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The Zero-Interest Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan
Coenen, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2003
impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation …
Persistent link: https://www.econbiz.de/10005788995
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Exchange Rates and Inflation Under EMU: An Update
Honohan, Patrick; Lane, Philip R. - C.E.P.R. Discussion Papers - 2004
-2001 had an important impact on inflation divergence within the EMU and in particular the surge in Ireland’s inflation to over … contribute to inflation convergence and in particular to a fall in Irish inflation? Fortunately for us, the theory has passed the … test with flying colours. Irish inflation stopped dead in its tracks: consumer prices were unchanged between May and …
Persistent link: https://www.econbiz.de/10005789034
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Can Oil Prices Forecast Exchange Rates?
Ferraro, Domenico; Rogoff, Kenneth; Rossi, Barbara - C.E.P.R. Discussion Papers - 2011
This paper investigates whether oil prices have a reliable and stable out-of-sample relationship with the Canadian/U.S dollar nominal exchange rate. Despite state-of-the-art methodologies, we find little systematic relation between oil prices and the exchange rate at the monthly and quarterly...
Persistent link: https://www.econbiz.de/10009359490
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The Expenditure Switching Effect and the Choice Between Fixed and Floating Exchange Rates
Senay, Ozge; Sutherland, Alan - C.E.P.R. Discussion Papers - 2004
A two-country sticky-price general equilibrium model is used to examine the implications of the expenditure switching effect for the welfare properties of fixed and floating exchange rate regimes. A comparison between the two regimes shows that the volatility of consumption is unambiguously...
Persistent link: https://www.econbiz.de/10005789198
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Monetary Policy Rules, Asset Prices and Exchange Rates
Chadha, Jagjit S; Sarno, Lucio; Valente, Giorgio - C.E.P.R. Discussion Papers - 2003
We examine empirically whether asset prices and exchange rates may be admitted into a standard interest rate rule, using data for the US, the UK and Japan since 1979. Asset prices and exchange rates can be employed as information variables for a standard `Taylor-type' rule or as arguments in an...
Persistent link: https://www.econbiz.de/10005667007
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Why Are Rates of Inflation So Low After large Devaluations
Burstein, Ariel Tomas; Eichenbaum, Martin; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2002
This Paper studies the behaviour of inflation after nine large post-1990 contractionary devaluations. A salient feature … of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and …
Persistent link: https://www.econbiz.de/10005123785
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Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth
Acemoglu, Daron; Johnson, Simon; Robinson, James A; … - C.E.P.R. Discussion Papers - 2002
Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and …
Persistent link: https://www.econbiz.de/10005136626
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Pillars of Globalization: A history of monetary policy targets, 1797-1997
Flandreau, Marc - C.E.P.R. Discussion Papers - 2007
with targeting the rate of inflation. Critical advances in the measurement of inflation have proved decisive in bringing …
Persistent link: https://www.econbiz.de/10005661799