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Establishing Credibility: Evolving Perceptions of the European Central Bank
Goldberg, Linda S.; Klein, Michael W. - Institute for International Integration Studies (IIIS), … - 2005
The credibility of a central bank’s anti-inflation stance, a key determinant of its success, may reflect institutional … natural experiment for considering whether, and how, central bank credibility evolves. In this paper, we present a model …
Persistent link: https://www.econbiz.de/10005187436
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Monetary Policy, Default Risk and the Exchange Rate
Guimarães, Bernardo; Gonçalves, Soares; Eduardo, Carlos - C.E.P.R. Discussion Papers - 2007
In a country with high probability of default, higher interest rates may render the currency less attractive if sovereign default is costly. This paper develops that intuition in a simple model and estimates the effect of changes in interest rates on the exchange rate in Brazil using data from...
Persistent link: https://www.econbiz.de/10005792385
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Beliefs about Exchange-Rate Stability: Survey Evidence From the Currency Board in Bulgaria
Valev, Neven T.; Carlson, John A. - William Davidson Institute, University of Michigan - 2004
We use unique survey data from Bulgaria’s currency board to examine the reasons for persistent incomplete credibility … since 1997, the currency board has not achieved full credibility. This is not uncommon in other less-developed countries … with fixed exchange rate regimes. Our results reveal that incomplete credibility is explained primarily by concerns about …
Persistent link: https://www.econbiz.de/10005677730
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John Maynard Keynes: Is That you Knocking on the Door?
Kowalski, Tadeusz; Shachmurove, Yochanan - Zakład Ekonometrii Stosowanej, Szkoła Główna … - 2011
published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of … the business cycle during the postwar period. The paper details the decline in the popularity of the Keynesian theory and …
Persistent link: https://www.econbiz.de/10009293018
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An Historical Walk Through Recent Financial Crises
Kowalski, Tadeusz; Shachmurove, Yochanan - Department of Economics, University of Pennsylvania - 2011
in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory …
Persistent link: https://www.econbiz.de/10009145755
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Exchange Rate Market Tensions in a Small Open Economy During the Transition to EMU: can Asian countries learn from the Portuguese experience in 1992-1995?
Abreu, Margarida - ISEG - School of Economics and Management, Department …
estimation of the exchange rate policy credibility a la Svensson and a brief description of the escudo exchange rate crises. The …
Persistent link: https://www.econbiz.de/10005593056
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Financial Fragility and the Exchange Rate Regime
Chang, R.; Velasco, A. - C.V. Starr Center for Applied Economics, Department of … - 1998
We study financial fragility, exchange rate crisis and monetary policy in an open economy model in which banks are maturity transformers as in Diamond-Dybvig. The banking system, the exchange rate regime, and central bank credit policy are seen as parts of a mechanism intended to maximize social...
Persistent link: https://www.econbiz.de/10005605649
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The Single Global Currency - Common Cents for the World (2007 Edition)
Bonpasse, Morrison - Volkswirtschaftliche Fakultät, … - 2007
This is the 2007 Edition of the only book in print in the world about the Single Global Currency, and is the only book in the world priced in 143 currencies (down from 147 in the 2006 edition.).This number is significant, as it's the number of currencies required among the 192 U.N. members to...
Persistent link: https://www.econbiz.de/10005621973
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Money Supply Rules and Exchange Rate Dynamics
Tervala, Juha - Turun Kauppakorkeakoulu, Turun Yliopisto - 2010
This paper examines the implications of monetary policy rules for exchange rate dynamics. I extend a standard New Open Economy Macroeconomics model with the introduction of a simple money supply rule, whereby central banks change their monetary policy if output diverges from potential output or...
Persistent link: https://www.econbiz.de/10008790207
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Inflation and Exchange Rate Regimes in Mexico
Li, C.A.; Philippopoulos, A.; Tzavalis, E. - Business School, University of Exeter - 1998
We present a version of the exchange-rate regime model of inflation. We then use quarterly data from Mexico during 1946.I-1995.I to test and estimate a simultaneous equation model for wage inflation, price inflation and industrial produciton. In doing so, we respect the Lucas critique and take...
Persistent link: https://www.econbiz.de/10008852262