Showing 121 - 130 of 15,376
This paper evaluates the consequences of accelerated technical progress for monetary transmission and the speed of adjustment in the real economy. With a decreasing service life, the long term rate relevant to real demand will resemble more closely the money market rate. We make the investment...
Persistent link: https://www.econbiz.de/10010295733
The Balassa-Samuelson effect is usually seen as the prime explanation of the continuous real appreciation of central and east European (CEE) transition countries' currencies against their western counterparts. The response of a small country's real exchange rate to various shocks is derived in a...
Persistent link: https://www.econbiz.de/10010295736
This paper analyses the implications of cost-push shocks for the optimal choice of monetary policy target in an two-country sticky-price model. In addition to cost-push shocks, each country is subject to labour-supply and money-demand shocks. It is shown that the fully optimal coordinated policy...
Persistent link: https://www.econbiz.de/10010295744
The question as to whether changes in the external environment may have caused the importance of key determinants of German exports to shift since the 1990s is addressed by estimating Germany's exports to EMU partner countries (intra exports) and to countries outside the euro area (extra...
Persistent link: https://www.econbiz.de/10010295795
The coordination channel has been proposed as a means by which foreign exchange market intervention may be effective, in addition to the traditional portfolio balance and signaling channels. If strong and persistent misalignments of the exchange rate are caused by non-fundamental influences,...
Persistent link: https://www.econbiz.de/10010295796
The question as to whether the globalisation-related increase in competitive pressure may have caused the importance of exchange rate pass-through and pricing-to-market for export pricing in Germany to shift since the 1990s is addressed by testing the long-run export pricing behaviour of German...
Persistent link: https://www.econbiz.de/10010295826
This paper presents a single error-correction analysis of German total, euro-area (intra) and non-euro-area (extra) import demand for the 1980-2004 period and the more recent 1993-2004 period. German import demand is mainly driven by domestic demand and foreign demand for German goods; by...
Persistent link: https://www.econbiz.de/10010295828
We present a simple behavioral model with chartists and fundamentalists and analyze their trading behavior in a floating regime and in a target zone regime. Regarding the floating regime the model replicates the well-known stylized facts like excessive volatility, fat tails, volatility...
Persistent link: https://www.econbiz.de/10010295848
Empirical evidence suggests that a monetary shock induces the exchange rate to overshoot its long-run level. The estimated magnitude and timing of the overshooting, however, varies across studies. This paper generates delayed overshooting in a new Keynesian model of a small open economy by...
Persistent link: https://www.econbiz.de/10010295865
This paper proposes an open-economy Phillips Curve that features a real exchange rate channel. The resulting target rule under optimal policy from a timeless perspective (TP) involves additional history dependence in the form of lagged inflation. The target rule also depends on the discount...
Persistent link: https://www.econbiz.de/10010295866