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Order Flows and The Exchange Rate Disconnect Puzzle

Evans, Martin - Georgetown University, Department of Economics - 2008

The aim of this paper is to establish the link between the high frequency dynamics of spot exchange rates and developments in the macroeconomy. To do so, I first present a theoretical model of exchange-rate determination that bridges the gap between existing microstructure and traditional...

Persistent link: https://www.econbiz.de/10009274511

What drives the German current account? And how does it affect other EU member states?

Kollmann, Robert; Ratto, Marco; Roeger, Werner; Jan … - Directorate-General Economic and Financial Affairs, … - 2014

We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the … World (ROW) to analyze the determinants of Germany’s current account surplus after the launch of the Euro. The most … interest rates to German rates due to the creation of the Euro only had a modest effect on the German current account and on …

Persistent link: https://www.econbiz.de/10010796489

A Bargaining Theory of Trade Invoicing and Pricing

Goldberg, Linda S.; Tille, Cédric - National Bureau of Economic Research (NBER) - 2013

We develop a theoretical model of international trade pricing in which individual exporters and importers bargain over the transaction price and exposure to exchange rate fluctuations. We find that the choice of price and invoicing currency reflects the full market structure, including the...

Persistent link: https://www.econbiz.de/10010796576

Are Commodity Futures Prices Barometers of the Global Economy?

Xiong, Wei; Hu, Conghui - National Bureau of Economic Research (NBER) - 2013

This paper analyzes whether commodity futures prices traded in the United States reveal information relevant to stock prices of East Asian economies including China, Japan, Hong Kong, South Korea, and Taiwan. We find significant and positive predictive powers of overnight futures returns of...

Persistent link: https://www.econbiz.de/10010796631

Interest rate and the exchange rate: A non-monotonic tale

Hnatkovska, Viktoria; Lahiri, Amartya; Vegh, Carlos A. - In: European Economic Review 63 (2013) C, pp. 68-93

For over 30years, the empirical international finance literature has been unable to detect a clear systematic relationship between interest rates and the nominal exchange rate. We take a fresh look at the data and uncover a new stylized fact for a cross-section of countries: the relationship...

Persistent link: https://www.econbiz.de/10010702969

European Monetary Union: an old Keynesian guide to issues

PALLEY, T.I. - In: BNL Quarterly Review 50 (1997) 201, pp. 147-164

The work adopts an old Keynesian perspective to evaluate the EMU. Such a perspective raises concerns with the effectiveness of monetary policy, the feasibility of monetary policy, and the political economy of monetary policy. The EMU brings with it institutional lock-in, and therefore needs to...

Persistent link: https://www.econbiz.de/10010762455

European Monetary Union: an old Keynesian guide to issues

PALLEY, T.I. - In: Banca Nazionale del Lavoro Quarterly Review 50 (1997) 201, pp. 147-164

Persistent link: https://www.econbiz.de/10010762468

Chocs extérieurs et régimes monétaires en Asie du Sud-Est : une analyse DSGE

Sangaré, Ibrahima - Laboratoire d'Analyse et de Recherche Économiques et … - 2014

This paper compares economic and welfare performances of four monetary regimes (target zone, pure floating, managed and fixed exchange rates) for each of the five founding members of ASEAN, using a small open economy DSGE model. The model incorporate the financial accelerator and the phenomenon...

Persistent link: https://www.econbiz.de/10010772219

Institutional quality, the cyclicality of monetary policy and macroeconomic volatility

Duncan, Roberto - Federal Reserve Bank of Dallas - 2014

In contrast to industrialized countries, emerging market economies are characterized by proor acyclical monetary policies and high output volatility. This paper argues that those facts can be related to a long-run feature of the economy - namely, its institutional quality (IQL). The paper...

Persistent link: https://www.econbiz.de/10010772608

A Comparative Analysis of ASEAN Currencies Using a Copula Approach and a Dynamic Copula Approach

Chaiboonsri, Chukiat; Chaitip, Prasert - In: Annals of the University of Petrosani, Economics 12 (2012) 4, pp. 39-52

The ASEAN Economic Community (AEC) will be shaped developing to be a single market and production base in 2015, moving towards regional Economic Integration, 2009. These developments in international financial markets do lead to some adverse cost for AEC country borrowers. The specific objective...

Persistent link: https://www.econbiz.de/10010773880