Does the Kiwi fly when the Kangaroo jumps?
... exchange rates such as NZ/Yen, NZ/Euro) do respond to the Australian specific macroeconomic surprises in the same direction as the Australian dollar exchange rates responses, leaving the New Zealand - Australia cross exchange rate very stable (probably one of the most stable freely floating exchange ...
... exchange rates such as NZ/Yen, NZ/Euro) do respond to the Australian specific macroeconomic surprises in the same direction as the Australian dollar exchange rates responses, leaving the New Zealand - Australia cross exchange rate very stable (probably one of the most stable freely floating exchange ...
THE MACROECONOMICS OF IMBALANCE AND ADJUSTMENT C.P. Chandrasekhar
... In recent years, however, capital flows other than those through official bilateral and multilateral channels have accounted for a growing share of total flows to developing countries. Commercial loans and autonomous flows of foreign direct and portfolio investment are now the main mechanisms for re ...
... In recent years, however, capital flows other than those through official bilateral and multilateral channels have accounted for a growing share of total flows to developing countries. Commercial loans and autonomous flows of foreign direct and portfolio investment are now the main mechanisms for re ...
Welfare Effects of Commodity Price and Exchange Rate Volatilities
... are exogenously set in world markets and denominated in foreign currency (the U.S. dollar). The central bank conducts its monetary policy by following a standard Taylor-type rule. The model’s structural parameters are either calibrated using common values or estimated using a maximum-likelihood proc ...
... are exogenously set in world markets and denominated in foreign currency (the U.S. dollar). The central bank conducts its monetary policy by following a standard Taylor-type rule. The model’s structural parameters are either calibrated using common values or estimated using a maximum-likelihood proc ...
External Monetary Shocks to Central and Eastern European
... countries. They found the macroeconomic volatility, to be impacted by the US shocks (e.g. a US monetary contraction induces an increase on inflation abroad). Makowiak (2007) goes further in concluding that when the “US sneeze, emerging countries catch a cold”. He implemented a VAR model, country by ...
... countries. They found the macroeconomic volatility, to be impacted by the US shocks (e.g. a US monetary contraction induces an increase on inflation abroad). Makowiak (2007) goes further in concluding that when the “US sneeze, emerging countries catch a cold”. He implemented a VAR model, country by ...
is .rt of the NBER' s R. Artus July 1982
... interest rates is expected to be. The second overshooting effect depends both on whether the substitution among assets denominated in different currencies is small and on whether private market participants view new data on the current account balance as containing new information on ...
... interest rates is expected to be. The second overshooting effect depends both on whether the substitution among assets denominated in different currencies is small and on whether private market participants view new data on the current account balance as containing new information on ...
NBER WORKING PAPER SERIES MONETARY POLICY AND THE DOLLAR Peter L. Rousseau
... investment. If there were enough of the government’s bonds already outstanding, the Bank could of course also accomplish this by buying some of these bonds back from the public. If, on the other hand, the monetary authority believed that stabilizing the franc’s external value with respect to other ...
... investment. If there were enough of the government’s bonds already outstanding, the Bank could of course also accomplish this by buying some of these bonds back from the public. If, on the other hand, the monetary authority believed that stabilizing the franc’s external value with respect to other ...
Monetary and Financial Policies in Emerging Markets
... a tax on foreign currency borrowing) and their interaction with monetary policy. The e¤ect of permanent prudential policies depends upon the relative importance of external …nancial shocks and non…nancial shocks. If external …nancial shocks are important, a small permanent tax on foreign currency b ...
... a tax on foreign currency borrowing) and their interaction with monetary policy. The e¤ect of permanent prudential policies depends upon the relative importance of external …nancial shocks and non…nancial shocks. If external …nancial shocks are important, a small permanent tax on foreign currency b ...
Monetary and Financial Policies in Emerging Markets
... a tax on foreign currency borrowing) and their interaction with monetary policy. The e¤ect of permanent prudential policies depends upon the relative importance of external …nancial shocks and non…nancial shocks. If external …nancial shocks are important, a small permanent tax on foreign currency b ...
