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Monetary and exchange rate policy under remittance fluctuations

Mandelman, Federico S. - 2011

to financial markets and test whether remittances are countercyclical and serve as an insurance mechanism against … secular increase in the trend growth of remittances and random cyclical fluctuations around this trend. In a purely … households facing an increasing trend for remittances. A flexible floating regime is preferred when unanticipated shocks driving …

Persistent link: https://www.econbiz.de/10010292315

Immigration and secular stagnation

Miyagiwa, Kazuyuki; Ono, Yoshiyasu - 2019

country into stagnation. We also find that immigrants' remittances are harmful to the host country under full employment but …

Persistent link: https://www.econbiz.de/10012430008

Remittances, exchange rate regimes, and the Dutch disease: A panel data analysis

Lartey, Emmanuel K. K.; Mandelman, Federico S.; Acosta, … - 2008

Using disaggregated sectorial data, this study shows that rising levels of remittances have spending effects that lead …

Persistent link: https://www.econbiz.de/10010292357

The European Monetary Union as a Commitment Device for New EU Member States

Ravenna, Federico - 2005

We show that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy if the domestic monetary authority does not enjoy full credibility. Using a DSGE model, this paper shows...

Persistent link: https://www.econbiz.de/10013370015

Foreign exchange interventions: The long and the short of it

Alexander, Patrick; Alpanda, Sami; Kabaca, Serdar - 2022

This paper studies the effects of foreign exchange (FX) interventions in a two-region New Keynesian model where governments issue both short-term and long-term bonds. Imperfect substitutability between bonds gives rise to portfolio balance effects that make FX interventions effective....

Persistent link: https://www.econbiz.de/10013396508

The Poole analysis in the new open economy macroeconomic framework

Hoffmann, Mathias; Kempa, Bernd - 2006

This paper evaluates simple, non-optimising monetary policy rules in the tradition of the well-known Poole analysis within a general two-country open-economy model of the New Open Economy Macroeconomic framework. Pure money supply rules are compared with simple interest rate rules for the large...

Persistent link: https://www.econbiz.de/10010308704

Compensating wages under different exchange rate regimes

Hoffmann, Mathias - 2005

This paper analyses the interconnectedness between developing countries' domestic wage levels and their exchange rate choices. The theoretical model illustrates that differences in domestic wage levels are related to countries' exchange rate regimes. In particular, the level of domestic wages...

Persistent link: https://www.econbiz.de/10010308708

Fixed versus flexible exchange rates: Evidence from developing countries

Hoffmann, Mathias - 2005

This paper investigates the formalisation that in a small open economy flexible exchange rates act as a 'shock absorber' and mitigate the effects of external shocks more effectively. An intertemporal small open economy model with nominal rigidities, in which real shocks generate internal...

Persistent link: https://www.econbiz.de/10010308712

Limits of floats: The role of foreign currency debt and import structure

Towbin, Pascal; Weber, Sebastian - 2010

A traditional argument in favor of flexible exchange rates is that they insulate output better from real shocks, because the exchange rate can adjust and stabilize demand for domestic goods through expenditure switching. This argument is weakened in a model with high foreign currency debt and...

Persistent link: https://www.econbiz.de/10010316739

The performance of exchange rate regimes in developing countries: Does the classifications scheme matter?

Bleaney, Michael; Francisco, Manuela - 2007

Official and four alternative regime classification schemes based on observed exchange rate behaviour are used to examine the relationship with inflation and growth in developing countries. For an identical sample of observations from 73 countries for 1984-2001, only the scheme based on parallel...

Persistent link: https://www.econbiz.de/10010319093