"Exchange Rate Disconnect in General Equilibrium"
... and quantities. Violation of either of the properties would break the disconnect. While the literature has provided a lot of empirical evidence on the transmission mechanism, taking the exchange rate movements as exogenous, we currently lack direct empirical information on the details of the shock ...
... and quantities. Violation of either of the properties would break the disconnect. While the literature has provided a lot of empirical evidence on the transmission mechanism, taking the exchange rate movements as exogenous, we currently lack direct empirical information on the details of the shock ...
Dynamics of Firms and Trade in General Equilibrium
... the same way and is reflected into the price index proportionally. ● On the extensive margin, a depreciation reduces the exporting threshold aX . New exporters are on average less productive than the incumbents (charge higher prices) and this increases the price index so that the total change is sma ...
... the same way and is reflected into the price index proportionally. ● On the extensive margin, a depreciation reduces the exporting threshold aX . New exporters are on average less productive than the incumbents (charge higher prices) and this increases the price index so that the total change is sma ...
Effects of changes in the official interest rate in an inflation
... mechanisms which were not well understood by the public. It could be said that RBNZ implemented monetary policy by controlling the aggregate amounts of settlement cash available to the financial system. On 17th March 1999 it switched to controlling the price of settlement cash or the official intere ...
... mechanisms which were not well understood by the public. It could be said that RBNZ implemented monetary policy by controlling the aggregate amounts of settlement cash available to the financial system. On 17th March 1999 it switched to controlling the price of settlement cash or the official intere ...
Monetary Policy Rules for Managing Aid Surges in Africa
... sterilization instrument…was larger sales of foreign exchange, but this would have risked destabilizing the exchange rate.” [Brownbridge and Tumusiime-Mutebile, 2007]. Monetary management in the face of surging aid flows is a difficult business for African central bankers. Since the turn of the cent ...
... sterilization instrument…was larger sales of foreign exchange, but this would have risked destabilizing the exchange rate.” [Brownbridge and Tumusiime-Mutebile, 2007]. Monetary management in the face of surging aid flows is a difficult business for African central bankers. Since the turn of the cent ...
NBER WORKING PAPER SERIES VARIETIES AND THE TRANSFER PROBLEM:
... current account adjustment episodes.4 The traditional analysis of the international transfer problem typically abstracts from the possibility of trade in new varieties as a potential engine of international adjustment.5 For this reason, it provides an incomplete framework for the analysis of global ...
... current account adjustment episodes.4 The traditional analysis of the international transfer problem typically abstracts from the possibility of trade in new varieties as a potential engine of international adjustment.5 For this reason, it provides an incomplete framework for the analysis of global ...
World Economic Outlook, October 2015, Chapter 3: Exchange Rates
... some economies and products, but little evidence shows that it has led to a disconnect between exchange rates and trade in general. In particular, for economies that have become more deeply involved in global value chains, trade in intermediate products used as inputs into other economies’ exports h ...
... some economies and products, but little evidence shows that it has led to a disconnect between exchange rates and trade in general. In particular, for economies that have become more deeply involved in global value chains, trade in intermediate products used as inputs into other economies’ exports h ...
April - Raiffeisen Bank International AG
... A major achievement of the recent years certainly was the general amendment of the depository’s internal Rules of procedure and the related changes of the IT system. The amendment of the Rules ushered a number of new functionalities of the system, undoubtedly expected by international investors and ...
... A major achievement of the recent years certainly was the general amendment of the depository’s internal Rules of procedure and the related changes of the IT system. The amendment of the Rules ushered a number of new functionalities of the system, undoubtedly expected by international investors and ...
Key Issues for Reporters
... value is reported in dollars Frequently excluded securities: • Restricted securities • Securities in custodians’ own portfolios • Securities held in trading accounts • Depositary receipts, if the underlying security is foreign • Matured securities that are outstanding Mistakenly Included Securities: ...
... value is reported in dollars Frequently excluded securities: • Restricted securities • Securities in custodians’ own portfolios • Securities held in trading accounts • Depositary receipts, if the underlying security is foreign • Matured securities that are outstanding Mistakenly Included Securities: ...
External Wealth, the Trade Balance, and the Real Exchange
... higher than the payouts on its foreign liabilities requires a much smaller trade surplus to stabilize its net foreign asset position than a country with poor growth performance and unfavorable net investment income flows. By extension, the magnitude of any real exchange rate depreciation will be sma ...
... higher than the payouts on its foreign liabilities requires a much smaller trade surplus to stabilize its net foreign asset position than a country with poor growth performance and unfavorable net investment income flows. By extension, the magnitude of any real exchange rate depreciation will be sma ...
Can Monetary Policy Affect Economic Activity under Surplus Liquidity?
... in the literature (see, for example, Ganley 2002, Saxegaard 2006). Still, the literature has remained pretty silent about the ways central banks can affect economic activity, and, through it, the inflation rate, in such circumstances. That is the purpose of this paper – to analyse the effects of dif ...
... in the literature (see, for example, Ganley 2002, Saxegaard 2006). Still, the literature has remained pretty silent about the ways central banks can affect economic activity, and, through it, the inflation rate, in such circumstances. That is the purpose of this paper – to analyse the effects of dif ...
Document
... Von Hagen and Zhou (2005) find that exchange rate regime choices strongly influence the imposition or removal of capital controls, but the feed-back effect is weak. There is a hump-shaped relationship between exchange rate regime flexibility and capital control intensity. With capital movements und ...
