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Identifying the Size of Open Market Operations in Foreign Exchange Interventions

He, Chang; Beltran, Paula - 2022

bank should buy (or sell) in foreign exchange interventions. The rebalancings of GBI-EM Global Diversified create demand …

Persistent link: https://www.econbiz.de/10014076616

Exchange Rate Pass-Through to Consumer Prices : A European Perspective

Hüfner, Felix; Schröder, Michael - 2008

correction models for Germany, France, Italy, the Netherlands and Spain. Using the weights of the Harmonized Index of Consumer …We study the pass-through of exchange rate changes to consumer prices for the euro area by estimating vector error … Prices (HICP) we compute a weighted average of the country results for the euro area. We find that in response to a ten …

Persistent link: https://www.econbiz.de/10014119031

A Theory of Foreign Exchange Interventions

Fanelli, Sebastian - 2016

intermediaries have a limited capacity to arbitrage between both bond markets. As a result, the central bank can manipulate the …

Persistent link: https://www.econbiz.de/10012982006

Fiscal and Currency Union with Default and Exit

Ferrari, Alessandro - 2020

Countries which share a common currency potentially have strong incentives to share macroeconomic risks through a system of transfers to compensate for the loss of national monetary policy. However, the option to leave the currency union and regain national monetary policy can place severe...

Persistent link: https://www.econbiz.de/10012825641

Milton Friedman : an early advocate of dollarization?

Ocampo, Emilio - 2022 - Updated version: 22 August 2022

Milton Friedman's longstanding advocacy in favor of floating exchange rates has contributed to a mistaken belief that he opposed currency board regimes or outright dollarization. Nothing could be further from the truth. Over a period of almost five decades Friedman consistently made it clear...

Persistent link: https://www.econbiz.de/10013349951

Dollarization as an effective commitment device : the case of Argentina

Ocampo, Emilio - 2023

One of the main reasons to dollarize an emerging market economy is to eliminate high, persistent, and volatile inflation. To be effective, dollarization must generate sufficient credibility, which in turn depends critically on whether its expected probability of reversal is low. Argentina once...

Persistent link: https://www.econbiz.de/10014230321

Global Transmission of Interest Rates : Monetary Independence and Currency Regime

Frankel, Jeffrey A.; Schmukler, Sergio L.; Servén, Luis - 2004

of a larger effort in the Bank to understand the functioning of alternative currency arrangements …

Persistent link: https://www.econbiz.de/10014153762

Terms of Trade Externality, Sterilized Interventions and Optimal Chinese Monetary Policy

Liu, Tao - 2018

We incorporate terms-of-trade externality into a small open economy featuring an incomplete market, sterilized intervention, and capital controls as in Chang et al. (2015), and we highlight the central banks reaction to exchange rate movement. Our calibrated model using data from China shows...

Persistent link: https://www.econbiz.de/10012912973

Liquidity Management Under Fixed Exchange Rate with Open Capital Account

El Hamiani Khatat, Mariam - 2019

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity...

Persistent link: https://www.econbiz.de/10012888769

Asymmetric Spillovers in Emerging Market Monetary Policy

Eterovic, Dalibor S.; Sweet, Cassandra M.; Eterovic, … - 2022

movement? Building on a variety of estimation techniques, we evaluate the relationship between US short term rates and EM …

Persistent link: https://www.econbiz.de/10014239753