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The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates

Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2000

The relationship between international payments and the real exchange rate - the ‘transfer problem’ - is one of the classic questions in international economics. In this paper we use cross-country data on real exchange rates and a newly constructed data set on countries’ net external...

Persistent link: https://www.econbiz.de/10005067388

International Business Cycles: The Quantitative Role of Transportation Costs

Mazzenga, Elisabetta; Ravn, Morten O - C.E.P.R. Discussion Papers - 2002

We evaluate the quantitative effects of introducing costs of transporation into an international trade model. We model these costs through the introduction of international transportation services sector. Costs of transportation have substantial long-run effects on welfare and may impact on the...

Persistent link: https://www.econbiz.de/10005661803

Fundamentals at Odds? The US Current Account Deficit and The Dollar

Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2008

In mid-2008, the real effective exchange rate of the dollar was close to its minimum level for the past 4 decades. At the same time, however, the U.S. trade and current account deficits remain large and, absent a significant correction in coming years, would contribute to a further accumulation...

Persistent link: https://www.econbiz.de/10005662389

Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries

Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002

The Paper considers alternative exchange rate regimes for the 10 East European accession candidates, both prior to EU accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of view, EMU membership should be as early as...

Persistent link: https://www.econbiz.de/10005661669

Exchange Rate Policies for the EFTA Countries in the 1990s

Branson, William H - C.E.P.R. Discussion Papers - 1991

As the European Community (EC) unifies its financial markets and fixes its exchange rates, the EFTA countries are liberalizing capital movements to the same extent. The EFTA countries thus face a decision on financial markets and exchange rate policy: should they essentially join the European...

Persistent link: https://www.econbiz.de/10005504364

Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences

Kollmann, Robert - C.E.P.R. Discussion Papers - 2014

Standard macro models cannot explain why real exchange rates are volatile and disconnected from macro aggregates. Recent research argues that models with persistent growth rate shocks and recursive preferences can solve that puzzle. I show that this result is highly sensitive to the structure of...

Persistent link: https://www.econbiz.de/10011084256

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011

. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have …

Persistent link: https://www.econbiz.de/10009293988

Manufacturing Restructuring and the Role of Real Exchange Rate Shocks

Ekholm, Karolina; Moxnes, Andreas; Ulltveit-Moe, … - C.E.P.R. Discussion Papers - 2008

productivity and restructuring. Unlike previous studies we are able to account for the heterogeneity across firms in their exposure … by increasing productivity. The RER shock was associated with substantial within-firm productivity gains for net … exporters; gains that seem to have come about partly through technological improvements. The productivity gains also appear to …

Persistent link: https://www.econbiz.de/10005666743

Real Exchange Rate Overshooting RBC Style

Meenagh, David; Minford, Patrick; Nowell, Eric; Sofat, … - C.E.P.R. Discussion Papers - 2005

, using UK experience as empirical focus. We show that a productivity burst simulation is capable of explaining the …

Persistent link: https://www.econbiz.de/10005791457

Why crises happen - nonstationary macroeconomics

Davidson, James; Meenagh, David; Minford, Patrick; … - C.E.P.R. Discussion Papers - 2010

A Real Business Cycle model of the UK is developed to account for the behaviour of UK nonstationary macro data. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a VECM representation of the data; we find the model can explain...

Persistent link: https://www.econbiz.de/10008784696