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Pegging the Exchange Rate to Gain Monetary Policy Credibility
Davis, Scott - 2017
Central banks that lack credibility often tie their exchange rate to that of a more credible partner in order to … “import” credibility. We show in a small open economy model that a central bank that displays “limited credibility” can … credibility will peg their currency to that of a more credible partner. As the central bank's credibility improves it will place …
Persistent link: https://www.econbiz.de/10012971241
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Eurokurs: Sollte die EZB intervenieren?
Fels, Joachim; Hüfner, Martin; Belke, Ansgar; Polleit, … - In: ifo Schnelldienst 58 (2005) 01, pp. 3-13
Im Zuge der Aufwertung des Euro gegenüber wichtigen Handelswährungen, insbesondere dem US-Dollar, ist die Europäische Zentralbank vielfach aufgefordert worden zu intervenieren, um dem Aufstieg des Euro Einhalt zu gebieten und so den befürchteten Wachstums- und Beschäftigungsverlusten...
Persistent link: https://www.econbiz.de/10011692240
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A return to the convertibility principle? Monetary and fiscal regimes in historical perspective. The international evidence
Bordo, Michael D.; Jonung, Lars - 2000
the past, a monetary regime based on the commitment to convertibility of the domestic currency into specie, the … commitment such as the goal of price stability or low inflation or an external commitment to peg to a foreign currency will …
Persistent link: https://www.econbiz.de/10010281355
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Monetary policy in transition: Essays on monetary policy transmission mechanism in China
Koivu, Tuuli - 2012
China's economic development has been exceptionally robust since the end of the 1970s, and the country has already emerged as the second biggest economy in the world. In this study, we seek to illuminate the role of the monetary policy in this successful economic performance and as a part of the...
Persistent link: https://www.econbiz.de/10012148910
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The role and effectiveness of unconventional monetary policy
Morgan, Peter J. - 2009
: (i) commitment effect, i.e., verbal commitments to maintain very low interest rates for a certain period, either … the applicability of unconventional policies for Asian economies other than Japan. Most studies of the commitment effect …
Persistent link: https://www.econbiz.de/10003901570
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The intraday interest rate : what’s that?
Abbassi, Puriya; Fecht, Falko; Tischer, Johannes - 2015
We study the intraday interest rate in a CCP-based GC pooling repo market and its key determinants. Since collateral used in this market is identical to collateral eligible for the daylight overdraft facility of the Eurosystem, any intraday rate in this market cannot be a result of collateral...
Persistent link: https://www.econbiz.de/10011308459
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Is the Eurozone not a monetary union, but an extraordinary exchange rate union?
Sauer, Beate; Sell, Friedrich L. - 2013
The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union or a system of fixed exchange rates than a monetary...
Persistent link: https://www.econbiz.de/10009751600
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Quantifying the effects of the CNB's exchange rate commitment : a synthetic control method approach
Opatrny, Matej - 2016
In this paper I evaluate the quantitative effects of the Czech National Bank's commitment to keep the Koruna from … commitment. I find that, until the end of 2015, the commitment helped create about 100,000 jobs. The effect on overall output is … connected to disturbances created by changes in excise taxes. The effect of the commitment on inflation is positive but not …
Persistent link: https://www.econbiz.de/10011515767
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Quantitative modelling of the EUR/CHF exchange rate during the target zone regime of September 2011 to January 2015
Lera, Sandro Claudio; Sornette, Didier - 2015
Krugman (1991)'s target zone model has become the reference of a large part of this literature. Despite its simplicity and elegance, empirical evidence has been lacking. Deriving from Krugman's model analytical expressions for the conditional volatility and density distribution close to the...
Persistent link: https://www.econbiz.de/10011411918
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A return to the convertibility principle? : monetary and fiscal regimes in historical perspective ; the international evidence
Bordo, Michael D. (contributor); Jonung, Lars (contributor) - 2000 - [Elektronische Ressource]
the past, a monetary regime based on the commitment to convertibility of the domestic currency into specie, the … commitment such as the goal of price stability or low inflation or an external commitment to peg to a foreign currency will …
Persistent link: https://www.econbiz.de/10001600040