Similar Search Results

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection

Galí, Jordi; Monacelli, Tommaso - C.E.P.R. Discussion Papers - 2014

We study the gains from increased wage flexibility and their dependence on exchange rate policy, using a small open economy model with staggered price and wage setting. Two results stand out: (i) the impact of wage adjustments on employment is smaller the more the central bank seeks to stabilize...

Persistent link: https://www.econbiz.de/10011083937

What Determines Government Spending Multipliers?

Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...

Persistent link: https://www.econbiz.de/10011083665

Global Monetary Policy Under a Dollar Standard

Devereux, Michael B; Shi, Kang; Xu, Juanyi - C.E.P.R. Discussion Papers - 2004

monetary policy in a world with a dollar standard, defined here as a environment in which all traded goods prices are set in US … particular, the US is essentially indifferent to exchange rate volatility in setting monetary policy, while the rest of the world … the US and the rest of the world, the preferences of the US dominate. That is, the equilibrium is identical to one where …

Persistent link: https://www.econbiz.de/10005123745

China’s Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System

Fratzscher, Marcel; Mehl, Arnaud - C.E.P.R. Discussion Papers - 2011

This paper assesses whether the international monetary system is already tri-polar and centred around the US dollar, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the renminbi is already the dominant currency in Asia, exerting...

Persistent link: https://www.econbiz.de/10009371469

Monetary Policy Rules in an Interdependent World

Kollmann, Robert - C.E.P.R. Discussion Papers - 2003

-country world. The model features staggered price setting, and shocks to productivity and to the uncovered interest rate parity (UIP … world welfare, if the peg eliminates the UIP shocks. The model explains the empirical finding that more open economies are …

Persistent link: https://www.econbiz.de/10005498126

Never Say Never: Commentary on a Policymaker’s Reflections

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014

Stanley Fischer is a rarity among economic policymakers. He came to the policy world as an internationally recognized …

Persistent link: https://www.econbiz.de/10011083383

Has the Euro changed the Business Cycle?

Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has systematically changed the European business cycle. In fact, we find the volatility of macroeconomic variables largely unchanged before and after the introduction of the euro. Exceptions...

Persistent link: https://www.econbiz.de/10011084347

The Credibility of the Hungarian Exchange Rate Regime 1997-98

Szeidl, Adam - C.E.P.R. Discussion Papers - 2003

This study intends to analyse the credibility of the Hungarian exchange rate regime preceding and during the Russian stock market crisis and devaluation (in 1998). Throughout the Paper the comparison with the similar regime in Poland is stressed. The basic tool applied is a measure of market...

Persistent link: https://www.econbiz.de/10005067588

The Theory of Optimum Currency Areas, Trade Adjustment and Trade

Melitz, Jacques - C.E.P.R. Discussion Papers - 1993

This paper seeks to integrate more closely the theory of optimum currency areas with the theory of international trade. The currency area is considered as a continuous variable ranging from zero to one: zero if there is no enlargement, and some positive value otherwise, corresponding exactly to...

Persistent link: https://www.econbiz.de/10005656159

Growth Effects of the Exchange-Rate Regime and the Capital Account Openness in A Crisis-Prone World Market: A Nuanced View

Razin, Assaf; Rubinstein, Yona - C.E.P.R. Discussion Papers - 2004

It has been a remarkably difficult empirical task to identify clear-cut real effects of exchange-rate regimes on the open economy. Similarly, no definitive view emerges as to the aggregate effects of capital account liberalizations. The main hypothesis of the Paper is that a direct and an...

Persistent link: https://www.econbiz.de/10005662024