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affected the inner balance of the Chinese basket-peg, swaying it from the Euro towards a more favorable dollar. This research …
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The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic … empirical research on the - transitory - decline of the Euro. Issues of exchange rate policy and international economic …
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I analyze spillover effects from Euro area monetary policy shocks to thirteen EU countries outside the Euro area, i … variables. An expansionary Euro area monetary policy shock raises production in most non-Euro area countries. Somewhat larger …, where foreign demand effects are particularly strong. In addition, a Euro area monetary expansion leads to declines in …
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Exchange market pressure (EMP) measures the pressure on a currencyto depreciate. It adds to the actual depreciation a weightedcombination of policy instruments used to ward off depreciation,such as interest rates and foreign exchange interventions, where theweights are their effectiveness. The...
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If there is exchange market pressure (EMP), monetary authorities can use the interest rate and official interventions to offset this depreciation tendency, or they can let the exchange rate change. We introduce a new approach to derive how these three variables should be combined to measure EMP....
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