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This paper studies the effects of foreign exchange (FX) interventions in a two-region New Keynesian model where governments issue both short-term and long-term bonds. Imperfect substitutability between bonds gives rise to portfolio balance effects that make FX interventions effective....
Persistent link: https://www.econbiz.de/10013252982
Understanding and predicting the evolution of exports after a change in the nominal exchange rate is of central importance in international economics. Most of the literature focuses on estimating this relationship by reduced form, with the aim of uncovering a single structural parameter, but...
Persistent link: https://www.econbiz.de/10013172465
Persistent link: https://www.econbiz.de/10013286143
conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this …
Persistent link: https://www.econbiz.de/10010297592
Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to … the fiscal balance – a result backing an optimistic view on fiscal discipline under EMU. On the other hand, however, there … is the result that a high degree of openness has a deficit reducing impact. This is a worrying result in the EMU context …
Persistent link: https://www.econbiz.de/10010297607
Republic, Hungary, Estonia, Slovenia and Poland) which are interested in becoming soon members of EMU. The approach chosen …
Persistent link: https://www.econbiz.de/10010300401
conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this …
Persistent link: https://www.econbiz.de/10011441669
Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to … the fiscal balance - a result backing an optimistic view on fiscal discipline under EMU. On the other hand, however, there … is the result that a high degree of openness has a deficit reducing impact. This is a worrying result in the EMU context …
Persistent link: https://www.econbiz.de/10011442384
Republic, Hungary, Estonia, Slovenia and Poland) which are interested in becoming soon members of EMU. The approach chosen …
Persistent link: https://www.econbiz.de/10010508262
The effectiveness of different exchange rate systems continues to attract the attention of many scholars, however, most discussions on exchange rate regimes have focused on how the phenomenon affects economic growth, economic stability, financial crises, international tourism, and international...
Persistent link: https://www.econbiz.de/10012219368