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Exchange-rate overshooting : an analysis for intermediate macro
Natividad-Carlos, Fidelina Borja - 2014
While exchange rate dynamics is an important topic in open economy macroeconomics, the standard tool commonly used to introduce exchange rate dynamics - the Dornbusch (1976) seminal paper along with phase diagram - is not well-suited for undergraduate students as most of them do not have yet a...
Persistent link: https://www.econbiz.de/10010422230
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Sudden stops and asset purchase programmes in the euro area
Fabiani, Josefina; Fidora, Michael; Setzer, Ralph; … - 2021
This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction of the ECB's asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i.e. total flows adjusted for EU and IMF loans and changes...
Persistent link: https://www.econbiz.de/10012643263
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Sudden Stops and Asset Purchase Programmes in the Euro Area
Fabiani, Josefina; Fidora, Michael; Setzer, Ralph; … - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 375-421
This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction of the ECB's asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i.e. total flows adjusted for EU and IMF loans and changes...
Persistent link: https://www.econbiz.de/10014523846
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Sudden stops and asset purchase programmes in the euro area
Fabiani, Josefina; Fidora, Michael; Setzer, Ralph; … - 2021
This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction of the ECB's asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i.e. total flows adjusted for EU and IMF loans and changes...
Persistent link: https://www.econbiz.de/10012661625
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Fiscal Policy and Macroeconomic Imbalances
Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014
The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938
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Monetary policy and the illusionary exchange rate puzzle
Bjørnland, Hilde C. - 2005
Dornbusch’s exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet …, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with overshooting. This … with the Dornbusch overshooting hypothesis and with few exceptions consistent with UIP. …
Persistent link: https://www.econbiz.de/10010284488
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Bounded rational expectation : how it can affect the effectiveness of monetary rules in the open economy
Dong, Xue; Minford, Patrick; Meenagh, David; Yang, Xiaoliang - 2023
Since the channel for agents' expectations matters for the effectiveness of monetary policies, it is crucial for policy-makers to assess the degree to which economic agents are boundedly rational and understand how the bounded rationality affects the monetary rules in stabilising the economy. We...
Persistent link: https://www.econbiz.de/10014434702
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Exchange rate pass-through in Russia
Ponomarev, Jurij; Trunin, Pavel V.; Uljukaev, Aleksej V. - 2014
The article provides estimates of short-run and medium-run exchange rate pass-through into domestic prices in Russia during the period of 2000–2012 using vector error correction model. Exchange rate pass-through asymmetry estimates, its assessments on different sub-periods and exchange rate...
Persistent link: https://www.econbiz.de/10011398366
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Exchange rates and prices : evidence from the 2015 Swiss Franc appreciation
Auer, Raphael A.; Burstein, Ariel T.; Lein, Sarah - 2018
The removal of the lower bound on the EUR/CHF exchange rate in January 2015 provides a unique setting to study the implications of a large and sudden appreciation in an otherwise stable macroeconomic environment. Using transaction-level data on non-durable goods purchases by Swiss consumers, we...
Persistent link: https://www.econbiz.de/10011900831
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Commodity currencies and monetary policy
Devereux, Michael B.; Smith, Gregor W. - 2018
Countries that specialize in commodity exports often exhibit a correlation between the relevant commodity price and the value of their currency. We explore a natural but littlestudied explanation for this correlation. An increase in the commodity price leads to increases in the future values of...
Persistent link: https://www.econbiz.de/10011896639