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Labour Market Reform and the Sustainability of Exchange Rate Pegs

Castren, Olli; Takalo, Tuomas; Wood, Geoffrey - 2007

It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an "escape clause" model of currency crises. We show that the absence of structural reform...

Persistent link: https://www.econbiz.de/10014069310

Die EWWU als Club : positive und normative Implikationen für den Beitritt mittel- und osteuropäischer Reformstaaten ; Beitrag für den Projektbericht: "Währungspolitische Optionen f...

Sell, Friedrich L. - 1999

sind. Der gewählte Analyseansatz greift auf positive und normative Hinweise der Club Theorie zurück. Es wird zunächst … (Kosten und Nutzen des Beitritts) für eine bestmögliche Strategie der Wechselkurspolitik der Beitrittskandidaten zur … draws on positive and normative hints from club theory. The paper provides an analytical approach to determine ex-ante the …

Persistent link: https://www.econbiz.de/10010508262

The Fall of the Vanishing Interim Regime Hypothesis : Towards a New Paradigm of the Choice of the Exchange Rate Regimes

Jurek, Michal - 2011

world. This can be treated as an evidence of the existence of other factors that influence these countries' choices …

Persistent link: https://www.econbiz.de/10013131299

Monetary Policy Spillovers under Intermediate Exchange Rate Regimes

Ahmed, Rashad - 2020

Testing the international Trilemma traditionally relies on discretely classified exchange rate regimes. This simplification limits the implications drawn for middle-ground policies like managed floats or basket pegs, and inhibits inference on the empirical shape of the exchange rate stability --...

Persistent link: https://www.econbiz.de/10012840567

A Market-based Measure for Currency Risk in Managed Exchange Rate Regimes

Eichler, Stefan - 2018

We introduce a novel currency risk measure based on American Depositary Receipts (ADRs). Using an augmented ADR pricing model, we exploit investors' exposure to potential devaluation losses to derive an indicator of currency risk. Using weekly data for a sample of 807 ADRs located in 21 emerging...

Persistent link: https://www.econbiz.de/10012936447

To Float or to Sink? Revisiting the Causal Effects of Exchange Rate Regimes

Shuraeva, Arina - 2020

This study proposes a novel instrumental variable construction procedure based on international trade concentration that has a sufficiently strong first stage for exchange rate policy choice globally and applies it to revisit the causal effects of exchange rate regimes on macroeconomic outcomes....

Persistent link: https://www.econbiz.de/10012830411

Price and Monetary Dynamics Under Alternative Exchange Rate Regimes

Bleaney, Michael - 2021

According to theory, inflation persistence should have less variance across countries under pegged than floating … greater spread (but not a higher mean) in the floating-rate period, as predicted by theory. Monetary growth has been much less …

Persistent link: https://www.econbiz.de/10013317698

When Pegging Ties Your Hands

Tarashev, Nikola A. - 2016

Could a less conservative central bank - one that faces a more severe time inconsistency problem - be less likely to succumb to an attack on a currency peg? Traditional currency-crisis models provide a firm answer: No. We argue that the answer stems from these models' narrow focus on how a...

Persistent link: https://www.econbiz.de/10012997197

Exchange Rate Regimes and the International Transmission of Business Cycles : Capital Account Openness Matters

Kim, Kyunghun - 2018

We investigate the role of exchange rate regimes in the international transmission of business cycles during the global financial crisis. We find that exchange rate regimes alone did not account for differences in the international transmission of business cycles during the crisis. However,...

Persistent link: https://www.econbiz.de/10012918089

Exports and the exchange rate : a general equilibrium perspective

Alexander, Patrick; Reza, Abeer - 2022 - Last updated: April 4, 2022

aim of uncovering a single structural parameter, but theory suggests it could differ depending on the shock that drives …

Persistent link: https://www.econbiz.de/10013172465