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Time Series vs. Panel Estimates
... Our panel consists of the US and 16 of its major trading partners: Australia, Belgium, Canada, China, France, Germany, Ireland, Italy, Japan, Korea, Mexico, Netherlands, Spain, Sweden, Switzerland and the UK. These countries either make up a a significant part of US trade, or are an issuer of a majo ...
... Our panel consists of the US and 16 of its major trading partners: Australia, Belgium, Canada, China, France, Germany, Ireland, Italy, Japan, Korea, Mexico, Netherlands, Spain, Sweden, Switzerland and the UK. These countries either make up a a significant part of US trade, or are an issuer of a majo ...
Exploring the Relationship between Population Age Structure and Real Exchange Rate in OECD Countries
... goods sector and even as a measure of the standard of living in one country relative to another (Dwyer and Lowe, 1993). It influences consumption and resource allocation decisions between tradable and non-tradable goods, and also represents a country‟s comparative advantage. Different real (i.e. ter ...
... goods sector and even as a measure of the standard of living in one country relative to another (Dwyer and Lowe, 1993). It influences consumption and resource allocation decisions between tradable and non-tradable goods, and also represents a country‟s comparative advantage. Different real (i.e. ter ...
Currency Mismatch: New Database and Indicators for Latin America
... I employ CEMLA’s database to construct two currency mismatch indicators, each of which should be used for different purposes. The first indicator measures the average degree of currency mismatch, regardless of the type of foreign currency risk involved. The second indicator distinguishes between the ...
... I employ CEMLA’s database to construct two currency mismatch indicators, each of which should be used for different purposes. The first indicator measures the average degree of currency mismatch, regardless of the type of foreign currency risk involved. The second indicator distinguishes between the ...
NBER WORKING PAPER SERIES REAL EXCHANGE RATE TARGETING AND MACROECONOMIC INSTABILITY Martín Uribe
... key to understanding the intuition behind our indeterminacy result lies in the relationship between the current level of the real exchange rate and expected devaluations implied by the model. In a small open economy, the nominal interest rate is, loosely speaking, an increasing function of the expec ...
... key to understanding the intuition behind our indeterminacy result lies in the relationship between the current level of the real exchange rate and expected devaluations implied by the model. In a small open economy, the nominal interest rate is, loosely speaking, an increasing function of the expec ...
Exchange Rates and Monetary Policy Uncertainty
... constrained financiers with short investment horizons intermediate global demand for currencies. These financiers can actively engage in currency trading, but have a downward-sloping demand for risk taking, which limits their risk-bearing capacity. Such a limit can arise for a variety of reasons, su ...
... constrained financiers with short investment horizons intermediate global demand for currencies. These financiers can actively engage in currency trading, but have a downward-sloping demand for risk taking, which limits their risk-bearing capacity. Such a limit can arise for a variety of reasons, su ...
Empirical Exchange Rate Models of the Nineties
... literature are by Meese and Rogoff (1983, 1988), who examined monetary and portfolio balance models. Succeeding works by Mark (1995) and Chinn and Meese (1995) focused on similar models. In this paper we re-assess exchange rate prediction using a wider set of models that have been proposed in the la ...
... literature are by Meese and Rogoff (1983, 1988), who examined monetary and portfolio balance models. Succeeding works by Mark (1995) and Chinn and Meese (1995) focused on similar models. In this paper we re-assess exchange rate prediction using a wider set of models that have been proposed in the la ...
EditedxThesis
... is complete government intervention in the foreign exchange market. The exchange rate is fixed at a given equilibrium level; and if the market forces of demand and supply tend to upset this equilibrium, the central bank would intervene and see that the fixed exchange rate is maintained (IBID). This ...
... is complete government intervention in the foreign exchange market. The exchange rate is fixed at a given equilibrium level; and if the market forces of demand and supply tend to upset this equilibrium, the central bank would intervene and see that the fixed exchange rate is maintained (IBID). This ...
Some Further Evidence on Exchange
... The arguments, however, are not all on one side. Consider the following factors, which suggest that exchange-rate volatility can increase trade. (i) Exporters may gain knowledge through trade that might help them anticipate future exchange-rate movements better than can the average participant in t ...
... The arguments, however, are not all on one side. Consider the following factors, which suggest that exchange-rate volatility can increase trade. (i) Exporters may gain knowledge through trade that might help them anticipate future exchange-rate movements better than can the average participant in t ...
Chapter 15
... PowerPoint® Slides t/a Principles of Macroeconomics by Bernanke, Olekalns and Frank ...
... PowerPoint® Slides t/a Principles of Macroeconomics by Bernanke, Olekalns and Frank ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... end of the contract period. As Gray (1976) has shown, analogous modeling can be applied to the workings of a labor market characterized by the existence of a strong union. In that case the contract length and the indexing parameter are the important contract characteristics. In merging these two str ...
... end of the contract period. As Gray (1976) has shown, analogous modeling can be applied to the workings of a labor market characterized by the existence of a strong union. In that case the contract length and the indexing parameter are the important contract characteristics. In merging these two str ...
Exchange Rate Policies in Arab Countries
... The exchange rate matters since it is an important price in the economy. Changes can cause substantial reallocation of resources and production between the tradeable and non-tradeable sectors of the economy. But rarely is the exchange rate seen for what it is: a relative price that, like any other, ...
... The exchange rate matters since it is an important price in the economy. Changes can cause substantial reallocation of resources and production between the tradeable and non-tradeable sectors of the economy. But rarely is the exchange rate seen for what it is: a relative price that, like any other, ...
Macroeconomic Implications Of Capital Inflows In India :
... The study attemts to analyse the behaviour of some macroeconomic variables in response to Total Capital Inflows in India using quarterly data for the period 1994-2007. The paper consist two sections, in first section we have analysed trend behaviour of macroeconomic variables included in the study. ...
