Similar Search Results

With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression

Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2002

Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank intervened to bring down stock prices, rectify imbalances and curb speculation. Present value relations, comparisons with historical valuation measures and the time-series...

Persistent link: https://www.econbiz.de/10005792124

Can the Fed talk the hind legs off the stock market?

Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2011

announcing future actions, central banks influence financial markets' expectations of its future policy. In bad times, monetary … business cycle. There are strong industry specific effects of monetary policy actions and communication. These industry effects … relate to the variation in cyclicality of different industries. Firm-specific effects of monetary policy relate to the …

Persistent link: https://www.econbiz.de/10009147402

Time-Varying Business Volatility, Price Setting, and the Real Effects of Monetary Policy

Bachmann, Rüdiger; Born, Benjamin; Elstner, Steffen; … - C.E.P.R. Discussion Papers - 2013

Does time-varying business volatility affect the price setting of firms and thus the transmission of monetary policy … calibrated New Keynesian business cycle model to gauge the effects of time-varying volatility on the transmission of monetary … 31.6% to 32.3%. Second, the effects of this increase in volatility on monetary policy are also small; the initial effect …

Persistent link: https://www.econbiz.de/10011083687

A Meta-Analysis of the Effect of Common Currencies on International Trade

Rose, Andrew K - C.E.P.R. Discussion Papers - 2003

34 recent studies have investigated the effect of currency union on trade, resulting in 754 point estimates of the effect. This Paper is a quantitative attempt to summarize the current state of debate; meta-analysis is used to combine the disparate estimates. The chief findings are that: a) the...

Persistent link: https://www.econbiz.de/10005067570

Does a Currency Union Affect Trade? The Time Series Evidence

Glick, Reuven; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001

Does leaving a currency union reduce international trade? We answer this question using a large annual panel data set covering over 230 countries from 1948-97. During this sample over one hundred pairs of countries had currency union dissolutions; they experienced economically and statistically...

Persistent link: https://www.econbiz.de/10005666714

Noise Trading and Exchange Rate Regimes

Jeanne, Olivier; Rose, Andrew K - C.E.P.R. Discussion Papers - 1999

both create and share the risk associated with exchange rate volatility. In such circumstances, monetary policy can be used …

Persistent link: https://www.econbiz.de/10005666966

Understanding Exchange Rate Volatility Without the Contrivance of Macroeconomics

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1998

Exchange rate regimes differ primarily by the activity of the exchange rate, not observable macroeconomic ‘fundamentals’. Fixed exchange rates are typically stable and floating exchange rates are volatile, but macro phenomena are regime-independent. Fundamentals only seem to be relevant for...

Persistent link: https://www.econbiz.de/10005788957

An Estimate of the Effect of Currency Unions on Trade and Output

Frankel, Jeffrey A; Rose, Andrew K - C.E.P.R. Discussion Papers - 2000

trade, rather than through a commitment to non-inflationary monetary policy, or other macroeconomic influences. …

Persistent link: https://www.econbiz.de/10005789088

Fixing Exchange Rates: A Virtual Quest for Fundamentals

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1993

Fixed exchange rates are less volatile than floating rates. The volatility of macroeconomic variables, such as money and output, does not change very much across exchange rate regimes, however. This suggests that exchange rate models based only on macroeconomic fundamentals are unlikely to be...

Persistent link: https://www.econbiz.de/10005792135

Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic

Darvas, Zsolt; Rose, Andrew K; Szapáry, György - C.E.P.R. Discussion Papers - 2005

positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of persistently … also find evidence that reduced fiscal deficits increase business cycle synchronization. The Maastricht 'convergence … criteria', used to determine eligibility for EMU, encouraged fiscal convergence and deficit reduction. They may thus have …

Persistent link: https://www.econbiz.de/10005792350