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Artis, Michael J - C.E.P.R. Discussion Papers - 1994

This paper addresses the issue of the transition from Stage Two of EMU to Stage Three. The criteria established in the Maastricht Treaty for this transition include an ERM qualification. Under this criterion a participating country would have had to maintain its position in the normal bands of...

Persistent link: https://www.econbiz.de/10005497747

Stochastic Process Switching and Intervention in Exchange Rate Target Zones: Empirical Evidence from the EMS

Weber, Axel A - C.E.P.R. Discussion Papers - 1991

Exchange rate target zone models postulate that `in the absence of intervention' exchange rates are driven by their …. The possibility of policy intervention in foreign exchange markets, however, may lead to stochastic process switching: in … intervention may add to these stabilizing effects. On the other hand, in target zones which are imperfectly credible, policy …

Persistent link: https://www.econbiz.de/10005067351

Exchange Rate Volatility and Intervention: Implications of the Theory of Optimum Currency Areas

Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1998

exchange rate variability and intervention across countries. But OCA considerations affect exchange market pressures and … intervention in different ways. Exchange market pressures mainly reflect asymmetric shocks, while intervention largely reflects the …). Intervention and exchange market pressure also vary with the structure of the international monetary system. …

Persistent link: https://www.econbiz.de/10005656116

Financial Stability, the Trilemma, and International Reserves

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....

Persistent link: https://www.econbiz.de/10005661901

Monetary Policy in the Media

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2011

Just like private companies depend crucially on their ability to reach customers, policymakers must communicate with private agents to be successful--and much of this communication is channeled through the media. This is especially true for central banks because the effectiveness of monetary...

Persistent link: https://www.econbiz.de/10008854477

South-South migration and the labor market: Evidence from South Africa

Facchini, Giovanni; Mayda, Anna Maria; Mendola, Mariapia - C.E.P.R. Discussion Papers - 2013

Using census data for 1996, 2001 and 2007 we study the labor market effect of immigration to South Africa. The paper contributes to a small but growing literature on the impact of South-South migration by looking at one of the most attractive destinations for migrant workers in Sub--Saharan...

Persistent link: https://www.econbiz.de/10011083261

Migration, Congestion Externalities, and the Evaluation of Spatial Investments

Dinkelman, Taryn; Schulhofer-Wohl, Sam - C.E.P.R. Discussion Papers - 2012

Evaluations of new infrastructure in developing countries typically focus on direct effects, such as the impact of an electrifification program on household energy use. But if new infrastructure induces people to move into an area, other local publicly provided goods may become congested,...

Persistent link: https://www.econbiz.de/10011083273

Mitigating long-run health effects of drought: Evidence from South Africa

Dinkelman, Taryn - C.E.P.R. Discussion Papers - 2014

Drought is Africa’s primary natural disaster and a pervasive source of income risk for poor households. This paper documents the long-run health effects of early life exposure to drought and investigates an important source of heterogeneity in these effects. Combining birth cohort variation in...

Persistent link: https://www.econbiz.de/10011083817

Review of Monetary Policy in South Africa: 1994-2004

Aron, Janine; Muellbauer, John - C.E.P.R. Discussion Papers - 2006

This paper examines the evolution of monetary policy in South Africa in 1994-2004 in terms of design, the operational framework, the South African Reserve Bank’s (SARB) understanding of monetary policy transmission and the transparency, credibility and predictability of monetary policy....

Persistent link: https://www.econbiz.de/10005661447

Location and Education in South African Cities Under and After Apartheid

Selod, Harris; Zenou, Yves - C.E.P.R. Discussion Papers - 2000

We model a South African city during Apartheid (in which both schooling and mobility are restricted on the basis of race) and after Apartheid (in which no restrictions are imposed). We first show that the inequality between blacks and whites decreases when Apartheid laws are removed. Indeed,...

Persistent link: https://www.econbiz.de/10005666413