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Purchasing power parity: an empirical study of three EMU countries
Duarte, António Portugal - EconWPA - 2005
We apply Purchasing Power Parity (PPP) theory to the analysis of long- run equilibrium in the foreign exchange market …-integration. We worked with linear long-run relationships based exclusively on PPP, as well as with long-run relations that also … allowed for the effect of interest rates. In a situation in which PPP does not hold, one could think that on account of some …
Persistent link: https://www.econbiz.de/10005124909
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Purchasing power parity: an empirical study of three EMU countries
Duarte, António Portugal - EconWPA - 2005
We apply Purchasing Power Parity (PPP) theory to the analysis of long- run equilibrium in the foreign exchange market …-integration. We worked with linear long-run relationships based exclusively on PPP, as well as with long-run relations that also … allowed for the effect of interest rates. In a situation in which PPP does not hold, one could think that on account of some …
Persistent link: https://www.econbiz.de/10005408164
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External shocks, trade margins, and macroeconomic dynamics
D'Addona, Stefano; Cavallari, Lilia - In: Economies : open access journal 8 (2020) 1/6, pp. 1-26
This paper studies the role of the exchange rate regime for trade of new products. It first provides VAR evidence that a rise in external productivity shifts trade away from new products and more so in fixed regimes. Then, it presents a model with firm dynamics in line with this evidence. We...
Persistent link: https://www.econbiz.de/10012168776
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Analysing I(2) Systems by Transformed Vector Autoregressions
Kongsted, Hans Christian; Nielsen, Heino Bohn - 2004
We characterize the restrictions imposed by the minimal I(2)-to-I(1) transformation that underlies much applied work, e.g. on money demand relationships or open-economy pricing relationships. The relationship between the parameters of the original I(2) vector autoregression, including the...
Persistent link: https://www.econbiz.de/10014070668
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Political economic drivers of real exchange rate levels
Uğurlu, Esra Nur; Razmi, Arslan - 2022
Voluminous theoretical and empirical research shows that real exchange rate (RER) undervaluation could be conducive to economic development. Why do countries then often avoid the pursuit of policies that facilitate undervaluation or even intentionally pursue RER overvaluation? We address this...
Persistent link: https://www.econbiz.de/10013328137
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Advantages of Fixed Exchange Rate Regime from a General Equilibrium Perspective
Ajevskis, Viktors; Vitola, Kristine - Latvijas Banka - 2009
In this paper we estimate a small open economy DSGE model for Latvia following Lubik and Schorfheide (2007) using Bayesian methods. The estimates of the structural parameters fall within plausible ranges. Simulation results suggest that under inflation targeting inflation turns out to be more...
Persistent link: https://www.econbiz.de/10008509516
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Impact of international income, prices and monetary shocks on real exchange rate in eight African economies: An empirical study
Ella, Giscard Assoumou - In: The Empirical Econometrics and Quantitative Economics … 2 (2013) 3, pp. 41-41
This study characterizes imported inflation in eight African countries through the effect of income and consumer prices index in OECD countries shocks, world price of oil shock and Federal funds effective rate shock on real exchange rate between 1970 and 2007, using a SVAR Model. We develop...
Persistent link: https://www.econbiz.de/10010765505
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Semi-strong informational efficiency in the Polish foreign exchange market
Goczek, Łukasz - 2015
During the financial crisis a notion that the Polish exchange rate is not determined effectively was very dominant, because of a contagion effect of the global financial crisis on the Polish economy. In addition, many foreign exchange market analysts explained developments in the Polish exchange...
Persistent link: https://www.econbiz.de/10012002550
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Assessing the impact of incomes policy: The italian experience
Pastore, Francesco - 2010
The Saint Valentine's decree (1984) and the ensuing hard fought referendum (1985), which reduced the automatisms of scala mobile, started a process of redefinition of wage fixing in Italy, which culminated with the final abolition of scala mobile (1992) and the approval of Protocollo d'intesa...
Persistent link: https://www.econbiz.de/10010272671
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Assessing the Impact of Incomes Policy: The Italian Experience
Pastore, Francesco - Institute for the Study of Labor (IZA) - 2010
The Saint Valentine's decree (1984) and the ensuing hard fought referendum (1985), which reduced the automatisms of scala mobile, started a process of redefinition of wage fixing in Italy, which culminated with the final abolition of scala mobile (1992) and the approval of Protocollo d'intesa...
Persistent link: https://www.econbiz.de/10008548711