Greek exchange rate policies for the EMU. The economy, the public and the Euro.
... based on expectations of future exchange rates, under the Lamfalussy rule, future exchange rates would be based on present and past buy and sell decisions’(Temperton, 1997: 137). In other words, with time, markets would become increasingly more aware of the final conversion rates, as the average wou ...
... based on expectations of future exchange rates, under the Lamfalussy rule, future exchange rates would be based on present and past buy and sell decisions’(Temperton, 1997: 137). In other words, with time, markets would become increasingly more aware of the final conversion rates, as the average wou ...
NBER WORKING PAPER SERIES A CASE FOR ‘INSTITUTIONS SUBSTITUTION’
... to “bad” government, but in these countries even the policies of well-intentioned and benevolent governments would be questioned. The reason is that, for all the emphasis on new features of ...
... to “bad” government, but in these countries even the policies of well-intentioned and benevolent governments would be questioned. The reason is that, for all the emphasis on new features of ...
Forward Rate Contract - Western Australian Treasury Corporation
... = the continuously compounded foreign interest rate (dependent on the method of quotation) . This is equal to ln(1 + 0.083) or 0.079735 ...
... = the continuously compounded foreign interest rate (dependent on the method of quotation) . This is equal to ln(1 + 0.083) or 0.079735 ...
Linkages Between Exchange Rate Policy and Macroeconomic
... observed behavior of the nominal exchange rates and monetary policy indicators in order to define the exchange rate regimes actually pursued by the central bank. We obtain our ‘words vs. deeds' factors from an interaction between the de facto classification of RR and the de jure classification from ...
... observed behavior of the nominal exchange rates and monetary policy indicators in order to define the exchange rate regimes actually pursued by the central bank. We obtain our ‘words vs. deeds' factors from an interaction between the de facto classification of RR and the de jure classification from ...
A small scale macroeconomic Model for Venezuela
... Throughout most of the 1990´s the exchange rate was the nominal anchor in the Venezuelan economy. In February 2002, the narrow exchange rate band regime was abandoned and a flotation regime adopted. This new framework brings challenges for the monetary authority in its role of controlling inflation, ...
... Throughout most of the 1990´s the exchange rate was the nominal anchor in the Venezuelan economy. In February 2002, the narrow exchange rate band regime was abandoned and a flotation regime adopted. This new framework brings challenges for the monetary authority in its role of controlling inflation, ...
loanable funds and monetary policy
... How do Central banks operate, given money supply confusion? • The Fed targets a (short term) interest rate • They shift the rate target to influence other interest rates, other financial markets, and the value of the dollar versus other currencies. • The changing state of financial markets, in turn ...
... How do Central banks operate, given money supply confusion? • The Fed targets a (short term) interest rate • They shift the rate target to influence other interest rates, other financial markets, and the value of the dollar versus other currencies. • The changing state of financial markets, in turn ...
Central banks and currency boards / What a currency board is
... Interest rates and inflation: An orthodox currency board does not try to influence interest rates by establishing a discount rate like a typical central bank. The fixed exchange rate with the anchor currency encourages arbitrage that tends to keep interest rates and inflation in the currency board ...
... Interest rates and inflation: An orthodox currency board does not try to influence interest rates by establishing a discount rate like a typical central bank. The fixed exchange rate with the anchor currency encourages arbitrage that tends to keep interest rates and inflation in the currency board ...
Chapter 20. Output, the Interest Rate, and the Exchange Rate
... The IS relation between the interest rate and output is drawn in Figure 20–2, panel (a), for given values of all the other variables in the relation— namely T, G, Y ∗ , i∗ , and E¯e . The IS curve is downward sloping: An increase in the interest rate leads to a decrease in output. It looks very much ...
... The IS relation between the interest rate and output is drawn in Figure 20–2, panel (a), for given values of all the other variables in the relation— namely T, G, Y ∗ , i∗ , and E¯e . The IS curve is downward sloping: An increase in the interest rate leads to a decrease in output. It looks very much ...
Elisabetta Croci Angelini and Francesco Farina CURRENT
... experienced a sharp increase in the inflation rate after year 2000, and passed from one of the highest nominal interest rates in the pre-EMU period to the lowest within the EMU. The trade deficits of Ireland and Spain has to do with the increase in imports more than by a decrease in exports caused b ...
... experienced a sharp increase in the inflation rate after year 2000, and passed from one of the highest nominal interest rates in the pre-EMU period to the lowest within the EMU. The trade deficits of Ireland and Spain has to do with the increase in imports more than by a decrease in exports caused b ...
No Slide Title
... Notes: "H" means translation at the historic rate (prevailing when the position is first created), "C" means translation at the current rate (prevailing on the date of consolidation). "Mixed H" refers to sums of terms added at various moments in time, at the then prevailing rate. "Average" means an ...
... Notes: "H" means translation at the historic rate (prevailing when the position is first created), "C" means translation at the current rate (prevailing on the date of consolidation). "Mixed H" refers to sums of terms added at various moments in time, at the then prevailing rate. "Average" means an ...
Document
... dollar for a five (or more) year period. The New York Federal Reserve provides daily reports of current rates for many countries. The exchange rate is reported as units of foreign currency per US dollar. Go to (http://www.ny.frb.org) link to “markets” and then to “Foreign Exchange.” You will als ...
... dollar for a five (or more) year period. The New York Federal Reserve provides daily reports of current rates for many countries. The exchange rate is reported as units of foreign currency per US dollar. Go to (http://www.ny.frb.org) link to “markets” and then to “Foreign Exchange.” You will als ...