... Von Hagen and Zhou (2005) find that exchange rate regime choices strongly influence the imposition or removal of capital controls, but the feed-back effect is weak. There is a hump-shaped relationship between exchange rate regime flexibility and capital control intensity. With capital movements und ...
Japanese Monetary Policy and International Spillovers
... of the short-term interest rate parity condition. That is, there appears to be no consistent relationship between U.S. and Japanese interest rate di¤erentials and movements in the yen-dollar nominal exchange rate. Figure 4 depicts the ratio of base money in the U.S. to base money in Japan, from 1971 ...
... of the short-term interest rate parity condition. That is, there appears to be no consistent relationship between U.S. and Japanese interest rate di¤erentials and movements in the yen-dollar nominal exchange rate. Figure 4 depicts the ratio of base money in the U.S. to base money in Japan, from 1971 ...
Brunei Darussalam - World Trade Organization
... (% share in total exports of domestic inputs sent to third countries) ...
... (% share in total exports of domestic inputs sent to third countries) ...
NBER WORKING PAPER SERIES THE MORNING AFTER: EXPLAINING THE SLOWDOWN
... An alternative view, which focuses on monetary policy, holds that Japan is stuck in a liquidity trap (Krugman, 1998).3 Consumption is historically low in Japan, creating a high structural saving rate, which was offset during the golden years by high investment. However, a slowdown in anticipated gro ...
... An alternative view, which focuses on monetary policy, holds that Japan is stuck in a liquidity trap (Krugman, 1998).3 Consumption is historically low in Japan, creating a high structural saving rate, which was offset during the golden years by high investment. However, a slowdown in anticipated gro ...
Empirical Exchange Rate Equations for the Commodity Currencies
... exchange values of the domestic currency, adjusted by the relevant CPIs. An increase in the real rates thus represents a rise in the relative price of home goods or, a real appreciation for the home country. The non-dollar basket is adopted from the Broad Index of the Federal Reserve. It is a compo ...
... exchange values of the domestic currency, adjusted by the relevant CPIs. An increase in the real rates thus represents a rise in the relative price of home goods or, a real appreciation for the home country. The non-dollar basket is adopted from the Broad Index of the Federal Reserve. It is a compo ...
PATTERNS OF FINANCIAL CAPITAL FLOWS AND
... real interest rates that are denominated in different currencies. The persistent diverging nature of the real rates of return across countries have been studied and documented in Frankel (1991, and 1993); Marston (1995); Halwood and MacDonald (1994); Blecker (1998) and Eatwell (1996). Finally it is ...
... real interest rates that are denominated in different currencies. The persistent diverging nature of the real rates of return across countries have been studied and documented in Frankel (1991, and 1993); Marston (1995); Halwood and MacDonald (1994); Blecker (1998) and Eatwell (1996). Finally it is ...
DETERMINANTS OF SHARE PRICE ON THE NIGERIAN STOCK
... attitude of investor to risk will determine the type of investment an investor will choose. An investor may seek to maximize expected return from its investment, minimize risk or have liquidity maintenance as the objective of investment. Even though every investment involves risk, some are more risk ...
... attitude of investor to risk will determine the type of investment an investor will choose. An investor may seek to maximize expected return from its investment, minimize risk or have liquidity maintenance as the objective of investment. Even though every investment involves risk, some are more risk ...
Explaining large euro effects on trade: the extensive margin and
... Euro effects seem to be present for exports within the eurozone and from the eurozone to outsiders, but not for exports from outsiders to the eurozone. Naturally, we need to control for other factors that affect trade to be able to determine if euro effects are really present and how large they are. ...
... Euro effects seem to be present for exports within the eurozone and from the eurozone to outsiders, but not for exports from outsiders to the eurozone. Naturally, we need to control for other factors that affect trade to be able to determine if euro effects are really present and how large they are. ...
International Interdependence and Macroeconomic
... Dornbusch (1976). The exchange rate of a country could overshoot by a monetary expansion if the output was fixed in the short run. This also would affect the terms of trade of the economy and by extension its relationship with other economies. This interdependence was emphasized by Cooper (1985, p. ...
... Dornbusch (1976). The exchange rate of a country could overshoot by a monetary expansion if the output was fixed in the short run. This also would affect the terms of trade of the economy and by extension its relationship with other economies. This interdependence was emphasized by Cooper (1985, p. ...
New perspectives on the Great Depression
... President’s policy with respect to gold, included the following. In his first month in office, Roosevelt took the U.S. off the gold standard.8 With the departure of a large number of nations from the gold standard in the early‐1930s, in June 1933, the World Monetary and Economic Conference, co ...
... President’s policy with respect to gold, included the following. In his first month in office, Roosevelt took the U.S. off the gold standard.8 With the departure of a large number of nations from the gold standard in the early‐1930s, in June 1933, the World Monetary and Economic Conference, co ...
Financial stability and the design of monetary policy (923 KB )
... This paper builds upon the existing empirical literature on the factors behind financial stability, focusing on the role of monetary policy design. In particular, it analyzes a sample of 79 countries in the period 1970 to 1999 to evaluate the effect of the choice of the central bank objectives and t ...
... This paper builds upon the existing empirical literature on the factors behind financial stability, focusing on the role of monetary policy design. In particular, it analyzes a sample of 79 countries in the period 1970 to 1999 to evaluate the effect of the choice of the central bank objectives and t ...