... The study attemts to analyse the behaviour of some macroeconomic variables in response to Total Capital Inflows in India using quarterly data for the period 1994-2007. The paper consist two sections, in first section we have analysed trend behaviour of macroeconomic variables included in the study. ...
Real currency appreciation in accession countries
... more than 1,300 % over a period of 37 quarters, ie in less than ten years. To put these figures into perspective, consider comparable indices for the G7 countries: since the collapse of the Bretton Woods system, none of these indices doubled in any given decade. The real currency appreciation in tra ...
... more than 1,300 % over a period of 37 quarters, ie in less than ten years. To put these figures into perspective, consider comparable indices for the G7 countries: since the collapse of the Bretton Woods system, none of these indices doubled in any given decade. The real currency appreciation in tra ...
Depreciation of the Russian rouble in 2014-2015 and its
... different income-level groups (4) A secondary data analysis of the official publications of the Bank of Russia and of relevant research papers on Russian economy was carried out. The results show that although consumers’ disposable income decreased in 2014 and 2015, there is an overall preference to ...
... different income-level groups (4) A secondary data analysis of the official publications of the Bank of Russia and of relevant research papers on Russian economy was carried out. The results show that although consumers’ disposable income decreased in 2014 and 2015, there is an overall preference to ...
Federal Reserve Bank of New York Staff Reports
... frequently - on average once every 20-21 months. The volatility of the real exchange rate is also much higher in the heterogeneous economy (by a factor that ranges from 2:5 to more than 5, depending on the speci…cation of the model). These results obtain in the absence of strategic complementaritie ...
... frequently - on average once every 20-21 months. The volatility of the real exchange rate is also much higher in the heterogeneous economy (by a factor that ranges from 2:5 to more than 5, depending on the speci…cation of the model). These results obtain in the absence of strategic complementaritie ...
Brazil in the 21 Century:
... would trigger another channel (call it the exchange rate channel) that would make interest rates jump upwards. Typically, as shown in Chart 2B, the C-Bond spread is the first to jump, and the CIPD moves later when domestic interest rates are raised to avoid further foreign reserves losses. Therefore ...
... would trigger another channel (call it the exchange rate channel) that would make interest rates jump upwards. Typically, as shown in Chart 2B, the C-Bond spread is the first to jump, and the CIPD moves later when domestic interest rates are raised to avoid further foreign reserves losses. Therefore ...
Exchange rate regimes in Latin America
... A Concise History of Exchange Rate Regimes in Latin America Roberto Frenkel and Martín Rapetti ...
... A Concise History of Exchange Rate Regimes in Latin America Roberto Frenkel and Martín Rapetti ...
What Drives Exchange Rates? New Evidence from a Panel of U.S.
... dollar. However, over the same time, currencies of commodity-importing countries or currency areas, like the euro area and the United Kingdom, have also appreciated against the U.S. dollar. If currencies of commodity exporters appreciate, because their economies bene t from rising commodity prices, ...
... dollar. However, over the same time, currencies of commodity-importing countries or currency areas, like the euro area and the United Kingdom, have also appreciated against the U.S. dollar. If currencies of commodity exporters appreciate, because their economies bene t from rising commodity prices, ...
Gold, the renminbi and the multi
... imbalances represent just one element of uncertainty. If there are big question marks over the economic rise of China, then these surround, too, the economic stewardship of the other main creditor countries, Germany and Japan; fundamental flaws have also emerged over the euro. Against this backgroun ...
... imbalances represent just one element of uncertainty. If there are big question marks over the economic rise of China, then these surround, too, the economic stewardship of the other main creditor countries, Germany and Japan; fundamental flaws have also emerged over the euro. Against this backgroun ...
Purchasing Power Parity and Country Characteristics
... Purchasing Power Parity (PPP) has been one of the most enduring concepts in international economics. In its strongest form, absolute PPP implies that one could buy the same basket of goods in any country for the same value when prices are denominated in a common currency. This concept is based on th ...
... Purchasing Power Parity (PPP) has been one of the most enduring concepts in international economics. In its strongest form, absolute PPP implies that one could buy the same basket of goods in any country for the same value when prices are denominated in a common currency. This concept is based on th ...
Real Exchange Rate Volatility and the Price of Nontradable Goods
... does not separate periods of managed exchange rates from periods of floating exchange rates. A related point is that liability dollarization does seem to matter for emerging market crises. Panel data evidence shows that the relative nontradables price is, in fact, closely linked to the real exchange ...
... does not separate periods of managed exchange rates from periods of floating exchange rates. A related point is that liability dollarization does seem to matter for emerging market crises. Panel data evidence shows that the relative nontradables price is, in fact, closely linked to the real exchange ...
ASX Operating Rules Section 01
... Trading Permission in respect of one or more Products if ASX considers it appropriate and is satisfied that the applicant will have in place and maintain adequate clearing arrangements in accordance with Rule [1003] and Schedule 1 for those products and have the technical capacity and knowledge requ ...
... Trading Permission in respect of one or more Products if ASX considers it appropriate and is satisfied that the applicant will have in place and maintain adequate clearing arrangements in accordance with Rule [1003] and Schedule 1 for those products and have the technical capacity and knowledge requ ...
DP2006/07 How costly is exchange rate stabilisation for an
... 1 Introduction Most central banks within the OECD currently have as their main target of policy a low inflation rate, with other possible policy objectives relegated to second place. In most of the theoretical literature regarding central bank behaviour the two variables that enter a central bank’s ...
... 1 Introduction Most central banks within the OECD currently have as their main target of policy a low inflation rate, with other possible policy objectives relegated to second place. In most of the theoretical literature regarding central bank behaviour the two variables that enter a central bank’s ...