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Do exchange rate regimes affect the conditions under which developed countries borrow? This paper argues that they do, but their impact on yields depends on the prevailing macroeconomic context. When investors regard inflation as the most relevant risk to bond holdings, monetary union has a...
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The introduction of the Euro has considerably affected the de facto monetary policy autonomy - defined as statistical independence from monetary policy in the key currency areas - in countries outside the European Currency Union. Using a standard open economy framework we argue that de facto...
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This paper integrates exchange-rate policy into a model of exchange- rate behavior, and examines the data econometrically to infer hypotheses about policy behavior in the 1970s. The model shows how unanticipated movements in money, the current account, and relative price levels will cause first...
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