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Is the European Monetary System a DM-Zone?

De Grauwe, Paul - C.E.P.R. Discussion Papers - 1989

In this paper we analyze issues of symmetry and asymmetry in the workings of the EMS. We first measure how interest rates react to speculative disturbances. We find that despite the fact that speculative shocks have usually forced the offshore interest rates of the weak currencies to increase by...

Persistent link: https://www.econbiz.de/10005281408

The Credibility of the European monetary System:A Review

Rodríguez, Francisco Ledesma; Ibáñez, Manuel Navarro; … - In: Cuadernos de Economía - Spanish Journal of Economics … 31 (2008) 86, pp. 005-034

The paper presents an overview of several studies about the credibility of the European Monetary System (EMS). These studies compare different credibility indicators in terms of their ability to detect exchange rate crises in a target zone. Marginal credibility seems to be the best measure for...

Persistent link: https://www.econbiz.de/10011191465

A Two-Country Model with Asymmetric Phillips Curves and Intervention in the Foreign Exchange Market

Artis, Michael J; Gazioglu, Saziye - C.E.P.R. Discussion Papers - 1987

In this paper simulation methods are employed on a two-country, rational expectations continuous-time model to explore …

Persistent link: https://www.econbiz.de/10005662381

Exchange Rate Bands and Realignments in a Stationary Stochastic Setting

Miller, Marcus; Weller, Paul - C.E.P.R. Discussion Papers - 1989

The extent which exchange rate management can coexist with an independent monetary policy is examined in the context of a model with exchange rate bands. Using a Dornbusch model in which stochastic shocks are added to the Phillips curve, we analyze the implications of assuming that the monetary...

Persistent link: https://www.econbiz.de/10005791303

Exchange Rates and the EMS: Assessing the Track Record

Artis, Michael J; Taylor, Mark P - C.E.P.R. Discussion Papers - 1988

This paper attempts to provide some answers to a number of related questions. Has the European Monetary System reduced (real or nominal, bilateral or effective) exchange rate volatility? If so, has this been at the expense of increased interest rate volatility? How important have capital...

Persistent link: https://www.econbiz.de/10005661462

Basic Exchange Rate Theories

van Marrewijk, Charles - 2005

expectations. We provide ample anecdotal, historical, and heuristic information on the goodness-of-fit of the various exchange rate …

Persistent link: https://www.econbiz.de/10010325398

Exchange rates expectations and chaotic dynamics: A replication study

Belaire-Franch, Jorge - 2018

In this paper the author analyzes the behavior of exchange rates expectations for four currencies, by considering a re …-calculation and an extension of Resende and Zeidan (Expectations and chaotic dynamics: empirical evidence on exchange rates, Economics … expectations, although the so-called 0-1 test strongly supports the chaos hypothesis. …

Persistent link: https://www.econbiz.de/10011822180

Exchange rates expectations and chaotic dynamics: A replication study

Belaire-Franch, Jorge - In: Economics: The Open-Access, Open-Assessment E-Journal 12 (2018) 2018-37, pp. 1-9

In this paper the author analyzes the behavior of exchange rates expectations for four currencies, by considering a re …-calculation and an extension of Resende and Zeidan (Expectations and chaotic dynamics: Empirical evidence on exchange rates, Economics … expectations, although the so-called 0-1 test strongly supports the chaos hypothesis. …

Persistent link: https://www.econbiz.de/10011863688

Information Rigidities and Exchange Rate Expectations

Beckmann, Joscha; Reitz, Stefan - 2018

Sluggish adjustment of expectations to new information is rational in an environment characterized by information costs … expectations using data from Consensus Economics for eight emerging and industrial economies from 1999 until 2015. Our results …

Persistent link: https://www.econbiz.de/10011892133

Fundamental determinants of exchange rate expectations

Beckmann, Joscha; Czudaj, Robert L. - 2020

This paper provides a new perspective on the exchange rate disconnect puzzle by referring to the expectations building … mechanism in foreign exchange markets. Therefore, we analyze the role of expectations regarding macroeconomic fundamentals for … expected exchange rate changes. In doing so, we assess data for 31 economies from 2002 to 2017 and consider expectations …

Persistent link: https://www.econbiz.de/10012287905