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Trade integration, competition, and the decline in exchange-rate pass-through

Gust, Christopher; Leduc, Sylvain; Vigfusson, Robert J. - Federal Reserve Board (Board of Governors of the … - 2006

Over the past twenty years, U.S. import prices have become less responsive to the exchange rate. We propose that a … environment is strategic complementarity in price setting. As a result, a firm's pricing decision depends on the prices set by its … the exchange rate, insulating import prices from exchange rate movements. With increased trade integration, exporters have …

Persistent link: https://www.econbiz.de/10005368371

Expected and predicted realignments: the FF/DM exchange rate during the EMS

Rose, Andrew K.; Svensson, Lars E.O. - Federal Reserve Board (Board of Governors of the … - 1991

An empirical model of time-varying realignment risk in an exchange rate target zone is developed. Expected rates of devaluation are estimated as the difference between interest rate differentials and estimated expected rates of depreciation within the exchange rate band, using French...

Persistent link: https://www.econbiz.de/10005368433

Exchange rate regimes and financial dollarization: does flexibility reduce bank currency mismatches?

Arteta, Carlos O. - Federal Reserve Board (Board of Governors of the … - 2002

The dollarization of bank deposits and credit is widespread in developing countries, resulting in varying degrees of currency mismatches in domestic financial intermediation, which in turn might accentuate bank balance sheet fragility. It is widely argued that flexible exchange rate regimes...

Persistent link: https://www.econbiz.de/10005368435

Tariffs and the macroeconomy: evidence from the USA

Rose, Andrew K.; Ostry, Jonathan D. - Federal Reserve Board (Board of Governors of the … - 1989

This paper examines the macroeconomic impact of tariffs. The effects of unilateral tariff changes are reviewed in a variety of theoretical models. Three different sets of data are consistent with the hypothesis that tariff rates have no significant effect on a system consisting of the real...

Persistent link: https://www.econbiz.de/10005368441

The Taylor rule and forecast intervals for exchange rates

Wang, Jian; Wu, Jason J. - Federal Reserve Board (Board of Governors of the … - 2009

This paper attacks the Meese-Rogoff (exchange rate disconnect) puzzle from a different perspective: out-of-sample interval forecasting. Most studies in the literature focus on point forecasts. In this paper, we apply Robust Semi-parametric (RS) interval forecasting to a group of Taylor rule...

Persistent link: https://www.econbiz.de/10005368463

Real exchange rate movements in high inflation countries

Rogers, John H.; Wang, Ping - Federal Reserve Board (Board of Governors of the … - 1995

inflation economies using models emphasizing monetary shocks and sticky prices could be improved by not negtecting real shocks. …

Persistent link: https://www.econbiz.de/10005368466

The high-frequency effects of U.S. macroeconomic data releases on prices and trading activity in the global interdealer foreign exchange market

Chaboud, Alain P.; Chernenko, Sergey; Howorka, Edward; … - Federal Reserve Board (Board of Governors of the … - 2004

We introduce a new high-frequency foreign exchange dataset from EBS (Electronic Broking Service) that includes trading volume in the global interdealer spot market, data not previously available to researchers. The data also gives live transactable quotes, rather than the indicative quotes that...

Persistent link: https://www.econbiz.de/10005368468

European monetary arrangements: implications for the dollar, exchange rate variability and credibility

Edison, Hali J.; Kole, Linda S. - Federal Reserve Board (Board of Governors of the … - 1994

This paper uses the recent history of the ERM to gain insights into what might happen to exchange rates on the road to EMU. To do this, the paper examines the variability of exchange rates, the transmission of monetary policy between countries, the role of the dollar in ERM exchange rate crises,...

Persistent link: https://www.econbiz.de/10005368487

Uncovered interest parity: it works, but not for long

Chaboud, Alain P.; Wright, Jonathan H. - Federal Reserve Board (Board of Governors of the … - 2003

The failure of uncovered interest parity can be ascribed to the existence of a risk premium. The size of this risk premium may shrink to zero over sufficiently small intervals of time. In contrast, because no interest is paid on intradaily positions and interest is instead paid discretely at the...

Persistent link: https://www.econbiz.de/10005368505

European integration, exchange rate management, and monetary reform: a review of the major issues

Schinasi, Garry J. - Federal Reserve Board (Board of Governors of the … - 1989

Since the adoption of the Single European Act in 1986, doubts have been expressed about the ability of the European Monetary System as presently structured to ensure an efficient and effective monetary system for the single European market. The further adoption by the European Council (June...

Persistent link: https://www.econbiz.de/10005368507