewed interest in the analysis of the optimal level of reserve holdings, in particular in countries which are subject to sudden stops. Less...
Persistent link: https://www.econbiz.de/10009640347
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Information acquisition and decision making in committees
Gerling, Kerstin; Grüner, Hans Peter; Kiel, Alexandra; … - 2003
This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv) communication in committees. Moreover, we review recent experimental...
Persistent link: https://www.econbiz.de/10009635876
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Committees and special interests
Felgenhauer, Mike; Grüner, Hans Peter - 2003
Some committees convene behind closed doors while others publicly discuss issues and make their decisions. This paper studies the role of open and closed committee decision making in presence of external influence. We show that restricting the information of interest groups may reduce the bias...
Persistent link: https://www.econbiz.de/10009635893
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International risk-sharing and the transmission of productivity shocks
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2004
A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset markets and a low price elasticity of tradables can account...
Persistent link: https://www.econbiz.de/10009636531
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Financial openness and growth
Fratzscher, Marcel; Bussiere, Matthieu - 2004
No empirical evidence has yet emerged for the existence of a robust positive relationship between financial openness and economic growth. This paper argues that a key reason for the elusive evidence is the presence of a time-varying relationship between openness and growth over time: countries...
Persistent link: https://www.econbiz.de/10009639402
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Do options-implied RND functions on G3 currencies move around the times of interventions on the JPY/USD exchange rate?
Castrén, Olli - 2004
coincide with a movement in the mean of the RND towards a weaker yen both against the US dollar and the euro, as well as with …
Persistent link: https://www.econbiz.de/10009639470
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The admission of accession countries to an enlarged monetary union
Ca' Zorzi, Michele; De Santis, Roberto A. - 2003
inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy … play a key role. The numerical results indicate that the implications for the euro area are significant only if we assume a … enlarged euro area, but sizeable for ACs themselves. …
Persistent link: https://www.econbiz.de/10009639851
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Tax co-ordination in Europe: assessing the first years of the EU-Savings Taxation Directive
Hemmelgarn, Thomas - 2009
Persistent link: https://www.econbiz.de/10009639915
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Towards European monetary integration
González, Fernando; Launonen, Simo - 2005
We assess monetary convergence preceding the implementation of the European Monetary Union (EMU) through Kalman filtering estimates of the risk premium of eleven forward exchange rates of European and non-European currencies. Since all participating currencies are in effect identical from...
Persistent link: https://www.econbiz.de/10009639925