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Uncertainty and Hyperinflation: European Inflation Dynamics after World War I

Lopez, Jose A.; Mitchener, Kris James - 2018

emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was instrumental in … Hungary (GAPH) suffered from frequent uncertainty shocks – and correspondingly high levels of uncertainty – caused by …. In contrast, other European countries exhibited lower levels of measured uncertainty between 1919 and 1925, allowing them …

Persistent link: https://www.econbiz.de/10011872123

The meltdown of the global economy: A Keynes-Minsky episode?

Sen, Sunanda - 2010

uncertainty that can be witnessed in these liberalized financial markets. The secondrelates to financial engineering with … beyond the conventional sources of bank credit. Interpreting the role of uncertainty, one can observe the connections between … investments. The Keynesian analysis of the impact of uncertainty related expectations was reformulated in 1986 by Hyman P. Minsky …

Persistent link: https://www.econbiz.de/10010286548

Risk Sharing and the Theory of Optimal Currency Areas : A Re-Examination of Mundell 1973

Ching, Stephen - 2007

Mundell (1973) argues that a common currency area provides benefits for its members by offering insurance against region-specific shocks. We develop a simple model to analyse the nature of risksharing benefits of a single currency area for emerging market economies, based on Mundell's...

Persistent link: https://www.econbiz.de/10012729262

Uncertainty, Exchange Rate Regimes, and National Price Levels

Broda, Christian M. - 2006

Large differences in national price levels exist across countries. In this paper, I develop a general equilibrium model predicting that these differences should be related to countries' exchange rate regimes. My empirical findings confirm that countries with fixed exchange rate regimes have...

Persistent link: https://www.econbiz.de/10014056764

"The Meltdown of the Global Economy: A Keynes-Minsky Episode?"

Sen, Sunanda - Levy Economics Institute - 2010

uncertainty that can be witnessed in these liberalized financial markets. The second relates to financial engineering with … beyond the conventional sources of bank credit. Interpreting the role of uncertainty, one can observe the connections between … investments. The Keynesian analysis of the impact of uncertainty related expectations was reformulated in 1986 by Hyman P. Minsky …

Persistent link: https://www.econbiz.de/10008678207

Monetary and Fiscal Policy Interactions in the Euro Area

Carlberg, Michael - 2004

This paper studies the interactions between monetary and fiscal policies in the euro area. The focus is on the union central bank, the German government, and the French government. The policy targets are price stability in the union, full employment in Germany, and full employment in France. The...

Persistent link: https://www.econbiz.de/10010296372

International Monetary Policy Coordination

Carlberg, Michael - 2005

This paper studies the international coordination of monetary policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary competition between Europe and America. Similarly, as...

Persistent link: https://www.econbiz.de/10010296390

Monetary policy under currency board arrangements: An necessary flexibility for transition countries?

Berensmann, Kathrin - 2003

One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board arrangements (CBA) are unable to respond to...

Persistent link: https://www.econbiz.de/10010305746

Dynamic shift to a basket-peg or floating regime in East Asian countries in response to the People's Republic of China's transition to a new exchange rate regime

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015

This paper analyzes a desirable transition path for East Asian countries given the People's Republic of China's (PRC's) transition to a new exchange rate regime. It attempts to answer two main questions: (i) Would these countries be better off shifting to either a basket peg or a floating regime...

Persistent link: https://www.econbiz.de/10011311010

Dynamic effect of a change in the exchange rate system: From a fixed regime to a basket-peg or a floating regime

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015

This paper theoretically evaluates the dynamic effects of a shift in an exchange rate system from a fixed regime to a basket peg, or to a floating regime, and obtains transition paths for the shift based on a dynamic stochastic general equilibrium model of a small open economy. We apply...

Persistent link: https://www.econbiz.de/10011311015