Germany and the Euro: The Revenge of Helmut Schmidt
... almost as high as the Chinese surplus ever got. And the German surplus is almost $100 billion more in dollar terms than the Chinese surplus, despite being a smaller economy. In Germany will soon again be the world’s number one creditor country, like it was before reunification. But it’s headed back ...
... almost as high as the Chinese surplus ever got. And the German surplus is almost $100 billion more in dollar terms than the Chinese surplus, despite being a smaller economy. In Germany will soon again be the world’s number one creditor country, like it was before reunification. But it’s headed back ...
We estimate a small macro model, where the short
... specified and that it is a robust estimator because it does not require information about the exact distribution of the error term. GMM will have a sufficiently large number of lags as instruments such that the dynamic is similar to that of a VAR. The exchange rate and the country’s national income ...
... specified and that it is a robust estimator because it does not require information about the exact distribution of the error term. GMM will have a sufficiently large number of lags as instruments such that the dynamic is similar to that of a VAR. The exchange rate and the country’s national income ...
Euro-Dollar Real Exchange Rate Dynamics in an
... levels expressed in a common currency. When all the components of the price level—namely domestically produced and imported goods—are sticky, it can be possible to explain real exchange rate volatility, as shown by Benigno (2004). It is also well known that under complete markets, the real exchange ...
... levels expressed in a common currency. When all the components of the price level—namely domestically produced and imported goods—are sticky, it can be possible to explain real exchange rate volatility, as shown by Benigno (2004). It is also well known that under complete markets, the real exchange ...
NBER WORKING PAPER SERIES INFLATION, EXCHANGE RATES AND STABILIZATION Working Paper No. 1739
... case three arguments were advanced: first that trade liberalization and extremely high productivity growth had changed the equilibrium price structure; second that the basket of Chilean tradeables was very special compared to the basket represented by world inflation; and third, that the real apprec ...
... case three arguments were advanced: first that trade liberalization and extremely high productivity growth had changed the equilibrium price structure; second that the basket of Chilean tradeables was very special compared to the basket represented by world inflation; and third, that the real apprec ...
This PDF is a selection from a published volume from... Bureau of Economic Research Volume Title: NBER Macroeconomics Annual 201
... in a first- order approximation, or that a level shock may affect UIP in a third-order approximation. Benigno also noted that US inflation falls on impact with a contractionary monetary policy shock but rises in subsequent periods, which causes difficultly in matching the correlations between intere ...
... in a first- order approximation, or that a level shock may affect UIP in a third-order approximation. Benigno also noted that US inflation falls on impact with a contractionary monetary policy shock but rises in subsequent periods, which causes difficultly in matching the correlations between intere ...
Parallel market
... European Economic Community in 1981 led the Bank of Greece to adjust the tradeweighted system and place a greater weight on the Deutschemark and other European currencies and smaller weight on the dollar. However, the movement to the managed float was accompanied by the imposition of trade and forei ...
... European Economic Community in 1981 led the Bank of Greece to adjust the tradeweighted system and place a greater weight on the Deutschemark and other European currencies and smaller weight on the dollar. However, the movement to the managed float was accompanied by the imposition of trade and forei ...
S - Binus Repository
... agreements to buy and sell foreign currencies in the future at prices agreed upon today. Bank quotes for 1, 3, 6, 9, and 12 month maturities are readily available for forward contracts. Longer-term swaps are available. ...
... agreements to buy and sell foreign currencies in the future at prices agreed upon today. Bank quotes for 1, 3, 6, 9, and 12 month maturities are readily available for forward contracts. Longer-term swaps are available. ...
The Fed`s Failed Policies
... stage for the emergence of debt crises in Greece and other southern European countries—and the rise of the U.S. dollar to a new plateau about 20 percent above its postcrisis level (see Krugman 2011). Later, the European Central Bank succeeded in reducing the excess reserves problem that emerged in t ...
... stage for the emergence of debt crises in Greece and other southern European countries—and the rise of the U.S. dollar to a new plateau about 20 percent above its postcrisis level (see Krugman 2011). Later, the European Central Bank succeeded in reducing the excess reserves problem that emerged in t ...
Few Selected Questions
... • Answer. The spot value of the dollar should increase as Alcatel demands dollars to pay for the new stock issue. The future value of the dollar should decline as dividend payments are sent to Alcatel and other Alcatel equipment and parts are imported. However, the value of the dollar in the future ...
... • Answer. The spot value of the dollar should increase as Alcatel demands dollars to pay for the new stock issue. The future value of the dollar should decline as dividend payments are sent to Alcatel and other Alcatel equipment and parts are imported. However, the value of the dollar in the future ...
NBER WORKING PAPER SERIES THE LIBERALIZATION OF THE CURRENT CAPITAL ACCOUNTS AND
... optimizing consumers and producers is developed to analyze how different policies geared at liberalizing the current and capital accounts of the balance of payments affect the equilibrium real exchange rate (RER). In particular, the effects of a reduction in the level of import tariffs and of a chan ...
... optimizing consumers and producers is developed to analyze how different policies geared at liberalizing the current and capital accounts of the balance of payments affect the equilibrium real exchange rate (RER). In particular, the effects of a reduction in the level of import tariffs and of a chan ...
Expectations, Risk, Interest Rates and Consequences for External
... Given essentially perfect capital mobility, Australian interest rates and the expected exchange rate change should satisfy international arbitrage conditions. We examine an arbitrage condition for a US investor, with a view to explaining the large short-term real interest differential between Austra ...
... Given essentially perfect capital mobility, Australian interest rates and the expected exchange rate change should satisfy international arbitrage conditions. We examine an arbitrage condition for a US investor, with a view to explaining the large short-term real interest differential between Austra ...