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Pegging the exchange rate to gain monetary policy credibility

Davis, Jonathan Scott; Fujiwara, Ippei - Federal Reserve Bank of Dallas - 2015

Central banks that lack credibility often tie their exchange rate to that of a more credible partner in order to “import” credibility. We show in a small open economy model that a central bank that displays “limited credibility” can deliver significant improvements to a social welfare...

Persistent link: https://www.econbiz.de/10011184274

Aging and deflation from a fiscal perspective

Katagiri, Mitsuru; Konishi, Hideki; Ueda, Kozo - Federal Reserve Bank of Dallas - 2014

Negative correlations between inflation and demographic aging were observed across developed nations recently. To …

Persistent link: https://www.econbiz.de/10011160709

Inflation targeting and the anchoring of inflation expectations: cross-country evidence from consensus forecasts

Davis, Jonathan Scott; Presno, Ignacio - Federal Reserve Bank of Dallas - 2014

expectations following a shock to inflation, inflation expectations, and oil prices. For the 13 countries that adopted inflation … earlier and the later subperiods. A shock leads to a positive, significant, and persistent increase inflation expectations in …Using survey data of inflation expectations across a 36 developed and developing countries, this paper examines whether …

Persistent link: https://www.econbiz.de/10010772603

Fuel subsidies, the oil market and the world economy

Plante, Michael; Yucel, Mine Kuban; Balke, Nathan S. - Federal Reserve Bank of Dallas - 2014

This paper studies the e ffects of oil producing countries' fuel subsidies on the oil market and the world economy. We identify 24 oil producing countries with fuel subsidies where retail fuel prices are about 34 percent of the world price. We construct a two-country model where one country...

Persistent link: https://www.econbiz.de/10010942919

150 years of boom and bust: what drives mineral commodity prices?

Stuermer, Martin - Federal Reserve Bank of Dallas - 2014

My paper provides long-run evidence on the dynamic effects of supply and demand shocks on mineral commodity prices. I assemble and analyze a new data set of price and production levels of copper, lead, tin, and zinc from 1840 to 2010. Price fluctuations are primarily driven by demand rather than...

Persistent link: https://www.econbiz.de/10011185022

What drives the German current account? and how does it affect other EU member states?

Kollmann, Robert; Ratto, Marco; in 't Veld, Jan; Vogel, … - Federal Reserve Bank of Dallas - 2014

We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyze the determinants of Germany’s current account surplus after the launch of the Euro. The most important factors driving the German surplus were positive...

Persistent link: https://www.econbiz.de/10010772600

Error correction dynamics of house prices: an equilibrium benchmark

Leung, Charles Ka Yui - Federal Reserve Bank of Dallas - 2014

Central to recent debates on the "mis-pricing" in the housing market and the proactive policy of central bank is the determination of the "fundamental house price." This paper builds a dynamic stochastic general equilibrium (DSGE) model that produces reduced-form dynamics that are consistent...

Persistent link: https://www.econbiz.de/10010772601

The international monetary and financial system: its Achilles heel and what to do about it

BORIO, Claudio - Federal Reserve Bank of Dallas - 2014

trade and financial protectionism and, possibly, stagnation combined with inflation. …

Persistent link: https://www.econbiz.de/10011114878

The international monetary and financial system: a capital account perspective

BORIO, Claudio; James, Harold; Shin, Hyun Song - Federal Reserve Bank of Dallas - 2014

In analysing the performance of the international monetary and financial system (IMFS), too much attention has been paid to the current account and far too little to the capital account. This is true of both formal analytical models and historical narratives. This approach may be reasonable when...

Persistent link: https://www.econbiz.de/10011114883

Heterogeneous bank lending responses to monetary policy: new evidence from a real-time identification

Bluedorn, John; Bowdler, Christopher; Koch, Christoffer - Federal Reserve Bank of Dallas - 2014

We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending, at both the bank and U.S. state levels. Using an exogenous policy measure identified from narratives on FOMC intentions and real-time economic forecasts, we find much stronger...

Persistent link: https://www.econbiz.de/10010772615