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Globalization and monetary policy: an introduction

Martinez-Garcia, Enrique - Federal Reserve Bank of Dallas - 2008

Greater openness has become an almost universal feature of modern, developed economies. This paper develops a workhorse international model, and explores the role of standard monetary policy rules applied to an open economy. For this purpose, I build a two-country DSGE model with monopolistic...

Persistent link: https://www.econbiz.de/10005367953

Some preliminary evidence on the globalization-inflation nexus

Guilloux, Sophie; Kharroubi, Enisse - Federal Reserve Bank of Dallas - 2008

The aim of this paper is to evaluate the impact of globalization, if any, on inflation and the inflation process. We … concluded that globalization has had no significant impact, this paper highlights that trying to capture globalization effects … trade volume statistics to properly describe the impact of globalization. This leads us to adopt a more systematic approach …

Persistent link: https://www.econbiz.de/10005367957

The real exchange rate in sticky price models: does investment matter?

Martinez-Garcia, Enrique; Søndergaard, Jens - Federal Reserve Bank of Dallas - 2008

This paper re-examines the ability of sticky-price models to generate volatile and persistent real exchange rates. We use a DSGE framework with pricing-to-market akin to those in Chari, et al. (2002) and Steinsson (2008) to illustrate the link between real exchange rate dynamics and what the...

Persistent link: https://www.econbiz.de/10005367958

Variety, globalization, and social efficiency

Cox, W. Michael; Ruffin, Roy J. - Federal Reserve Bank of Dallas - 2008

Dixit-Stiglitz-Krugman model of monopolistic competition. We show how the gains from globalization are reflected in the … of sectors where globalization increases productivity through economies of scale. …

Persistent link: https://www.econbiz.de/10005367959

Technical note on "The real exchange rate in sticky price models: does investment matter?"

Martinez-Garcia, Enrique; Søndergaard, Jens - Federal Reserve Bank of Dallas - 2008

This technical note is developed as a mathematical companion to the paper "The Real Exchange Rate in Sticky Price Models: Does Investment Matter?" (Institute working paper no. 17). It contains three basic calculations. First, we derive the equilibrium conditions of the model. Second, we compute...

Persistent link: https://www.econbiz.de/10005367963

Cash flows and discount rates, industry and country effects, and co-movement in stock returns

Ammer, John; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2004

This paper examines the relative importance of global, country-specific, and industry-specific factors in both the cash flow and discount rate components of equity returns between 1995 and 2003. Our framework draws upon previously separate literatures on country versus industry effects and...

Persistent link: https://www.econbiz.de/10005368137

Is the corporate loan market globally integrated? a pricing puzzle

Carey, Mark; Nini, Greg - Federal Reserve Board (Board of Governors of the … - 2004

We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the U.S., other things equal. Differences in borrower, loan and lender characteristics associated with equilibrium mechanisms suggested in the...

Persistent link: https://www.econbiz.de/10005368403

Some simple tests of the globalization and inflation hypothesis

Ihrig, Jane; Kamin, Steven B.; Lindner, Deborah; … - Federal Reserve Board (Board of Governors of the … - 2007

This paper evaluates the hypothesis that globalization has increased the role of international factors and decreased … globalization and inflation hypothesis. Our results provide little support for that hypothesis. First, the estimated effect of … countries owes to globalization. Finally, and most surprisingly, our econometric results indicate no increase over time in the …

Persistent link: https://www.econbiz.de/10005368445

Global trends in large-value payments

Bech, Morten L.; Preisig, Christine; Soramäki, Kimmo - In: Economic Policy Review (2008) Sep, pp. 59-81

Globalization and technological innovation are two major forces affecting the financial system and its infrastructure …. Perhaps nowhere are these trends more apparent than in the internationalization and automation of payments. While the effects … of globalization and technological innovation are most obvious on retail payments, the influence is equally impressive on …

Persistent link: https://www.econbiz.de/10005372999

Has the increase in world-wide openness to trade worsened global income inequality?

Bhatta, Saurav Dev - In: Papers in Regional Science 81 (2002) 2, pp. 177-196

This article contributes to our understanding of the relationship between globalization and world income inequality by …

Persistent link: https://www.econbiz.de/10005382053