... a tax on foreign currency borrowing) and their interaction with monetary policy. The e¤ect of permanent prudential policies depends upon the relative importance of external …nancial shocks and non…nancial shocks. If external …nancial shocks are important, a small permanent tax on foreign currency b ...
Exchange Rate Regimes of Developing Countries: Global Context
... Recent crises involving emerging market economies, from the tequila crisis of 1995 through the Asian/Russian/Brazilian crises of 1997-98, carry important lessons for exchange regimes of developing and transition countries. Indeed, these experiences have led qualified observers, such as Eichengreen ( ...
... Recent crises involving emerging market economies, from the tequila crisis of 1995 through the Asian/Russian/Brazilian crises of 1997-98, carry important lessons for exchange regimes of developing and transition countries. Indeed, these experiences have led qualified observers, such as Eichengreen ( ...
The Reserve Bank’s new foreign exchange intervention policy
... settings or the level of the equilibrium exchange rate. The signal might relate to information the central bank has but market participants do not. The act of intervention may convey a message about monetary policy settings or ...
... settings or the level of the equilibrium exchange rate. The signal might relate to information the central bank has but market participants do not. The act of intervention may convey a message about monetary policy settings or ...
Changing Times for Financial Institutions Chapter 1
... Rates See Figures 8.1 and 8.2, pages 268-269 Interest Rates Are Constantly Changing and Have Been Particularly Volatile in Recent Decades. Interest Rates Generally Fall During Recessions Interest Rates Incorporate the Real Rate of ...
... Rates See Figures 8.1 and 8.2, pages 268-269 Interest Rates Are Constantly Changing and Have Been Particularly Volatile in Recent Decades. Interest Rates Generally Fall During Recessions Interest Rates Incorporate the Real Rate of ...
this PDF file
... stock market, specifically Jakarta Islamic Index. Each policy pursued by the government have to have targets and measures of success. It is important to measure or as a reference, whether the policy is effective or not. The effectiveness of monetary policy is, the extent to which the monetary policy ...
... stock market, specifically Jakarta Islamic Index. Each policy pursued by the government have to have targets and measures of success. It is important to measure or as a reference, whether the policy is effective or not. The effectiveness of monetary policy is, the extent to which the monetary policy ...
Déjà vu? The Greek crisis experience, the 2010s versus the 1930s
... different countries were affected differently depending on their idiosyncrasies, structure, circumstances and policies. Countries also responded differently to the crisis, with different monetary and fiscal policies, some more aggressive, other less, depending on the country’s choice of the exchange ...
... different countries were affected differently depending on their idiosyncrasies, structure, circumstances and policies. Countries also responded differently to the crisis, with different monetary and fiscal policies, some more aggressive, other less, depending on the country’s choice of the exchange ...
Presentation to Chapman University, Orange, CA
... studying alternative policy strategies. At the Federal Reserve, monetary policy rules have been a regular feature of monetary policy analysis, briefings, and discussions for the past two decades.15 There is no question that monetary policy rules provide an invaluable tool for research and practical ...
... studying alternative policy strategies. At the Federal Reserve, monetary policy rules have been a regular feature of monetary policy analysis, briefings, and discussions for the past two decades.15 There is no question that monetary policy rules provide an invaluable tool for research and practical ...
Slide 1
... • Monetary policy behavior described by a forward-looking policy interest rate rule that penalizes future deviations of inflation from the target, the output gap and excessive interest rate volatility • Inflation expectations modeled as hybrids of backward-looking (inertial) and forward-looking (“mo ...
... • Monetary policy behavior described by a forward-looking policy interest rate rule that penalizes future deviations of inflation from the target, the output gap and excessive interest rate volatility • Inflation expectations modeled as hybrids of backward-looking (inertial) and forward-looking (“mo ...
International Liquidity and Exchange Rate Dynamics Xavier Gabaix Matteo Maggiori January 19, 2014
... We provide a theory of exchange rate determination based on capital flows in imperfect financial markets. In our model, exchange rates are volatile and largely disconnected from traditional macroeconomic fundamentals over the medium term; they are instead governed by financial forces. Global shifts ...
