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Exchange rate pass-through, monetary policy and real shocks : an empirical evaluation
Aguirre, Horacio A.; González Padilla, Héctor Gustavo - 2019 - This version: January 2019
We look at a panel of Latin American countries from 1970 and 2016 to enquire how exchange rate pass-through has changed … through, with a small influence of real shocks such as terms-of-trade changes; money growth is also associated to long …-run pass-through, while terms of trade shocks are more statistically significant. Results are consistent with the hypothesis …
Persistent link: https://www.econbiz.de/10012020009
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Central Bank Digital Currency with Adjustable Interest Rate in Small Open Economies
George, Ammu - 2020
extend the discussion to an open-economy context with trade and capital flows. We use a dynamic stochastic general …
Persistent link: https://www.econbiz.de/10012833531
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The East Asian Dollar Standard, Fear of Floating, and Original Sin
McKinnon, Ronald - 2007
Before the crisis of 1997-98, the East Asian economies except for Japan but including China pegged their currencies to the U.S. dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the dollar's...
Persistent link: https://www.econbiz.de/10012729302
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The Federal Reserve Engages the World (1970-2000) : An Insider's Narrative of the Transition to Managed Floating and Financial Turbulence
Truman, Edwin M. - 2015
This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve's role in international economic and financial policy and analysis covering four areas: the...
Persistent link: https://www.econbiz.de/10013032804
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Shocks Matter : Managing Capital Flows with Multiple Instruments in Emerging Economies
Lama, Ruy - 2020
We study the optimal management of capital flows in a small open economy model with financial frictions and multiple policy instruments. The paper reports two main findings. First, both foreign exchange intervention (FXI) and macroprudential polices are tools complementary to the monetary policy...
Persistent link: https://www.econbiz.de/10012828217
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China's evolving managed float : an exploration of the roles of the fix and broad dollar movements in explaining daily exchange rate changes
Clark, John - 2017
We investigate the drivers of daily changes in the exchange value of the Chinese currency (CNY) since early 2016, when a new regime was introduced for setting the fix - the midpoint of the CNY's daily trading range against the U.S. dollar. Daily changes in the fix, which is announced just prior...
Persistent link: https://www.econbiz.de/10011754330
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The Global Factor in Neutral Policy Rates : Some Implications for Exchange Rates, Monetary Policy, and Policy Coordination
Clarida, Richard - 2018
of the nominal trade weighted dollar. In fact, the correlation between the dollar and the 12 quarter lag of the HLW …
Persistent link: https://www.econbiz.de/10012914920
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Chronicle of a Dollarization Foretold : Inflation and Exchange Rates Dynamics
Caravello, Tomás E.; Martinez-Bruera, Pedro; Werning, Iván - National Bureau of Economic Research - 2023
We study the effects of an anticipated dollarization, announced today but planned to be implemented at some future date, in a simple open-economy model. Motivated by the profile of countries considering dollarization we make the following assumptions. First, the government faces a scarcity of...
Persistent link: https://www.econbiz.de/10014421188
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Cross-Country-Heterogeneous and Time-Varying Effects of Unconventional Monetary Policies in AEs on Portfolio Inflows to EMEs
Yoon, Kyoungsoo - 2015
(UMPs) in advanced economies (AEs) on portfolio inflows to emerging economies (EMEs), with a panel smooth transition …
Persistent link: https://www.econbiz.de/10013026034
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methodological issues and a panel cointegration perspective
Maeso-Fernandez, Francisco; Osbat, Chiara; Schnatz, Bernd - 2004
-step strategy that consists of estimating the relationship between exchange rates and economic fundamentals in a panel cointegration …
Persistent link: https://www.econbiz.de/10009639407