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Interest Rate Rules, Exchange Market Pressure, and Successful Exchange Rate Management
Klaassen, Franc - 2016
Central banks with an exchange rate objective set the interest rate in response to what they call ''pressure.'' Instead, existing interest rate rules rely on the exchange rate minus its target. To stay closer to actual policy, we introduce a rule that uses exchange market pressure (EMP), the...
Persistent link: https://www.econbiz.de/10012993375
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Impact of US quantitative easing policy on emerging Asia
Morgan, Peter J. - 2011
The adoption of quantitative easing (QE) policy by the United States (US) Federal Reserve Bank since early 2009 has aroused widespread concerns in Asia and elsewhere regarding its possible impact in terms of the weakening of the US dollar and stimulating capital outflows to emerging economies...
Persistent link: https://www.econbiz.de/10009379704
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The dollar during the Global Recession : US monetary policy and the exorbitant duty
Stavrakeva, Vania; Tang, Jenny - 2018 - This version: October, 2018
We document that during the Global Recession, US monetary policy easings triggered the "exorbitant duty" of the United States, the issuer of the world's dominant currency, by causing a dollar appreciation and a transfer of wealth from the United States to the rest of the world. This dollar...
Persistent link: https://www.econbiz.de/10011941052
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Monetary Policy without Moving Interest Rates : The Fed Non-Yield Shock
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2024
Existing high-frequency monetary policy shocks explain surprisingly little variation in stock prices and exchange rates around FOMC announcements. Further, both of these asset classes display heightened volatility relative to non-announcement times. We use a heteroskedasticity-based procedure to...
Persistent link: https://www.econbiz.de/10014576665
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China's exchange rate and financial repression : the conflicted emergence of the renminbi as an international currency
McKinnon, Ronald I.; Schnabl, Gunther - 2014
China has been provoked into speeding renminbi internationalization. But despite rapid growth in offshore financial … could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan/ dollar … exchange rate to encourage naturally high wage increases for balancing China's international competitiveness. …
Persistent link: https://www.econbiz.de/10010249643
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Recent RMB Policy and Currency Co-Movements
McCauley, Robert N. - 2018
This study investigates how variation in the determinants of the renminbi's daily fixing since the August 2015 exchange rate reform maps on to variation in the co- movement of the renminbi with regional and other emerging market currencies. We first identify three post-reform periods of RMB...
Persistent link: https://www.econbiz.de/10012916966
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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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Macroeconomic Interdependence and Exchange Rate Policy in China : Time Series Evidence from China and the United States
Skima, Asma; Khefacha, Islem - 2021
interdependence between the two economic powers China and the United States in the money market and the goods and services market …
Persistent link: https://www.econbiz.de/10013242593
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Global Transmission of Interest Rates : Monetary Independence and Currency Regime
Frankel, Jeffrey A.; Schmukler, Sergio L.; Servén, Luis - 2004
Hikes in U.S. interest rates in 1999-2000 have started to spill over to other economies' interest rates, which in many countries have risen to reflect the higher U.S. rates. Are countries with flexible exchange rates better able to isolate their domestic interest rates from this type of negative...
Persistent link: https://www.econbiz.de/10014153762
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Global Transmission of Interest Rates : Monetary Independence and Currency Regime
Frankel, Jeffrey A.; Schmukler, Sergio L.; Servén, Luis - 2004
Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affects the sensitivity of local interest rates to international interest rates. In most cases, we cannot reject full transmission of international...
Persistent link: https://www.econbiz.de/10014075205