... We provide a theory of exchange rate determination based on capital flows in imperfect financial markets. In our model, exchange rates are volatile and largely disconnected from traditional macroeconomic fundamentals over the medium term; they are instead governed by financial forces. Global shifts ...
Extending the Reserve Bank’s macroeconomic balance model of the exchange rate
... The exchange rate matters. New Zealand is a small and relatively open economy so changes in the exchange rate, driven by a wide variety of domestic and foreign factors, affect domestic inflation, trade flows, and the value of New Zealand’s financial liabilities. The Reserve Bank uses several differe ...
... The exchange rate matters. New Zealand is a small and relatively open economy so changes in the exchange rate, driven by a wide variety of domestic and foreign factors, affect domestic inflation, trade flows, and the value of New Zealand’s financial liabilities. The Reserve Bank uses several differe ...
Deciding to Enter a Monetary Union
... as trade with the euro area (imports and exports) as percent of GDP. From 1990 until 2002, the share of intraregional trade of the largest economies of the euro area (Germany, France, Italy and Spain) increased from 16 to 23 percent of GDP. On the other hand, the U.K., who belongs to the EU but not ...
... as trade with the euro area (imports and exports) as percent of GDP. From 1990 until 2002, the share of intraregional trade of the largest economies of the euro area (Germany, France, Italy and Spain) increased from 16 to 23 percent of GDP. On the other hand, the U.K., who belongs to the EU but not ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... analysis and policy recommendations have been provided by HarrodDomar aggregate-growth models, static and dynamic linearprogramming models, and Chenery-Strout two-gap models.' These *This paper draws on Behrman, "Econometric Modeling of National Income Determination in Latin America, with Special Re ...
... analysis and policy recommendations have been provided by HarrodDomar aggregate-growth models, static and dynamic linearprogramming models, and Chenery-Strout two-gap models.' These *This paper draws on Behrman, "Econometric Modeling of National Income Determination in Latin America, with Special Re ...
NBER WORKING PAPER SERIES CAUSES OF APPRECIATION AND VOLATILITY OF THE DOLLAR
... In 1981 real interest rates in the United States increased spectacularly, and the dollar appreciated in real terms by about 20 percent. Since the end of 1981, long-term real interest rates have remained in the range of 5-10 percent, with nominal long rates above short rates. The dollar appreciated f ...
... In 1981 real interest rates in the United States increased spectacularly, and the dollar appreciated in real terms by about 20 percent. Since the end of 1981, long-term real interest rates have remained in the range of 5-10 percent, with nominal long rates above short rates. The dollar appreciated f ...
Competitive Monetary Easing: Is it yesterday once more?
... world, much of what they did immediately after the fall of Lehman was exactly right, though they were making it up as they went in the face of extreme uncertainty. They eased access to liquidity through innovative programs such as TALF, TAF, TARP, SMP, and LTRO. By lending long term without asking ...
... world, much of what they did immediately after the fall of Lehman was exactly right, though they were making it up as they went in the face of extreme uncertainty. They eased access to liquidity through innovative programs such as TALF, TAF, TARP, SMP, and LTRO. By lending long term without asking ...
Effects of U.S. Quantitative Easing on Latin American Economies
... and, if so, we do not know the propagation mechanism of these shocks. The latter is related to the fact that most central banks in these economies have implemented macroprudential policies with the purpose of mitigating any potential systematic risk. Unconventional monetary policy measures were impl ...
... and, if so, we do not know the propagation mechanism of these shocks. The latter is related to the fact that most central banks in these economies have implemented macroprudential policies with the purpose of mitigating any potential systematic risk. Unconventional monetary policy measures were impl ...
Taylor Rules and Exchange Rate Predictability in Emerging
... and Germany, they concluded that, in a one- to twelve-month forecasting horizon, the random walk model performs at least as well as the exchange rate models of that time, namely, the flexible price and sticky price monetary models and a hybrid model by Hooper and Morton (1982). A plethora of studies ...
... and Germany, they concluded that, in a one- to twelve-month forecasting horizon, the random walk model performs at least as well as the exchange rate models of that time, namely, the flexible price and sticky price monetary models and a hybrid model by Hooper and Morton (1982). A plethora of studies ...