Rational expectations models fail to explain the disconnect between the exchange rate and macroeconomic fundamentals. In line with survey evidence on the behaviour of foreign exchange traders, we introduce model misspecification and learning into a standard monetary model. Agents use simple...

Rational expectations models fail to explain the disconnect between the exchange rate and macroeconomic fundamentals. In line with survey evidence on the behaviour of foreign exchange traders, we introduce model misspecification and learning into a standard monetary model. Agents use simple...

Rational expectations models fail to explain the disconnect between the exchange rate and macroeconomic fundamentals. In line with survey evidence on the behaviour of foreign exchange traders, we introduce model misspecification and learning into a standard monetary model. Agents use simple...

During the Arab banks-summit in Paris last June 2008, the project of monetary integration in the Maghreb (Algeria, Libya, Morocco, Mauritania and Tunisia) was discussed again. Yet, many efforts have been undertaken to reinforce the completion of the regional integration process in this part of...

This paper examines the exchange rate pass-through to import, producer and consumer prices in South Africa using monthly data covering the period 2000M1 to 2009M5. The study uses innovation accounting tools (impulse response and variance decomposition) within the framework of an unrestricted VAR...

This study examines the use of the exchange rate by the Czech National Bank as a monetary policy instrument at the zero lower bound on interest rates. It provides a review of the economic literature on unconventional monetary policy instruments and particularly on the possibility of using the...

Rational expectations models fail to explain the disconnect between the ex-change rate and macroeconomic fundamentals. In line with survey evidence on the behaviour of foreign exchange traders, we introduce model misspecification and learning into a standard monetary model. Agents use simple...

Ao longo do período 2000/2007 o setor externo do agronegócio brasileiro encontrou uma conjuntura altamente favorável para o aumento de suas exportações, pois se combinou uma situação de forte expansão da economia mundial com elevação dos preços internacionais de commodities. No...

Ao longo do período 2000/2007 o setor externo do agronegócio brasileiro encontrou uma conjuntura altamente favorável para o aumento de suas exportações, pois se combinou uma situação de forte expansão da economia mundial com elevação dos preços internacionais de commodities. No...

O objetivo deste trabalho é analisar os efeitos de longo e curto prazos de choques na taxa de câmbio real sobre o saldo da balança comercial agropecuária brasileira. O procedimento metodológico empregado foi a análise multivariada descrita em Johansen (1988 e 1991) apud Hamilton (1994). Os...