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Analyzing aggregate real exchange rate persistence through the lens of sectoral data
Mayoral, Laura; Gadea, Maréa Dolores - Barcelona Graduate School of Economics (Barcelona GSE) - 2009
In this paper we analyze the persistence of aggregate real exchange rates (RERs) for a group of EU-15 countries by … using sectoral data. The tight relation between aggregate and sectoral persistence recently investigated by Mayoral (2008 …) allows us to decompose aggregate RER persistence into the persistence of its different subcomponents. We show that the …
Persistent link: https://www.econbiz.de/10010547246
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The cost of disinflation in a small open economy vis-à-vis a closed economy
Faryna, Oleksandr; Jónsson, Magnús; Shapovalenko, Nadiia - 2021
We use a standard new Keynesian model to evaluate the cost of disinflation - measured by the sacrifice ratio, the … central bank's loss function, and the welfare cost - in a small open economy vis-à-vis a closed economy. Disinflation is …
Persistent link: https://www.econbiz.de/10012695263
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Another look at global disinflation
Sekine, Toshitaka - Bank für Internationalen Zahlungsausgleich <Basel> - 2009
This paper highlights relative price adjustments taking place in the global economy as important sources of the lower levels of inflation rates observed in the recent decades. Using a markup model, it shows substantial effects from declines in wage costs and import prices relative to consumer...
Persistent link: https://www.econbiz.de/10009138483
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Welfare Effects of Fiscal Policy under Alternative Exchange Rate Regimes : The Role of the Scale Variable of Money Demand
Pitterle, Ingo; Steffen, Dirk - 2004
This paper investigates the implications of alternative scale variables of money demand for the comparison of a flexible exchange rate regime with a monetary union in a NOEM setup. The welfare evaluation of exchange rate regimes depends on the exchange rate response under the flexible regime....
Persistent link: https://www.econbiz.de/10010296330
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Importers, exporters, and exchange rate disconnect
Amiti, Mary; Itskhoki, Oleg; Konings, Jozef - 2012
Large exporters are simultaneously large importers. In this paper, we show that this pattern is key to understanding low aggregate exchange rate pass-through as well as the variation in pass-through across exporters. First, we develop a theoretical framework that combines variable markups due to...
Persistent link: https://www.econbiz.de/10010333649
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Importers, exporters, and exchange rate disconnect
Amiti, Mary; Itskhoki, Oleg; Konings, Jozef - 2012
Large exporters are simultaneously large importers. In this paper, we show that this pattern is key to understanding low aggregate exchange rate pass-through as well as the variation in pass-through across exporters. First, we develop a theoretical framework that combines variable markups due to...
Persistent link: https://www.econbiz.de/10011506758
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On the Hump-Shaped Output Effect of Monetary Policy in an Open Economy
Pierdzioch, Christian; Yener, Serkan - 2004
Results of empirical research have revealed a characteristic hump-shaped effect of monetary policy shocks on output: the effect builds to a peak after several months and then gradually dies out. We analyze, in the context of a "new open economy macroeconomics" model, factors that imply a hump-...
Persistent link: https://www.econbiz.de/10010260498
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Importers, exporters, and exchange rate disconnect
Amiti, Mary; Itskhoki, Oleg; Konings, Jozef - 2012
Large exporters are simultaneously large importers. In this paper, we show that this pattern is key to understanding low aggregate exchange rate pass-through as well as the variation in pass-through across exporters. First, we develop a theoretical framework that combines variable markups due to...
Persistent link: https://www.econbiz.de/10011590471
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Importers, exporters, and exchange rate disconnect
Amiti, Mary; Itskhoki, Oleg; Konings, Jozef - Nationale Bank van België/Banque national de Belqique (BNB) - 2012
Large exporters are simultaneously large importers. In this paper, we show that this pattern is key to understanding low aggregate exchange rate pass-through as well as the variation in pass-through across exporters. First, we develop a theoretical framework that combines variable markups due to...
Persistent link: https://www.econbiz.de/10011272758
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The Effectiveness of Monetary and Fiscal Policy with Different Degrees of Goods and Financial Market Integration
Senay, Özge - Department of Economics and Related Studies, University …
Given the importance of economic integration and the concern for macroeconomic stabilisation, it is important to understand how increasing integration alters the effectiveness of government policy tools. This paper aims to determine how increasing goods and financial market integration changes...
Persistent link: https://www.econbiz.de/10005328566