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Monetary and exchange rate policy under remittance fluctuations
Mandelman, Federico S. - 2011
to financial markets and test whether remittances are countercyclical and serve as an insurance mechanism against … secular increase in the trend growth of remittances and random cyclical fluctuations around this trend. In a purely … households facing an increasing trend for remittances. A flexible floating regime is preferred when unanticipated shocks driving …
Persistent link: https://www.econbiz.de/10010292315
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Immigration and secular stagnation
Miyagiwa, Kazuyuki; Ono, Yoshiyasu - 2019 - Revised June 2019
country into stagnation. We also find that immigrants' remittances are harmful to the host country under full employment but …
Persistent link: https://www.econbiz.de/10012024753
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Immigration and secular stagnation
Miyagiwa, Kazuyuki; Ono, Yoshiyasu - 2019
country into stagnation. We also find that immigrants' remittances are harmful to the host country under full employment but …
Persistent link: https://www.econbiz.de/10012430008
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Remittances, exchange rate regimes, and the Dutch disease: A panel data analysis
Lartey, Emmanuel K. K.; Mandelman, Federico S.; Acosta, … - 2008
Using disaggregated sectorial data, this study shows that rising levels of remittances have spending effects that lead …
Persistent link: https://www.econbiz.de/10010292357
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The European Monetary Union as a commitment device for new EU member states
Ravenna, Federico - 2005
This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...
Persistent link: https://www.econbiz.de/10011604562
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Openness and optimal monetary policy
Lombardo, Giovanni; Ravenna, Federico - 2010
We show that the composition of imports has important implications for the optimal volatility of the exchange rate. Using input-output data for 25 countries we document substantial differences in the import and non-tradable content of final demand components, and in the role played by imported...
Persistent link: https://www.econbiz.de/10011605325
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Dynamic analysis of exchange rate regimes: Policy implications for emerging countries in Asia
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014
This paper discusses desirable exchange rate regimes and how countries can shift from their current regimes to these regimes over the medium term. We demonstrate the superiority of a basket-peg regime with the basket weight rule over a floating regime with the interest rate rule or the money...
Persistent link: https://www.econbiz.de/10011310997
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Comparison of static and dynamic analyses on exchange rate regimes in East Asia
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015
This paper compares three methods of analyzing exchange rate regimes in East Asia: static analysis, conventional dynamic analysis, and dynamic transition analysis. First we provide quantitative results that both estimated parameters for Thailand and time intervals are applied symmetrically...
Persistent link: https://www.econbiz.de/10011311030
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Utility functions, fiscal shocks and the open economy: In the search of a positive consumption multiplier
Wegmueller, Philipp - 2014
This paper analyzes the dynamic effects of a fiscal policy shock and its transmission mechanism in a small open economy and compares the responses under different specifications of the utility function. The traditional Mundell-Flemming model tells that fiscal policy is more effective under a peg...
Persistent link: https://www.econbiz.de/10011420632
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Words, deeds, and outcomes: A survey on the growth effects of exchange rate regimes
Harms, Philipp; Kretschmann, Marco - 2007
Recent studies on the growth effects of exchange rate regimes offer a wide range of different, sometimes contradictory results. In this paper, we systematically compare three prominent contributions in this field. Using a common data set, a common specification, and common estimation methods, we...
Persistent link: https://www.econbiz.de/10011430062