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Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?
Arratibel, Olga; Furceri, Davide; Martin, Reiner - 2008
This paper analyzes the relation between exchange rate volatility and several macroeconomic variables, namely real per capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance, in the Central and Eastern European EU Member...
Persistent link: https://www.econbiz.de/10011604975
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Global commodity cycles and linkages a FAVAR approach
Lombardi, Marco J.; Osbat, Chiara; Schnatz, Bernd - 2010
In this paper we examine linkages across non-energy commodity price developments by means of a factor-augmented VAR model (FAVAR). From a set of non-energy commodity price series, we extract two factors, which we identify as common trends in metals and a food prices. These factors are included...
Persistent link: https://www.econbiz.de/10011605216
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A decomposition of the sources of incomplete cross-border transmission
Hellerstein, Rebecca - 2006
manufacturers generally bear more of the cost (or reap more of the benefit) of an exchange-rate-induced marginal cost shock than do …
Persistent link: https://www.econbiz.de/10010283375
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International shocks and domestic prices: How large are strategic complementarities?
Amiti, Mari; Itskhoki, Oleg; Konings, Jozef - 2016
How strong are strategic complementarities in price setting across firms? In this paper, we provide a direct empirical estimate of firm price responses to changes in prices of their competitors. We develop a general framework and an empirical identification strategy to estimate the elasticities...
Persistent link: https://www.econbiz.de/10011506815
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Coordination and policy traps
Angeletos, George-Marios; Hellwig, Christian; Pavan, … - 2005
This paper examines the ability of a policy maker to control equilibrium outcomes in a global coordination game; applications include currency attacks, bank runs, and debt crises. A unique equilibrium is known to survive when the policy is exogenously fixed. We show that, by conveying...
Persistent link: https://www.econbiz.de/10010266286
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The role of expenditure switching in the global imbalance adjustment
Dong, Wei - 2010
In theory, nominal exchange rate movements can lead to 'expenditure switching' when they generate changes in the relative prices of goods across countries. This paper explores whether the expenditure-switching role of exchange rates has changed in the current episode of significant global...
Persistent link: https://www.econbiz.de/10010280039
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Prospects for monetary cooperation in East Asia
Park, Yung Chul; Song, Chi-Young - 2011
The purpose of this paper is to reexamine the exchange rate policy of the Republic of Korea, and its role in promoting financial and monetary cooperation in East Asia in the wake of the 2008 global financial crisis. The Republic of Korea would not actively participate in any discussion of...
Persistent link: https://www.econbiz.de/10010286181
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Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-09 crises
Aizenman, Joshua; Hutchison, Michael - 2010
focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was … - absorbed the global shock by allowing greater exchange rate depreciation and comparatively less reserve loss. Despite the … relied primarily on exchange rate depreciation rather than reserve loss to absorb most of the exchange market pressure shock …
Persistent link: https://www.econbiz.de/10010287787
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Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-09 crisis
Aizenman, Joshua; Hutchison, Michael - 2010
focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was … - absorbed the global shock by allowing greater exchange rate depreciation and comparatively less reserve loss. Despite the … relied primarily on exchange rate depreciation rather than reserve loss to absorb most of the exchange market pressure shock …
Persistent link: https://www.econbiz.de/10010288116
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Swedish intervention and the Krona float, 1993 - 2002
Humpage, Owen F.; Ragnartz, Javiera - 2006
Using a set of standard success criteria, we show that Riksbank foreign-exchange interventions between 1993 and 2002 lacked forecast value; that is, the observed number of successes was not significantly greater - and usually substantially smaller - than the number one would anticipate given the...
Persistent link: https://www.econbiz.de/10010320785